How you can improve the work of a forex advisor

How you can improve the work of a forex advisor

It is, of course, convenient to use advisors in trading. But handing over your work to a robot does not mean that you can completely relax and be interested only in the state of your trading account. The trader needs to track the progress of the trade and, if necessary, make the appropriate adjustments. Over time, the EA’s trading performance may start to deteriorate, which means that it is necessary to intervene in its work in order to optimize it. Today I want to give you some tips to help you do it well. Forex robotcan be improved if you work with it in one of three directions. The first of the possible options involves making changes to the EA settings. The second option is to search for additional indicators to include them in the robot’s algorithm. Due to this, it is possible to improve the filtering of signals, and therefore to increase the trading efficiency. And finally, the last, I would say cardinal, option involves a complete change in the trading strategy for which the forex robot was created . But that’s not all. I recommend paying attention to the following important points.

Trading time

Some Expert Advisors show different results on different timeframes. And if your robot starts to reduce the deposit, then this does not mean at all that it should be abandoned. Test the operation of the advisor at different time intervals and choose the one with the best results.

The release of important news is accompanied by strong price movements. And you can find many recommendations to stay out of the market at this time, and suspend the work of the advisor. In fact, this advice is controversial. Yes, trading on the news has high risks of losses, but also high opportunities to make large profits in a short period of time. Therefore, I would recommend allowing the robot to trade in any market event. In order to prevent large losses during the news release, it is enough to limit the risks in the settings. And to increase the potential profit, you should abandon the use of take profit and allow the advisor to follow the trend.

Currency pairs

Many robots are set up to trade any currency pair. On the one hand, this versatility is good. However, it makes sense to look in the strategy tester to see how different trading results are in trading different currency pairs. Based on the results of such testing, you can customize your Expert Advisor for a specific trading instrument.