Making the right connections

There are literally, hundreds, maybe thousands, of systems available to trade the Forex markets. These systems can be fully automated, generally referred to as "Expert Advisers" or "Robots", or they can be "Manual" systems which generate trading signals for you and then require you to manage the trade.

You have to find the right combination for your personal trading style ie do you want to "set it and forget it" and trade totally automatically?

Do you want to trade manually and watch your PC screen for a few hours each day?

Or do you want a combination of both?

I personally use a combination of systems to trade Forex and my experience to-date also convinces me to use different systems at different times. For instance if one EA has a bad run, I switch it off and revert to a different one. No single system will perform to the highest level in all markets, well certainly not one that I've found yet!

With manual systems you have to consider whether there is any major breaking news around the corner that could impact the financial markets or are there key dates to avoid trading, for instance Non-Farm Payroll announcements in the USA which occur the first Friday of the month.

You can find a major Global Economic Calendar here: http://www.dailyfx.com/calendar

The following pages detail a selection of Expert Advisers (EAs) I either use on a day-to-day basis, have tested in one form or another or that I am simply aware of.

Expert Adviser or "Robot" - Fully automated system which Opens trades, moves Stop Loss levels and Closes positions, hopefully in profit!

EXPERT ADVISERS

FAPTurbo

Currency Pairs:

Short Term:

EURGBP, EURCHF, GBPCHF & USDCAD.

Long Term:

EURUSD

FAPTurbo - The one that started my adventure into Forex Trading. As I mentioned on my Forex Automated Trading home page I had never heard of "Expert Advisers" nor "Robots" in this context before. However the thought of software making money for me automatically and only requiring my involvement to amend risk levels was very appealing. The user guide that comes with this product takes a complete Forex trading "Newbie" ie Me, completely through the setup process.

FAPTurbo employs two strategies for trading:-

1. Short Term "Scalping" strategy whereby the system looks for small frequent profits on four specific currency pairs between the hours of 21:00 - 01:00 GMT.

2. Long Term strategy on the EURUSD pair where FAPTurbo is looking for up or down trends to enter the market. Trades can last for several days.

What I particularly like about this product is that it has invested in a members forum so that you can learn from other traders and share experiences.

FAPTurbo has more than doubled my starting bank of £700 since December 2008.

Pips Leader

Currency Pair:

EURUSD

Pips Leader - One of my latest EA's, and definitely not for the the faint hearted. I would not recommend this as your first EA - Why? Well this EA opens up multiple trades with what seems to be no stop loss or take profit settings.

What this EA does is to look at the market trend to see which way it is going and then opens a string of "buy" or "sell" trades. If the market continues to move in the correct direction Pips Leader will hit its target of 75 pips. If it moves in the opposite direction then Pips Leader will open up opposite trades to "hedge" against a potential loss. It then waits for a significant market movement before the take profit level is reached.

Definitely trade this on a demo account first so you understand how it works. I then suggest that you set it to work with 0.01 lots on a live 5 digit broker account. I suggest 0.01 lots per £/$ 1000.

Oh forgot to say that Pips Leader is proving VERY successful as my bank account will testify.

Forex MegaDroid - Another "Scalping" type Adviser that runs very similar to FAPTurbo, ie it looks for smaller profits as opposed to long term trends.

Megadoid appears to trade in a similar timeframe to FAPTurbo, ie 21:00 - 01:00 GMT. It doesn't trade very often, but when it does it is VERY accurate (95.82% accuracy as of 22/05/09 - taken from MegaDroid website).

I've purchased and tried quite a few Robots since I became a "newbie" forex trader in December 2008 and as stated above I switch in and out of systems as markets change. However MegaDroid is one of the systems that is always running and as such forms part of my core Expert Adviser trading strategy.

IvyBot

Currency Pairs:

EURUSD, EURJPY, USDCHF, USDJPY

IvyBot - Another of the hugely "hyped" EAs to hit the market in 2009. But does it live up to the hype?

IvyBot is actually four different robots, individually configured for a specific currency pair.

IvyBot looks for certain trends in each of the four markets and only seems to place trades when there is a high percentage chance of winning.

Don't expect huge numbers of trades across the four pairs, that just doesn't happen. But when it does trade, it produces small steady profits and seems to manage risk very well, hence very few of those trades are losing ones.

Forex Bling

Currency Pairs:

Multiple

Forex Bling - Sounds naff but this "new kid on the block" offers a different approach to many of the EAs currently available.

Forex Bling is a Multi Strategy trading system. It offers a series of EAs that use scalping, breakout, trend and grid strategies.

Forex Bling is a quarterly subscription service. This approach ensures your EAs are constantly updated and enhanced so that they perform in ever changing market conditions.

In due course I hope to add more systems to this section and to publish a detailed review of some of those systems, after all that is what Affiliate Links World is all about. However at this embryonic stage of my website development I've limited the selection to the systems I use or that are latest releases.