Lazy Trader’s Guide to Consistent Forex Profits with Expert Advisors

Are you a lazy trader looking for an easy way to make consistent profits in the forex market? Expert advisors (EAs) could be the solution you need. EAs are software programs that automate forex trading strategies. With an EA, you can make money in forex even while you sleep!

This comprehensive guide will explain everything you need to know to start profiting from lazy trading with EAs. We’ll cover how to find, evaluate, and use the best forex EAs for consistent returns. Read on to transform your trading into an automated, hands-off income stream!

What is an Expert Advisor (EA)?

An expert advisor (EA) is an automated trading system that executes trades on your behalf based on a set strategy. EAs are programs that trade automatically based on certain technical indicators and rules. They run on your forex trading platform and can place buy and sell orders even while you sleep!

EAs allow lazy traders to make money in forex without having to actively monitor the markets. Once properly tested, they enable you to generate consistent profits from mechanical trading strategies. With an EA, you can relax while your trading account grows.

Benefits of Using an Expert Advisor for Lazy Trading

Here are some of the main benefits of using EAs for lazy forex trading:

• Fully automated trading – EAs automate your trading strategy so you don’t have to place manual orders. This allows for lazy, hands-off trading.
• Emotionless trading – EAs make decisions based on strategy, not emotion. This removes greed and fear from trading.
• Consistency – Well-coded EAs consistently apply profitable strategies for steady gains over time.
• Diversification – EAs let you automate multiple strategic trading systems across different currency pairs.
• Discipline – EAs diligently follow your defined rules without wavering – something human traders often struggle with.
• Flexibility – You can customize EAs based on your risk tolerance and profit goals.
• Efficiency – EAs can analyze the markets and react faster than humans. No analysis paralysis!
• Backtesting – Test EAs on historical data to gauge their potential profitability before going live.

As you can see, EAs provide a powerful toolkit for lazy traders to earn forex profits hands-free. Next let’s examine how to find the best EAs for your needs.

Where to Find Trustworthy, Profitable Forex EAs

With so many EAs out there, how do you identify ones that actually work? Here are some tips:

• Developer reputation – Seek EAs from reputable developers with a track record of successful systems. Avoid “black box” EAs.
• Verification services – Use third-party EA verification sites like Forex-Station, FXBlue, or MyFXBook which provide independent testing data.
• Community reviews – Check forex forums and groups for real user reviews and ratings. But beware fake reviews.
• Longevity – Established EAs that have worked profitably for years suggest a robust system.
• Transparency – Legit EAs provide backtest reports and real account results for transparency.
• Money-back guarantee – The best EA sellers provide a satisfaction guarantee in case the EA doesn’t perform as expected.

Trusted EA sources include Forex Store, Forex Robot Nation, EA Factory, and individual well-known developers like Sentient Trader. Avoid “black box” EAs with no verifiable track record. Do your due diligence!

6 Things to Look for in a Top Quality Expert Advisor

Not all EAs are created equal. Here are 6 key features to look for when selecting an EA:

1. Proven profitability – Backtesting and live performance results supporting consistent profits.
2. Sound strategy – Logical entry and exit rules, money management, use of stops. No martingale or grid trading.
3. Reliable code – Clean programming and coding from a reputable developer. No bugs or glitches.
4. Customizability – Ability to adjust inputs and settings to match your risk tolerance and goals.
5. Compatibility – Works seamlessly with your trading platform and account type, including VPS.
6. Active maintenance – The developer actively maintains and updates the EA for optimal performance.

Doing due diligence on these factors will help you choose a robust EA and avoid low-quality systems that quickly blow accounts.

Step-by-Step Guide to Installing and Running an Expert Advisor

Once you’ve chosen a solid EA, it’s time to install and deploy it. Here is an 8-step process:

Step 1) Choose a compatible forex broker – Make sure your broker allows EAs and provides a Virtual Private Server (VPS) to run EAs 24/7. Popular brokers include Pepperstone, IC Markets, and FX Choice.

