Can anyone recommend a simple automated trading strategy or EA that would help new traders just starting out in Forex

(Last Updated On: June 22, 2011)

Can anyone recommend a simple automated trading strategy or EA that would help new traders just starting out in Forex

If you are just starting out, then you may lack the knowledge and skill to evaluate whether an EA is good or not. However, a great EA, in my opinion is one that is based on basic forex trading principles, i.e, harmonics & wave reversals/trend trading or non directional trading.If it is a trend trading EA, it must have a little bit of harmonics/waves to know when the trend ends/reverses (or else it will lose very fast all the profit it made when the market was trending). If it is a non-directional EA then it must have very smart money management/hedging built into it. At the end of the day, you may want to just trade systematically for a while and then code your rules…cheers
I created an open source EA called SnowRoller that is based on the principle of increasing position size into winning trades and minimizing losses. It’s not an exciting Martingale type strategy that will build up until it hits the death trade and half (or more) of the account is gone. This strategy slowly bleeds balance – taking small losses waiting for a larger trend when the accumulated profitable position pops the equity and it starts over. You can download and use this EA here:https://sites.google.com/site/marketformula/snowroller
Hello, I have some experience with EA. My first one was FAP turbo and I didnt have good result (it was a scalper) and the second one its a martingale EA call forex transporter, not a good result ither. With time I learned to do a better research for the EA, What i do now is this: First I visit forexrobottests to see what is going on, then I look for comments of people who bought the EA, I like to use forexpeacearmy for that.
Hope to help.
EAs are all worthless…
Thanks for that I look forward to testing that out.
I agree with SFT.com in that all commercially available EAs (that I am aware of) are indeed a waste of money, but I can assure you that the concept of Expert Advisors for FX and automated trading in other markets certainly is a worthwhile pursuit. Traders that have successful strategies do not sell their ideas or their EAs but they do indeed exist. Simply start off by reading up on the fundamentals and technical analysis of the currency market, get a demo account with a broker, try applying what you learn and take your time on the demo account – I mean take at least 6 months of trading every trading day on demo. You will come across your own trading style and strategies and only then should you consider risking real money. After you are consistent and profitable in a live account you could consider the automation route. Don’t get sucked into the hype and marketing tactics on any web site related to trading. Good luck

NOTE I now post my TRADING ALERTS into my personal FACEBOOK ACCOUNT and TWITTER. Don't worry as I don't post stupid cat videos or what I eat!

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