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    Somer G. Anderson is an Accounting and Finance Professor with a passion for increasing the financial literacy of Trade in advisors and robots consumers.

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    She has been working in the Accounting and Finance industries for over 20 years. Article Reviewed on November 28, Somer G.

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    Anderson Updated December 12, In the world of foreign exchange forex tradingan expert advisor EA is a piece of software that tells you when to make trades or even automatically initiates and executes trades according to preprogrammed instructions. Expert advisors are most often deployed on the MetaTrader 4 or 5 forex trading platforms.

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    You can use an existing EA or create your own based on the trading parameters you like. Using an expert advisor, or a similar trading tool called a forex robot, to carry out trades in your absence enables you to take advantage of trading opportunities while you're working, asleep, or otherwise occupied. Using an EA also removes the emotional factor from your trading.

    1. Algorithmic trading and trading robots in MetaTrader 4
    2. Algorithmic trading Development of trading robots and technical indicators Algorithmic trading automated trading is one of the strongest features of MetaTrader 4 allowing you to develop, test and apply Expert Advisors and technical indicators.

    Your fear or greed won't play a role in whether you choose or decline to respond to trading signals; the EA will carry out trades based on your instructions without considering how it would spend a profit or weather a loss.

    If forex trading is your main income generatorusing an EA can reduce your stress level and make a potentially emotionally and mentally exhausting and very time-consuming enterprise a lot less so.

    It can indicate trading decisions like entry and exit points. It can replace your presence in the place and works for you. The complete automation of your trade is a possible one with the EAs. It works by processing binary rules i. Hence the experience and the genius in giving the input make the EA, a real robot.

    On a related note, an EA or robot can consider far more variables at the same time than you could hope to wrap your head around. And it can consider those variables for several different currency pairs at the same time. You can not, no matter how intelligent you are.

    He has provided education to individual traders and investors for over 20 years. Article Reviewed on July 22, Gordon Scott Updated July 22, Many people are lured to the markets by promises of easy money via day trading robots or expert advisors EAs. An EA, or trading robot, is an automated trading program that runs on your computer and trades for you in your account. Selling robots and EAs online has become a huge business, but before you take you plunge there are things to consider. There are certainly some benefits to automating a strategy, but there are also some drawbacks.

    Disadvantages of an EA If your EA isn't trade in advisors and robots to respond to real-time news, it would ignore important fundamental reasons for making or not making trades. If you're at your desk monitoring the news, you can avoid such trading mistakes.

    September 10, UTC Reading time: 13 minutes Forex trading does not always go smoothly and sometimes it can be frustrating. Some Forex traders can become greedy or fearful, and for this reason, they are often inclined to make bad decisions that can negatively affect their trading.

    And similarly, even though the EA can deal with more variables at once than you can, it can act only according to what you've programmed it to do.

    You're algorithmic trading on binary options as rigid in your thinking and can respond to variables that fall outside those limited parameters.

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    And there may be times when that's necessary to avoid a big trading error—or take advantage of a significant opportunity. You may find, for instance, that it works well on certain currency pairs but not on others.

    If you're using an EA you programmed, be prepared to finagle with the variables from time to time. As trends in the market change, your program may have to change with them. If you're using an EA from another firm or individual, remember that the currency market is largely unregulated, which makes it a natural for scammers.

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    Beware, of course, of EA creators who promise ridiculously high returns. But also realize that some scammers understand overpromising is a red flag, and an EA provider that tries to strike a balance between hope and credibility may also be a scammer.

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    Above all else, do your research before committing to any one expert advisor, and keep your expectations realistic.