This article is designed to help the beginner starting out in automated trading, by giving some general information and understanding of the market, and an insight into the use of Forex EA robots.
EAs which are short for Expert Advisors, are basically a software program that will do all your trading for you while you sit back and watch the profits come rolling in. Once set up there are very simple to understand and control, all you need is some basic knowledge of how they work.
EAs work by trading currencies on the foreign currency exchange which is the largest money market in the world, worth around 3 trillion dollars, and it can be a good source of income if you have the right robot and settings. Yes i know currency trading can be risky, but with EA robots you decide and control how much of a risk you want to take. Low risk settings will not make you a millionaire, but will give you a steady percentage growth on your investment, a lot better than you will get in any high street bank. High risk settings will either make you or break you, your choice.
Before you can do any trading you will need a trading broker, a broker will handle all your trading orders, and all your trading orders will be placed by your EA robot. Most trading brokers are quiet similar, only difference being that they offer different types of accounts. Most brokers will let you trade on a demo account with no risk to your capital, this is most advisable as it will…