Forex Expert Advisors - Should You Consider Them and Which Are Best?

Forex Expert Advisors - Should You Consider Them and Which Are Best?

by kelly Price

Forex expert advisors or all over the net selling robots, signals and recommendations but should you consider them and which are the best? Lets find out...

The first point to make is that most forex expert advisors are not even proven traders, they are marketing companies.

You get a lot of fancy copy and promises - but most deliver nothing, apart from a simulated track record in hindsight, to back up there claims. The problem is of course you don't know the closing prices when you trade, so you can't make up a profitable track record in real time trading!

Before we look at what the good ones provide, here are the type of forex expert advisors to avoid.

1. Forex Robots

Ones who sell forex robots for $100, with a simulated track record and tell you that you're going to get rich, dream on, you will get wiped out. Also if it was that easy to make money, everyone would trade and give up the day job! It's not that easy unfortunately.

2. Day Trading and Scalping Systems

Again lot of hype and no real track record - just a simulation. All volatility is random in short time spans, so you are destined to lose - period.

Avoid these like the simulated forex robots.

3. Trading Signals Services

It's hard to follow a forex signals service unless, you know the logic the system is based upon. You should only do this based upon real time track record and the logic being fully explained so you can trade with confidence.

4. Forums and Members Areas

Lot of hype about sharing your experience with other traders. For "other traders" put losers - What successful trader, goes to a forum to share his advice? None I know - there normally busy making money. Most people in forums are losers and it makes them feel better, to give their great advice, when they can't win themselves - Steer clear!

5. News Wires

Want to trade breaking news? Forget it, its well researched and great information but there opinions and stories that's all. Trade news and you will lose.

The Problem is...

With the rise of the internet you have a lot of people passing themselves off as forex expert advisors and they have nothing to back up their claims. They have never made money and reply and back tests to sell their systems and this won't bring you success.

So where do you get the good expert advice?

Free Sources

Surprisingly, you can get most of what you need for free.

If you are basing your forex trading strategy on forex technical analysis, you can get all the theory and all the background to the indicators free. We have in our other articles explained how to build a system from these free sources so look them up.

Currency Trading Courses

You can get some good currency trading courses you need to check the person giving the advice is a trader though, as most courses are not. Look for something that can help you get a trading edge. There are some great courses that can cut the learning curve; you just need to seek them out.

Advice From the Millionaire Traders

How would you like some of the real millionaire traders to share their views with you?

Well go to your online bookstore and you can pick up some great advice. We wrote a top ten investment book list and it costs about $100 for the lot and that's advice from the super traders.

Always Remember This.

You can learn from others but you are responsible for your profits.

Someone can teach you the tools for currency trading success but it is up to you to apply them. Get your forex education for free and some books from the pros, or maybe a currency trading course, if it's run by traders and learn from it, then apply it with confidence.

There are plenty of forex trading expert advisors and a few can help you - but at the end of the day, your destiny is in your hands. Learn wisely, have confidence and discipline and you will win.