What is Forex Expert Advisor ? What is Forex EA ?

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hetalpatel
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Joined: Sat Aug 19, 2017 3:44 pm

Sun Aug 20, 2017 12:48 pm

What is Forex Expert Advisor ? What is Forex EA ?
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4x-Guru
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Joined: Sat Jul 22, 2017 3:00 pm

Sun Aug 20, 2017 1:11 pm

What is a Forex Expert Advisor ?
The forex expert advisor is a program capable of performing in the terminal any action following the instructions of a trader, without his direct involvement. All tasks are performed automatically or mechanically, which is why the advisors are called experts or mechanical trading systems (MTS). Simply put, this is a program sending applications to a broker without any intervention on the part of the trader. You install a profit forex expert advisor to the existing forex online trading platform, which is connected to the server broker, adjust all the settings, and the advisor will begin trading according to a preset strategy.

Benefits of Forex Expert Advisors

From a psychological point of view, the forex expert advisor is irreplaceable. A trader decreases the responsibility for decision-making, and the trades become less stressful. The trader does not need to have an in-depth knowledge of technical and fundamental analysis, since all the calculations are already included in the program. Besides, the advisor is able to handle the trading signals even when the trader is absent from the workplace.

Writing An Forex Expert Advisor

Forex Expert Advisors for MetaTrader4 are written in the MQL4 programming language. This language was developed by the manufacturer of the trading terminal specifically for writing expert advisors. It allows the trader to program the trading system without any difficulty, which will trade in online mode day and night. Programmers familiar with this language will not have any difficulty in doing the job. For ordinary users this will be a more difficult task.

Forex Expert Advisors Indicators

You can create your own technical indicators for more effective work by the advisors. They will be a great addition to the existing indicators in the MetaTrader4 terminal. The purpose of using advisors indicators is to implement analytic functions and generate trading signals.

Built-in And Own Forex Expert Advisors

The MetaTrader4 trading terminal has several built-in expert advisors. They have the function of an independent trading system and dub the trading signals. They are very popular among beginners and were created specifically to demonstrate the abilities of programming the MetaTrader 4 Client Terminal.
The possibilities in creating your own advisor are simply dazzling. You can set various orders by price and time, automatically open the counter orders, etc. These programs are able to replace the trader at their workplace.

Testing Forex Expert Advisors
The trading terminal can not only write advisors, but also check them on historical data before using, which is another unique feature of using the advisors. Testing is very useful, since it helps to measure the ability and effectiveness of a mechanical trading system on historical data, estimating the chances of future earnings and errors. If you have tested the advisor, and know how it will behave in different market conditions, you can begin trading without needing to intervene. For this purpose, the terminal has a special window where you can also optimize the input parameters of advisors.
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fx-master
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Joined: Sat Jul 22, 2017 2:19 pm

Sun Aug 20, 2017 1:16 pm

What's an Expert Advisor :

The EA is an automated system that managers your orders and positions automatically.

More importantly, it will help you psychologically manage your trades better, since you're not going to continually watch your trades go up and down. If you rely only on your emotions to manage your trades, you may cash out early on a good trade, or hang on to a trade that's losing for so long that you wipe out your Forex capital and thus your Forex trading career in general.

Some "Human Experts" claim they have an "Artificial Intelligence" that can see a winning trade in advance and act accordingly or this it the other way round: some "Artificial Intelligence" believe they act like "Human Experts" ?

No matter what way you look at it, it is still a robot developed to make trades at a given time or period. Easier put: Expert Advisor is a robot that trades for you!

How do they work:

EA needs your computer turned on with Meta Trader launched and internet connection status "login". Once placed on a chart window and all setting is correct (smiley face on) the EA will open any programmed trades on command and continue to follow all the commands while it is in the "Allow live trading" state.

Why use an Expert Advisor:

EA's can trade non-stop around the clock during and while the Forex market is open, but because they have an "Artificial Intelligence" and rely on the "Human Experts" what programmed it, it would not be a recommended idea to leave the EA unattended to long or at least have a minimum risk factor set while your away from the platform.

Don't be fooled about the Expert Advisor:

Unlike the good and bad sides of the EA listed above, this part is only designed to help advise anyone who thinks an EA will benefit their form of trading.

Now a days genuine developer is being over looked by the so called commercial market programmers, most don't care if the EA works or not as long as the affiliate market works, true traders run a mile when they see words like: "Artificial Intelligence" "No-risk" "100% Guarantee" "$180,000 in under 2 weeks" tabs associated with these "Give me the money and run" systems. But ask any member that places a link to a spreadsheet selling these systems, now is the EA preforming and the most likely result you'll get is "Sorry the member is offline" never to be seen again. You'll even get the real "Artificial Intelligence" member that will tell you they haven't even bought it yet! just waiting on feedback from someone that did!

But away from the commercial market you will find a free EA that will suit your trading style if you do some engine searches or simply look a round forums like this for freebies.
Remember they where never built to make everyone rich and wrack the Forex money market business, just think what would happen if we all use the guaranteed ones above, we would all be sitting with millions of buy offers waiting for some "newbie" to place a sell order.

No matter about the what, how, why and don't, just one thing more:

Happy trading to you all.
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