Inexperienced beginners are always interested in finding a trade robot that does all the work, so that the trader does not have to lift a finger. This idea has been pursued by all traders of the computer age. The burden of responsibility for decision making, which wears out a trader`s nerves, now falls squarely on the trading forex expert advisors.
What is a Forex Expert Advisor?
The forex expert advisor is a program capable of performing in the terminal any action following the instructions of a trader, without his direct involvement. All tasks are performed automatically or mechanically, which is why the advisors are called experts or mechanical trading systems (MTS). Simply put, this is a program sending applications to a broker without any intervention on the part of the trader. You install a profit forex expert advisor to the existing forex online trading platform, which is connected to the server broker, adjust all the settings, and the advisor will begin trading according to a preset strategy.
Benefits of Forex Expert Advisors
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.
Testing the Forex Expert Advisors
The trading terminal can not only write advisors, but also check them on historical data before using, which is another unique feature of using the advisors. Testing is very useful, since it helps to measure the ability and effectiveness of a mechanical trading system on historical data, estimating the chances of future earnings and errors. If you have tested the advisor, and know how it will behave in different market conditions, you can begin trading without needing to intervene. For this purpose, the terminal has a special window where you can also optimize the input parameters of advisors.
Parting Words for Beginners
Beginners may think that trading with advisors is it very complicated. It is not so. After about a month any trader can begin to program their own automated trading system. Even if you are hesitant about trusting your money to a computer program, you can configure the advisor to five sound alerts, which will greatly facilitate your work so that you spend less time on graphical analysis expecting a signal to open and close positions.
You can find lots of advisors on the Internet, but getting a profitable one is very difficult, and using every single one is exhausting and may result in depleting your deposit. That is why you are advised against buying the first advisor you come across. Many advisors demonstrate excellent results when tested on one currency pair, but perform poorly on others. It is better to use the advisor for those instruments that you have tested on.