Free Expert Advisor: Do They Work?

The million dollar question.. How do these free expert advisors perform while trading the forex market? 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. Why would people be that kind when they have exhausted a lot of time and skill developing it? Forex traders are typically people who are very aware of the value of an investment.

This means that usually a free expert advisor comes from one of two possibilities. 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 circulate a robot in the hope that it may help someone, or because they want qualified traders to test it. There is not necessarily going to be a successful trading system behind this type of free EA.

The second situation 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 invite new customers. Here, the software will probably be profitable. 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 programmers 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 find out 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.

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