Individual retail traders have had access to the foreign currency markets for the past several years. What has changed dramatically in recent years is access to automated trading systems called "expert advisers".
An "expert advisor" is a trading execution software program that works in conjunction with a trading platform program (for charting the market behavior). The expert advisor algorithm (strategy) examines the condition of the market and decides whether the conditions are right to make a trade. After it enters a trade it continuously monitors the condition of the market and decides when to close the trade.
If you have confidence in the expert advisor's algorithm you can allow it to make trades without your intervention. This tactic takes all of the guest work and emotion out of the trading process which is a huge advantage over executing your trades manually.
Institutional investors and central banks have long traded with the use of these trading algorithms or "expert advisers" (EAs). Using the EAs levels the playing field for the average trader. Currently individuals have the choice of many of these systems to assist them with their trading.
The key to using an EA for the individual trader is understanding the strategy behind the program. The trader should understand the basic formula used for entering and exiting a trade. He should also understand the results of back testing on historical data and forward testing. Finally, he should understand…
Source by Colon McRae
A computer program that is based on a set of
indicators that helps determine whether to buy or sell a currency pair at any one time is what an Expert Advisor is. It may be based on the dependencies and do not contain indicators. It is designed to remove the psychological factor of trading, which can be harmful. They can simply help you make trading decisions by issuing appropriate
and they are reliable trading "assistants" that can trade automatically without your involvement.
Using MQL4 language, the Expert Advisor is developed. Without taking into account fear, inconsistency, tiredness, greed and other feelings, conditions and morale, which can close the door to successful trade, it helps traders to make right decisions.
The main goal of it is to give traders the possibility to speed up execution of
trading operations. It can work in automatic mode, saving you from monotonous repetition of various actions. Saving the time of the traders, it mostly simplifies their work. You only have to turn it on, you do not have to monitor
It is specifically designed to trade the automatically activities presented on the MetaTrader 4 platform. Many Forex traders choose the MetaTrader 4 as their platform and that is the main reason that one can easily program the custom indicators and EAs on this platform for trading the activities automatically and that is absolutely of no charge.
Source by Lee OBrien
Almost daily now you will find a new forex robot hitting the market. If not daily then at least in a week, you can find many new expert advisor (EA) promotions hitting your email inbox. Most of these forex robot vendors are not satisfied with one email. You will get a sequence of emails from these vendors and their affiliates begging you some how to buy their Expert Advisor.
First, if the EA has been so successful trading forex, why would the robot developer need to make money by selling the robot. But there are some genuine EAs in the market that do show very good performance. Trading with a robot is not that easy as you will be told by these vendors.
You have to learn a lot of things in order to start making money with an expert advisor. First, you should know about forex trading and something about technical analysis, after that you should be familiar with the MT4 or what is the MetaTrader Platform. You should be able to backtest the robot as well as forward test it.
Here many people fail. They find it difficult to backtest a forex robot. If you do not test an expert advisor thoroughly, you do not know how well it is going to trade live. Testing can give you a lot of information about the behavior of the robot under the live market conditions.
But, you do not have to worry more. Uriel Katz, an expert advisor enthusiast and a forex trader has developed a Forex Robot Auditor software that does all the testing for you. This Forex Robot Auditor…
Source by Ahmad A Hassam
If you are looking for the best Forex Expert Advisor, you should check out the Turtle FX trading system which is from a true trading great and the rules it uses, have made hundreds of millions of dollars in real time trading – Let's look at our best Forex Expert Advisor in more detail.
Multi millionaire trading legend Richard Dennis, devised the rules of the Turtle robot and he taught them to a group of people who had never traded before and then set them up with trading accounts. His aim was simply to show that anyone could win at trading if they had the right system and confidence in it and they proved him right by making $ 400 million dollars. The story was featured heavily in the international press and is outlined in the investment classic book – Market Wizards.
The rules have now been programmed into the new Turtle Forex EA and traders can seek triple digit gains on a risk of just 2% per trade. You can of course adjust the risk parameters if you so wish. Another advantage of the system is – you can download all the rules and logic of the system, BEFORE you purchase it, so you will know how and why it works.
Most Forex Expert Advisors, present unrealistic track records based on back testing or figures given to you by the vendor which have not been checked by outside sources. The reason they have no independent verification is simple – they do not produce the gains they claim and rather than being supervised by a trader, they are done by computer…
The automated expert advisor is a distinct feature of the popular forex robot called FAP turbo trading robot. There are numerous similar products available in the market today that are designed to help traders improve their salaries in foreign currency trading; but only the FAP turbo offers this unique component that can give you a significant edge over the rest of the traders who are not using this feature to their advantage.
The automated expert advisor of FAP turbo allows you to automate your trading by allowing the software to do small scale trades for you; especially when you are not working on your computer for a while. The trading is done based on the analysis and trends of the market; since, it can make trades for you based on its analysis and many people experience significant gains when this feature is turned on.
The automated expert advisor can also be set based on your trading habits and preferences. You can either configure it to work on FAP turbo mode for long term approaching projections; or if you want instant cash then you can set it to scalper mode for short term trades.
If you are well experienced and expert trader, then you might not need the automated expert advisor to do the trading for you; but, you may still need its analysis for further advice and as a good reference for your final analysis. Every user of forex robots must always remember that this software only serves as useful tool in tremendously improving your trades at the…
Source by Davion Wong
Why is Automated Forex robot receiving so much attention lately ? Simply because you can now find some expert advisor for the popular platform MetaTrader4 that really can make you some substantial money pretty fast. Just like SILICON FOREX, the latest automated robot that just hit the market.
