How To Avoid Scams When Searching For The Best Forex EAs Reviews?
Those who wish to earn a certain amount of passive income are easily attracted to using forex robots, also known as EA Forex, to trade profits without having to worry about market conditions. Millions of forex traders, both new and seasoned, have made a lot of money from these high performing EA FX. These expert advisors have become extremely popular with the rise of the MetaTrader electronic trading platform which uses MQL to integrate external software. Traders choose one to trade with search for the best forex EE reviews these days.
But unfortunately there are many top scams out there waiting to steal money from traders through incapable Forex EAs. So here are 6 essential considerations to take into account when finding the best forex EA for you.
Forex EA Live Duration
It is essential to check how long a particular forex EA has been on the market and how long it has been used for trading before choosing to go through the best Forex EA reviews online. If a Forex EA has been running live on a verified trading account for a long time, it proves its credibility as well as the effectiveness of its trading strategy. Anything less than 100 days of live trading is considered insufficient. Only the best forex EAs have over 100 trading days and a live trading account on MyFXBook.
Automated forex EAs use various strategies already coded into their system by the developers to trade in different scenarios and make profits for traders according to their settings. Like any other piece of technology, forex EAs could perform poorly due to some unforeseen technical issue in rare cases. In view of this, a refund policy makes more sense. Nowadays, many forex EAs come with a 100% money back guarantee, which means that a buyer can use the tool for 15, 30 or even 60 days, but if they are not satisfied with their performance, he can get his money back.
Constant monthly earnings
The percentage of the total payout provided by a particular forex EA is the most common way to assess whether it is reliable or just another hot product. One thing that fraudulent robot forex EAs cannot simulate is their consistent performance over time in the forex market on a performance chart. This metric gives traders insight into how the EA product works periodically. Evaluating a performance chart tells you if there was an unusually high pip profit for a single trade which took total gains to a high point or if a huge loss was a factor. affecting.
Reliable customer support
Working with a forex EA can be too difficult to manage at first if you have no previous experience using automated strategies for forex trading. That is why before making a purchase, you should make sure that you will receive technical support even at odd hours of the night in case you need it. Most of the time, less experienced forex traders encounter issues when trying to install MetaTrader4 and set up their EA robot for the first time. At this point, having reliable technical support on your side is essential to manage the process and avoid frustration.
Percentage of draw
This is a critical factor taken into account by the best forex EA reviews that helps forex traders understand the level of risk of the various strategies applied and coded in automated forex EAs. Drawdown means a decrease in the capital on a forex trading account which is caused by the loss of trades. A simple example would be that if a person loses 50% of their trading capital (say $ 1000) during a forex trade, it would take a 100% payout percentage to bring their balance ($ 500) back to their trading capital from origin. After recouping the loss, the difference between the relative peak and trough of equity would be 50%, so the drawdown is 50%.
Convincing backtest results
Professionals know that backtesting is a critical aspect of developing a true automated forex EA that in a way proves that a certain strategy is successful. The reason that backtesting strategies work is that professional strategies for traders who have worked in the past would continue to benefit traders in the future and generate profits. Whenever you come across a backtesting result, it is important to verify the accuracy of the modeling with which it was undertaken. During backtesting, the developers set up certain parameters for a collection of historical FX pairs data. The analysis of the results of the backtesting proves the performance over a specified period.
Some of the best Forex EA ratings follow a ranking system to assess the effectiveness of each popular Forex EA robot in the market. The ranking system criteria make it easy to determine which automated forex EA performs the best.