A trading adviser for the Forex market is a program that can perform any actions in the terminal on behalf of a trader without his direct participation. All tasks are performed automatically or mechanically, which is why Expert Advisors are called experts or mechanical trading systems (MTS). Simply put, this is a program for submitting applications to a broker without interference from a trader. You install a profitable trading adviser for the Forex market on an existing online trading platform for the Forex market, which is connected to the server broker, configure all its parameters, and the adviser will start trading according to the specified strategy.
Advantages of Forex Trading Experts
Inexperienced beginners are always interested in finding a trading robot that would do all the work for them, so that the trader does not even lift a finger. This idea was continued by all traders of the computer era. The burden of decision-making responsibility, which exhausts the nerves of traders, now falls on Forex trading advisors.
From a psychological point of view, a Forex trading adviser is indispensable. The trader relieves himself of responsibility for making decisions, and trading becomes less stressful. A trader does not need to have in-depth knowledge of technical and fundamental analysis, since all calculations are already included in the program. In addition, the Expert Advisor can process trading signals even when the trader is absent from the workplace.
Writing a Forex Expert Advisor
Forex Expert Advisors for MetaTrader 4 are written in the MQL4 programming language . This language was developed by the manufacturer of the trading terminal specifically for writing Expert Advisors. This allows the trader to program the trading system without any difficulties, which will trade online day and night. For programmers familiar with this language, there will be no difficulties in doing the work. For ordinary users, this will be a more difficult task.
Indicators for Forex Expert Advisors
You can create your own technical indicators for more effective work of your Expert Advisors. They will be a great addition to the existing indicators in the terminal MetaTrader 4. The purpose of using indicators for Expert Advisors is to implement analytical functions and generate trading signals.
Types of Forex Expert Advisors
Trading terminal MetaTrader 4 has several built-in Expert Advisors. They have the function of an independent trading system and duplicate trading signals. They are very popular among beginners and were created specifically to demonstrate the capabilities of the client terminal program MetaTrader 4.
The possibilities of creating your own Expert Advisor are simply amazing. You can set orders that differ in price and time, automatically open counter orders, etc. These programs are able to replace a trader at his workplace.
Testing Forex Expert Advisors
The trading terminal can not only write Expert Advisors, but also check them on historical data before using them in the real market, which is another unique feature of using Expert Advisors. Testing is very useful, as it helps to measure the ability and effectiveness of a mechanical trading system on historical data, assessing the chances of future earnings and errors. If you have tested the Expert Advisor and know how it will behave in various market situations, you can start trading without having to interfere with its work. For this purpose, the terminal has a special window where you can also optimize the input parameters of Expert Advisors.
Tips for beginners
Beginners may think that it is very difficult to trade using Expert Advisors. This is not true. After about a month, any trader can start programming their own automated trading system. Even if you do not dare to entrust your money to a computer program, you can configure up to five sound alerts in the Expert Advisor, which will greatly facilitate your work, and thus you will spend less time on graphical analysis, waiting for a signal to open and close a position.
You can find a large number of expert Advisors on the Internet, but it is very difficult to get one of the most profitable, and it is tedious to use each of them, and this can lead to large losses of your deposit. That is why we advise you not to buy the first Expert Advisor that you encounter. Many Expert Advisors show excellent results when tested on one currency pair, but they do not work well on others. It is better to use the Expert Advisor on those trading instruments that you have tested.