EAs, or Expert Advisors, are often referred to as Forex Trading Robots that can allow users to predetermine the conditions and levels that they would like trade in and allow the system to do the work for them. Many consider the decision-making part of trading to be one of the most difficult factors as emotion can often take control. But by having a clear trading strategy in mind before starting to trade, EAs can be programmed to open and close deals on your behalf, taking emotion and human error out of the equation. These are just some of the reasons that make traders download MetaTrader 4.
When looking to use the automated trading feature of EA software, you can pre-set the parameters that you would like to trade under. If these market conditions align, the computerized system will place or close trades according to your needs. By setting EAs into action, traders can save time and let the system do the work for them… However, it is strongly recommended that all Expert Advisors are back tested before being used. Back testing allows you to see how a certain EA or trading strategies would have performed under historical financial data. Whilst this is recommended, it is also worth noting that past performance is not a reliable indication of the future of any given financial market.
Key Advantages of using EAs on MetaTrader 4
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