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Best Forex Expert Advisors & Best Forex Systems

What is a forex expert advisor?

Forex expert advisors (EA) are a set of rules and conditions that trigger trades automatically on your account, according to the set rules. They are typically installed on the Meta Trader platform and have become very popular with traders who wish to follow an automated system rather than make manual trades. The biggest advantage of using an EA is the amount of time saved for the trader. Once the EA is set up, it runs on auto-pilot so it does not require much investment of time. Another reason why these, and also forex trading systems are popular is because they often appear to require little or no knowledge of actual trading.

What is a forex system?

A forex trading system may not necessarily be an automated software solution. A forex system may just refer to a trading strategy that is made up of certain rules and conditions that traders can follow. More often than not, these systems are eventually turned into EAs to add the automation part. Both terms can be used to refer to a similar topic.

If the idea of automated trading through a forex system appeals to you, the best advice we can give is to make sure that the results of the system are as recent as possible and working on a live account. It's possible for a trader to publish their account history to prove that the system is being run on a real money account. This should provide some indication of the success of a forex system.

Check the table below for the leading forex EAs and systems that are available on the net.

Best Forex Brokers

Top Forex Brokers Reviewed & Rated

The table above represents our top 5 rated forex brokers for overall performance. We review and rate each forex broker through a manual process and also allow our users to submit their own reviews. We only list regulated forex brokers on our website.

#1 Recommended Forex Broker

An impressive organisation putting their money into some big brand exposure activity, sponsoring the worlds fastest man, Usain Bolt. A lot of bonuses and competitions to take part in, making XM our top recommendation. Very friendly for new traders with an extensive education / learning section.

What you'll love

  • No deposit bonus
  • Free trading signals
  • Free webinars
  • Daily technical analysis & market reviews
  • Regulated in the UK, Australia & Cyprus

With regulatory approval in 3 countries including the UK and Australia, we can confidently recommend XM if you are looking for a trustworthy forex broker.

Your Forex Journey Starts Here

Start your forex trading career on the right foot. Avoid confusion and don't dive in! Forex trading is very challenging and definitely not a get rich quick scheme.

It's also extremely rewarding and you will experience a great sense of satisfaction when you are able to profit from the forex market.

We recommend new traders at the very least read our forex trading survival guide which sums up in a nutshell what you are in for.

We've spent our time to put together a list of the best forex brokers for many different categories which mean you can find the best forex broker for your particular needs.

Unbiased reviews you can trust

Looking for the best forex broker? Look no further. We aim to help you make the right decision by providing you with up to date information on our database of forex brokers. Our reviews are written by forex traders just like you and every claim is verified. After all, the Internet can be a place with a lot of false information. Our rules are simple and make it fair for both traders and the forex brokers.

Our simple rules

  • Every forex broker on this website must be regulated / hold a license
  • Every complaint by a user must be verified (must provide a user ID)
  • Forex brokers have the right to respond
  • Any deliberate attempt to manipulate or deceive users will result in immediate blacklisting

Full transparency

A lot of forex broker comparison websites tend to recommend the ones that are paying them the most money. We earn advertising and affiliate revenue, but that doesn't stop us from delivering unbiased opinions on our website.

Our philosophy is simple: Do right by the customers and you will naturally reach the top.

We don't plaster our website with banners from dozens of companies. Our top 5 list is determined by ratings, not money.

Latest Forex Newsmore

Finding The Best Forex Broker

Although every trader has different ideas on what defines a top forex broker, we are certain that the majority would agree that the safety of their funds is the most important. There have been too many cases where traders have either lost their money or found it extremely difficult to withdraw their own funds. A lot of these issues occur with forex brokers who are unregulated. This means, they are not licensed by a reputable financial regulator. We strongly advise against opening an account with any unregulated forex broker, no matter how good they may sound or sell themselves to be. A lot of them offer very enticing sign up bonuses which they can afford to do because they never intend on letting you withdraw your money!

The top forex brokers in the world are often regulated in multiple countries, most commonly Australia and The United Kingdom. Cyprus is another popular country for regulation.

If we were only allowed to provide 1 piece of advise on choosing a forex broker, we would say go with a broker who is regulated in either the UK, Australia or both would be ideal. These are reputable countries where English is the primary language and thus it would be easy to communicate with them.

Compare Forex Brokers

When it comes to comparing forex brokers, there are quite a lot of factors that you could compare. We'll list the most common comparison points below:

  • Regulatory information
  • Spreads
  • Support methods and languages
  • Banking methods
  • Sign up and ongoing bonuses
  • Trading platforms
  • Types of accounts

With the major comparisons above and many more, it quickly becomes a difficult task to really put brokers side by side and make a decision. Our rankings system should help you narrow down your selections. We have a rankinkg list for different categories, as well as our own scoring system whereby we start each broker at 100 points and subtract points based on features that they don't have that we would expect a top forex broker to have. Access our forex broker rankings for more information.

Best forex experts

David Weis Catching Trend Reversals (Video 2.04 GB)

David Weis Catching Trend Reversals (Video 2.04 GB)

Size: 2.04 GB

Myles Wilson Walker The Power of the Hexagon (Complete Course)

Myles Wilson Walker The Power of the Hexagon (Complete Course)

Size: 230 MB

Ezeetrader Divergent Swing Trading

Ezeetrader Divergent Swing Trading

Justine Williams-Lara Counting Elliott Waves. The Profitunity Way DVD (with Russian subtitles)

Justine Williams-Lara Counting Elliott Waves. The Profitunity Way DVD (with Russian subtitles)

Size: 492 MB
Price: $525

Advanced Guide To MetaTrader 4 - Expert Advisors

Expert Advisor Creation Expert Advisors are programs that allow automation of the analytical and trading processes in the MT4 platform. To create an Expert Advisor (or "Expert"), the expert editing program - MetaEditor - has to be opened from within the MT4 platform. To open the editor (see Figure 1):

  • In the Navigator window, right-click on Expert Advisors and select "Create"; or
  • In the Main Menu >Tools > MetaQuotes Language Editor; or
  • Click on the MetaEditor icon in the Standard Toolbar: or
  • Press F4 on the computer keyboard.

