Forex EA Tips And Tricks
What is a forex EA? Simply put, it is an automated trading system, also known as a forex robot. It is software that will interface with your account to trade automatically on your behalf.
EA stands for Expert Advisor and this slightly confusing name is applied to robots built on the Metatrader 4 platform, which is probably the most popular way of writing automated trading software. Some brokers and forex market makers have based their client software platforms on Metatrader 4, which makes it simple to program a robot to interface with them.
The existence of platforms like Metatrader 4 means that a technician can create a robot without having to build everything from scratch with raw code. Traders who are technically minded can enjoy the challenge of automating their own forex trading systems by building their own EA on the MT4 platform. It is also possible to hire a programmer to do this for you, but traders who are protective of their systems rate it an advantage to be able to do this themselves without revealing the secrets to anybody else.
There are also a large number of pre programmed Expert Advisors available for purchase. In most cases these are purchased online through the internet retailer Clickbank. After your purchase you will be directed to a download link where you can download the software instantly at any time of day or night, and also gain access to documentation, support, installation instructions, etc.
Many people are reluctant to trust a robot to trade for them with real money. It is good to be cautious. Fortunately, the demo accounts provided by most brokers are ideal for testing out your software before you go live. A good tip is to operate your robot in demo mode for around 6 weeks before deciding whether you want to keep it and go live with it.
When ordering a forex EA online, always check that there is a guarantee. This allows you to set up and test the robot in demo mode at no risk. If you cannot get it to work, you can get a refund. However, do not give up too soon. Be prepared to spend a little time understanding the robot and its settings. Patience and discipline are very important qualities for a successful forex trader, and this is just as true when dealing with automated forex trading systems as it is in manual trading.
It is important to understand the difference between Clickbank, which is like the store where you buy the product, and the product developers who will provide technical support. All questions regarding installation and settings should be directed to the product developers, through the support link that you will certainly be given in the documentation. However, if you need a refund, you should apply to Clickbank for that. Some buyers ask for a refund from the technical support site, which is kind of crazy. They didn’t take your money so they can’t give it back to you. Remember, Clickbank are the store that accepted your payment. They offer an 8 week guarantee and they will always refund you very fast if there is a problem. This is an important tip to remember when you are buying a forex EA.
