The Expert Advisor - Forex Trading Software
By Linda Galla
Expert Advisors are quite sophisticated software tools used
in forex trading. The advisor is designed around a specific
set of algorithms, and excutes trades from your trading
Most forex traders fail because they succumb to the human
emotions of greed and fear. Trading with an Expert Advisor
removes these emotions from trading. They are logical.
Many times, in an effort to grab that last pip of profit, a
trader will hold on to a trade even when logic dictates an
exit. On the other hand, a trade is often exited
prematurely due to fear, and profits are left on the table.
The Expert Advisor trades with a plan, regardless of outside
influences, and does this 24 hours a day when the market is
The Expert Advisor watches the market for you and will
execute trades based upon predefined parameters. Unlike a
human, it is also capable of monitoring indicators, support
and resistance levels, and many other factors in multiple
timeframes and making immediate decisions.
There are a variety of Expert Advisors available today, at
just about any price you could name. Some are currency
and/or timeframe specific, others are not. There are some
that try to predict trends and others that go with them.
Some are low risk (1-3%) while others recommend 2-4%, but
most are adjustable. Some close out trades only when a net
profit is achieved, holding tight through a drawdown,
whereas others will utilitze a stop loss.
There are many questions to be researched and answers to be
considered before buying an Expert Advisor. It's also
important to be sure the EA will run on your trading
platform, that you can run multiple EA's on one account, and
that it can be used with a mini account, if that is your
Prior to installing an EA on your trading platform, there's
one more thing to think about. What happens if your
computer dies, or the power in your area goes out? Remember
that the EA handles your trade, and resides on your
computer, but open trades are in the hands of your broker.
In this case, you would have an unmanaged open trade.
If you are located in an area that is prone to power
failures, you might want to consider opening a VPS (virtual
private server) account and loading your trading software on
it. That way, your platform will continue to run without
you monitoring it, and it can be accessed from any
Expert Advisors are definitely helpful tools. Do your
homework and conduct some in-depth research before making
your purchase and your experience should be a good one.
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