Any of these actions will open the Expert Creation Wizard. The Wizard can be used to create Expert Advisors, Custom Indicators, Scripts and DLLs. To create an Expert Advisor, select "Expert Advisor" and click "Next" to continue, as shown in Figure 2.

The "General Properties of the Expert Advisor" window appears. Here, traders must specify the:

  • Name - A user-created name for the Expert.
  • Developer - The developer's name.
  • Link - To the developer's website, if applicable.
  • Inputs - the list of Expert inputs

To add a new parameter to the Inputs field, press the "Add" button. For each Parameter, the trader must specify the Name, Type and Initial Value, as shown in Figure 3. To delete a parameter, highlight the parameter and press "Delete." These become the Input Variables within the Expert. Once all the inputs have been listed, click "Finish" to continue.

A new window appears in the programming environment. The Expert's name appears at the top of the window, and the previously entered input parameters are listed near the top of the code, as shown in Figure 4.

From here, the Expert code can be entered into the window using the MQL4 programming language and syntax (see Figure 5).

Note: Specifics regarding programming are outside the scope of this tutorial; understanding programming logic and learning a specific language require significant effort. Traders can learn more about programming in the MQL4 environment by reading the MT4 Help Guides and participating in the active MQL4 community forums.

MQL4, like other proprietary languages, has a list of Reserved Words and Standard Constants that are used during programming. Examples of constants for trade operations, along with their descriptions, include:

  • OP_BUY - Buying position
  • OP_SELL - Selling position
  • OP_BUYLIMIT - Buy limit pending position
  • OP_SELLLIMIT - Sell limit pending position
  • OP_BUYSTOP - Buy stop pending position
  • OP_SELLSTOP - Sell stop pending position

Traders can find a MQL4 Reference in the Help tab of the Toolbox in the MetaEditor window. This Reference includes information that is helpful to beginner and experienced programmers including:

  • Basics
  • Standard Constants
  • Predefined Variables
  • Program Run
  • Account Information
  • Array Functions
  • Common Functions
  • Conversion Functions
  • Custom Indicators
  • Date & Time Functions
  • File Functions
  • Object Functions
  • Trading Functions

Expert Advisor Compiling
After the Expert development has been completed, it must be compiled in order to ensure that the code has been written in the proper format needed to run the Expert. To compile the Expert:

  • Select File > Compile (see Figure 6); or
  • Click the Compile button on the toolbar; or
  • Press F5 on the computer keyboard.

Once compiling has been initiated, an update appears in the Toolbox beneath the code in the MetaEditor window, as shown in Figure 6. An errors or warnings will be listed.

After successful compilation, the new Expert will appear in the Navigator - Expert Advisors window, as shown in Figure 7. If the Expert did not compile successfully, it will still appear but its icon will be gray and the Expert cannot be used.

Expert Advisor Setup
Before the Expert can be used, its parameters must be defined in the Terminal Settings window. To open the window:

  • In the Main Menu >Tools > Options; or
  • Pressing CTRL + O on the computer keyboard.
  • Either action will open the "Options" window. Select the "Expert Advisors" tab, as shown in Figure 8.

The following settings are available in the "Expert Advisors" tab:

  • Enable Expert Advisors - this option allows the user to enable (check) or disable (uncheck) the use of all Experts.
  • Disable experts when the account has been changed - this option disables the Expert if the account has been changes, such as from a demo to a live account.
  • Disable experts when the profile has been changed - this option prevents Experts from launching if the profile has changed.
  • Allow live trading - to enable Experts in real-time mode (rather than testing an Expert on historical data).
  • Ask manual confirmation - to send trade confirmation prior to submitting the order.
  • Allow DLL imports -to use DLLs to enhance Expert functionality.
  • Confirm DLL function calls - to allow control over the execution of each called function.
  • Allow external experts imports - to allow the Expert to access functions from other Experts or MQL4 libraries.

Once the selections have been made, click "OK" to close the window.

Expert Advisor Launch

  • After the Expert has been created and setup, it is ready to be launched. To launch an Expert:
  • Right-click on the Expert in the Navigator - Expert Advisors window and select "Attach to a chart"; or
  • Double-click on the Expert in the Navigator - Expert Advisors window; or
  • Drag-and-drop the Expert to the desired chart.

A window appears with Common and Inputs tabs, as shown in Figure 9. Review the settings in each tab and make any necessary changes, and then click "OK" to attach the Expert to the active price chart.

The Expert will now be attached to the price chart. Its name will appear in the upper right-hand corner of the chart. The Expert's name will be followed by a smiley face, as shown in Figure 10, if live trading is enabled. Otherwise, the Expert's name will appear with a frowny face, a dagger after the name indicates that all experts are disabled.

The Expert is now ready to begin analytical and trading functions.

Expert Advisor Shutdown
To shut down an Expert, it has to be removed from the chart. To remove an Expert, right-click on the active price chart, select "Expert Advisors" and then "Remove," as shown in Figure 11.

Notes About Expert Advisors

  • All Experts are shutdown if the Terminal is closed.
  • If a chart is closed, the Expert attached to the chart will shut down as well.
  • Adding another Expert to a chart will remove the previous one (a confirmation appears).
  • Deleting the Expert from the Navigator window does not shut down an Expert of the same name on an active price chart.

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