Imagine that, instead of trading alone, you had someone to help you. Imagine that this someone is in a perpetual search for trading opportunities, executes orders and establishes positions immediately, excels at analysis, is entirely free of emotion, never gets tired, and sends all profits your way. This is not a creature from some fantastic world. This animal is very real and is called an expert advisor. Essentially, an expert advisor is a software program that operates based on a set of defined parameters and allows a trader to trade automatically without manual intervention.
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Anyone interested in forex trading as there will always be a program for any level of ability. There are programs that have free trial periods and some have free demo accounts.
Who is it for?
Expert advisors are suitable for anyone interested in forex trading. There are many expert advisors out there, with varying degrees of sophistication, so any forex trader can find the right expert advisor appropriate for the trader’s needs. Some expert advisors come with free trial periods; others offer free demo accounts.
What do expert advisors not do?
Expert advisors do not guarantee you trading success, whatever the claims made by the retailer selling you one.
What do expert advisors do and how do they do it?
As mentioned earlier, an expert advisor is a software program. The user sets the required criteria and lets the expert advisor do its job. The advisor then monitors market activity and currency price charts, looking for market signals that suggest profitable trading opportunities. Once the profitability criteria are met and a trading opportunity is identified, the advisor alerts the trader and makes the trade.
The benefits of trading with expert advisors are as follows:
- Traders are human beings and are naturally susceptible to emotions, which can overrule logic and get in the way of intelligent trading. Expert advisors are completely unemotional.
- Expert advisors do not trade on their volition; instead, they are guided by predetermined parameters that have been inputted by the user.
- Expert advisors are useful to currency speculators trading on currency spreads, because expert advisors can quickly ferret out discrepancies in prices and promptly submit corresponding orders to take advantage of said discrepancies.
- While a manual trader is limited to trading in only one account, expert advisors enable users to trade in several accounts simultaneously.
A good EA frees up the trader’s time, which means the trader can focus on other things. While the expert advisor is scouring the market for new trading opportunities, 24 hours a day, without any manual intervention on your part, you can focus on analysis or pursue those things in life that are important to you.
How to Pick the Best Expert Advisor
Keep in mind that, even though beginning forex traders can make serious money if they use the right expert advisor, EAs vary in quality and in the types of features they offer, so it is advisable to put some thought into your EA purchase and to avoid taking all assurances made by retailers at face value. Also, do remember that past performance is no guarantee of future success.
What’s right for you?
MetaTrader EAs differ and are not uniform when it comes to their original software development, performance, user-friendliness, and speed. Choosing the right expert advisor that will correspond to your individual needs and trading strategy is therefore crucial to your success. Sophisticated traders might consider the use of Virtual Private Server (VPS) hosting, as it provides exceptionally fast market access, technical support, and enhanced security. Other traders require expert advisors that offer stop-loss and market order functionalities. Less experienced or sophisticated traders might opt for a more hands-off approach that allows them to turn the expert advisor on and walk away. Traders who tend to travel a lot need to be able to access the expert advisor remotely, from any place equipped with a Wi-Fi or Internet connection.
Costs and Guarantees
Costs of trading have an impact on your profitability and so need to be taken into account. Costs of trading are typically commission and dealing fees. Some firms claim to offer free trading or software with money-back guarantees. Be sure to review such offers carefully to make sure that they correspond to your needs and expectations, and to ensure that you are getting the right software for you.
Try one before you buy one
If you’ve made up your mind to buy an expert advisor, we recommend that you test the waters first before plunging straight into trading. For example, try to find some screenshots of account activity to get a sense of execution times, profit posting, and dealing prices. Also, when it comes to forex robots, trading support is vital, so be sure that the forex robot under consideration has a tutorial that answers all and any questions that you might have. In the absence of a tutorial, there should be a helpline. A free trial that lets you play and tinker with the EA is also helpful, as it will let you gauge the ease of setting up and programming the advisor, as well as that of doing further adjustments or modifications. If you are in the market for a scalping expert advisor, you should perform a real-account forward test. Such a test is also useful if you are considering buying an expert advisor based on a grid strategy.
Last but not least – don’t buy into the hype
Above all, when considering the purchase of an expert advisor, be sure to do some research on the firm that is selling it. You want to be certain that you’re dealing with a legitimate business. The National Futures Association (NFA) and the U.S. Commodity Futures Trading Commission (CFTC), two regulatory bodies, both have websites that you may check for possible warnings.
To sum it up
Just about any trader can benefit from MT4 expert advisors, whatever the trader’s experience. Though no expert advisor comes with a guarantee of success, an expert advisor is a good way to avoid some of the more common mistakes.
MT4 expert advisors – goals and objectives
The advent of expert advisors has created new trading opportunities, which were previously unavailable to most forex traders. The forex market is an exciting but volatile place, and trading on it requires some degree of sophistication. To be successful, a forex trader needs to be a good money manager, proficient in technical analysis and in the reading of market signals. It is not easy to measure up to that kind of sophistication. That’s where expert advisors come in. Expert advisors are essentially forex robots that are programmed for MetaTrader 4, a popular trading platform; MetaTrader 4 facilitates and enables the development of expert advisors with varying degrees of sophistication and flexibility of customization. Expert advisors introduce a measure of stability into your trading. You need only have a reliable connection with your forex broker; the advisor will take care of the rest. Aside from providing stability to your trading, the advisor will control your risk levels, avoiding random inputs or unreasonable risks. Some expert advisors smooth out your profitability, giving you a smooth, steady growth of your capital. On your end, you get to control the advisor through its settings. Naturally, you need to choose the right expert advisor and regulate its activities.
The advantages of using one of our expert advisors
- An expert advisor allows you to trade on the forex market without having to be a forex market guru. You need not have the kind of knowledge expected of a specialist. Expert advisors can be used by inexperienced traders and sophisticated ones alike.
- MetaTrader 4, which controls the trading terminal, does not cost you money.
- Once all the tests have been completed, forex experts can be put to use immediately.
- The purchase of a MetaTrader expert advisor comes with continuous, ongoing support.
- All future versions and updates associated with the advisor will not cost the user money and will be provided gratis.
- We have a flexible system when it comes to discounts and bonus features.