A lot of traders approaches forex trading using an Expert Advisor. But what is an Expert Advisor? How Can I use it?
Let’s answer to these questions in this article and see how to get advantage of it.
What is an Expert Advisor in Forex?
An Expert Advisor is a software or piece of code which can be integrated
An important tool to have when using an Expert Advisor is the MT4 or MT5. For instance, an Expert Advisor can be integrated only with the Metatrader because based and developed with the same language called MetaQuotes Language Version 4.
An Expert Advisor in Forex can be used in 2 different ways:
- to analyse the graphics
- to trade automatically
Both ways are useful for a trader, it depends just on the forex trading strategy. If a person trusts an automatic approach to trade or prefers to have everything fully under control.
Why Traders are using Expert Advisors?
As mentioned before, every day new traders are using an Expert Advisor in their investments.
But why Expert Advisors are so popular in Forex Trading?
The answer is very simple. Just think at how much time is required to do a full technical analysis and analyse any chart to understand when and where is good to invest.
Even more, for the least expert ones, finalising a propper analysis it’s not an easy job and can bring to major mistakes.
To syntetize the main reason, it’s a good idea to use an Expert Advisor:
- to save time
- to avoid mistakes
- to have better results
Where can I find an Expert Advisor?
Today is possible to find Expert Advisors everywhere in Internet. There are tons of private companies or professional traders offering their own product.
Even in the Social Media like Facebook or Instagram is possible to get in touch with some EA providers.
What is important is to choose the right product from the right people. Usually, if a company or a single trader is clear and transparent about its product, should publish the results or give a trial period.
deos an Expert Advisor costs?
Expert Advisors have different ranges of prices and different types of purchase methods.
It’s possible to buy an Expert Advisor:
- by monthly payments
- by single initial payment
Regarding the price, it depends a lot of the EA performance, if it does the only chart analysis or the automatic trade is implemented too, finally it depends on how technical is the analysis provided.
Depending on these factors is possible to find EAs costing more than 1000 $ or only 99$.
How to install an Expert Advisor with a trading account
The first thing to have before using an Expert Advisor in Forex is to have a Metatrader real trading account.
As mentioned above every Expert Advisor is developed on the same MT4 or MT5 language.
Finally the integration is not so difficult. Here the steps to follow:
- Create or download an EA and you saved it on your computer.
- Select and copy the EA file you want to install.
- Look for the MetaTrader4 folder in the C: drive.
- Paste the files into the Experts folder.
A pop-uprequesting admin permission may appear; if so, just click Continue.
- Launch your MT4 platform.
- Look for the Expert Advisors section under the Navigator panel at the left side of the platform.
- Click on the Plus sign and the available EAs should be listed there.
- Click on the EA you want to install and drag it onto one of the charts on your platform.
- A pop-up box will appear showing the settings of your EA.
- Make sure that all the settings and alerts are correct before clicking OK.