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When it comes to forex exchange, taking the help of a free expert advisor could make a big difference, especially if you are new in this field. An expert advisor can tell you when it is the right time to trade. Not just that, but you can also set the software to execute trades on your behalf.
Expert advisors are widely used within the MetaTrader 5 or 4 trading platforms. You can use an expert advisor to set your trading parameters. Just so you know expert advisors are written in MetaQuotes Language or MQL, which is a type of programming language.
What exactly is an expert advisor?
An expert advisor can be defined as a computer program or software that is designed to automate forex trading. As you already know forex market is open 24/7. But a human can’t monitor the market at all times. This is where the need for an expert advisor comes into the picture.
With the help of an expert advisor, you can execute trades in your absence. All you need to do is set the trading parameters for the software and you are done.
Expert advisors come in handy when you are busy or sleeping. These tools will initiate and execute the trade on your behalf.
Why should use an expert advisor?
If you are into full-time trading, you should take the help of EA. One of the biggest advantages of using an EA is that it removes emotions from trading. What we mean is that it doesn’t let your emotions affect your trading decisions. It will carry out trade based on the set parameters.
Unlike humans, these tools are free of fear of loss. Its only purpose is to make trades on your behalf.
If you depend on forex trading for income, using EA software can reduce your stress levels. With an expert advisor, you don’t have to constantly strain your brain for trading. Just provide your input and let it take care of the rest.
Another big advantage of using EA is that it can consider the variables of several currency pairs at the same time. It is fast and efficient. Due to these reasons, many traders rely on EAs.
Disadvantages of Expert Advisor
Despite all the good things, EAs have certain drawbacks that you need to be aware of. One of the main cons of EAs is that they cannot respond to real-time news. It cannot consider a factor unless it is programmed into it.
If you are trading manually, you can avoid making a bad trading decision after a news release. But an EA won’t care about the news update. It will carry out trades if it is programmed to do so.
So you need to be a bit careful when using EAs for trading. It can lead to both good and bad results depending on how you are using it. Even though it can handle multiple variables at the same time, it can only act in the manner you have programmed it.
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