The MetaTrader 4 software, often referred to as MT4, has plenty of options and novice users find themselves overwhelmed with the settings. If you've never traded with MetaTrader 4, it's basically a trading platform that opens up a window into the world of foreign exchange. While it's true that it takes some time to figure everything out, there are really only a few settings that you will need to know to trade.
One of the most useful features is the ability to add indicators, expert advisors and templates to your trading window in MetaTrader 4. This is extremely valuable because there are thousands of MT4 users, as well as trading professionals and companies who share their configurations for free Egypt a for a small payment.
Trading indicators help the user recognize price patterns and aid in live trading. There are thousands of different indicators out there. Indicators can produce buy and sell signals visible on the charts. Within MT4 there are many built-in indicators but users can also install custom indicators. These are very popular among traders as they often show much more information than the standard built-in ones. Indicators can also become parts of an Expert Advisor.
Expert Advisors are built to automate trading. So if you have an indicator that shows buy and sell signals, an expert advisor would execute the trades on the signals. In addition, Expert Advisors have rules that define each trading position according to specific trading strategy…
Source by Bart Kali
If you are wondering if forex expert advisor trading really works then you may have seen many of the ads promoting expert Advisors making some pretty wild claims about the returns they are getting. You may be asking yourself are these results for real or is this just a bunch of sales hype to get you to buy their products?
I was asking the same questions so I did some research and found the most highly rated forex expert advisor trading program I could find and put it to the test. With the way it was being advertised I was expecting to find some catch but since it did not cost much and had a 60 day guarantee I decided it was worth a try.
After I got it set up it started making trades that afternoon and did make some winning trades and came out ahead. The next week it produced about 80% winning trades. Since then I have not recalculated but it's done even better in the past month and is probably closer to 90% winning trades now. It typically makes 2-5 trades every day and almost always makes a profit every day.
I see it advertising that it can double accounts every month and from what I have seen that could have been possible but that would have been trading larger than sizes I have it set to trade. Being a conservative trader I am keeping my lot size down to a level that I feel is safe but still high enough that I have been able to make a nice income.
Besides consistent profits one of the major advantages to forex expert advisor trading is I do not have to…
Source by M Wilson
The best expert advisors … your really do want that right? You should.
If you do not know what you're dealing with, finding the very best EAs of their kind is a difficult task, especially if they're all based on different platforms … like on a Mt4 Expert Advisor and then some other Forex EA is something else …… bah, simply, it just gets confusing …
So what makes the difference between all of the different EAs and what separates one Forex Expert Advisor from the rest? What separates the best from the rest? (oh my god it rhymes!)
Well as I already said, they can be based on different platforms for example, and the most popular as of now would be the MetaTrader 4. But also different things like what currency pairs they're working on, Egypt EUR / USD or whatever.
What do you actually choose then? The high end $ 10,000 expert advisor, or the cheaper one for $ 150? Is the expensive EA worth all the money, or does the cheaper one handle the job just as well? As you can see, there's a whole lot of questions people ask themselves when it comes to picking a good EA.
The simplest question of all then … "Which one do I pick?" – that seems to be the most common one, and it's a good one too.
Me and my team have done a whole lot of research and we've concluded that the Expert Advisors that are based on the Mt4 platform are the best ones … but after that it gets a bit tougher. However we believe we have got it nailed down this time, and finally, we…
Source by Michel Brockworth
On the forex market, collecting all the information you need to trade with is the first job you need to do, this is also a job not easily done by a human. There is a huge amount of information, and you need to collect it, read it properly, then act upon it. This is where an expert advisor will come in very useful.
This software is designed to do this for you. It will see which way the trends are going and give you hints and prompts as to when you should trade and on what pairs. Also, as the forex market is a 24 hr. market having software is very helpful.
A lot of the more successful and experienced traders do not like to use this type of software, they would rather use their own knowledge and intuition. If you are a beginner, you may have the knowledge, but you won’t have the experience to be able to trade the way that they do. Expert Advisor software comes in useful here, as you can see from charts and trends what caused the software to prompt you to trade, and you can hopefully gain your experience a little more safely, rather than take the huge losses that the unwary 90% of beginner traders take that wipes them out.
If you can follow your expert traders prompts you will hopefully not make any substantial losses, even with the expert advisor beside you it is still advisable to trade with a cool head, do not let emotions cloud your thinking. Excitement, greed, anger and frustration have no place in this market, if you trade with emotion you will find that there is no place…
Source by Michel Brockworth
If you want to join those people who tested that Forex trading is the best means to get your most long for cash then you must probably hear about 'Forex expert advisor'. No please do not think that you'll actually hire the service of a real person since this is an actual piece of software that will do the task of trading Forex market for your personal needs. In view of this, it will save you the trouble of not having any knowledge or experience about the issue since the robot is specifically programmed to do everything that you are actually expected to do. The task would even consist of opening and closing trades and it may even decide if the trade is actually making you money.
If you are thinking how the process can be possible then you will be obliged to run a metatrader platform otherwise (MT4) since this is what most brokers would support though you still need to check the data for verification. After that, you can now begin to affix the software while you try to leave your computer on power mode while raising your eyes to see money coming into your way. Fine, the last part would not always work the same way since it will highly depend on what Forex expert advisor you chose. Be extra wary about scams given there are plenty of these in the internet that would do nothing but drain your account before you actually know what the real deal is.
With this, what are the considerations that we have to take in looking for a good Forex expert advisor? First of all,…
Source by John Callingham
If you see a system calling itself a Forex Expert Advisor it's likely to lose money quickly though merchants buy them because they believe 3 myths enclosed. If you fall for these myths, you will lose too – let's take a look at them.
