The forex market is a versatile and volatile industry with a significant opportunity to profit along with a great amount of risk involved. Relying on an expert advisor (more commonly known as an EA) is thus now a preferred option among many traders to avoid poor decisions that can happen due to emotional factors. Choosing the best forex EA or launching your own requires proper knowledge on how these bots operate in the trading industry. Such information can help assess the top forex EAs in the market.
What Is a Forex Expert Advisor (EA)?
The forex market operates 24 hours a day, 5 days a week. So it's impossible for a human being to remain active and track things continuously. In this scenario, relying on automated software that is capable of initiating trades and executing them successfully is undoubtedly beneficial for every trader in the forex marketplace.
Similar to any automated software, an EA is free from any emotional or psychological factor and works solely on programming. Although these EAs operate on the basis of identifying certain opportunities while trading, there is still a huge amount of unpredictability related to a forex EA.
A novice trader may think a forex robot and a forex EA are exactly the same, but there is one major difference between them that differentiates these two systems. Unlike a forex robot, an EA always requires the standard authorization of a trader to execute individual trades. Forex robots on the other hand are capable of executing trading without a trader's supervision. EAs are also easily accessible and are installed in almost every trading platform and require minimum technical knowledge.
As a trader, you may come across four major types of forex EAs while trading.
- Hedge EA: This type of EA is responsible for two opposite roles, while one includes reducing the loss as well as aiding the profit.
- News EA: This sort of EAs takes opportunity from news releases and large price moves to initiate a profitable trade.
- Expert advisor scalper: An EA scalper focuses on making small profits which leads to open numerous trades in a day that can increase up to even 500 times depending on the trading conditions of the marketplace at that moment.
- Breakout EA: These EAs are specially developed to initiate a trade when prices break through into the market.
A Quick Overview of the Top 3 Forex EAs
Although this list is free from any sort of ranking, here are the best 3 forex expert advisors you might want to consider.
Miner EA Version 3.0
The forex miner EA is developed to operate in multiple currency pairs and has shown to provide the best results from trading EURUSD, USDJPY, and GBPUSD. This EA primarily relies on the strategy of following trends and utilizes distinct indicators to deliver profitable results.
GPS Forex Robot
Being one of the most common EAs among traders using the MetaTrader 4 Terminal, this FX EA requires no monthly subscription and provides user-friendly UI with decent customer support.
With three distinct sets of low, middle and high settings, this EA allows traders to avoid losses more than specified in the settings. This feature works even in a scenario of a server crash which makes it a profitable choice to many investors. This forex EA is generally sold through affiliations and on its website rather than on the MQL5 market and supports 9 different currency pairs.
There are a lot of rumors and misconceptions regarding EAs in the forex market, often giving traders a negative vibe about them. But EAs are capable of working 24/7 without any human intervention while being available for platforms like MetaTrader. And they never make decisions based on emotions - operating solely upon trends and signals.
Of course, you should research properly and browse reviews before investing in a forex EA.