About the Author
Cynthia Macy
My name is Cynthia Macy and I've been trading various markets, including stock options and forex, for over 13 years. I have co-written and market three forex trading courses that are simple and step-by-step.
More about Cynthia Macy
When Forex Trading Robots were created and released, many were skeptical. They couldn't believe that a program could actually manage and trade their money in the Forex global market with negligible risks. But uncertainty didn't stop serious traders from trying out this new tool which promised profitable results.
The Forex Trading Robot or Expert Advisor (EA) is fully automated and functional 24 hours a day, even while you sleep. It is programmed to search and take advantage of short term trading opportunities in the global market. With a minimal investment, you can start trading automatically; on your own or with the help of a money manager who continually monitors the transactions. Since the program doesn't require human interaction, human error and psychology does not interfere with its financial productivity. It will continue to generate profits day and night, with its highly advanced trading algorithms which were designed by professional Forex money traders and managers.
The Expert Advisor eliminates the risk of holding positions into the market close, because the program allows the positions to be closed on a daily basis. The EA also provides existing traders a chance to extend their capital and distance themselves from investments that are greatly affected by economies, like stocks, bonds and real estate. And since it is an automatic system, commission and other fees charged by money managers do not apply.
Expert Advisors are closely monitored by their designers in order to continually improve and upgrade their performance. Subscription-based EA's are better monitored and improved upon due to the on-going subscription-generated fees which help pay for the designer's time spent in monitoring and tweaking the coding for optimal performance.
While there are many EA's available in the forex trading marketplace, most are coded by amateurs looking for a quick buck from the relatively inexperienced forex traders who don't know how to determine a good EA from a bad EA.
Testing EA's has become a passion and on-going quest of mine for the last 16 months. I typically demo test 15 EA's at all times and recommend only a few here and there that meet strict performance requirements.
When I find a good EA that has a win/loss ratio of over 75% with a low drawdown of under 20% max, and at least a profit factor of 20%/month, I add it to my own live accounts and start promoting it on the net to forex traders. In this manner, I continuously weed through all the garbage EA's on the net, find the few gems by extensive demo testing, start live trading the gems and letting other forex traders know about them. I have created a Robot Review Report to easily update my findings and if an EA quits performing, I move it into the dog house. The Report is available through several of my forex trading websites.
Here is my lead website to get more information about The Robot Review Report:
http://www.cynthia-recommends.info/forexrobots.htm
Published by Cynthia Macy on June 22, 2008 03:19 PM
