What's an Expert Advisor(EA)?

Updated: Nov 12, 2018

source: freerangestock.com

An Expert Advisor is a software written for MetaTrader Platform. It can just advise traders which move they should make or it can be auto-execute and make the trades in real account.

Additionally known as an EA (Expert Advisor) , is an automated trading software for MetaTrader. The PC does all the buying (long position) and selling (short position) for you. Trading through MQL software program solves one in all the biggest problems that traders face – their feelings. All that an EA (Expert Advisor) wishes to characteristic is a fast of regulations. Each time the marketplace fits the regulations, it automatically places the exchange. It never guesses itself or decides to pass trading in each second. higher but, it never gets worn-out. EAs (Expert Advisor) help you trade 24 hours a day.

EAs (Expert Advisor) can do all types of things. Say, for instance, which you want to open a new alternate with a 100 pip stop loss. If that prevent gets hit, you need to lose 2% of your account, which most forex buyers call money management. you'll should do all of those calculations for your head, open the order box, kind an appropriate lot length into the order field, then push ship. Or, the EA (Expert Advisor) could accomplish all of those steps in a fragment of a second.

Buyers regularly use EAs (Expert Advisor) as order control equipment. They favor to hold control of whilst to enter the marketplace, but do now not want sit down in front of the screen for four hours watching for an exit. EAs (Expert Advisor) solve this hassle. They actively concentrate and wait while you pass approximately your full-time activity.

Traders favor to automate their techniques from beginning to end. The set of strategies guidelines is added-on EA (Expert Advisor) are:

  • Stops and Take profits

  • Trading hours (between the Euro and US sessions)

  • Trailing stops

  • Money management

  • No trading on define date (Friday or Sunday)

  • The ability to close all open trades on Friday afternoon,

which eliminates the risk of Market gaps detection and holding trades over the weekend But which one are the best expert advisor forex out there ? Well, you have to analyze the statistics of each one's by yourself. Good luck !

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