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Despite the facts that many EA (abbreviation of Expert Advisor) in the market today are merely scams, there are still many people who are looking for the best forex EA. What most people don't know is an EA is just a MQL4 program which created with the ability to control trades by itself (usually by utilizing MetaTrader platform), so basically they are all come with similar capabilities. 

How do they decide when to open or close positions? Like all software in the world do: executing a set of rules from its creator. In this case, the rules represent a trading system (you can check various forms of trading system at best trading system). These rules are what matter if you’re looking for the best forex EA, but today’s market is full of scammers, so you need to be very careful and do a few things:

1. Is the creator confident enough to offer 100% money back guarantee?
The guarantee can indicate how much confidence does the creator has for his product; furthermore, this also show that he won't just take your money and leave. Nevertheless, you also must realize that most EA now are sold under certain marketing network that literally “force” them to offer the money back guarantee, so while the money back guarantee is a good sign, it is not a guarantee that you’ve got the best forex  EA.

2. Test the EA performance on a demo account
Test the EA against real market movement is something that you can't skip as there are too many EA that can prove their performance in the backtest but fail miserably during real trades.

With the 100% money back guarantee, usually you’ll have around 60 days or so to test it in a demo account. In this case, unless you have your own PC/laptop that on 24/5 to host it, you may have to rent a space in a VPS. Remember that have it run in a PC that keep turned on and off will greatly cut its performance. For the demo account, you can open $100,000 demo account at AvaFX; see why I recommend them at AvaFX review.

Don't be rushing to measure the EA performance, watch it for at least 5 weeks before you decide anything. Based on my experience, there are EA that trade aggressively during the day (backed by scalper trading system), but there is also EA that wait patiently for higher profit opportunity. With the second type, you may have to wait for a few days before it makes its first trade.

Either way, if you see your balance grow at the end of the month, then it is a good sign. If the growth seems insignificant to you, switch to more aggressive settings and check the result when the second month ended. If your initial balance remains the same or even become even less, return the robot and get your money back.

Identifying the best forex EA is not something that can be done with one or two month testing. If your EA has been shown good performance during two months test period, you may want to test it for another month or using mini account to see if it performs well in different market condition. I suggest you check best forex robot for great EA recommendation.

Tags: best forex EA, expert advisor, forex robot