Professional Forex Auto Trading EA Robots & Indicators
Review
This column contains a link to the full review of each respective forex ea, and any potential warnings about it as a red exclamation mark.
Gain
The total overall gain in percentage the forex trading robot has achieved on it’s initial starting balance. This is obviously the first thing traders will look at when analyzing trade results of any forex trading bot.
Monthly
The average percentage you can expect to achieve from this forex robot. Be careful of new accounts with only a few months history and high gains, usually not sustainable. Also be wary of gains of 100% or higher per month, these kind of gains from any forex expert advisor are definitely not sustainable long term.
Daily
Same as above, but on a daily basis of how much each fx robot has done in forex trading on a live account, or demo account.
Drawdown
This is the biggest floating loss the forex robot has witnessed during the life of that account. If an account has a 60% max drawdown, that means if the account balance is $1000, then at one point the expert advisor had -$600 in losing trades open at once.
Trades per day
The average number of traders per day the fx robot opens.
Rating
The average rating based on user submitted reviews/ratings which is a good indicator for finding the top forex robot.
Chart
This is the equity growth the forex ea has achieved throughout the accounts life.
Forex Scalping / Scalper
This refers to scalping tiny little profits from the market trying to get in and out as quick as possible. The trouble with these strategies is they work great on demo accounts which vendors love to show, but when you run them on a live account, the results are completely different and much worse. This is due to higher variable spreads, swaps and commissions that you don’t see in demo accounts. A Scalper EA is one of the more popular used scams by vendors to show great demo results.
Forex Brokers
This is where you need to open an account, and fund it with real money in order to trade. Here is a list of the top MT4 forex brokers
Live Account
This refers to a real account with real money and real profit, not a demo account where fake money is traded and results are always more favorable. Trade results from forex expert advisors will always be better on demo accounts compared to live accounts.
Stop Loss
When to cut your losses on a trade. This usually refers to a pip based loss.
Take Profit
When to close your trade in profit. Again, this usually refers to pip based.
Trailing Stop
This means a stop loss that moves up as the price moves in favor of your position, so if the price does reverse, your stop loss is much less than originally set and possible even in profit at that point. Any good fx robot should have some sort of trailing stop feature.
Curreny Pairs
These are the pairs traded by each fx trading ea. Scalpers often trade low spread major pairs like EURUSD.
Forex Indicator
A forex indicator is used to interpret price data and patterns. Many popular forex ea’s will use a combination of forex indicators like moving average, bollinger bands, stochastics, forex trend detection and many many more.
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