Forex Expert Advisors (EAs) are becoming increasingly popular among traders in the forex market.
These automated trading systems can execute trades on behalf of traders based on predefined rules and algorithms.

EA is available in various online markets, but you can also get EA for free. For websites where you can download EA for free, check the following article.

>> Websites where you can download EA for Free

Buying an EA can be quite expensive, but using a free EA can save you money on your EA purchase and allow traders to access the benefits of automated trading without having to spend any money.

In this article, we will show you the benefits of using a free Forex EA.

You can use the EA purchase price as trading funds

One of the great advantages of using a free forex EA is that you can use the money you would have spent on the EA purchase as trading funds.

Trading in the Forex market requires capital, and eliminating the cost of acquiring an EA will increase the funds available for investment.

Even a small amount of money may be a huge profit.

Forex brokers offer very high leverage, so even with a small amount of money, it can bring huge profits after a few years.

It is not a dream to get $1 000 000 from 100 USD.

Below is detailed information on the MT5 backtest results of a free EA that achieved $4,827,403 from $100 in about 13 years.

Even with such a small amount of money, you can generate huge profits.

Spending money on the cost of acquiring an EA means that you are missing out on the chance to make huge profits.

Increase profitability and withstanding drawdowns

By using the EA purchase price for trading funds, you can increase the balance of your trading account.

By increasing the balance of trading account, you can aggressively open many positions, which can increase your profitability.

For example, it may be possible to trade in multi-currency pairs.

Also, the balance of the trading account is very important to withstand the drawdown.

In trading, if the drawdown becomes large and the funds are depleted, the game is over.

The larger your account balance, the smaller the percentage of capital you allocate per trade, which can reduce your overall risk exposure.

This approach will help you maintain a more balanced and disciplined trading approach, which is essential for long-term success in the forex market.

Increasing your account balance even a little bit can also help you withstand drawdowns, which can help you stay in the market longer and ultimately generate big profits.

Build a portfolio with multiple EAs

Another advantage of using free forex EAs is that you can build a diverse portfolio with multiple EAs.

You can’t keep winning in any market with a single EA.
However, if one EA does not perform well in certain market conditions, another with a different strategy may still be profitable.

In other words, diversifying your portfolio with multiple EAs may diversify your risk and stabilize your earnings.

The simultaneous use of several EAs with different strategies can reduce dependence on a single trading strategy. For example, if you run three EAs at the same time and one EA loses, if the remaining two EAs make a profit, the entire portfolio will be profitable.

However, you should also be aware that building a portfolio can actually increase your risk.

If multiple EAs lose money at the same time, the drawdown of the account will increase at once.

When building a portfolio of EAs, it is important to consider the correlation between the profits and losses that each EA brings and ensure that each EA complements each other.

Ease of decision-making process

With a free forex EA, it will be much easier for you to decide whether to continue using the EA or stop using it.

If you buy a high-priced EA, you may feel compelled to continue using it, even if it performs poorly.

In other words, the purchased EA has a large psychological burden of  costs.

Emotional attachment to the EA you bought, especially if it was an expensive one, can cloud your judgment and cause you to continue using it even if it performs poorly, resulting in even greater losses.

With a free EA, you have the freedom to objectively evaluate its performance.

If the EA is not providing the desired results, you can easily stop using it without financial loss.

Deepen your understanding of automated trading using EAs

There are really many types of automated trading strategies. For example, trend following, contrarian, scalping, grid, martingale, etc.

By using a free EA, you can test different strategies and trading approaches.

Especially if a free EA can perform backtesting, it will help you learn the strengths and weaknesses of each trading strategy.

By studying the strategies and algorithms used in these EAs, traders can gain insight into the dynamics of the forex market. This knowledge can be applied to manual trading or used to further optimize the EA’s performance.

Conclusion

Overall, free Forex EAs include the ability to leverage the purchase price as trading funds, the opportunity to build a diversified portfolio across multiple EAs, the ease of decision-making when discontinuing the use of EAs, and the learning benefits of diverse trading strategies.

The advantages of these free EAs lead traders to improve their overall profitability.