A great EA :
first- the EA must HAVE really low drawndow , both absolute and relative. Than your margin is safe.
Second - Strategy must have at least 85% of accuracy on everybacktest from 2007 til today.
Third- Consistet profits. not 100% a month , not 1% a month , not 1000% month. Consistent profits means that your final equitity curve fits your NEEDS . ( personally i got 4 EA's and each one makes 10 to 20% /month , but when one goes wrong the others go good , and the balance still great )
Fourth- Phases - > Phase 1 Backtest , best results , than demo forward test , best broker/bank results , than live account , with low money and low risk , working good = At least 3 months of success before you make , if necessary , other changes.
Things That you HAVE TO DODGE! --> EA's that equitity and liquid curve are not the same. what? yes it means that the EA manage the position by holding. and thats NOT a good thing. HOPE its not a good thing in forex, you need to be sure(99%) if you are wrong , get over it go to another, thats a good EA TALKING.
My opinion : A good investment never rely on just one , Bank/broker , EA's/Strategy or Currency , All of those 3 are all risks that can be manage by fiding at least 2 of them with good Numbers. And mixing all together you can have good returns , enough to live if you already have money ( yes forex is for big guys ) , and if you dont you MUST be more patience to win some with time.
Well thats it for now. Best Regards.
! The Zurich Axioms by Max Gunther !