The FX market history stretches back decades, and it has always been known as a profitable market. However, it has certainly taken off in the last five years when a class of software programs known as FX robots or expert advisers (EA) started emerging. These software programs almost ushered in a revolution as they provided novice traders with an equal chance at earning big. The Expert Advisors (FX EA) require almost no input from the trader him/herself. It works on a set of pre-described rules and either produces forex signals or executes trades on behalf of the trader.
However, with time, there have been many instances of fraud committed by entities that masquerade as normal FX EAs only to entice unsuspecting traders. Many times these programs turn out to be duds and destroy trader accounts. This is why it is necessary to be well-informed. EAs should be transparent with the information they provide. One of the best ways to do this is to study multiple FX EA Reviews from authoritative sites to make a better decision. That being said, for those traders who want guidance in picking out a free FX EA, here is a list of three of them that are free to download and easy to use.
Trend Scalp Free EA
Trend Scalp Pro is a Free MT4 compatible EA developed with almost ten years worth of experience and research on a multitude of strategies. Some of the features include automatic account and money management. To recover a loss position, it employs a super-smart martingale recovery function. As the forex market can contain news that is mostly noise, the EA uses a news filter to avoid unwarranted market movement.
When it comes to strategies, this EA employs five distinct ones. The Safe method, Turbo method, aggressive method, hedge method, and gold strategy. This makes it easier for traders to pick a suitable strategy based on their risk tolerance. Both the aggressive and the hedge strategies are listed as high risk. The Gold strategy, which deals with trading in gold, is semi-automatic in nature.
Dark Moon EA
This is an EA that employs the scalping strategy, which is especially useful if you want substantial profits within a short period. Its highly customizable, and every trader can tweak the settings as per their preferences. The tweakable parameters include Trading Days, Trading Hour, Indicator settings, money management settings trading directions, and what they call “Dark Moon” settings. It works best if you have an ECN broker and low latency VPS.
This EA focuses mainly on four currency pairs: GBP/USD, NZD/USD, USD/CHF, and EUR/USD. However, it can work with a multitude of different pairs if the correct settings are inputted. Timeframes depend on the trader’s settings, although M5, M15, and H1 are highly recommended. This broker is one of the safest, considering the high-risk nature of the scalping strategy.
Bollinger Bands EA
This EA makes use of the famous Bollinger Bands theory to enter trades. It mainly provides two entry strategies: BreakOut and BreakIn. It has a couple of exit strategies as well. The Bollinger bands EA can be installed on countless demo and live accounts at a time. Unlike other EAs, it does not draw any indicator on the chart. However, the user has to optimize this EA first as it does not come pre-optimized.
SZ Scalper Free
SZ Scalper is a free EA that opens only buy positions. It uses support and resistance levels that detect using an advanced adaptive algorithm called A.A.P.L.D. It detects dynamic levels of support and resistance, making it react quickly to changes in market conditions. This EA works best with pairs such as NZD/USD, USD/CHF, USD/JPY, USD/CAD, GBP/USD, and EUR/USD. They recommend traders to use any account type with a stop loss level of less than 40%.
There is a multitude of both paid and free EAs in the market. It is up to the trade to decide and go for a suitable software program that is compatible with the style of trader they are. Reading reviews and going through client testimonials is a good way to get an insight into how an EA works.
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