Expert advisers (EA) are programs capable of performing actions on the mandate of the trader...It's just a push- button robot that guides/suggest to the trader on What trades to embark on without the traders stake...The job of the EA are Performed automatically..The EA is installed on existing forex online trading Platform connected to the server's broker & the EA starts trading to preset strategy of the trader to open and close trades...The FX trading is a 24/7 market...Being active for this long periods isn't possible for the trader so the EAs are employed..
WHY ARE THE EAS POPULAR?
For individuals that are interested in finding a trade robot that takes up all of the nerve-racking decisions & does all the work so that the trader doesn't have to raise a finger...The EAs are the right man for the job. The Idea for EAs has been predominant in this era of information.
WHAT DOES THE EA STAND FOR?
The EA is a FX trading system that is written in meta-quotes language 4 &Developed for use under the MT4 trading platform. Before going deep into the EA it's important to talk on the types of EAs available.
TYPES OF EAS:
- The News expert advisor
It gathers information on news events & big price moves that can guide the trader's decisions...
- Breakout expert advisor
Its job is to open a trade when a price breaks through preliminary determined resistance & support levels...
- The Hedge expert advisor
The EA plays 2 roles by declining the loss on one end while encouraging gain on the other end...
HOW TO INSTALL EAS
Step 1: file transfer
- Download an EA
- select the EA files you wish to install & copy them
- Search for the metatrader 4 platform folder
- paste the files you copied into the folder labeled EAs.
Step 2: Installing EA to MT4 platform
You first need to launch the MT4 platform
Find the EA section
Click on the preferred EA you want.
PROS OF EAs;
EAs can trade 24hrs/day without sleep bringing about better coherence of one's trading plans.
EAs frees time
EAs operates on set of programs without greed, fear, ego etc
Average gain can rise to 100% of the deposit amount/ month
EAs identify &react to opportunities faster
EAs make life as a trader easier.
Many EAs are designed to work best on brokers with tight spread
Most EAs work best on trending markets so they are unguarded when market go out of track
It is sad fact that 95% of EAs fails.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.