Finding the best Forex expert advisor can be a daunting task. With so many of them available in the marketplace today it can be difficult to navigate through the sea of Forex software being sold.
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So you fully understand let's start with a definition. An expert advisor or "EA" is essentially what's known as an "MTS" or "mechanical trading system" and is also known as a Forex robot.
A mechanical trading system is software programmed to tell the trader when to place trades. The trader can allow the system to simply alert them as to when to take a trade or have the system trade for them in their account automatically.
The trick in selecting the best advisor for you is knowing how to evaluate them. They are not all created equal, and one that may be best suited for one person may not be best suited for you. So the first thing you have to ask yourself is what kind of Forex trader you want to be.
Are you willing to take huge risks for potentially huge returns or are you more interested in a steady and conservative income stream?
Another factor that comes into play when you're looking for the best Forex expert advisor for you is one that I rarely see mentioned anywhere. That factor is working capital.
You can't run any business without working capital, and Forex trading is certainly no different. Therefore finding a product that works with the amount of working capital you have available is extremely important.