In the world of forex, EA is an expert who advices about trading, a software program that allows
you to know when to trade or, sometimes, the program starts and trades automatically
according to previously recorded instructions.
EA is a shortening for an Expert Advisor. An algorithm which makes something.
Initially, it was introduced with the metatrader trading platform. Now available with MT4 and MT5
versions. Today, EA may be considered as Algo in general. A trading robot.
EAs may execute human trades, give / send information of your account, make trades based on
defined trading rules. Most people expect to trade round the clock with the smallest timeframe
to get 2–5 pips profit for each trade with thousands of trades.
To profit from forex (trading in foreign currency), do technical analysis, perform basic and
substantial analysis, follow the news, and connect and one monitor to monitor the price charts.
Almost every operator understands that it is very difficult and can lead to losses and profits.
This realisation came with automated trading technologies that facilitate trading and increase
the probability that you will get more profits. EA trading in forex can suggest multiple variations
at once that you can never imagine. It has the ability to evaluate these variables and different
pairs of values simultaneously.
It doesn’t matter how intelligent you are but you can’t work the same way. If you are using your
registered EA, be prepared to resort to the variables from time to time. Market trends will change
from time to time, so the program must proportionate to the necessary changes. Remember that
the EA trading in the forex market is highly unregulated and vulnerable to scammers if you are
using a consultant from a company or someone else.
In order to start using an EA the user can choose one of two options; he can purchase one on the
MetaTrader4 market, or he can choose to create his own. To produce the trading robot, each trader
can develop, program and compile it on the MQL MetaEditor. Using past trading experience, traders
can define which market conditions, based on various indicators and technical analysis elements,
will result in trade opening, or will close positions.