Expert Advisors - For and Against Automating Your Forex Trading System

An expert advisor is a piece of software which works as a plug-in for your trading platform. The purpose of an expert advisor is to automate your own (or someone else's) trading system.

An expert advisor works by monitoring any market for you 24 hours a day, looking to place trades for you once it sees that certain parameters (based on your own, or someone else trading strategy) have been met.

To build your own expert advisor, you need to have a working knowledge of the MetaQuotes Language 4 (MQL4) which is the built-in language for programming trading strategies. There are companies which will (for a fee) automate your trading strategy and build an expert advisor for you based on your own settings. There are also companies which will sell you their own expert advisors.

Most forex expert advisors are developed for the Metatrader trading platform. Developed by Russian programmers, Metatrader had become the standard trading platform for many professional traders and forex brokers.

Once you have built your own expert advisor (usually a file ending in .EX4) or purchased someone elses, the process of setting it up with Metatrader 4 is quite simple. It is just a matter of opening and installing the file into your MT4 platform.

ADVANTAGES OF EXPERT ADVISORS:

The main advantages of trading with an expert advisor are:

1. The expert advisor has a plan. It sticks to this plan and the settings you have developed into it no matter how uncertain the market looks or how you may feel about the market at a particular point of time.

2. The expert advisor is consistent. It can eliminate the negative human aspects of trading which include fear, greed and inconsistency in trading.

3. The expert advisor frees you up from physically having to watch and analyse the charts to find a signal to enter/exit trades. It does this automatically for you so you don't have to sit in front of your computer all day.

4. Freeing you up from watching charts for entry and exit signals also has the added benefit of giving you more time to spend on actually developing your trading strategies, doing back tests and more and more tests.

5. Finally, the expert advisor (or forex robot) can monitor many markets at once, giving you access to many more trading opportunities than you can physically find and analyse by yourself.

DISADVANTAGES OF EXPERT ADVISORS:

1. The robot (expert advisor) does not and will never have the feel for the human and the soft non-programmable issues. The trader must always look at the bigger picture, the fundamentals as well as the hundreds of other important issues which affect the ebb and flow of the forex market.

2. Many traders also choose to use expert advisors for the wrong reason. They believe that simply by trading with a robot they will automatically have better results or be better traders. Essentially, all an expert advisor will help you with is with trading consistency. It will just free up your time to focus on developing and testing your trading strategies instead of physically having to look for and execute trading opportunities.

by Giselle Sanchez - Learn more about building your own expert advisor, how to set up an expert advisor with Metatrader 4 and choose from over 40 of the best forex expert advisors.

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Transform Yourself From a NO HOPE Trader to an INSTANT PROFIT Champion, on AUTOPILOT!

Forex can be a tricky experience without the correct guidance, so hopefully this article will help you, as I had to learn the hard way. Before anything, just understand the 3 main benefits of trading in the forex market, and why I started:

1. Trade from the comfort of your own home
2. Quick and easy way to make good sums of money
3. Forex trading will never die or change, as long as there are different currencies

Forex is a tricky business, and without the correct knowledge and/or tools it will be a disaster. Before now, forex trading used to be for the elitists who knew the industry for many years, and traded with profuse knowledge on the Foreign Exchange market. Well, I can tell you now, times have changed, and by following the simple steps below, you can expect major profits quickly and easily!

1. Find a forex trading site that you are comfortable with, and offers a good incentive to deposit money.
2. Learn your way around the system, Make sure you understand all the features it offers. This is personal preference.
3. Its advisable to play with "Play Money" until you are totally comfortable with the concept of forex trading.
4. *Most Important* Try find software that will help you / automate your decisions in trading.
5. Understand that starting a new venture, like foreign exchange trading will need an initial capital outlay, but it will be minor, and the profits will be overwhelming with the correct tools!

When i first started trading forex, I never followed any of this, which led to me losing a lot of money, quickly and VERY easily. I followed MANY MANY guides on how to trade, but most of them left me 1 step behind the other traders. I also never had much time during the day to actually trade, which was also a big downfall, but after stumbling across software that automates your trading, 24/7 I actually almost doubled in profits within the first two months, and Ive come clost to actually recovering my losses.

My main goal of this guide is to help those, who have no idea about the potential earnings from forex, or people really struggling, and on the boundary of quitting. Just remember, like anything, forex trading is not risk-free, so you will not profit on every trade.

If you are still interested in trading forex or more information, please take a look at http://www.forextracerpro.com

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Forex Trading Robots - Tips On Choosing One and a FREE One For Big Gains!

Forex trading robots are exactly as they sound automatic forex trading systems where all you do is follow the software and execute your trading signal in line with the signals it gives - but how do you find one for big long term profits - lets find out...

