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5 Advantages of Using a Forex Expert Advisor

If one of your forex goals for the year is to work with an expert advisor or a trading robot (Hey, thatís me!), then let me help you out by outlining the main advantages in doing so. Let me remind you though that this trading strategy requires a bit more knowledge, experience, and research so make sure you do your homework before running an EA.

1. It can trade while you sleep!

Even though the forex market is open 24 hours a day, humans like you canít possibly stay up all day and night throughout the trading week just to keep track of price action the entire time. Well, that could be doable with copious amounts of coffee and energy drinks, but that ainít healthy at all!

A forex robot, on the other hand, can be programmed to watch market movements without the need to rest or even take pee breaks. It simply follows a set of rules based on technical indicators or price action and can execute trades automatically. For a lot of forex traders whoíd like to profit from market movements during a particular trading session but are stuck in a different time zone, using an expert advisor means that they donít need to worry about trading sleep for pips.

2. It is not vulnerable to emotions.

Every forex trader out there has probably grappled with either greed or the fear of losing at some point. Human emotions can cloud decision-making sometimes and can lead a trader to deviate from a tried-and-tested strategy.

What sets trading robots apart from human forex traders is that we donít have any emotional components at all. Expert advisors are wired to stick to system commands and take valid trade signals, without feeling pain from losses or joy from wins.

3. You can run backtests quickly.

Another advantage of having an expert advisor is the ease of conducting backtests, particularly on an MT4 platform. In fact, Iíve written a short tutorial on how to backtest and EA on MT4 and youíd be surprised to know that it just takes a few clicks to see how a system fared over several years!

4. It reacts to quick market movements instantly.

While humans take a few seconds or longer to digest market information and figure out how to react to price movements, a forex robot can react instantly and execute a trade faster than a blink of an eye. This can be beneficial for day traders who are looking to profit from quick price moves based on 1-minute or 5-minute charts.

Expert advisors can also book profits or cut losses without second-guessing. As Dr. Pipslow often discusses in his Pipsychology articles, the decision to exit early can sometimes be difficult to make, as it can involve either leaving profits on the table or realizing small losses.

5. It isnít prone to human error.

Aside from having emotions interfere with making trading decisions, being human also entails making mistakes. This can be in the form of making wrong calculations in position-sizing (gasp) or entering an extra zero in the trade lot size (double gasp) Ė errors that can be avoided when using a forex robot.

Of course this isnít to say that humans are inferior to robotsÖ not at all! You guys created us! Iím just suggesting that, with a bit of programming knowledge and hard work, human forex traders can be able to automate their trading strategies and possibly ramp up their profit potential.

BEST FOREX EA'S | FX EXPERT ADVISORS FOR METATRADER MT4 | FOREX ROBOTS - TOP 30 RANKING SEPTEMBER 2017

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BEST FOREX EA'S | FX EXPERT ADVISORS FOR METATRADER MT4 | FOREX ROBOTS

Expert Advisor

Inexperienced beginners are always interested in finding a trade robot that does all the work, so that the trader does not have to lift a finger. This idea has been pursued by all traders of the computer age. The burden of responsibility for decision making, which wears out a trader`s nerves, now falls squarely on the trading forex expert advisors.

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.

Parting Words For Beginners

Beginners may think that trading with advisors is it very complicated. It is not so. After about a month any trader can begin to program their own automated trading system. Even if you are hesitant about trusting your money to a computer program, you can configure the advisor to five sound alerts, which will greatly facilitate your work so that you spend less time on graphical analysis expecting a signal to open and close positions.

You can find lots of advisors on the Internet, but getting a profitable one is very difficult, and using every single one is exhausting and may result in depleting your deposit. That is why you are advised against buying the first advisor you come across. Many advisors demonstrate excellent results when tested on one currency pair, but perform poorly on others. It is better to use the advisor for those instruments that you have tested on.

Forex expert advisor

Still have a question? Ask your own!

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A Forex Expert Advisor, also known as an EA or automated FX trading software, is in fact a mechanical trading system written in MQL4 programming language which has been developed to automate trading activities on the MT4 platform. MetaTrader Expert Advisors can be designed to alert you if a trading opportunity arises that may be worth your attention. MetaTrader EAs can also be used to automatically manage all aspects of the trading operation - from sending orders directly to the server to managing and adjusting stop-losses, trailing stops and take-profit levels.

EAs for MetaTrader 4 are all completely unique and will follow various rules on when to enter and exit the market. As with any kind of automated software, a Forex EA removes the emotional trading decisions that can affect the trading accounts of new traders. FX best MetaTrader 4 Expert Advisor lets investors use a strict trading system without falling outside any of the programmed parameters. This solid steadiness is one of many characteristics which makes these FX programs so appealing to experienced investors. In addition, Expert Advisors are capable of evaluating a greater amount of parameters at the same time than any human ever could.

Furthermore, all technical indicators that are available in the MetaTrader 4 platform can be utilised by an Expert Advisor owing to the MQL4 programming language. Every kind of moving average (EMA, SMA etc), CCI, RSI can be used, and you also have the ability to create your own custom FX indicators which can be used with the EA. We have prepared this article in order to help define the best Expert Advisors in the MetaTrader 4 trading platform.

