Looking for a Forex EA review? Trying to determine the best Forex EA software? Well I can help. With so many expert advisors out there it can be rather difficult to figure out which work and which are simply scams. But armed with the right knowledge, you can figure this out quite easily on your own.
As mentioned above, EA stands for "expert advisor". An expert advisor is an automated software strategy written to take trades for you. More often than not, this software is written for Metatrader, the most popular platform for trading FX in the world.
Typically expert advisers will employ either a short term or long term strategy. Short term Forex trading is known as "scalping". In this strategy you take numerous trades in order to gain a few pips here and there. With a long term strategy you are trying to ride the trends and "hit a home run". But at the same time there is a risk of significant drawdown.
The best Forex EA will allow you to trade both of these strategies across multiple currency pairs. When the market is chopping, you want to utilize a scalping EA. When the market is making a big move (sometimes based on news) you want to be locked into a long term strategy. Trading only one strategy all the time is a recipe for disaster. You must use an expert advisor than can adapt to market conditions.
When conducting a Forex EA review, another feature you want to see is an excellent support system and full money back guarantee. Simply put, if the product creators do not stand by their product, why should you use it? All too often this is the case with Forex trading software. Especially for beginners, having a support system in place when you purchase can help lessen the learning curve.
Armed with this knowledge you can use this as a litmus test for all Forex EA reviews. For information on what I consider the best Forex EA you can read below.