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You must understand that you can accumulate a great deal of wealth by trading Forex but it will NOT happen over night. If you are looking to make an over night killing, you are better off buying a lottery ticket or taking your chances at the casino
Take it from someone who has been around the Forex 'block' more times than he cares to remember: Use a logical and analytical approach in selecting your EA for Forex trading. The key feature I look for is consistency.
Closely examining accurate back test results is one method to use in evaluating the consistency of an EA. The first thing to look for in the back test results is the percent accuracy of the test itself. Look for a minimum of 90 percent accuracy. Next, look at the number of wins and the average amount won. Look next at the number of losing trades and the average loss.
When comparing back test results between EA's be sure you are comparing apples to apples. Compare lot sizes traded, percent accuracy and the results themselves.
It would be nice if you could find an EA that never lost a trade. While I agree that such a 'holy grail' scenario is seductively attractive it simply is not realistic and you should beware of anyone promising such results.
Forex trading is all about numbers. The numbers that matter most in selecting your EA are the number of winning trades times the average win versus the number of losing trades times the average loss. This ratio will help you gauge the consistency of your EA.
Trust me, if your average win were to equal your average loss then you can do extremely well in Forex if you win just 60% of your trades!
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