The types of EA in MT4

It is no secret that there is a vast range of different types of MT4 Expert Advisors. Some of them have been developed especially to trade news events and remain out of the market at all other times, whilst other EAs are meant to stay active 24/7.

Experienced Forex traders who have developed their own manual trading FX systems often hire MQL4 programmers to automate their systems, therefore creating a custom MT4 EA. All Expert Advisors have an identical purpose and that is to fully automate the Forex trading process and produce a profit whilst doing it. Expert Advisors utilise technical indicators to gauge conditions on the market and then make trading decisions. Prior to using an Expert Advisor, it must first be attached to a chart on the MT4 platform. The Expert Advisor MT4 can take into account dozens of factors and elements in order to decide what the next actions will be. This capacity to consider such a wide range of price affecting elements, plus the discipline of an automated trading system deprived of emotions, can often lead to quite a useful and successful combination.

How does an EA function?

This program operates by calculating the various indicators which it was developed to use, and takes action when market conditions meet the right criteria as described in the Expert Advisors' source code. For instance, an ordinary MetaTrader Expert Advisor may have a setup something like this: 'If the 20 day and 9 day MA cross with the 9 day Moving Average above the 20 Moving Average; and the RSI is higher than 50 then you should open a long position (i.e buy)'. This example shows us that you can assign an infinite amount of conditions for entering and exiting the market and managing certain trades for trailing stops as well as multiple take-profit levels.

Generally, an MT4 Expert Advisor is divided into three parts: a startup or 'init' function, the major function, and a 'deinit' or cleanup function. The EA will run through its startup option and upon startup and it will also run through its cleanup function at the end. At the same time, the MetaTrader 4 EA program runs through a cycle of its key functions over and over with each incoming tick whilst it is attached to a chart. Expert Advisors, and particularly a free MT4 Expert Advisor, will not start another cycle for a new tick in case it is still in the middle of the foregoing one.

This is quite a simple summary of what a simple Expert Advisor can be designed to do. You can ask it to check your account, in case there is enough equity to start a trade, and then you can ask if there are any available trades to join at the that moment. If there are some, you can ask whether they tend to be closed or whether they require their trailing stop to be adjusted. In the case where there are no open trades at all, you can ask if the market conditions are right to open one.

The types of EA for MT4 in detail

There are different kinds of Expert Advisors MT4 available for the MetaTrader 4 trading platform. We will discuss some of the most popular and common types. This isn't a comprehensive list - there is no doubt that there are other types of Expert Advisors.

  1. News MetaTrader 4 Expert Advisor - this a hedging EA. The News Expert Advisor is developed to take advantage of news events and the significant price shifts that can take place during financial news releases.
  2. The Breakout Expert Advisor - this is programmed to open a trade the moment the price breaks through predetermined support and resistance levels.
  3. Hedge Expert Advisor - every EA that plays two separate and opposing positions and reduces the loss on one whilst making maximum profit on the good trade falls under this category.
  4. Scalper Expert Advisor - a type of Expert Advisor for MT4 that will get your account cancelled, or at least heavily limited by brokers. Its purpose is to secure small profits just as soon as they are available.

Is it possible to run more than one EA at once?

The answer is yes. You can use multiple instances of an EA on the MetaTrader 4 client terminal. It is worth noting however that not all Expert Advisors work together on one terminal. This mainly due to the fact that they will try to handle each other's open trades. Programmers get around this by applying special numbers in the market entrance part of the Expert Advisor's source code.

There are some platform restrictions. One Expert Advisor MetaTrader 4 can only communicate with one trading server at any one time. If multiple Expert Advisors show a lot of activity on the same terminal and more than one tries to communicate with the trading server, you will eventually receive 'trade context busy' errors in the logs. This occurs if you have too many EAs on a single client terminal.

Do MT4 Expert Advisors work in 2018?

We suggest discussing the issue of whether EAs for MT4 and free Expert Advisors for MT4 in particular really work. As it is representative of automated trading software, EAs cause quite a lot of debate on the internet. First of all, let us define the positive things:

  • An EA does not sleep - it can work 24/7
  • It is deprived of any emotion
  • Nothing can distract an Expert Advisor from working
  • Expert Advisors are available for the MT4 platform

Beside standard disadvantages, which includes the lack of creativity, there is something more. It is really hard to verify the accuracy of any EA unless you have used it yourself. Let's outline two scenarios that could occur as a result of EA use:

  1. The first one is that the Expert Advisor for MetaTrader 4 tweaks countless times and it still cannot show steady profits on a demo.
  2. The second one is that the EA actually does really well on demos, but for some unknown reason when traders try to apply them on live accounts with their own funds, suddenly the EA does not work as well and unfortunately traders are losing money.

It is vital to understand that there is no holy grail in Forex - before relying on anything else you have to rely on your own skill and knowledge.

An EA with MetaTrader 4 can serve users well as long as it is used wisely - ideally meaning that you combine manual and automated trading. It is convenient that EAs are available directly on MT4 trading platforms, as you have all the needed tools in one place. There are many types of EA and all of them work in a specific manner. Just do your research, and you'll have every chance of finding the best MT4 Expert Advisor for you.

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