{"id":4449,"date":"2008-09-05T02:53:14","date_gmt":"2008-09-05T07:53:14","guid":{"rendered":"http:\/\/magic1host.com\/blog\/2008\/09\/05\/forex-trading-software-the-expert-advisor\/"},"modified":"2008-09-05T02:53:14","modified_gmt":"2008-09-05T07:53:14","slug":"forex-trading-software-the-expert-advisor","status":"publish","type":"post","link":"https:\/\/magic1host.com\/blog\/?p=4449","title":{"rendered":"Forex Trading Software – The Expert Advisor"},"content":{"rendered":"
by Linda Galla<\/div>\n

Expert Advisors are quite sophisticated software tools used in forex trading. The advisor is designed around a specific set of algorithms, and excutes trades from your trading platform.<\/p>\n

Most forex traders fail because they succumb to the human emotions of greed and fear. Trading with an Expert Advisor removes these emotions from trading. They are logical.<\/p>\n

So often a trader will hold on to a trade in an effort to grab that last pip of profit even when his\/her logical mind says to exit. Conversely, many times a trade is exited prematurely out of fear, leaving profits on the table. The Expert Advisor has a plan, sticks to it without regard to outside influences, and does this 24 hours a day during market hours.<\/p>\n

The Expert Advisor watches the market for you and will execute trades based upon predefined parameters. Unlike a human, it is also capable of monitoring indicators, support and resistance levels, and many other factors in multiple timeframes and making immediate decisions. <\/p>\n

Today’s market offers quite a variety of Expert Advisors in a wide range of prices. There are so many factors to consider; for example are they currency specific? Are they timeframe specific? Do they attempt to predict trends or do they follow them? What about risk management? Most I’ve seen recommend 2-4% risk, but there are some out there that are low risk (1-3%). Do they support stop losses or do they continue to hold a trade – even thru downturns – until a profit is achieved?<\/p>\n

As you can see, there are many factors to be considered when purchasing an Expert Advisor. Some other things you’ll need to know are what trading platform(s) the EA will run on, whether or not you can run multiple EA’s on one account, and whether or not it can be used with a mini account.<\/p>\n

Before purchasing your Expert Advisor, there’s one more point to consider. When trading with an EA, it makes your trading decisions, and it resides on your computer. Once a trade is initiated, the trade is in the hands of your broker. If the power goes out in your area, or if your computer dies, you will have an unmanaged open trade.<\/p>\n

In areas prone to power failures, it might be wise to consider opening a VPS (virtual private server) account and running your trading platform from there. This way, you wouldn’t have to worry about crashing computers or power outages because your trading platform wouldn’t be running from your computer. There is also an added benefit in that it would be accessible from any internet-connected computer.<\/p>\n

More and more traders are relying on Expert Advisors to do their trading. Do some research, get all your questions answered, and you should have a very successful trading experience.<\/p>\n

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About the Author:<\/div>\n
If you’re interested making money with forex trading, please visit Forex Trading Tips<\/a> to discover a proven set-and-forget approach to currency trading using this impressive Expert Advisor<\/a>.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Expert Advisors are quite sophisticated software tools used in forex trading. The advisor is designed around a specific set of algorithms, and excutes trades from your trading platform.<\/p>\n","protected":false},"author":1943,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[77],"class_list":["post-4449","post","type-post","status-publish","format-standard","hentry","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4449","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1943"}],"replies":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4449"}],"version-history":[{"count":0,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4449\/revisions"}],"wp:attachment":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}