What is a Forex Trading Robot?
What is the best forex trading robot? What is an expert advisor in forex? You can find lots of forex trading robots all over the internet. But which is the best trading robot? Or should you use expert advisor? In particular, investors who do not have much time during the day are constantly asking me questions about the forex trading robots.
Firstly, let’s talk briefly about what the forex robot is. Forex robots, also known as Expert Advisors, are computer software or programs with the ability of open or close transactions when certain conditions are met. Forex robots remove psychological factors while trading. This may seem to be an advantage but it can also be a disadvantage because trading robots ignore all fundamental factors.
How Expert Advisors Work on MetaTrader 4?
Expert advisors generally build with MetaTrader and they generate signals automatically. Before you buy a trading robot I recommend you to be very cautious and use & try them on demo account if you can.
In fact, MetaTrader 4 already has a few default forex robots in it. If you go to the Navigator tab on the left in MT4 and click on the Expert Advisors section, you will see that two forex robots named MACD Sample and Moving Average are already installed.
You need to drag the expert advisor to the parity you would like it to work on. If auto trading is turned off, it will not work. You will need to open auto trading in order to run expert advisor. After turning it on, EA will start working and open trades when programmed conditions are met.
1- Open MetaTrader 4 and go to the Navigator tab on the left.
2- Click on Expert Advisors tab.
3- Double-click on expert advisor that you want it to run on.
4- If auto trading is turned off, click and open it. You should see a smiley face on the top right corner of the graph window. If it’s appearing, that means your trading robot is working.
Another important point is the time frames. For example, let’s say your trading robot is programmed to open trades when 50 period moving average crosses above 200 period moving average. If you load your robot into the 15-minute chart window, it will open trades by looking at 15-minute charts. And if you load your robot into the 1-hour chart, then it will open trades by looking at 1-hour chart.
Which Forex Robot Is The Best?
There are hundreds, even thousands of robots on the internet. So which robot you should buy? If you are really willing to use trading robots, then let me give you some advice.
You should do detailed research on the internet. Search for different comments on different websites about the robot that you are willing to buy. For example, you can look for comments on popular forex forum sites.
Before you buy a trading robot, ask for the detailed trade history on a real account. And if you bought the robot already, then I recommend you to start trading with nano or micro lots to keep your risk low at the beginning.
And also, when you start using the forex trading robot/expert advisor, you should pay attention to the broker that you want to work with because you can’t use robots on some brokers. I can recommend brokers like FxPro or XM Forex for using expert advisors without a problem.