Introduction
In an ideal world, you could go to any Forex trading system website, pick out the latest profitable Forex expert advisors and know that it would deliver on all the promises that were made by the seller. Obviously, it's not so easy to find a Metatrader EA that actually delivers the goods these days, so how do you find truly profitable EAs in the midst of all the junk that is out there? By the end of this article, you'll know how to spot the profitable expert advisors that are the real deal.
Sure Signs Of A Metatrader Expert Advisor Scam
Have you ever gone to a Metatrader expert advisor website that just reeked of being a scam? Typically, these sites are filled with all kinds of bells and whistles that will prey on your emotional weaknesses. One of the classic signs of a Metatrader EA scam are case studies of "beta testers" that made 300% in 3 weeks, 500% in 2 months and so on. It's a smart way for the seller to trumpet the possibility of large gains, while not actually promising you anything concrete. Of course, there's no Metatrader expert advisor in the world that can promise you an expected return, because that would be illegal. So if you see huge returns being "promised" in a matter of days, run.
Another classic sign of a Metatrader expert advisor scam is that the EA seller will try to convince you that their system has some kind of powerful predictive tool like neural networks or RCTPA that will guarantee you a high winning percentage. The truth is, there's no such thing as a Metatrader EA that can predict market movements, because markets are inherently unpredictable. They are affected by millions of factors including natural disasters, unforeseen events and national interests. There's no way a neural network can account for an Earthquake in Japan (and at the time of writing there has just been two in the space of a month) or Flooding in Australia in the height of summer. So again, if anyone talks about "predicting" the markets, forget about it.
How To Find A Truly Profitable Expert Advisors
Contrary to what the scam artists would have you believe, Profitable expert advisors do go through many losing trades, and they won't make you 200% returns in a matter of weeks. In fact, if you can find a profitable EA that gives you a 5-10% return a month, that's enough to set you up for life. If you consistently add to your account each month, and let your profits compound, then soon your trading capital will be producing a level of Forex trading income that will be enough to give you financial freedom.
So how do you find truly profitable expert advisors? It does take some work, but it's a lot better than wasting your time on scam Metatrader expert advisors, I can tell you that. First of all, you already know what the junk EAs look like, so you'll be left with a few good looking candidates of profitable EAs. I would recommend that you start with the most understated one: the one with the lesser hype and the smaller promises. Make sure that it has at least a 45 day money back guarantee, and run it on a demo account until you collect at least 30 trades with your potentially profitable expert advisor. That way you're not risking any real money until you're sure that you've got the real deal.
Profitable expert advisors are hard to come by, but now you're equipped with the inside knowledge of how to weed out the junk so you'll find one much faster than you would have otherwise. The most important thing in your search is to recognize that you need to verify the results for yourself before you trade it with real money. Once you have done that, then you can rest assured that you really do have a profitable EA on your hands.
I've been a full time Professional Forex Systems Developer since 2007. Forex trading is my passion, which is why I really love helping anyone to overcome their challenges and become profitable in their own Forex trading. If you're just getting started in trading Forex, or if you'd like to take your trading to the next level, I'd love to help!
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