About 5 years ago, the forex industry produced a new trading method reducing the human trader interaction with the trading platform, although until now this is still limited and not enough alone to process a Forex trading account without many traders to perform their work or part of it.
Since the launch of Expert Advisors capability on MT4 platforms, many Forex programmers have rushed to create their own automated trading plugins gathering their own experiences into their creations, some gave away their revenues for other traders with no cost, and most have decided to sell their inventions at a nominal price, although that nominal price is a little bit high for some newbie traders but a reasonably configured and well preset one can easily compensate for its cost in a short period of time.
Now, a huge number of those Forex systems are available on the web, which one could I use safely if I needed to ?! Do I need to test each one of them on the web to choose the best ?!
Simply, although self testing is the most safe method to verify an expert advisor, but it may be complicated and taking too much time to fully ensure the validity of this MT4 plugin, now there are alternative methods to do that, we are concerned living performance which is the best method for a prejudice validation and bypasses the backtesting faults and misleading results.
Here are the methods I have found valuable to verify the live performance of an expert advisor:
1 – The next to self testing, having an access to a trusted broker MT4 investor account that used the testing target tool for trading for a previous period of time is a great method to verify its live performance, some developers provide this facility on their own trading accounts to the public for testing their Expert Advisor before using it, like Forex Striker and GPS Forex Robot.
2 – Comes next, the Forex systems analysis providers, they provide free live performance analysis for trading accounts using forex robots or not, now most Forex system developers depend on it as a trusted indivisible evaluator to prove the validity and profitability of thereventions, like :
- Myfxbook (The most reliable)
- Mt4i (Moderately Reliable)
- MTROCKET (New and unreliable till now)
3 – Comes at the end, personal assistance by individuals or groups that offer paid testing services and advices for Forex robots live performance and best setting suggestions with live statements, like EA Lab which is a validation method for Forex system developers like GPS Forex Robot and Fapturbo 2.
Finally I ensure that unless you can verify an expert advisor performance and determine its best settings for yourself, only one alternative method for verification is not enough to ensure its profitability, while gathering live performance verification, backtesting and previous user reviews is the most reliable road -map to discover your target Forex trading system.
Have a great profitable day!