Cheap Forex Expert Advisors and Robots claim better track records than the world's best traders and these super traders get paid millions in salaries, so why have these traders not been replaced by robots? Their employers could save millions in wages but no serious trader would use a cheap Forex Expert Advisor, because it's obvious they do not work.
The myths that traders believe which see them buy these systems are:
1. The track Records Presented will Repeat
They take the track records as real evidence of future gains but of course no Expert Advisor ever has a real track record of gains in the market which has been independently audited.
All you get are simulations going backwards (knowing the closing prices) or figures from the vendor direct which are not independently checked. The claim is financial freedom for the cost of a night out, it looks to good to be true and it is.
2. They Believe they Can Trade with Low Drawdown
I have seen systems claim 300% annual gains or more, with less than 1% drawdown which is laughable and any experienced Forex trader will tell you this is not true.
If you trade on leverage, you will have drawdown – Period.
No trader has ever made 300% annually and had less than 1% drawdown in the…
We hear a lot about the advantages of reading expert advisor reviews before you invest in one, but can you actually trust them? There are so many different types of robots and different types of Forex traders, that even if an EA or expert advisor has the best reviews in the world, it still might not work for every individual.
That may be a surprising statement. You can probably imagine that trading system, which depends on the trader to put it into practice successfully each time, could have very different results for different people. The assumption is often that robots either work or they do not, and that they will work in the same way for everyone, so that all users make the same profit at all times. But in fact this is not true.
In broad terms of course most traders' results will follow peaks and downturns at approximately the same time if they are using the same software, but surprisingly, the actual results can be quite different. In fact in some of the expert advisor forums you can find two people using the same EA and one is making a profit while the other is making a loss. So why is this?
There are several factors that contribute to the discrepancy. First, there is the question of currency pairs. Most expert advisers have the potential to work with several currency pairs and they will not always perform equally well with all of them. You can often get better results by concentrating only on the pair or pairs that are the most successful. Expert…
Source by James Roshwood
There are many EAs available to forex traders. It’s not just a matter of money but also one of your limited time which means that you need to select the best to try out for yourself. So how do you know where to start? In this article I’ll show you the important criteria that you every good forex bot needs to measure up against and then you’ll be able to determine what is the best forex expert advisor for yourself.
The vast majority of bots are only good for EURUSD. Now given that this is the currency pair that has the most volume and liquidity then this is no bad thing. You may not even be looking for opportunities elsewhere.
A few EAs (some of which are excellent) feature support for multiple currencies. Usually it is EURUSD plus one or two other majors.
When a bot has a “low drawdown”, it means that you are making many small but profitable trades that all add up to a nicer, bigger profit.
The opposite of this would be an EA that makes widely swinging results, some profits and some losses, both big and small. This is way too risky and is no way to trade so avoid robots with high drawdowns.
Any robot worth its salt will show some level of backtesting data. Normally these backtests are run through Metatrader and a nice report is made showing you various data.
A few bots these days are now starting to offer live data as proof of how good they are. This is superior to backtest results because a bot can be tweaked many times until it shows a…
Source by Chad McGinity
An expert advisor is simply a piece of code written in the MQL4 programming language which, once installed on your MetaTrader 4 Forex trading platform, has the ability to automate the opening and closing of trades on your behalf. It is a piece of code that includes a set of rules based on what, how and when to trade. It also allows you to adjust stop loss, take profit and trailing stop levels according to pre-defined parameters.
Every expert advisor is different. Every EA – its own animal. But they all serve the same purpose: to eliminate inconsistency – a fault that characterizes most traders.
How An Expert Advisor Works
Once installed and enabled to run, an EA will usually first check if there is enough equity in your account to open a trade. If there isn’t, it won’t run.
If there is enough equity in your account, the EA will on each tick of the currency pair(s) that it is assigned to trade on, run through it’s rules and codes and verify that the trade entry criteria have been met. Alternatively, if open trades already exist, it will check that an exit (stop-loss or take-profit) criteria has occurred. If it has, it will automatically exit the trade for you.
To work, the computer that is running your expert advisor (and trading platform) must be kept running all the time while the forex market is open. If you ensure that your computer is running 24×5 – all you have to do is sit back, relax and let it do its thing!
Programming a Strategy Into The Expert Advisor
An expert advisor…
Source by Giselle Sanchez
Making a profit with Forex meta-traders? Do you want to know a Forex meta-trader expert advisor? Many businesses hire an expert advisor for finances or other career related decisions. However, it is a module used for trading platforms. On the other hand, what we are talking about in here is a software that uses an Automated Trading System Technology.
This ATS works by implementing a preprogrammed logic capable of searching for probable routes for forex trading. Another benefit of this automation is the fact that it also removes the emotional factor during a forex trade. Typically, a forex expert advisor works through historical data and currency cross activity comparison, followed by the actual decision-making process as to whether this implicates buying or selling of trade.
It may sound interesting but we must remember that some Forex meta-traders expert advisors are nothing but complete wastes of time. Some applications do not use accurate algorithms in calculating the historical data and currency cross activity, resulting in flawed recommendations and decisions.
Not only is this a waste of time but would also waste money, which can be a lot in the context of forex trading. When purchasing an expert advisor application, always remember to test thoroughly for accuracy and consistency. This kind of software is readily available on the Internet, the best of which is Forex Tracer., Which became prominent due to the number of praises it received from…
Source by Garima Bajoria