Free Expert Advisor Advice!

The main question in the mind of anybody looking for a free expert advisor is going to be whether there is one that really works. There are many expert advisors available, in fact people are developing them every day. Sometimes they keep them to themselves, sometimes they sell them and sometimes they let them loose on the internet for free.

One thing to think about is why would anybody give away a successful automated forex system. Are people really going to be that generous when they have spent a lot of time and skill developing it? Forex traders are typically people who are very conscious of the value of an investment.

This means that usually a free expert advisor comes from one of two situations. The first possibility is that it was developed by somebody who is interested in the software itself. They may also be a trader but not necessarily a successful one. They will release a robot in the hope that it may help someone, or because they want experienced traders to test it. There is not necessarily going to be a successful trading system behind this type of free EA.

The second possibility is where somebody is giving you a free piece of software as a marketing strategy. It's a little like the free samples that many businesses use to attract new customers. Here, the software will probably be useful. If it was not, it would fail in its purpose of making you trust the guy who gave it to you. The point to remember is that he has something bigger, better and more expensive that he is going to try to sell to you later.

It is a good idea to know something about the system behind the software before you start using it. Even if you only plan to use it in demo mode, you will be spending time on it, and time is valuable. In most cases when EAs are available for sale, the developers will not reveal much about the system that it is based on, for fear of competition. However, with a free expert advisor this might not be the case. You may be able to discover how the system works and save time by looking at back tests. This could save some time.

Using a free EA can be a gamble. Approach them with caution. In most cases, it is worth paying a few dollars for something that has a better chance of making money for you.