Forex EA – the professional method to trade on the market nowadays
Forex EA is the topic of this article from Petko Aleksandrov, Head trader and mentor at EA Forex Academy. This lecture is called Keeping the top 3 EAs and managing the accounts. And it is a free lecture from the Automated Forex trading + 99 Forex EA course.
In this course, the mentor demonstrates trading with many Forex ea in one account, and more he provides 99 Forex ea to the class. His method is based on testing each Forex EA on a Demo account, all together, and following the statistics:
This way Petko is capable of selecting the best Forex EA or few to trade on a separate live account:
Enjoy the lecture:
Today I will continue with the monitoring of the two accounts.
I will show you how we replace some Forex ea if it is needed, of course. I’m right here at the statistics. I will go to net profit to order the strategies again according to the ones that are making the most profit. And you can see on the top I have these three strategies, total net profit for seven days I have 1208.89.
You can see 3915 of gross profit and 2706.92 as total loss. Now, you can see on the top I have 4 strategies that made already more than $100 as net profit.
Or this is also more than 100 pips.
Because when we trade with 0.1 lot size, we can consider the result as pips as well.
What will I do now?
I will see if these three strategies are still making profit most or some other Forex ea went on the top 3 places. You can see this Forex ea ending on 111, 111 is always on the top. Then I have the one 492, this one I don’t have it. And then I have the one with 171. It is right over here.
What happened here?
This Forex ea ending on 492 replaced the one 775. You can see 775 went lower, still positive but already not on the top 3.
This is precisely what I do every other day, or you can follow it as well every day. But it is OK as I said to do it on Monday, Wednesday and Friday. Or during the weekend, of course, depends on how much free time you have.
What do I do?
I need to place this Forex ea 492. I will go to the other account where are the 99 Forex ea. As you can see, I have already $1221, nearly $22 of net profit in the account history trading with the 99 Forex ea which is excellent.
But what I need to do now? I will need to go to File, Open data folder, and then I will go to MQL4, Experts. And I need to look here for the Forex ea with the magic number 88447492.
I will copy this Forex ea, and I will go to the other account where are the 3 Forex ea.
Actually, in this account, you can see I have closed $55 of a profit and equity is nearly 0, negative of 54 running currently. But as we said, we are not taking into consideration the open profit when we are managing the trades. But we are looking at the closed orders, at the closed trades.
I will go to File, Open data folder, and then I will go to MQL4. I will go to Experts. And I need to remove now the Forex ea with a magic number ending on 775. 775, so it is the first one. I will delete it, it’s the EURJPY one, and I will paste the other one.
It is the EURUSD, so this way, I will have currently the top 3 in my statistics. I will close that, and I will need to go to Expert Advisors and click on refresh. This will make Meta Trader compile the last Forex ea that I have pasted. And once it’s ready, you will see that the other one is removed, and I have this one over here.
What do I need to do? I need to go to Expert Advisors, and I need to remove the one on EURJPY. And I need as well to make this chart as EURUSD. I will drag EURUSD over the chart, I will go to M15, and then I will pull the Forex ea over the chart.
I click on OK, and you can see I have already the other one running into the separate account.
This is how I’m following the statistic. This is how I’m checking the results.
Once again, it is your choice how many Forex ea you want to trade. If you wish to, of course, you can trade the 99 in 1 account, test it out, see if it’s going well. You can see that it’s making outstanding profits.
I mean this for seven days to have $1208.
For me it is a fantastic profit, and this is once again because I’m trading 99 Forex EAs. You can see some are losing, but more are profiting. And on an average basis, I have an excellent profit over here.
With trading the top Forex ea, I want to use the strategies that are making currently for the current market conditions good profit on a separate account. And of course, this way, I am limiting the risk. But again, you can see the difference only $55 here because I’m trading with 3 Forex ea.
And here I have a great result of 1208, but here I’m trading the 99. This is my system. I follow the best Forex ea, and I separate them in another account where this way, I achieve less risk stable profits.
