Most forex traders would love the idea of using an automated trading system for the management of their trading capital if such trading system would guarantee them consistent profits on a monthly basis. This is so as to allow them overcome the burden of trading manually day to day.
But more and more traders still utilize the services of Forex robots and expert advisors that does the everyday trading for them. Some of them experienced profits while many others suffered consistent losses with these automated robots.
There are various kinds of Forex robots in the market that comes with different trading techniques and strategies but all of these EAs falls under 2 categories – Free Expert Advisors and Commercial Expert Advisors
As their names sound there are some forex robots that would cost you some few hundreds of dollars before you can have their services while some others comes at no cost at all.
These Expert Advisors have been designed by their developers to manage your trading capital effectively but achieving success with them is another thing entirely.
Most of the free EAs do not really offer much details about their trading settings and configurations. Moreso very few of them have guarantee of making you some consistent pips every month.
The developers simply designed them for beta testing or as alternative to the commercial expert advisors. You need to carry out full back-testing and strategy testing on this robots.
Many of the free Forex robots can be found for downloading at Forex forums and communities like:
The Commercial Expert Advisors were designed by professional Forex Traders and Programmers who have utilize their years of experience in the forex market to design these robots.
Many of them are in the region of around $90 – $400 depending on their profitability and quality. The developers offers full guarantee on these robots and most of them comes in their full version with free updates.
They also have full back testing of up to 12 years of major currency pairs like EURUSD, GBPUSD, AUDUSD.
Most of the Commercial Robots can be bought and downloaded at:
There are also different forex expert advisors review websites that also test the performance of these robots and rank them according to their performance. Some of these EA review sites include:
On the long run, whether you use the free Forex robot or the commercial ones, you are the ultimate bearer of the risk attached to their usage, because some traders have made decent profits with the commercial EAs while others also experience decent pips with the free ones also.
Therefore its important for traders to properly test any forex robot on a demo account for a couple of week before installing them on his Real account.