Most of all, it’s easy to install and to operate. First, the step-by-step installation video tutorial gets you running within 5 minutes, even if you have no experience in such thing. After Silicon Forex robot is installed and running on your computer, it operates without human interaction. Yes, it’s a plug-and-play robot that opens (and closes!) trades on autopilot. OK, sounds nice but what about the profits ?
This particular automated robot is designed for the currency pair EUR/USD (Euro against American Dollar). When trading Forex, the number one requirement is a positive trading expectancy that the expert advisor (EA) yields. With the EA Silicon Forex, the win/loss ratio is 75%, that means 3 out of 4 trades end up in profit.
I personally tried over twenty Forex EA since 2007. Now, every time a new Expert Advisor hits the market, I do my homeworks and test it with a free demo account for a month or two. Also, I always analyse in detail the robot system’s track record throughout the last three years. With Silicon Forex, the consecutive winning trades versus losing ones resulted in 7-to-2.
Silicon Forex is the new revolution in automated Forex trading and it’s the result of a…
Source by Chant Goulet
Forex robots might be a new entrant onto the scene for retail investors and traders, but investment and trading banks have been profiting from this sort of trade for many years. Robots or "expert advisers" are simply automated trading systems. Turn the computer on and with little training, the user can become a proficient trader of financial markets. In this specialized world, this sort of style is called "black box" trading and this is the kind of strategy employed by many of the world's largest and most successful banks and hedge funds.
Expert advisers crunch the numbers on many trading algorithms in different markets at super fast speed, generally on the lookout for repeatable price signals. The major benefit of this high power searching is that as the robot can both find and act on the signal itself. The price moves that the robot hunts out are generally smaller and shorter-term, much shorter than your average swing trader would be on the hunt for. This allows the
to take small price movements out of the market (profits) quickly, ensuring that small but regular profits are made.
generally uses some form of overbought / oversold indicator to generate its trade signals. It then acts on them quickly, quite often closing the trade when the momentum of the move wanes even slightly. This ensures that the trader is always on the same side as the anticipating short-term momentum of the market.
The most interesting thing is…
Source by Jeffrey Triganza
One Forex trading software called Forex Autopilot has received a lot attention from the currency trading community. Some are calling it one of the biggest breakthrough in currency trading, but is it really that wonderful? If you are still wondering what this software does, it is basically a program called an Expert Advisor. This type of program will open and close positions for you based on the parameters input by the programmer. They can be adjusted by the user to suit their own needs.
I was first introduced to the Forex Autopilot by a trading forum community, and a few of its members were telling me that it has been making money consistently. That was when I decided to try it out myself.
1. My Experience with the Forex Autopilot
I must say that I didn’t know much about Expert Advisors until I tried out Forex Autopilot. I almost could not believe that the currency market could be traded automatically. At the same time, I was cautious and did not start using it on my real life account. What I did was open a new demo account and see how much returns it would provide me after around 4 weeks.
This software only works on the MetaTrader 4 platform, so I proceeded to download a MT4 platform to use this program. There are 2 separate manuals, one that tells you what to do after purchase like how to download and install the software, and another one that teaches you how to set the parameters for the Expert Advisor.
3. My Testing Results with Forex Autopilot
My first week of demo trading…
With the sophistication of technology and the fast pace of trading, traders always demand quick and precise execution of their trades. Any delay in this execution could result in a loss opportunity to enter the market at the right time. Hence, they try to seek automation whenever they can. In retail investors’ case, the power of the expert advisor (EA) in Metatrader platform comes in handy.
For retail investors who trade manually but do not want to monitor their trade all the time to seek out the proper exit timing, they can always opt to make use of Metatrader’s own trailing stop to manage their trade. Often in my case I do not see that Metatrader trailing stop function is good enough for more flexibility in devising an exit strategy.
In fact, it doesn’t work as well as I thought it to be. If you are like me, thinking that there should be better trading management tool, look no further than using Metatrader’s own mql4 programming language to develop your own EA.
Developing your own Metatrader trailing stop EA is the way to go to automate your trade with proper exit strategies. The trailing stops that you can create are customized to your own needs and that it can be as simple or sophisticated you want it to be.
As managing trade is time and energy consuming, you will be tied up to just 1-2 trades at a time and that the room for error in executing the trailing method to manage your trade will be higher. That is what every trader will not want to happen. Automation of the…
Metatrader has a built-in error identification mechanism within its terminal. Like most software, errors detected are expressed in numerical codes. The errors can usually be found under the experts or journal tab of your Metatrader terminal window. If you are using custom software for trading, such as an expert advisor or script, you may also ask your programmer to display the errors on the screen. This articles lists the most common errors experienced by traders while using the trading terminal.
Error 3 “Invalid Trade Parameters”
It means that one or more of the trade parameters of your most recent order was unacceptable to the broker. If the order was sent by a human trader, check the lot size, stoploss, and takeprofit values and see if they meet the requirements of your broker. If it’s an expert advisor, you should also check on the comment variable, as giving a null value or double quotation marks (“”) to the variable are sometimes rejected by the server.
If the last order sent was for a pending order, check if your broker allows pending order expiration. Some brokers disable this feature, and would only accept a zero value for the variable.
Error 6 “No connection with trade server”
It simply means that the terminal is unable to connect to the server. This could be a server fault, but it’s often a local internet connection problem.
If your internet connection is fine, check the internet connection status at the lower right-hand portion of your Metatrader terminal. If the…