The Best Forex EA or Expert Advisor tip or advice when using EA settings
We often get a question from our clients: Can I just use the EA default settings?
Using the default setting is the worst possible thing you can do. Here are some reasons why.
Currency profiles
There are often 28 tradeable currency crosses available from most Forex brokers. Each currency has its own volatility. Each currency could have an ever changing relative strength when compared to other currencies. Every currency can have different daily volatility and weekly volatility. How can you trade all these different currencies using on settings?
Timeframes
Most currencies can be trades using the 1minute, 5 minute, 15 minute, 1 hour. 4 hour and daily timeframes. Can you really expect the same settings to work on all of these timeframes?
Broker accounts
Broker account differ tremendously. Some have different Friday close and Monday opening times. They have different leverages, different spreads and even different candle cut off times. So again how can on setting work for everybody.
Why people don’t Optimize Expert Advisors
- People are wishful thinkers. They are blinded by the advertising material and thing EA’s a plug and play money machines.
- Some are just plain lazy: They know they need to optimise the EA but it is easier to use the default settings
- They have a death wise. They trade to lose money
- Forex Traders are gamblers: The would rather bet that the defaults will work.
- Others are optimists: They think everything will work out in the end
- They want to take responsibility for their own trading; If the results are bad then the default setting were bad.
- Traders don’t have Expert Advisor optimisation skills.
- Sometimes they just don’t know how the EA works. They have no idea what the EA does and how it enters and exits trades.
Solution
Never trade an EA unless you have optimised it and calibrated it to the currency, timeframe and broker you are going to use. You need to know the functionality of the EA 100 percent – 99 percent will not do as one setting error can blow your account. If you can’t do this don’t trade the EA. Even if the supplier has supplied, you with settings. Learn how to optimise all your Expert Advisors first.
This is a link to a basic and free Expert Advisor optimisation course:
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