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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. A Forex EA is an automated system, which monitors the Forex markets and provides signals upon identifying trading opportunities.

Although we do not recommend any specific EAs, due to their unpredictability, some professional traders do find them to be of benefit. The Forex market is open for trading 24 hours a day Monday - Friday.

Being constantly active around these is obviously not possible for humans, however, a machine can trade for days without ever needing to take a break.

Furthermore, EAs can be used on a number of FX trading platforms. Some of them allow traders to fully customise their trading systems, and then use them on a personal account, such as MetaTrader 4 MT4 and MetaTrader 5 MT5.

This article will focus on what Forex EAs are and how they work. What Is a Forex EA? The first question is - what is an Expert Advisor?

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As mentioned earlier, an EA is a Forex automated trading system. EAs can be programmed to automatically generate trading signals and notify you of trading opportunities.

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Another type of automated trading system is a Forex robot which, like an EA, is a program that works to identify market patterns and generate trading signals. However, unlike an EA, a Forex robot can also automatically trade on a trader's behalf.

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An EA, on the other hand, will always require a trader to manually authorise individual trades. Every Expert Advisor is based on preset rules, but EAs can differ in the rules they follow in order to trade. As with which means the token was not found automated software, they reduce the chance of making emotional and irrational trading decisions, which is a common problem for inexperienced Forex traders.

A Forex EA follows a very strict and is free from any human intervention. Forex EAs can be obtained easily on the internet, usually for sale, and can be quickly installed into your trading platform without any advanced technical knowledge. Before describing the functions of Forex EAs, we will outline the four kinds of Expert Advisors you may encounter: The News Expert Advisor - as the name implies, the main purpose is to take advantage of various news events and big price moves that can take place during big news releases.

The Breakout Expert Advisor - is specially designed to open a trade when a price breaks through predetermined resistance and support levels. The Hedge Expert Advisor - under this category falls any Expert Advisor that plays two respective and opposing positions, diminishing the loss on one whilst facilitating profit on another.

What is a Forex EA and How Does it Work?

Expert Advisor Scalper - such EAs pursue the goal to secure small profits once they are available. This EA will open and close an endless amount of trades for any profit and could trade up to times a day depending on market conditions. The best Forex Expert Advisors can be programmed to work in multiple ways e. By applying those diverse indicators, the EA can analyse the market, as well as the behaviour of individual financial instruments, and can generate a signal about trading opportunities.

EAs are similar to Forex robots, which are another type of automated trading software. When using strict definitions, the difference between an EA and a Forex robot is that an EA will generate signals while a robot will perform trades without any manual sign-off required.

However, the terms are often used interchangeably, which means that many so-called Forex EAs are Ellie s trading robot reviews of far more than just generating signals. Some Expert Advisors are designed to take full control of your account.

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The idea here is that it will look at your current account balance, before deciding how much of your balance can be put at risk. Furthermore, it may review the trades and decide Ellie s trading robot reviews there Ellie s trading robot reviews be a trailing stoptake-profit or a stop-loss.

As soon as Forex Expert Advisors have the necessary information, they also take into account the current market conditions. Consequently, you will be notified when to open a particular position. Learn How To Trade Forex If you need to get familiar with the basics of trading Forex, our Forex online trading course can get you up to speed in as little as 9 online lessons!

Get yourself on track by learning from professional trading experts with a completely FREE trading course! Click the banner below to register! What You Should Be Aware of Before Launching Your EA If you want to build and use your own EA, here some tips on what to do to make it work properly, outside of using an EA generator this is a tool where you enter the parameters of your preferred trades, and the tool generates the EA program for you.

The Importance of Data The first tip is to be wary of the reliability of backtesting results. You might think that great backtesting results are proof Ellie s trading robot reviews your system being ready to prosper - unfortunately it is not that simple. These results are dependent on the quality of the data applied in the backtest, implying that poor data can lead to unreliable outcomes. While this seems good, this can cause considerable differences in backtesting and the live experience, particularly on smaller time frames.

Fortunately, there are sources of freely accessible historical data and instructions on how to prepare the needed data for MetaTrader.

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The next step is fully comprehending your execution speed. MT4 and MT5 work on a trading session length of 30 seconds.

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If you are using a Forex EA, your session will time out automatically if there is no trading activity for more than the period mentioned above. This requires the IP address to be automatically re-authenticated with a password and a login.

This can take some time, even up to two seconds with some brokers. Even though it may seem an insignificant amount of time, in times of high volatilitydelays of this size can have a substantial impact on the results of your trades.

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Debugging If you have spent any amount of time writing a complex Expert Advisor in MetaTrader, you probably know how difficult it is to debug the code. Since the MetaQuotes policy shows that they cater more to the needs of brokers than traders, you will find that a debugger is not included in the list of available tools.

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Luckily, there are some things available to make your life easier. One method is to input print functions directly into your code, although that can become very hard to manage, particularly if you have thousands of lines and don't know where the problem is.

You can also download the Microsoft DebugView in order to view a methodically formatted log. Your platform has to be turned on and connected directly to your broker to run your Expert Advisor. There is nothing more disappointing than thinking you have an EA only to find out that it has been disconnected, and is unable to reconnect. While MT4 and MT5 are designed to automatically reconnect to the server without any problem, this does not always work as expected.

If you possess multiple MetaTrader accounts, occasionally the wrong credentials are used during the process of reconnection. Although this may not necessarily be a considerable problem, it can be quite frustrating if you are getting disconnected and your Expert Advisor is not continuously up and running. Experienced Forex traders who have developed their own manual trading FX systems often hire MQL4 programmers to automate their systems, thereby creating their own custom EA.

All Expert Advisors have an identical purpose, and that is to fully automate the Forex trading process and produce a profit while doing it.

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Expert Advisors utilise technical indicators to gauge conditions on the market, and then make trading decisions. Prior to using an Expert Advisor, it must first be attached to a chart on the MT4 platform.

An Expert Advisor can take into account dozens of factors and elements in order to decide what the next actions will be.

This capacity to consider such a wide range of price affecting elements, as well as the discipline of an emotionless automated trading system, can often lead to quite a useful and successful combination.

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The answer is yes. You can use multiple EAs on the MetaTrader client terminal. It is worth noting, however, that not all Expert Advisors work together on one terminal. This is mainly due to the fact that they will try to handle each other's open trades. Programmers tend to get around this by applying special numbers Ellie s trading robot reviews the market entrance part of the source code.

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