This introduction for Forex robots or Expert Advisors will give you a good overview of what robots are used for and what their potential really is. Robots do a lot more than just set and forget Forex trading
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This is an introduction for traders that are considering the use of robots to trade Forex and wants to learn what they are all about
We also assume very little actual Forex trading experience and show how EAs can be traded with very little actual trading experience (experience is, however, a big advantage)
• What do Forex robots do
• How do robots work
• Types of Robots
• Where do you find them
• Advantages of Expert advisors
• Disadvantages of Expert Advisors
• Testing robots
• Expert Advisor management skills
• Where to from here
Forex robot automate routine trading activities and decisions that manual traders would do on a 24 hour a day basis.
They are created by automating Forex entry, exit and trade management decisions. You don’t need to sit in front of the charts all day long.
They also apply risk management and account management decisions automatically.
They can also access a huge amount of Forex market information and present it in a format that makes trading decisions easier or automatic
They are basically computer programs specifically created for the MT4 platform that follow coded instructions – they are called Expert Advisors
EA settings are instructions you give to EA on how you want it to trade.
• Some EAs come with default settings that can be used to trade
• Some EAs come with set-files (recorded settings) that you can use
• The best way to find up to date settings for your EA is to optimize and analyze the EA (If you are good at optimizing you don’t need to know how the EA works)
A Robot is your slave – you need to tell it what to do
Types of Robots
1. Trading robots – continuously trading
2. Trading robots – specific function
3. Informational robots
4. Forex trading tools
Advantages of Expert advisors
1. You don’t need to sit in front of the charts all day long
2. Physical benefits: Sleep and eyes
3. No advanced Forex trading knowledge required
4. High level of expertise quick to learn
5. They remove emotion, boredom & psychology from trading
6. Trade many strategies at the same time
7. Scalable
8. Testable over years very quickly
Where to from here?
1. Find a few EAs
2. Experiment with them and learn how to manage them
3. Learn to test and optimize them
4. Demo trade them
5. Build a collection of trading EAs
6. Choose your favorites and trade them
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