Forex expert advisors (also known as EAs) are trading software products that can be used to analyze the market and find the best opportunities to buy and sell certain currencies. They are rational, quick, and extremely effective, but the most advanced programs are quite costly. However, you can still find several decent EAs with all the necessary features for free. In this article, we explain how these EAs work and give you some advice on how to choose the best one that doesn’t require any payments.
How EAs work
Expert advisors are a great invention that can really enhance your trading experience. They can work on their own to provide you with in-depth market analysis and help you make decisions, and some of them can even execute trades without any supervision. Of course, these programs are not perfect, so there’s always a chance you’ll lose some money. But advanced algorithms still make them very good at making predictions and spotting trends, so most of the time you can rely on them.
While some traders don’t trust such programs and believe that human intuition is the best tool on the Forex market, that’s exactly why expert advisors are so effective: they do not have human emotions like fear or greed. That allows them to make really rational decisions even in volatile markets where the majority of human traders would be disoriented. However, not every EA is effective, and some of them are too expensive for their features. That’s why you should clearly understand how to choose a truly reliable option.
How to choose a bot
When you’re looking for the best Forex EA that wouldn’t require any subscription fee, you have to be sure you don’t install some malware. Your free trading robot may turn out to be a scam, so make sure you understand who has developed and published it. The best way to do that is to look for reviews by other traders online. You can also read reviews to find out the real profitability of your robot: even if a trading program is not a scam, its effectiveness may be exaggerated by the developer.
Don’t forget to check out which features your robot has. Free EAs don’t have too many functions, but you still should look for the best option. And if you don’t know what to choose, try starting with options offered by major brokers like RoboForex. Brokers often provide free trading bots with decent features suitable for beginners.