{"id":1513,"date":"2009-07-07T08:55:48","date_gmt":"2009-07-07T12:55:48","guid":{"rendered":"http:\/\/club.ino.com:80\/trading\/?p=1513"},"modified":"2009-07-07T14:53:48","modified_gmt":"2009-07-07T18:53:48","slug":"forex-expert-advisorschoosing-the-right-ones","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2009\/07\/forex-expert-advisorschoosing-the-right-ones\/","title":{"rendered":"Forex Expert Advisors....choosing the right one(s)"},"content":{"rendered":"

Today's post attempts to answer a question that has become very popular lately...how to choose an expert advisor. The popularity of Forex EA's is growing by the day and we asked Nick from Forex Monster<\/a> to give us a heads up on what to look for when choosing an Expert Advisor. Please feel free to ask Nick any questions in the comments, or leave a comment about your OWN experience with a Forex EA.
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\nIf you have any interest in trading Forex, then you've no doubt come across a staggering number of Expert Advisor's also known as EA's for short or \u201crobots\u201d due to the way they auto trade, meaning they place the trades for you. All you do is simply turn on your computer and that's the end of your involvement.<\/p>\n

We get emails from people everyday asking us \u201cwhich Expert Advisor should I use\u201d. This question is a complicated one to answer in one or two sentences so we thought we'd take the time to give a\u00a0 more detailed explanation and hopefully give some tips on to decide whats right for you.<\/p>\n

<\/p>\n

There are basically two types of category's out there regarding Expert Advisors;
\n1.\u00a0\u00a0\u00a0 Scalpers<\/strong> \u2013 These are the most popular as they typically have a high winning percentage, often 90%+. Most people want the high hit rate and end up using them. What they often overlook is the fact that these scalpers risk big...often several hundred pips in order to gain 5-10 pips...which means that with one loss you can have a huge set back in your account or even worse...loose your entire account.
\n2.\u00a0\u00a0\u00a0 Day\/Swing traders<\/strong> \u2013 There are also plenty of these to be found as well. They are targeting larger gains than the scalpers and will have a lower winning percentage usually 60-70% and they typically have a 1:1 ratio of target to stop loss.<\/p>\n

As is usually the case, traders will gravitate to something that will give them the most amount of winning trades. But with the above info in mind we suggest that traders interested in using EA's to trade the Forex, use a combination of both the longer term strategies mixed with scalping strategies. The reason we want to blend the two together is to help offset the risk of one bad trade that the scalpers are known for. Much like a mutual fund helps diversify ones long term stock portfolio, having a mix of scalping and longer term EA's will help to decrease the chance of your account being blown up. While some scalpers have yet to have one of these large loses, there was also a time when General Motors was the largest company in North America and considered a blue chip company....now...not so much. So instead of waiting for it to happen, better to be prepared.<\/p>\n

We must also consider the pairs in which these EA's trade. It's best to\u00a0 have a mix of scalping strategies that trade different pairs as well as using different day trading strategies that trade different pairs.
\nAn extra step should also be taken with the day trading strategies as they should be broken down again into EA's that target 100+ pips and those that target 20-100 pips. This should help add an extra layer of diversity.<\/p>\n

So if you are considering using EA's to trade the Forex market, be sure to contact the creators of the products and ask them if it's a scalper or a day\/swing trader, what pairs it trades, what the stop loss and targets are. Then when building your portfolio of EA's be sure that you have different strategies working for you and not all your eggs in one basket.<\/p>\n

Nick
\nForex Monster<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Today's post attempts to answer a question that has become very popular lately...how to choose an expert advisor. The popularity of Forex EA's is growing by the day and we asked Nick from Forex Monster to give us a heads up on what to look for when choosing an Expert Advisor. 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