Many people have begun trading in foreign exchange, or forex, online with the help of several different platforms. These programs allow you to set up accounts from your own home and begin forex trading very quickly. Most people find it helpful to also download or otherwise obtain pieces of software that analyze all kinds of data about trades and can even make certain trades for them. These programs are called Expert Advisors (EAs), and they can do just about anything you want them to. There are many EAs out there, but how do you find the best one? Here are a few tips on how to do it.

Reviews

When you are searching for the best EA, reviews made by others who are using or have used the program are a great place to start. They can tell you many things about the software’s performance, some of its strengths and weaknesses, and if you look hard enough, what kind of formula or solution the EA has. By using the experiences of previous or current users, you can find out about how the Expert Advisor manages money, like what its drawdown rate is or if it has a stop loss, among many other things. Reviews are the best place to start looking for the best program for you.

Try It Out

Even after reading reviews, you don’t always know exactly how a EA will function under your specific circumstances. In this situation, it is helpful to have a demo account where you can run the software to see how it does with no loss to your investment. Any Expert Advisor you are thinking about adding to your live account should be run through a demo account first for at least three months. Each month you can review the program’s performance, but even if there is a really bad month that shows plenty of losses, you have to think more about the long-term. If after three months, the program has done very well, you probably have the best EA for you.

Trying to wade through the masses of expert advisors with all of their different options can be tough, especially when people can so easily program their own. However, if you are willing to read through some reviews and have the patience to run a long-term test on it, you can find the right EA to suit your needs.