If you are new and use meta trader platform for your charting software, you probably heard about EA’s or expert advisors. These are imported into a chart to help the trader confirm a trade or even do it automatically for them. EA’s are all over the internet now a days, some free some you have to pay. You can load and save expert advisors, and use them at any time. They place indicators over the current chart to let you know when to enter a trade, this is very useful and a lot of people have them on their charts these days.
Meta trader is the most popular Forex trading platform out there. Its universal meaning it can be used with any popular Forex broker, its also one of the most advanced charting software out there and its FREE. So when someone mentions expert advisors you know they are using MT (Meta trader). EA’s can be customize to a persons like it is fully programmable also, like making your own software (its not as complicated as a programming language).
A lot of expert advisors are being sold online now, most of them are automated which means they do all the trading even while you sleep. They call these mostly robots which are completely legal, Forex has been around a very long time and we have come along way and as the market evolves so do we. Autopilot EA’s sometimes require a large balance in your account or you can simple lower the trade size if you have a small account. They normally enter up to 10 trades at any time, so you have to use money management carefully just as trading normally. You can normally adjust the settings of an expert advisor such as trade size, take profit, take loss, which pairs to trade and even what time frame.
You can check out EA’s online by searching, most of the good ones and auto-pilot ones require payment or monthly fees. Don’t get me wrong there are a few good ones that remain free and they do provide winning trades. I myself have tried a few and with the proper setup I got successful winning trades. Using automatic EA’s also lets you trade while you sleep or on the road even if you’re on vacation, everything is fully automatic and people often call these robots.
I once left one on for 34 days and I profited $5,567 USD, which is pretty amazing for doing nothing at all. This still will not replace traditional trading, because robots are only setup to trade one specific way and even so it can still enter you into a losing trade.