Becoming an expert forex trader takes years of knowledge, practice and experience. Knowing the market, spotting trends and reacting quickly to make trades at the right time is what separates the profit-makers from those that are losing money.
The very best traders have been in the business for many years, working through market changes to recognise the best time to make trades.
You can learn from these experienced traders if you are lucky enough to know one. But there is a more simple way to get access to knowledge, tactics and trading logic – using a forex Expert Advisor (EA).
Expert Advisors (EAs) are programs that run on the MetaTrader 4 (MT4) platform, used to monitor and trade financial markets using algorithms. They find opportunities according to the strategy and parameters, then either notify you or open / close a position automatically.
So what is MetaTrader 4 (MT4) platform? It is a trading platform developed by MetaQuotes in 2005. Although it is most commonly associated with forex trading, MetaTrader 4 can be used to trade a range of markets including forex, indices, cryptocurrencies, and commodities, via CFDs.
Benefits of EA Trading Robot
From a psychological point of view, the forex expert advisor is irreplaceable. A trader decreases the responsibility for decision-making, and the trades become less stressful. The trader does not need to have an in-depth knowledge of technical and fundamental analysis, since all the calculations are already included in the program. Besides, the advisor is able to handle the trading signals even when the trader is absent from the workplace.