Step 2) Open a demo account – Open a demo account with your broker to initially test the EA risk-free. Demo trade the EA for at least 3 months.

Step 3) Download the EA file – Obtain the EA installation file from the developer or EA marketplace. Common formats include .ex4, .mq4, .dll.

Step 4) Install the EA – Locate the “Expert Advisors” folder in your Metatrader platform files and paste in the EA .ex4 or .mq4 file. Restart MT4.

Step 5) Attach EA to chart – Open a chart for the currency pair the EA trades. Go to the Navigator panel and double click on the newly added EA to attach it to the chart.

Step 6) Input EA settings – Double click the EA in the chart and input any customizable values like trade size, stops, magic number etc. Enable automated trading.

Step 7) Run the EA – Make sure your internet connection is stable. Keep your trading computer or VPS running 24/5 so the EA can execute trades.

Step 8) Monitor performance – Check account periodically to gauge profitability. Tweak settings if needed. Withdraw profits regularly.

And that’s it – the EA will now trade your account automatically based on its strategy! Be sure to monitor it closely at first.

Does the SET and FORGET Approach Work with EAs?

A common myth about EAs is you can simply “set and forget” them. But the truth is EAs do require regular monitoring and maintenance for optimal performance.

While EAs automate strategy execution, market conditions constantly change. You need to watch their performance at least weekly and be prepared to:

• Tweak EA inputs and settings if profits start decreasing
• Temporarily stop trading during major news events or volatile markets
• Adjust position sizing if account balance increases substantially
• Update the EA to the latest version from the developer
• Switch off the EA if it begins making uncharacteristic trades

Without regular supervision, EA performance may slowly deteriorate over time. Don’t fall into the set and forget trap – effective EA usage requires proactive maintenance.

Creating Your Own Custom Expert Advisors

Want to create your own custom EAs? With the right programming knowledge, you can!

Benefits of custom EAs include:

• Code your own unique strategies
• Completely control the trading logic
• Add special features not in other EAs
• Achieve full personalization

To build EAs, you need:

• Expertise in the MQL language for MetaTrader
• Understanding of technical indicators used in strategies
• Ability to code trading logic, money management, and position sizing
• Rigorously backtest the EA before real money deployment
• Debugging skills to fix any code errors

While challenging, programming your own EAs allows full customization. Consider hiring a freelancer if you lack MQL skills.

FAQs About Profiting from Lazy Trading with EAs

Still have questions? Here are answers to some frequently asked questions:

What are the risks of using EAs?

Over-optimization, poor coding, or changing market conditions can degrade EA performance. Use stops, avoid over-leveraging, and monitor regularly.

Do I need a VPS to run EAs?

Yes, a Virtual Private Server (VPS) enables your EA to execute trades 24/5 without an active computer. VPS like Vultr, Amazon EC2, or Forex VPS are affordable options.

How much can I earn by using EAs for lazy trading?

Returns vary based on market volatility, equity, and EA strategy. Aim for 10-20% yearly returns on invested capital and avoid unrealistic expectations.

Can EAs help recover losing forex accounts?

No. EAs automate strategy but can’t guarantee profits. Focus on risk management first before relying on EAs to recover losses.

Which pairs should my EA trade?

Major pairs like EUR/USD and GBP/USD generally suit most EAs. Exotic pairs add risk due to higher spreads and volatility.

Is it safe to use EAs during major news events?

No. The high volatility from news events can trigger unexpected EA behavior. Manually pause EAs before news and holidays.

Conclusion

Expert advisors provide a powerful tool for lazy traders to earn consistent forex profits. By automating strategy execution, EAs enable hands-free trading.

To succeed with EAs:

• Choose credible, profitable EAs with backtested track records
• Rigorously demo test the EA first
• Input conservative settings aligned to your risk tolerance
• Actively monitor performance and update the EA when needed

Used prudently, expert advisors can transform forex trading into a low-effort income stream. Implement the guidance in this guide and you’ll be lazily profiting from forex in no time!