Forex Expert Advisor 2020 - Learn how to trade with an EA

1. FOREX EXPERT ADVISOR WHAT IS A FOREX EXPERT ADVISOR? BEST FOREX EA 2020

2. INTRODUCTION • Welcome to forex, the largest financial market in the world! This dynamic market is open 24 hours a day, six days a week.  • As technology has developed and forex traders are able to trade from their computers or Smartphones, automated forex trading has become more and more popular.  • In this Presentation , we will discuss forex Expert Advisors (EA), which is a type of automated trading system.

3. MetaTrader 4 • In order to trade on the forex markets, you will need to use a trading platform, which is provided by a forex broker. • One of the most popular trading platforms is MetaTrader 4 (MT4). • The MT4, which is a trading software program, can be easily installed on your computer or Smartphone.

4. What Is an Expert Advisor? • In a nutshell, an Export Advisor is a software program which is an automated trading system.  • The program can indicate to a trader when to execute a trade or it can automatically execute the trade, based on pre-programmed instructions. • An important feature of an Export Advisor is that it can be run on any MetaTrader 4 or MetaTrader5 platform.

5. How Is a forex Expert Advisor different from a Forex Robot? • In forex literature, the terms “Expert Advisor” and Forex Robot” are often interchanged.  • Both are automated trading programs which were developed to identify market patterns which can generate trading signals.  • A Forex Robot can be programmed to trade automatically and continuously on a trader’s behalf, without the trader needs to be in front of the computer during the trading. • On the other hand, the forex Expert Advisor provides the trading signals, but it is the trader who decides whether or not to place the trade.

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7. What is the best Expert Advisor for MetaTrader? • A casual search on the internet will bring up dozens of expert advisors in forex. The list can be dizzying, as there are literally thousands of Expert Advisors being advertised. • How can you avoid the scammers and choose the best Expert Advisor? We do not recommend any specific Expert Advisors, but some research on the internet will help you make an informed decision. • The first step is to research an independent website which has tested and rated various Expert Advisors. • In order to have a profitable forex expert advisor, you will need to understand how the Expert Advisor works, so that you can change the settings as needed. 

8. Backtests and Demo Accounts • Forex trading carries considerable risk; therefore, it is important not to rush into trading on the live forex market with an EA before carrying out two important steps: • Backtests on historical market data • Demo account test

9. Reasons to use a Forex Expert Advisor • Let’s now take a look at the advantages and disadvantages of forex Expert Advisors: • Advantages • An EA doesn’t need to sleep or rest; it can continuously monitor price action on the forex markets, 24/7. A human trader is unable to function on such a schedule and cannot monitor the forex markets without taking breaks. • A human trader is susceptible to making a trade based on greed or fear, which could result in an irrational trading decision which could negatively impact on the trader’s account. An EA does not have any emotions, and therefore any trading move is purely rational.

10. Disadvantages • A trader may not fully understand the EA software and might inadvertently use it improperly. For example, the settings on the program might be improperly placed, which could result in the EA failing to execute trades in the manner in which you had intended. This could result in losses in your account. • The EA is limited to making use of programmable information. There may be other valuable information that could be useful in trading, but if it is not programmable, it cannot be used by the EA.

11. Conclusion • The aim of this Presentation has been to provide the reader with insights on the use of Expert Advisors in forextrading. • Expert Advisors are useful trading tools which can monitor markets continuously, but it is important that you choose a reputable Forex Expert Advisor and also understand how the program works, to ensure that the settings on the EA reflect your trading strategy and maximize the likelihood of executing winning trades. At Platinum Trading Academy, we provide step-by-step mentoring and in-depth training courses, which will help make you a successful trader. Find out more about our dynamic courses. 

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