Before you start using an EA, it is important to understand what it can and can’t do for you. As discussed, EAs are most effective when using them as a tool to help execute your overall trading strategy. If you are just looking to get started in trading and think using an EA will help trade for you while you sit back and get rich – as some providers suggest – think again.
While EAs can certainly simplify the trading experience, they still require work on your behalf. As the saying goes, if it sounds too good to be true, it usually is. This raises the issue of scams.
Unfortunately, the forex marketplace in particular is incredibly attractive to fraudsters, so it’s important to do your research and make sure the provider you're using is legitimate before you give away any of your personal or financial information. If a site is offering guaranteed profits and daily returns, it’s best you look elsewhere.