Since eons ago, humanity has always been developing ways for easier and comfier quality of life. From simple tools to complex machinery, these things were constructed for the same objective, to aid in what specific purpose these tools were designed for. Up to this day—predominantly in Forex trading—these solutions has been cultivated by technology and computing in the form of Expert Advisors (EA).
Expert Advisors (EA) are software programs installed into a trading platform (such as MetaTrader4) to perform automated trading related tasks as per the user’s instructions (aka algorithm).
Imagine it as your very own “Trading Robot”, seeking for trading opportunities for you depending on the conditions that you told it to act onto. You can build it yourself or adapt an EA that has been developed by a different trader, whichever you like. It can execute your grandest trading plan almost instantaneously once it recognizes the rules that you set, anytime you want and as many as you want. Primarily, EA are used in Forex Trading but you can also utilize them on any market that’s available on your MT4.
What’s more to love with your Helpful EA’s
With a myriad of benefits these automated trading butlers can do for you, it’s a no-brainer that traders should take advantage of EA Trading. Let’s point out some trading scenario these unmanned computerized tools can help you with:
Trade 24/7, even as you sleep – Opportunities may slip past you especially when you’re not looking. With the help of EA, you can capture and seize these profitable trades with its round ‘the clock monitoring of what’s happening in the market.
Trade objectively with no emotional burden – Avoid mental strain due to trading and execute sound decisions often with the assistance of EA. Greed, fear of loss and uncertainty will be eliminated as EAs will carry out your trade with no bias and objective focused.
The All-seeing eye of all your trades – depending on the intricacy of your algorithm, your EA can simultaneously run on any market that you can trade using MT4. The massive loads of information and phenomenal computing of variables, trends and price movements, in a short span of time clearly demonstrates how EA can be a helpful tool in your forex trading session
…But as to all things, moderation is the key
Given the unmanned and automated nature of EA, fully entrusting your real-life assets and investment might pose grave danger on your finances. Provided with all the benefits mentioned above, you may find yourself leaning towards the marvelous aid that this software can suffice. However, if there’s one thing in trading that you should know by now, that is you should bat an eye on anything that is too good to be true. Human intervention doesn’t stop upon setting up your parameters and installing the EA on your MT4. You can easily delegate the mundane tasks to your EA but when it comes to critical trading decisions, your trading logic surpass any automated tool in your arsenal. Remember, you’re the trader, you’re the boss!
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