Automated forex trading is one of the fastest, most convenient, and easiest ways to learn about the market and profit from each trade. Using an expert advisor and a forex robot is becoming more common these days whether we consider a new forex trader or the old-timers. EAs make it easy to create and follow certain trading strategies that work for individual forex traders.
EA builder however is the software used to develop these EAs to help automate trading strategies. The reason why best EA builders exist online is that most of the time traders end up losing money despite having an EA.
The need for the best EA builders
Expert advisors may not work for every trader especially when it is made by a lesser-known company. Hiring an EA developer only to help create an EA requires a lot of money and some traders might not have that kind of budget when they are starting. In some cases, an EA works extremely well during the first few weeks of buying it but as soon as traders gain some confidence in the market, these EAs perform terribly and cause losses. It is important to note that an expert advisor follows a particular trading strategy. That strategy may lose its effectiveness as the complexity of trades advances with time. For this reason, traders require an EA that can switch to different strategies to make a profit. Forex traders have a plethora of options when it comes to choosing an EA to help them trade. It’s natural to get confused because only a few EAs work considerably well with the MT4 platform.
Choosing the best EA builder
There are a lot of options in case you wish to choose an EA builder to have an EA that functions based on your requirements. Professionals would always tell you to do thorough research of the company along with its products before reaching a conclusion. Making sure about the following qualities also works:
- Look for a risk-free trial for an EA builder you wish to pay for to get the first-hand experience. This way traders can get familiarised with the EA builder and eventually figure out its pros and cons without losing money.
- Trust reviews and feedback given by users of a particular forex EA builder helps you understand its capability and functionality. If you see a lot of verified positive reviews but are old and outdated, then it means that there have been no new updates regarding the EA builder’s recent performance.
- Once you have made a decision about the kind of EA builder you are willing to choose then make sure that the results shared on its website are all true with real values. Most of the times, forex market has more scam products that any other field. Ensuring that one does not fall for unverified performance results and waste their money on a fake EA builder is critical.
- If your EA builder has no Generator and Strategy Editor then it is not the right one for you. The absence of these two aspects means there are no “ready strategies” that one can automate as per their requirement. A generator helps to automate strategies if a trader does not available strategies of their own. Meanwhile, Strategy Editor is needed to generate an available strategy.
How do experts ensure the efficiency of strategies created by EA builders?
Over-optimisation is a process by which some traders tend to ruin their automated or newly-generated trading strategies. Frequently, beginner traders think that their new trading strategy requires a lot of optimisation which in reality, it doesn’t. If you put an over-optimised strategy on the live account, it starts losing.
To know whether your strategy is over-optimised, you need the best EA builders out there that offer various tools and tests. Some of these tools can check the robustness of any particular strategy in record time to let the traders know whether it would work or not under pressure on a real trading platform. After all, it is important to determine the risks and rewards of using every single automated strategy during forex trading to ensure the safety of your capital.