Tuesday, October 26, 2010

The Best Expert Advisor

Traders are always looking for the best expert advisor for trading in the forex market. What is an expert advisor? It is a script that runs on a charting software called metatrader. This script can be programmed to automate the process of trading. An expert trader can be creating his best expert advisor by using his trading techniques and started selling his script. This is another option for a passive income.
However, you are reminded to be very careful when choosing the best expert advisor that suits you. The most common reason is that there are too much scam out there selling fake systems that never make and money. If the system does not make money, why are they still selling it? These creators of the fake systems just do not know how to trade. By selling the fake system, they are earning the fully on what they are selling. They do not have a second income from trading forex as they do not know how to trade.
Now that you understand how scams work, you should be finding one system that suits you the best. Here you can find some guild lines to finding what the best expert advisor is for you.
Time commitment: Any system will need some time commitments. Different systems will need different time commitments to be successful. You should know how much time you can set aside and spend comfortably to your system.
Risk management: You should know how much risk you can take. Different systems have different risk management. However there is a rule of thumb to remember, high gains comes with high risks.
Back tested proof: The system must be supported with back tested results. The results should be as recent as possible. Back test results can tell you a lot about the system. How much is the success rate, the risk?

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