WHAT IS AN EXPERT ADVISOR (EA)?
An Expert Advisor (EA ) is an automated trading system written in MQL4 programming language and is designed for operating under Metatrader 4. The EA can be programmed either to fully trade for you and manage all aspects of your trading operation or to alert you to a trading opportunity. In other words an Expert Advisor it’s just like a tool advise traders which trade to make. This Expert Advisor (EA) is 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 AN EXPERT ADVISOR
- Emotions free. We could say that this forex Expert Advisors are so popular due to all traders can decreases the responsibility for making decision, and the trades become less stressful. They remove emotional trading decisions that particularly affect the new and inexperienced trader. They follow a very strict trading plan but with no human intervention. All calculations of strategy already include in the program, so you don’t need to worry about your knowledge of technical and fundamental analysis. The advisor is able to handle the trading signals even when the trader is not at the workplace.
- Time saving. An Expert Advisor can handle hundreds of markets. It means you don’t have to watch market movements 24 hours a day in order to find new opportunities. It is up to you how much time you dedicate to spend on it.
- Back testing. You can back-test the strategy to monitor the results of your program. 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. also gives you confirmations on your trades as well as the result it will produce.