The manual system of trading forex is fading away, they assume it is time consuming; alternatively, they’ve employed systems that are designed to execute trade automatically.

Enhancing your Expert Advisor (EA) is a strategic step of improving your chances of winning through trading forex.

Before we go any further, let’s start by understanding what forex Expert Advisor is all about.

What is an Expert Advisor (EA)?

Forex Expert Advisors is program that allows the automation of the analytical and trading processes in the meta4 platform.

According to forex-central.net, it was revealed that Forex robots (EA) have become very popular ever since the MetaTrader 4 trading platform was released.

The large numbers of commercial EA offers, and the frequent scams, do not make it any easier to find a robot that genuinely works well.

To find an EA that fits your trading style and risk tolerance, you need to analyze various statistics such as maximum loss (drawdown), profit ratios and the risk-to-reward ratio.

Are you confused on making the right choice, read more on how to choose Expert Advisor.

Do you worry on how to boost your EA? Or are you looking for an effective guide on enhancing your EA? Look no further, you are on the right track.

Here are 6 effective ways of enhancing the performance of your Expert Advisor.

#1 Take proper note of the market conditions.

When it comes to Expert Advisor, market conditions have a lot of roles to play.

One smart step to take when using an EA is to understand this fact; changes in the market conditions can affect your EA.

It’s very wrong to develop an Expert Advisor that does not agree to the changes in the market conditions.

By taking proper note of the market condition, you’ll observe that it is difficult to develop a single EA that can survive in all market conditions (Trending and Range-bounds).

On your trading platform, you must have observed that sometimes, the market might be trending and other times it might be discontinuous.

Not identifying the market that is best fit for your robot, can make you lose your portfolio.

One of the major reasons why some traders are victim of this is because they are ignorant of understanding this fact. For your EA to be actively profitable, it must be designed for specific conditions.

In other words, it is either developed or designed to work for market trending conditions or range-bound market conditions.

For more clarity, let us define what is a trending market? And also what is a range-bound market?

Trending market: is simply that market that is clearly moving in a defined and specified direction. For example the bull market is trending upward while the bear market is trending in the downward direction.

While,

Discontinuous or range-bound market is that market, in which the prices are bouncing in between a certain high price and low price.

To be on a safer side, it is advisable that you develop and apply your EA based on the specific market conditions.

If the market is trending, switch to the EA designed on that condition and also when the market becomes discontinuous, switch to EA for trading range-bound conditions.

#2 Develop an escape plan.

Escape plan?

Believe it or not, if you are planning on enhancing your expert advisor, you need to develop an exit plan.

Of course, favorable Market conditions are not always consistent.

To avoid getting hooked-up by the market uncertainties; it is advisable that you develop an escape plan.(read more on How to develop a T-plan)

Avoid being a trader who hope’s on the market to turn around in his favor; rather, build an exit plan.

You just have to understand that developing an EA without an exit plan is as dangerous as leaving a two year old child to cross over an highway to meet you, do you think it’s save? (Answer yourself).

#3 Invest more on high performing EA’s and less on a low performing EA’s.

You are definitely in forex business for profit; so, you investing on a high performing EA than a low one Is a wise decision to skyrocket your gain.

How much you allocate on the performing systems will determine your rewards. In other words, if you invest more on the high performing EA, it will definitely boost your gain but if you invest more on a less performing EA, it will affect your target profit.

Therefore, it is very much advisable that you clearly understand and identify the trading system that is performing more than the other.

Doing this enables you to spot those trading system that need- less and more investment.

In this situation, your ability to make huge returns lies in your decisions. Using it wisely or otherwise is your choice.

Remember this, Always wait for the right moment and make the right decision.

#4 Stick to trade on a low spread account.

This is also one of the doable ways to enhance the performance of your Expert Advisors.

When you trade on a low spread account you are reducing cost, which is an economical way of enhancing your Expert Advisor.

Here are two significant reasons why trading on a low spread account is advisable.

! They increase your profit. Unlike the high spread that aims at reducing your gain, by making you pay for every extra pip that comes out of your system pocket.

!! You have more gaining trades. The lower your spread, the lesser you get stopped out of a trade.

#5 Understand your Maximum Adverse Execution (MAE) and Maximum forward execution (MFE) better than before.

Getting yourself abreast with the knowledge of your MAE and MFE is an interesting way of enhancing your Expert Advisors system.

A lot of people shy away from this aspect, not knowing this:

With your MAE you could easily discover the potential pitfalls on a particular trade and also modify the risk/gains of your trades.

Likewise the MFE, it also informs you on how far your trade could yield profit before reversing.

Apparently, this strategy allows you to enhance your profit. Finally,

#6 Test-run your strategy on live trades.

Just because your strategy looks good on paper does not mean it’s a perfect one. So, for confidence sake, you have to test it on live data.

At times, failure on your developed strategy may be as a result of the poor system design and it might also be as a result of poor approach of testing pricing-data.

Still, it is highly advisable that you test run your strategy on the same data that you are going to trade with.

Conclusion:  If you are clueless of what forex expert advisor is all about? First, you have to understand forex trading from scratch ; this will help you understand how the forex market operates.

Choose what works for you, if yours is the manual-decision, go for it. If it is the automated-system grab it tight. But remember that trading forex is not as simple as it sound, but it is achievable.

Trade responsibly.