There are huge numbers of them sold on the net and 99% are junk and will wipe your equity out - the reason? They have never actually been traded in real time and normally carry the disclaimer below or similar, read it and you will see why you will lose:

"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown".

You can see the problem already - the track record is simply made up; you can make up anything in hindsight and the vendors who sell these do!

Lets face it making money in hindsight is easy and you will see massive gains from these forex robots on paper but you wont see them in the market, you will get wiped out.

Are there are good ones?

I have found a few but they always have real track records and are independently tracked of course, they don't guarantee you will make money but if you are like me, you like to see some evidence that a trading system has been proven in the market.

Ask yourself a question:

Would you take golf lessons off someone who had never played? Of course you wouldn't and it's the same with buying a forex trading robot.

Never trust any track record that carries simulated disclaimer look for real time track records but you generally have to look quite hard to find one!

Here's a FREE Robot that will work!

If you look up our other articles you can read about "Richard Donchian's 4 Week rule" Now this can be put in any charting package or you can do it on paper, its one rule, its simple to understand, robust, generates automatic trading signals and has been used by some of the top traders of all time and it's free.

Longer term it will beat 99% of the forex robots sold which have simulated track records so, look it up and see for yourself - You need discipline to follow it but it works.

The rise of online forex trading has seen the rise of the "free lunch" automatic forex robot and while they existed before online trading - marketing companies saw an opportunity to make money:

Create some good sales copy, make up a track record and appeal to nave or greedy traders. It's a great deal guaranteed profit for selling the system and what the heck the trader can take the loss.

Steer clear of forex trading robots UNLESS They have a real time audited track record and even better why not make your own free one, based upon the one we outlined earlier? It's a very profitable free forex robot.

NEW! 2 X FREE ESSENTIAL TRADER PDFS + PROFESSIONAL FOREX TRADING COURSE

Get 2 x trading Pdf's, loads of critical forex trading info and more on Forex Trading Robots visit our website at: http://www.learncurrencytradingonline.com

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Automatic Forex Trading - The Unfair Advantage You Get

The popularity of Forex trading is growing rapidly in the recent years. It's probably mostly because of the automatic forex trading software which allow even newbie traders to make a decent profit. The market some time ago was open only to the banks and corporations. Now it is accessible even to the medium and small investors. It is no longer needed a large initial amount of money. You can start trading on Forex with as little as $100.

The Forex is simply the market where the currency of one country can be traded to the currency of another country. The transactions are going all over the world, 24 hours a day, and exceeds 3 trillion dollars every day. This makes Forex the largest market in the world.

With the growth of the popularity of the internet and other communication technologies, Forex became accessible virtually to anyone who is connected to the network via a computer or mobile device. You just need a Forex broker account and a good trading platform and you are in.

Forex is a complex system which have multiple charts and graphs to be monitored. In order to stay on top of the positions you should watch these indicators all the time. But because Forex market is open round the clock, it's impossible for one person to sit all the time at the computer. Automatic Forex trading system lets you specify it an initial information, determine tasks and leave it. It then works for you the whole day buying and selling currencies. You just give it an initial amount of money and it will start profitable trades, generating you the money in the long run.

Trading

This kind of software exposes you the benefit of the Forex market. it shows you that it can be profitable without you being an expert in the field. With the traditional trading, you must have a decent knowledge and previous experience in order to succeed.

If the software is advanced enough, you are not required to do any trades yourself. It saves your time this way. You can even manage multiple accounts and perform simultaneous trades with this software. That was not possible with the manual trading. So, automatic Forex trading systems gives you an advantage trading on multiple markets at once.

The software can make trades at any time of the day. You can set it up to trade at day or at night. You do not want to miss a single profitable trade, right? Trading the whole day makes you money in a shorter period of time.

The software also gives you an advantage of different Forex trading strategies. It presents you with the options you can select. Different systems are intended to be triggered by different indicators, so the software allows you to adjust the amount of your investment and the level of risk.

Another advantage of the automatic Forex trading software is that it eliminates such a weak human factor as emotions. Emotions sometimes affect human thinking leading them to the wrong decision. The software works using mathematical calculations that are not affected by the emotions, but pure statistics only.

However, even with this software you will have to learn the basics of the Forex market. It is necessary to know how it works in order to setup the software correctly. You will have to learn do do some technical analysis, the meanings of indicators, etc. Though, it takes much less time than trading without this software.

Remember that by just automating all the actions it does not guarantee you the consistent profit as the market is influenced by a variety of different factors. There are both successes and failures, however, the software significantly increase the success rate, making you the decent profit in the long run.

It's critical to choose the right Forex trading software. However, it's a difficult and time consuming task. I had this problem some time ago, so I did a research. You can find the results here:

==> Automatic Forex Trading Software <==

I had been testing 4 most popular Forex trading software for 4 months. The best performing program made me an average of $1560 a month. More info here:

==> Automatic Forex Trading Software <==

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