If you are looking for success in trading and specifically Forex trading, there are two ways to go about – one studying the market yourself and the other is setting up a robust autotrader that will do most of the job for you. The latter is obviously the preferred option if you do not want to get into the complexities of the world of Forex trading and of course, it saves you an immense amount of time.
The Product
The EABuilder is a user-friendly web-based application which means it requires no downloads and also, no programming skills to set it up. It assists you in creating indicators and trading strategies and sets it up as an automated process. It works with 3 trading platforms – MetaTrader4, MetaTrader5 and TradeStation. You can pick the one you are most comfortable with.
With EABuilder, you can work with three markets – Forex, commodities, and equities all in one place. I really like this feature which allows me to trade anything I want and this sets it apart from most other automated trading tools.
EABuilder is available via an online purchase and is a member of the ClickBank marketplace.
How it Works
Once you sign up for the free version, you can build rules based on your strategies and market conditions. You can set up the system to integrate with your trading platform at MT4 or MT5 to automate the trades for you. The software sends out custom email and audible alerts for you which you can pre-set to work with your trade strategies.
There is a free trial version with limited functionalities. The best thing here is that you can actually try out the system to see if it’s something that suits you. In the free version, you can use MT4 or MT5 only though. If you are able to work with the software, you can choose to upgrade to a paid version which gives you access to the Expert Advisors section and unlimited lifetime access to all its functionalities.
The product contains 15 video tutorials to help you along in your journey of setting up the program, testing it and optimizing your strategies
The Creators
No names come up when I tried to find out the creator of this software product. The company name i.e. EABuilder is what we have. However, to their credit, this is simply not a reason not to trust it as I found their support system to be quick and reliable. Ultimately, that’s what matters most.
Pros
The EABuilder has a lot of positive features that work. Here is what I found to be very useful:
- The system, once set, can be fully automated and will not need you to be logged in all the time for trading..
- You do not need professional coding or technical skills to understand and set up the EABuilder.
- It has a wide spectrum of trading opportunities – it can trade across all time zones, and all currency pairs and is not limited to Forex only. You can set this up to trade in stocks, commodities, and more.
- You can set rules with timeframes, entry and exit points, and caps suited to your needs..
- The video tutorials are great for visual learners. The guides are detailed and easy to understand.
- The money management feature is a big plus. It “protects” your money from the bigger losses (allowing a risk percent per trade cut-off, position sizing, contract size limits, etc) and makes even large sums of your money available whenever you need it for a big trade.
- You can create your own personalized indicators and need not follow their robots as is the case with many Forex trading tools. You have complete freedom and control of your trade.
- As a paid member, I can always use the forum to reach out to other members for support. I found the site’s support system also to be very alert and responsive with comprehensive answers to my problems.
Cons
Of course, we all know that there is no one perfect product and we need to understand the positives and downsides before actually going through with it. Here are some of the areas I feel could do with improvement:
- The program is not for a complete newbie. If you want to get started with trading, this is not the first step for you. Although they advertise that the product is for beginners, from what I can see, you need some knowledge of the markets to make this work for you. You do not need any programming or coding know-how though. In that respect, you can be a complete newbie.
- It may not be the right product for high-level trading and big profits. It tends to limit your risk appetite (to contain big losses, of course) but then, if you are adventurous, you may find it a tad regulating.
- Not much is known about the creators. Some details about the team behind something like this would just add to the trust factor.
My Verdict
I like the EABuilder mainly for its wide range of possibilities. You can trade in anything at any time with your pre-set strategies. Also, the fact that it does not limit itself to one trading platform is a plus. With its free limited-use version to test-drive the software, there doesn’t seem to be anything at stake here – it is completely risk-free to try out! If you like it and pay the one-time all-access fee of $97, there’s always the 60-day money-back guarantee backing. Before I sign off, a word of caution – always trade what you can risk losing as the markets can swing at any time!
