So you want to become successful at forex trading, right? If the answer is yes, you will require the use of various tools and software. Without the use of right tools, it would be difficult for you to win a high number of forex trades.
Depending on the tool you use, it might have a machine learning algorithm which can make the process smoother. In this post, we are going to talk about the best EA (Expert Advisors) tools. There are so many forex EA software in the market. This post will help you select the right one. But before that let’s understand what is a forex EA?
What is A Forex EA?
A forex EA (Expert Advisor) is an automated software, which monitors the market and provides signals. It provides signals based on the available trading opportunities. What it does is tracks the market signals and then provides trading signals.
Depending on the Forex EA software you use, it will be programmed to automatically send the signals. This type of tool can be really helpful, especially when you are new to forex trading. As a newbie trader, it can be quite difficult to understand the market patterns properly and find the perfect trading opportunity.
This is when the importance of an forex EA comes in. Keep in mind, just because you have the forex EA software doesn’t mean you totally start relying on its trading signals. Before executing trades from the signals you received, it is imperative to conduct manual research as well.
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Does Forex EA Actually Work?
The answer to this question comes down to your usage and expectations. The mistake many newbie traders make is they stop putting effort on performing manual research and start relying on the EA. With this approach, you can’t make profitable trades in the long run.
It is okay to use the forex expert advisor tools. However, there are certain things you need to keep in mind when using them. First of all, don’t expect too much from these tools. Rather than keeping higher expectations from your selected forex EA, it is good to spend time on doing a thorough research from your side as well.
Best Free Forex EA
On the web, you will come across tons of different Forex Expert Advisor software. However, the majority of them are paid. A good forex robot is paid because it generates more quality results and provides accurate trading signals. Hence, finding the best free forex EA can be quite difficult. To help you out, here we have compiled the list of best free forex EAs:
Signal2Forex is the platform where you will find tons of different expert advisors for automatic forex trading. Depending on whether you use Metatrader 4 or any other software, you will find the right forex robot for you.
Signal2Forex has a team of experts with good enough knowledge in trading, researching, and developing forex expert advisor software. The platform has various free and paid EAs. This is the platform where you can find the free tool.
Its website allows visitors to download various forex EAs for free. Some of the free EAs you will find there are Gegatrade Pro EA, Belkaglazer, Golden Bull Pro EA,
Forex Cracked (find different cracked software)
Forex Cracked is another platform where you can find a forex expert advisor for free. Forex Cracked is not an official provider for forex robots. It is just a website which publishes cracked versions of different premium EA software.
Premium forex expert advisor tools are so pricey. For someone who is just starting out as a forex trader may not afford them. A decent software can cost several hundreds dollars.
If you are on a tight budget and can’t afford spending money on premium forex EAs, you will find cracked versions of different forex robots. On the website, you can find different premium EAs such as Budak Ubat EA, Shizuka EA, Trio Dancer EA, MG Pro EA, etc., for free download.
Forex Robot Trader
Forex Robot Trader (FRT) is another website where you can get a forex expert advisor tool for absolutely free. With the use of a forex robot, you can improve your forex trading strategy nicely. The free tool provided by Forex Robot Trader will perform various trading tasks, so you do not have to worry about performing them manually.
Besides finding the trades and looking for trading opportunities the whole day, this tool will help you set automatic stop loss as well as taking profits. As we know, the forex market runs all day and night.
For a sole trader, it may not be possible to keep an eye on the market 24 hours. With this free EA, it is possible. This free robot will trade for you even when you are sleeping.
EA’s are great to use and earn and learn the issue is risk management. You need to be patient risking at least 1:1 is fine just make sure you are risking around 0.25% to 1% max when you first start out. This will keep you from blowing your account and keep you moving forward with your forex journey. There are many other EA’s out there that are free to try and we suggest you test those out to get the process down before putting money on it.
Try a trading and alert based EA so you can also look to take the trades manually. We just recently starting testing out a pretty cool EA that is linked to Tradingview. This EA is based on the Ichimoku Cloud with a 2:1 risk reward which is great and has had great account growth with backtesting. We are not affiliated with the creator who goes back Trade Pro on youtube. You can check out the strategy and the EA below. This particular EA will cost you a Free Tradingview Account which you can get HERE and $20 a month to sign up to this VIP membership. Again we are not affiliated.
This is the first Tradingview EA we have used and so far we are very impressed with the backtesting and variable options you can changed based on different timeframes and such.