Forex Expert Advisor

Automation in the age of technology is what fortunes are made of. An expert advisor is such automation. It saves valuable time, dispenses less energy and affectively makes it less expensive to make trades. In trading, more factors are involved when deciding to automate. A trader needs to spend time, energy and money to trade. But he (or she) also has to trigger in all the psychological factors that makes or breaks him as a trader.

Not all have the inclination, or patience to learn professional trading. Some who do have the talents simply don't have the time. But even capable full-time traders have to battle with greed, fear, lack of confidence or inconsistencies that turn profits into losses. The biggest enemy to the trader it seems - is the trader himself.

Robots automate without having psychological or emotional issues like humans do. In trading, robots are called expert advisors or EA for short. Expert Advisors are programmed by its creator to enter and exit positions under certain conditions, and/or at what size. The algorithm used to enter or exit a market can be simple or complicated. What's important is, it helps you trade while you are busy elsewhere.

There are many expert advisors available out there. Free expert advisors may take lots of modifications and experimentations before they become useful. So you need to test diligently on a demo account before you work it on a live one. Always always always demo an expert advisor. You don't want nasty surprises with your real money.

Expert Advisor Download and Installation in Meta Trader

• Install metatrader platform.
• After installation, save your expert advisor file (it may come source-coded with an .mq4 extension or hard-coded with an .ex4 extension) to the Metatrader Expert Directory: C:\Program Files\Your Broker\Experts\
• Open a chart of any currency pair you want to test the expert advisor on.
• Open the left-menu navigator, click on "Experts' and double click on your expert advisor.
• The expert advisor window will open, and from here you can modify the parameters of the expert advisor if you want to. Click on custom and tick 'Allow Live Trading' to activate the expert advisor. Click ok. You will see a smiley face on the top-right corner of your chart, which means your expert advisor has been activated. A sad face means your expert advisor is not activated. Check that the 'Expert Advisors' button on the top menu is pushed. To open the expert advisor window again, just click on the face.

Expert Advisor Window appears after the Expert Advisor (EA) is dragged from Navigator to main chart.