What is an Expert Advisor?
The term expert advisor (EA) refers to an automated FOREX trading system. While the term implies that any system referring to itself as an EA provides expert advice, not all do. They also do not all offer the same features.
Some EAs let you set up robots that monitor market conditions you set up. Others use pre-made robots. The EA conducts trades for you based upon your setup of the product. Once you set it up, it runs in the background, making the trades for you.
You will need to monitor its performance. You do need to track the trades it makes and the accuracy with which it adheres to the market conditions you chose. Some products advertise being a “set it and forget it” solution but that will not work with FOREX or stock trading. It is your money invested in the system and with the system so if it does not function properly you lose money. One of the more established programs for this is Trusted Forex Signals, also referred to as 1000pip Builder.
Benefits of Trusted Forex Signals
The features in 1,000 Pip Builder make it an easier to use EA than most. Its easy on the eyes user interface provides an intuitively laid out dashboard with accessible charts and graphs.
It is one of the EAs that lets you set the specific market conditions so you can customize your robot. It will only trade for you when the market meets your specific conditions. That means if you were planning on trading each day using the automated system, you’ll need to choose market conditions that occur on a daily basis. Otherwise, the robot will not run each day and you won’t trade everyday unless you have set aside a specific time each day to manually trade.
You could make a combined manual trade and bot monitoring time each day, but this will require a greater time investment than simply monitoring your bot. It also defeats the purpose of setting up the robot. The more efficient and efficacious choice consists of you analyzing market conditions for a short period of a few months to determine which conditions tend to occur daily. This results in more frequent automated trading for you.
Multiple Subscription Levels
Launched on November 22, 2016, 1,000 Pip Builder previously sold through retail outlets online. It now sells its program through a site of its own. The company offers three subscriptions, a single month for $97; three months for $227 and 12 months for $697. This lets you try out the program for a single month without commitment. You’ll be able to test the functions and see if you enjoy its methodology. Because the program uses a subscription format similar to cloud software, you won’t get stuck with a program that does not meet your needs.
Relying on the Preset Robots
While positive results from a robot you customized using 1,000 Pip Builder show your own savvy in FOREX trading, the results of its pre-set robot show the savvy of its coders and traders. It reveals the success of their strategy.
Its coders and traders built 1,000 Pip Builder on a strategy meant to perform strongly across conditions providing consistent payouts with minimal drawdown. If used for the first 24 months of its existence, the strategy resulted in more than 6,500 pips. That hints at its effectiveness.
The program uses a risk management strategy that controls each trade using a tight stop loss. The system takes its signals from actual trades by creating traders like “Trader Bob.” Since the program takes its cues from the creating traders’ activity and they trade constantly during the day, it always has live signals for you to follow. You can follow the signals for part or all of each day, dependent only on your choice.
You can follow along on your mobile device because you can have signals sent there. You might not want to give your whole day to trading but you probably want to know if a particular trading pair is doing particularly well. If it keeps piling up the pips you probably want to take off the automation that would sell it before it finishes earning. Why sell before you have to instead of earning all the money you can?
Corroborated Performance Tracking
Another benefit of using 1,000 Pip Builder is its status as an independently verified system. MyFXBook monitors and tracks all of its trades. This verification process boosts member confidence, as well as providing independent corroboration of its performance statistics. This reduces your risk in using the system.
Although it may seem a little hokey, the lead trader behind the program greets web visitors and introduces himself and the FOREX program. You’ll find this rather down home attitude throughout the site. 1,000 Pip Builder also provides e-mail support and “Trader Bob” is one of those who responds to e-mails.
“My name is Bob and I am the lead trader behind 1000 Pip Builder. I am an experienced trader with members from all over the world. I now want to make the trades taken on my own account available to a new set of members who want to succeed in the Forex market. This is a unique opportunity to learn from an experienced trader and follow the trades taken on my own account. Our high performance Forex signals are rated five stars on Investing.com
How the System Works
1,000 Pip Builder lets you follow and copy the trades its experienced traders make. You can use it as both a learning tool and an automated trading tool. You’re privy to every trade an experienced Forex trader makes on the market every day. The traders who participate by providing market examples conduct the complex analytics necessary for successful trading requires.
If you are using 1,000 Pip Builder as a learning tool, you’ll benefit from the notification system. You can set up 1,000 Pip Builder to send you an email and/or an SMS message every time one of the professional traders makes a trade on the company fund. The notification includes the entry price, stop loss and take profit level. This helps you learn which trades make the best choices.
The service does not provide a tutorial on trading nor does it provide a frequently asked questions section. If you are new to FOREX trading, you will need to learn the basics of trading elsewhere. It is dangerous to take the “set and forget it” attitude with FOREX trading without the aptitude for it. The emails it sends focus only on the specific trade just made and the factors you need to know to copy it. They do not explain the “why” behind the trade.
About the Trading Signals Service
These real time Forex signals go out only to those who have purchased a membership level from the 1000pipbuilder.com website. The lead trader that the signals are based upon has more than ten years of experience.
The program sends signals 24 hours per day which makes it suitable for those in all time zones. It provides a regular target of 300 to 400 pips per month. When you join, you receive an introductory email explaining how the signals work and how to follow them. You will also get trading emails throughout the day. If a member contacts the company for email support, Trader Bob responds to the assistance request.
A Specialized Product
Unlike many products available, 1,000 Pip Builder is the only product from its coders and traders. It was not created as a piece of a larger collection or as a copycat of a stock trading platform or a cryptocurrency trading platform. The makers of 1,000 Pip Builder specialize only in FOREX trading.
- Pre-set robot delivered more than 6,500 pips in 24 months.
- MyFXBook independently tracks and verifies 1,000 Pip Builder activity.
- Email alerts available.
- SMS alerts available.
- Scammy seeming site with a single page design that refers to its developer only as “Bob.”
- The system takes a while to learn and set up all the features.
- No website FAQ on how to trade, a feature common to other products.