But of course, as I said, it’s your choice. I provide you with the EAs. Anyway, it’s for the educational purpose of the course. So, take it easy, test it out, see how it’s going, and see how you will feel comfortable. Maybe you want to trade the top 5 or the top 10, top 20 Forex ea. It depends on you:
Of course, if you’re following the top 20, it’s much more work to follow every day which Forex ea went on the top and which went down. We are doing on many accounts, different combinations.
So, we diversify the risk.
I mean in some accounts we trade with the top 3 and some we trade with top 10, with high 99. We have many accounts trading, and in some accounts, we place the top 99. We reach better diversification. But I am pleased to see this result which is more than 10% or 12% for seven days from the whole account, which is just great on $10 000 of account when I make 1200 for seven days.
This makes me happy, and this is the whole idea. And this is why I’m sharing the system, guys. Because of this system, we make a significant diversification of the risk. We don’t rely on one single Forex EA. Because it can start losing, it can make a profit. It depends on the market.
Sometimes it’s not our fault.
Our job is to follow the performance, to see which Forex ea is doing a good job. And to place them on a separate account. But once again, you have the freedom to make any combinations to trade the top 3, the top 5, the top 10 Forex EAs if you wish or you can trade with the 99.
And since I said, I will update the course every month with the new 99 Forex EA. You can choose the top Forex EA from each month. And make a combined account of 99 Forex EA. And to trade there the best performance from each month. But this is just an idea you need to find yourself comfortable trading with that.
As I said it is your freedom how to do that. But keep in mind it is your risk as well especially when you’re trading with real money. Be careful because sometimes things can turn against you, and this happens quite often in the trading. That’s why we diversify the risk by trading many Forex EA. And by placing the top Forex EAs into separate account, we lower the risk as well.
Pretty much that’s it.
Take it easy, spend time on testing, devote time to demo:
Don’t hurry to a live account. I’ve been testing on demo for quite, quite a lot of time before I started real trading. But this is my job. I mean, I’m doing this daily everyday. And of course, I have my team, and they helped me a lot, of course, in managing the accounts and managing the Forex EA.
Especially when you’re starting if you’re newbie take your time. I suggest you start with the top 3 or even the top 1 Forex EA. You can see this top 1 Forex ea made a high profit so far. You have a lot of possibilities, take your time.
I know it is very, very helpful when we see profits in the demo account. And many people hurry immediately to place the Forex EA on a live account. But it’s not exactly like that you need to spend some time to get used to it to see how much you can afford to trade, to have good money management and not to risk a lot.
If you have any questions, I will be very, very happy to answer you in our SUPPORT FORUM. And as promised, I will update the course with new 99 Forex EAs every month in the Automated Forex trading course + 99 Expert Advisors.
You can have a vast choice, and you can have an excellent diversification of the risk because this is the crucial point here.
We trade many Forex ea, and we select the ones that are currently making profits.
For more Algorithmic Forex Trading courses, please click the link: https://eaforexacademy.com/academy/tracks/algorithmic-trading/.
More information about making a manual trading strategy in Forex EA:
Many traders start trading with Forex EA are getting frustrated if they have previous experience in manual trading. Why is that? Simply because they do not see what they expected to see.
The reasons for that are two:
- Not everything you are used to doing in manual trading, you will be able to automate at 100%.
- not everything that you were doing on manual trading was correct and you realize it just when you start with the Forex Expert A
Let’s have an example. You are a manual trader with 2-3 years of experience. You are using a strategy that brings you profits and losses. And you want to automate in a Forex EA because you believe the strategy is profitable, but you are having losses because you can not control your emotions and, most of all, the fear and the greed.
And you find a good developer, and he automates your strategy, but… it is not working? Here are the reasons for that:
- you just now realize that all the indicators are lagging and you were seeing on the chart what you wanted to see but far actually what had happened(all the fake signals)
- The Forex EA will open a trade when all the entry conditions are true. And you have always made an exception for one or two of them to enter
- just now you see that there are so much better inputs for the indicators that you were using and you try your strategy with the better inputs, but you change it
We can give you dozens of other reasons that are always there and makes you frustrated. The critical point here that using Forex EA, you will be able to improve your manual trading, and at the same time, your experience in manual trading will help you build better Forex EA.
So what we suggest you do. Have a look at our course:
and you will have an idea of what kind of strategies actually can be automated and used as manual and as Forex EA.