Sooner or later, traders will ask the question of whether or not expert advisors work. The concept of an automated piece of software making us money is captivating, and makes the imagination run wild as to the possibilities of purchasing the best Forex expert advisor out there and start making money.
The truth is that it all seems too good to be true. Imagine loading a program onto your computer, and making steady gains from it! The fact is that they do work, and the best Forex trading advisors can rapidly increase your account’s bottom line. Most of the systems aren’t actually completely hands free though. Often, even the best Forex expert advisor systems need to have their settings adjusted. Many times this is very easy to do, and self-explanatory. Just like with manual Forex traders, some market conditions call for an adjustment to entry and exit orders. The best Forex expert advisors are pretty good at this, but it is still a program, no matter what, and cannot differentiate between differing types of crowd psychology. (i.e. The marketplace.) For example, you may set your stop loss orders at different levels for a range bound market as opposed to a trending one. The best Forex expert advisors can sense this change for you, but will still need to be adjusted slightly.
Testing of these systems is important in order to understand the correct environments to use them in. Even the best Forex expert advisor will struggle if it’s made to trend trade, and you are using in a range-bound market. You simply must understand the tools you are using. The best Forex expert advisors are multi-faceted, and allow for the trader to adjust to the correct market environment. Some will even have a simple radio button to click to put them in “scalping mode”, as an example.
While some traders will never believe it, the best Forex expert advisors can have super-charged returns, with some more than doubling the account every year. Also, there are several systems out there that have several years’ worth of results backing them up. Some of the best Forex expert advisors have over 5 years of steady large gains that are proven with live statements.
Some of the world’s largest and most profitable trading institutions are using automated systems, and the commercially available expert advisors are simply a natural extension of this as the small retail trading will be looking to “catch up” to these hedge funds and banks that are trading using their own automated systems. Because of this, we will only see the popularity of expert advisors grow in the future.
