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Role of Forex Expert Advisor

If you’re of the opinion that a forex expert advisor is someone you can consult while you trade in forex market, you’re wrong.

  1. A forex expert trader is a sophisticated software tool used for trading in forex.
  2. Its function is to advise forex traders to locate the right instrument to trade.
  3. You can also programme the forex EA to automatically execute the trades on your live accounts.
  4. The programming language used in Forex EA tool is MQL4 or Metaquotes language, version 4.
  5. For a forex investor Metatrader 4 (Forex EA) appears to be the most helpful tool for trading.
  6. Most of the times, it has been observed that investors are emotionally attached to their schemes and hence when they end up making losses, they’re broken at the emotional level and it, in turn, takes a toll on their investing decisions. Thus, a Forex EA eliminates such emotional distress as it is mechanically controlled.
  7. The decisions made by the Forex EA are purely based on a logical basis.
  8. The primary functions performed by a Metatrade Forex EA are money management, cutting down on losses, beginning of new trade, once identified closure of beneficial positions.
  9. When an investor makes his decisions based on emotions, he might want to stick to a particular position expecting profits even when it is showing a declining trend, or may do a premature exit from another postion.
  10. The Metatrader Forex EA sticks to its plan and executes its functions based upon the plan.
  11. Disadvantage – Even though a tool is created to offer you help with decision-making, but at the end of the day, it is the human mind which an do the analysis based upon the facts available. A machine will perform as it is programmed. Therefore, you cannot completely rely on Metatrader Forex EA.