How to Get Your Own Team of Trading Experts
If you have started online foreign exchange trading, or would like to, but need a little help making decisions on what to trade or analyzing your trades, you can use Expert Advisors (EAs) to help you. These aren’t people like you may be thinking. These are actually pieces of software or programs that you can download and use in your trading platforms to help you get the most out of your investments.
What do these programs do?
EAs are actually very flexible pieces of software that can do just about anything you want them to do. Sometimes, they can simply advise a trader on which trades to make or not to make. At other times, a trader can program an EA to actually analyze past trades, try to predict future patterns, and execute live trades on the platform. Expert Advisors are available on a wide variety of platforms, including MT44, or MT4. EAs usually calculate different indicators and use these indicators to assess market conditions, according to its design. They also usually have three different parts, including a startup (init function), a main function, and a clean-up function (deinit) at the end. As it runs, an EA will usually cycle through its main function until the program is ended. Usually, there are certain questions embedded in the code of an EA that the program cycles through and answers in a way.
The first thing it is normally programmed to do is determine the amount of equity in the trading account and if there is enough to start a trade. If there is not, then the EA closes without going a step further. The questions it then asks and answers, after determining whether it can trade or not, depends on what the trader wants. Some can determine which trades are open and close them, or analyze which trades it should make next. Each piece of software can be as different as the traders themselves.
How do I find one?
Usually, an online trading platform will probably have a list of EAs you can download and use with their program. MT4 and others have a simple option to either import an EA from a creator or create your own, specifically tailored to your needs. EAs can then be attached to a chart for technical analysis or to automate certain trades. If you decide to create your own, usually the program is written in MetaQuotes Language 4 (programming language for MT4), and you would need to brush up on this programming language in order to ensure your EA will function correctly.