I’m going to tell you this because I’m currently doing this and so far the results are good. Go out and find yourself an EA that has lots of features and settings, it doesn’t have to be the best forex robot out there. Once you have your free robot load it onto your platform and start back testing it.
This is where a robot with a lot of features pays off. Chances are it will not make good profit off the start, so your going to have to go change some settings and see what happens. Do quite a few back tests to see how the robot reacts to different settings being changed.
Once you have your bot figured out your going to want to optimize it. You might already have it making a profit with single back tests and if you do that’s great. Go into the settings and check all the parameters you want to be optimized. Your going to have to set a start and stop for the range of everything you want to be tested.
If you are trying to optimize a lot at one time it could take upwards of a few days to run through all the scenarios. That’s how it is on my computer anyways. It seems like the more scenarios you give it the better the end results turn out, which sucks because that’s the slow way.
After you have a robot with a low draw down and is making steady profit in back testing then its time to put it onto a demo account and do some forward testing. I am currently working on a free forex robot that uses the RSI, Heiken-Ashi, and Stochastics to enter trades. Its going well so far, but needs a lot more work.
Remember everyone, The Best Forex Robots Are Free Forex Robots! Happy Trading.