Expert Advisors (EAs) are used by most traders
Expert advisor or Forex robots are software that works as a fully Automated Forex Trading System and executes trades on both sides of the market 24/5 per week. The most popular forex robots are offered via the MetaTrader-4 or MT4 platform.
Forex robots provide an exciting way of earning profits in the online Forex market. Forex robots will save you loads of time analyzing the markets or sitting in front of your computer screen to monitor the markets. Most investors understand that trading is very time consuming and could lead to stress, which could magnify losses instead of profits. Current Automatic trading technologies have made trading easier, less risky, and increased the chances of better performances.
Basically, an expert advisor for MetaTrader 4 works by coding predetermined strategies or rules for making trade decisions. The rules are programmed on an expert advisor (robot), which it uses to enter and exit trades fully automated. Robots are capable of making trade decisions in a way that humans can’t. Robots can effectively scan the markets looking for trade opportunities with high levels of accuracy. For example, if you have a successful trading strategy that relies on indicators, candlestick patterns, support and resistance levels, you can code it in a robot and just sit back and allow the algorithm to do the work for you. Furthermore, if a robot is programmed to make a sell order whenever a currency pair reaches a resistance level, it will obey those instructions always. Time saving and reducing human errors are the main reasons why investors actually use expert advisors (ea’s).
Advantages of an expert advisor
- Trades the Forex Market in multiple currency pairs
- Trades the Forex Market 24/5 (day and night)
- Forex robots do not make order entry errors
- Most EAs are coming with money management features
- Forex robots do not get tired
- Eliminates Human Emotions such as fear and greed
- Can analyzes many charts simultaneously
- Forex robots are very easy to use
- May work on a Demo Account for testing before used for real trading in a Live Account
- Can be back-tested (testing historic performance) on MetaTrader-4 or other Forex Trading PlatformForex Trading With Robots
Risks of using an expert advisor
- No monitoring
- Can trade weak during news events
- Platform issues
Do Expert Advisors really work or is it scam ?
This is the million dollar question. If you think that a piece of software that you bought for a few hundred bucks will make you rich then we suggest you read this..
You are probably considering to purchase a money making robot to collect the cash day in day out and buy a nice sports car.
Well, if it would be this easy, wouldn’t we all be doing this? Many EA vendors claim to have the holy grail and this is the tricky part… they simply lie.
So before considering to start using EA’s make sure you understand how they work and how to monitor / manage them. The EA’s we offer on this website are no difference.
They need constant monitoring and sometimes simply need to be switched off.
The key of consistently making money in any market or asset class is that you understand why prices go up or down. So we believe that many Mt4 EAs out there are in fact profitable as long as its users keep monitoring their account as well as the markets.
Many people claim that Expert Advisors don’t work, but if we show them a live track record that made 100% in a year without having to spend 5 hours per day in front of a screen they usually cannot show us their trading results. We simply focus on the best algo’s out there. Once the markets do not get along with the trading rules, we remove the EA from our site, until the developer fixes the problem.
So the key is to work with an Expert Advisors vendor that can tell you the exact ins and out of an EA and that explains you how to manage the Expert Advisor.
For more information, contact us.