I’ve been trying to spell out to people for some time now that Expert Advisors (more commonly known to the novice trader as Forex Robots) do work. But you have to use the right Expert Advisor and have a broker with good morals. However, this article isn’t about selling you the benefits of trading Expert Advisors (EAs). Here I want to focus on the steps someone must take in order to start trading a Forex Robot… and you’ll see that it’s not as daunting as one might think. In fact, with very little trading and computer knowledge you can easily navigate your way into trading profitably on Forex Markets.

Below I’ve outlined the steps you need to take to start live trading almost any Forex Robot in the market today:

1. Buy a Forex Robot. The top one in the market today is Forex MegaDroid.
2. Open a Demo account with a Forex Broker. There are a number of things to consider with this step. The Forex Broker you choose must let you trade on the MetaTrader 4 (MT4) trading software (most EAs only run on MT4). You’ll also want a broker with low spreads (this is where they typically make their commission) on the currency pairs your EA is setup to trade. Our recommended Forex brokers that meets this criteria is eGlobal Forex Brokers. It is also advised to open demo accounts up with a number of brokers and run your EA on each to see which one works best… however, if you’re impatient a search of trading forums will point you in the right direction.
3. Installing the Forex Robot. This is a fairly simple process which involves copying a couple of files to Directories in your computer, then dragging the EA icon to your MT4 Currency Pair chart. Your EA will then display a variety of messages on your chart. The most important on is a smiley face which signifies your EA is running correctly. Most Robots also have a number of settings that can be changed to suit your level or risk etc but the default settings will work fine until you have a better understanding of things. There is one setting though that you must get right it’s the GMT Offset. This is the time difference between your broker and GMT. If you’re unsure how to work this out there are plenty of forums out there that show you how.
4. Back Test your Forex Robot. The instruction manual that comes with some Robots will also show you how to Back Test it. Check out my back test of Forex Megadroid to get a feel for how it’s done. Without going into the details the general gist is that past performance is an indication of future performance and a Back test will give you a good idea of how your Forex Robot will perform in live trading. Remember that Back Tests aren’t are only around 80% accurate, so whatever profit your Robot makes in a Back Test, you’ll probably make 80% of that when you live trade it.
5. Open a Live Trading Account. When you are satisfied that you have found a good broker, an EA that has good reviews and back tested/paper traded fine then it’s time to migrate your Demo Account to a Live Trading Account. To do this it’s simply a case of completing the account opening requirements and funding the account with real money. When your account is setup you’ll receive Live Account login details which will be different from your Demo Account. Simply insert these into the login screen of MT4, turn on your Forex Robot.
6. Live Trading. Now that you’re all set up this is the hard part… not really… it couldn’t get any easier. As long as your computer is connected to the internet and MT4 is running your EA will open and close trades like clockwork. All you need to do is check in now and again to see how much money you’ve made!
7. Advanced Trading Tips. If you don’t have access to your computer you can still see your trades remotely by using services such as MT4Stats.com which connect to your MT4 by FTP and displays your results online. If your home computer or internet connection is unreliable, you can also host MT4 externally through a virtual hosting company (much like a website hosting company but for the MetaTrader 4 application only). Our recommendation is Forex VPS which charges a small monthly hosting fee.

I hope this helps everyone out there, if you have any questions please post them below. And, for updates on the latest Forex Robots please subscribe to our newsletter.