MetaTrader EAs or Expert Advisors are programmable trading strategies which operate within the MetaTrader trading platform. Over the recent years they have become increasingly popular, resulting in more traders choosing to use an automated forex system to trade with.
MetaTrader EA's are popular, because if you have a profitable forex strategy or system, and programme that system into an EA or Expert Advisor, then you can have the EA run 24 hours a day on your PC through your MetaTrader broker's trading platform, and you will do not have to monitor your positions on a constant basis. This is very convenient for the busy professional who does not have the time to be online checking and following after the current forex news.
There are literally thousands of different Expert Advisors to choose from. Many are freely available to download from forex forums such as the Forex Factory, whilst some MetaTrader EAs are commercially available for a fee. Be sure to thoroughly backtest a MetaTrader EA if you just download it for free from a website, as you will not know how profitable or robust it is. The same is true for a lot of commercial EAs aswell, so whatever EA you end up with, backtest it extensively before committing live funds to a trading account.
Always test them out on a free demo account. Each EA runs on different strategies ranging from one direction trading, scalping, and other interesting strategies (Martingale etc) which are based on various market interpretation of the current trend.
If you run several Metatrader EA's simultaneously, you might find that your PC is not quick enough to process all of the trades. What most forex traders will do is run their MetaTrader experts via a forex hosting service, such as Forex VPS or Forex Hoster . This gives the trader additional comfort, knowing that he does not need his laptop or PC on in order for the EA to operate, and will suffer from any power outages or internet connection problems....
MetaTrader EA's are popular, because if you have a profitable forex strategy or system, and programme that system into an EA or Expert Advisor, then you can have the EA run 24 hours a day on your PC through your MetaTrader broker's trading platform, and you will do not have to monitor your positions on a constant basis. This is very convenient for the busy professional who does not have the time to be online checking and following after the current forex news.
There are literally thousands of different Expert Advisors to choose from. Many are freely available to download from forex forums such as the Forex Factory, whilst some MetaTrader EAs are commercially available for a fee. Be sure to thoroughly backtest a MetaTrader EA if you just download it for free from a website, as you will not know how profitable or robust it is. The same is true for a lot of commercial EAs aswell, so whatever EA you end up with, backtest it extensively before committing live funds to a trading account.
Always test them out on a free demo account. Each EA runs on different strategies ranging from one direction trading, scalping, and other interesting strategies (Martingale etc) which are based on various market interpretation of the current trend.
If you run several Metatrader EA's simultaneously, you might find that your PC is not quick enough to process all of the trades. What most forex traders will do is run their MetaTrader experts via a forex hosting service, such as Forex VPS or Forex Hoster . This gives the trader additional comfort, knowing that he does not need his laptop or PC on in order for the EA to operate, and will suffer from any power outages or internet connection problems....
