Why EA’s Rock
One of the best parts of using an EA is that your future trading becomes fully automated. It requires a big time investment upfront, but after that, you are saving a ton of time, allowing you to do other things you enjoy, or even work in other areas. Basically, when you use an EA to trade in the Forex market, it becomes a sort of passive income. You are making money, but no longer actually putting in the time that you would if you weren’t using a trading robot.
Here’s how it works: you need to invest time in order to save time. It’s the most obvious secret to success with EA trading, but it’s also really important. If you don’t put in the time beforehand, there’s a very big chance that you will get an inferior product. The product itself costs cash, but it will also cost you much more when you start losing trades all the time with it. So, as you can see, by spending time first, you are saving tons of cash for months to come. It costs you nothing to do it, but it will earn a lot for you over time.
Luckily, there are only a few things that you need to do. First, do a very general search for robot Forex EAs on the internet. Use a couple different search engines, and write down all of the ones you see, especially those that are mentioned more than once. You will come back with a few dozen if you spend any amount of time doing this. Next, pick the ones that look most attractive to you, and look up independent reviews. You do not want to look up stuff on their product sites yet since this is inevitably biased data. Finally, once you have narrowed your search considerably by jotting down the top ten or so based upon user reviews, look up results. This will be tough to get a solid answer on since results will vary from trader to trader, but you would ideally like something that will give you the highest profits. You will find that results will vary from month to month, so try and look at yearly rates if you can.
The only requirement is that you are using an effective EA robot, such as Tom’s EA or something similar. You need to make sure that it is a robot because this will instantly apply the trades your EA recommends to you through your MetaTrader 4 software. This is where your hard work and research pays off. Imagine you spend 20 hours doing this research. Once that’s done, you can probably get by on about two hours (or fewer) per week, just monitoring returns, making tiny adjustments, and making sure that everything is running smoothly. You’ve done the work, now it’s time to start reaping the rewards. So if you put in 20 hours up front, plus two every week for 50 weeks per year, you’ve spent 120 hours working over the course of a week. Now, let’s say you can find an EA that returns 100 percent per year and you start out with $10,000. In this scenario, you’ve earned $10,000 total in 120 hours. That translates to just over $83 per hour. And it’s all passive income now that you’ve set it up right.