The best Forex EA is an EA that can both work independently and be profitable for the trader. But there are thousands of EAs in the current market, and each EA will have unique uses and levels of effectiveness. So how do I know which EA is best for me? Let's find out together!
EA Forex and the best Forex EA:
If you want to find the best Forex EA for every trade, you should first know about the EA and how it works. As you know, there are a dozen different types of EAs on the internet. Consequently, more and more people take part in Forex trading and EA will play an important role in supporting traders to make profits. Consequently, the demand for utilizing EA is gradually becoming a trend, traders will always set up their own EA when they are trading on the Forex market.
So What is EA Forex? and how to determine the best Forex EA?
The definition of EA Forex
To put it simply, EA is an automated and mainly used trading robot in the Forex market. Not only that, EA Forex will be programmed in Metaquotes Language 4 and Metaquotes Language 5 to be used on MT4 and MT5 platforms.
Basically, all EA Forex on the market has the same method of operation. However, the level of effectiveness of each EA will vary and the best Forex EA will satisfy all needs of a trader. The truth is that the best Forex EA will assist users in finding signals, monitoring as well as tracking orders in real-time extremely quickly and effectively.
Different types of EA
There are 2 types of EAs that are commonly used in the market today and there will be many of the best Forex EA in these two categories:
Fully Automated EA: This best Forex EA will be fully authorized by the trader from finding trading opportunities to analyzing and calculating parameters, as well as instant execution of trades. In general, traders will not have to worry about that trade, because the EA takes care of it and makes them profitable.
Semi-Automatic EA: The EA will only stop analyzing and giving signals to the trader when there is an opportunity to match the strategy established by the trader. After that, the trader will decide all the rest.
While semi-automatic EAs will also have the best Forex EA, traders will still consider the fully automated EA to be the best Forex EA. All operations of this EA on the forex trading platform are automatic and do not require any intervention by the trader during the operation. Traders only need to set up the strategy for the EA from the beginning and receive signals from trading orders.
Indeed, after you read the concept of EA, you may have a little bit of knowledge about the best Forex EA on the market. But do you have any ideas on how to choose the best Forex EA for you?
Tips to determine the best EA Forex for you:
There is no doubt that the hard way during the process is how you are able to choose the best Forex EA. You can see a lot of reviews of different EA on the internet and these EA may be the best Forex EA for other traders. Nevertheless, depending on your needs and strategies, there will be the best Forex EA for you. In addition, you not only have to make sure that the provider is legit, but you also need to discover if this provider reflects your trading goals. So here are some tips that you should note before choosing a Forex EA:
The EA has been proven to be effective:
The success rate of trades (win rate) will be the main factor to be able to evaluate an EA. An effective EA will have a higher percentage of profitable trades than losing trades. In fact, vendors will always advertise how high their EA's trading success will be, this is a significant way that they will determine whether their EA is the best Forex EA. However, the reality will always be far from the theory, so you should determine the success rate through actual trades.
Automation capabilities of a Forex EA:
It is true that most EAs will work automatically during the trading process and do not require any impact from traders. More specifically, after you complete the installation of the EA, it will automatically search and execute trading orders. However, some traders will still want partial EA control to be able to set up their strategy. Therefore, if you choose an EA that is customizable, you will have many advantages in trading.
Tradeable Currency Pairs:
In the Forex market, there are many different currency pairs and will be divided into 3 main types of currency pairs: majors, minors and exotics. Some EAs can be used on all currency pairs in the market, but those types of EAs will have to be multitasking and have no impressive features. Meanwhile, some other EAs will target specific currency pairs such as GBP/USD or AUD/NZD. As such, each of those EAs will be more specialized and focus only on the currency pairs that the EA is targeting as well as can be considered the best Forex EA.
Price of Forex EA:
It's not easy to give reasonable price advice. There is no doubt that each person will have different needs in using EA as well as different budgets. Certainly, no one wants their EA to be bought for less than it's worth. Therefore, the price will often go hand in hand with quality, the higher the price, the more effective the EA is. Moreover, using EAs is like a game of chess, no one wants to risk their investment money on low-quality EAs.
If you want to get the best Forex EA, you will have to pay a pretty high fee to own it. However, there is still an EA that is both free and quality. Not only that, you will always be supported by that EA’s team and this EA will be constantly updated to optimise for users. So what is that EA? You will be revealed soon!
Best Forex EA in 2023:
FX Fortnite Expert Advisor
FX Fortnite can be considered one of the best Forex EA for the MT4 platform. This type of EA is proven effective and will make you profitable. The EA can also assist you in your trading sessions as well as send you trading signals when the opportunity arises. Also, another feature of this EA is that you can customize the settings as you wish, which will allow you to choose the time frame and currency pair to make trades.
Learn2Trade Expert Advisor
Learn2trade is an EA that you can use manually or let run automatically. This EA is also trusted by many traders when the provider is willing to refund within 30 days because they want to ensure the quality of the EA and the service. In addition, this EA will be more effective when focusing only on the EUR/USD currency pair. This service provider also offers trading courses and EAs so that traders will have more opportunities to trade successfully in this Forex market.
Alfa Scalper works well and can generate the most profits on the MT4 platform. This EA will use a scalping strategy to find more trading opportunities. Therefore, the EA can be a complete EA for Forex traders.
EA in FXCE Giga
FXCE Giga is a tool to develop an EA. This EA is not only free but also helps traders have better opportunities to get profit on MT5 platforms. It is also easy and simple to install and use, and the EA will automatically execute trades and search for trading opportunities for users. Alternatively, you can get advice from the FXCE team or find resources and indicators from the official FXCE websites. Some of the representative EA FXCE Giga: BomIT - V1, Host Timing, A3C-XAUUSD-1S,... that you can find here.
If you want to learn more about FXCE Giga, you can find this here.
Forex EAs play an important role in forex trading, as they can operate 24/7 and help users in continuous trading. However, not all EAs are good, and also suitable for traders, so choosing the best Forex EA is always a massive challenge in this market. Therefore, you must choose your EA carefully to ensure that you will get more profit than loss. If you are confused between different EAs, you can try the EA from FXCE, because it's free and can bring high trading efficiency!