Robot Trading relieves the stress and strain of the forex traders and is widely known as Expert Advisor in the forex world.
The Expert Advisor (EA), is a written program to work on the MetaTrader platform. It can indicate trading decisions like entry and exit points.It can replace your presence in the place and works for you. Hence the name ‘robot trading’ and the functional capacity depends on the EA and how it is programmed.
The function of the EA is not a limited one and it takes any information available on the MT4/ MT5 platform. The complete automation of your trade is a possible one with the EAs.
It works by processing binary rules i.e. by saying yes or no in decision making.
Hence the experience and the genius in giving the input make the EA, a real robot. Checking the developer before buying, is a must to get the right EA.
Knowing the risk, and proper entry and exit positions are the key points of forex trades. Though robot trading aids complete automation, it can’t replace the human thinking.
Robot Trading Takes Care of Your Presets
It’s like a calculator in the place of paper and pencil, and the expert trading robot does many things really fast. You can feel it helpful only in the heat of the moment.
As for any other product, buyer’s awareness is a must thing in choosing the right EA. You can backtest the product with the previous sessions.
The robot trading has one- up point vs. humans. It has no emotions and follows the preset rules perfectly.
The greed and fear are the emotions which hamper the judgments and many people lose their trades because of this error in judgment.
One more advantage of robot trading is, it processes a great number of parameters at a time, which is an impossible task for any human being.
It also reacts instantly to the market movements than humans and this feature is particularly useful for scalpers.
The robot trading is a perfect safeguard for inexperienced traders as it strictly follows preset rules. It’s also an educational tool for the beginners to study the results.
What’s the Best Robot Trading Tool
The best expert trading robot should incorporate many potential indicators to decide the buy, sell or placing an order in the market.
The indicators used should include technical indicators like Moving Average, Moving average convergence/divergence and fundamental indicators like trends and breakouts.
The EA can take complete control of your account. Based on the preset percentage of risk, it can decide on the balance of your account to put into the trade.
Stop loss, Take profit, Placing the market order, Trailing Stop, Closing all or the particular trades and such trading functions can be done with accuracy and with simple clicks.
The potential EA needs well-defined rules and when the market conditions conform with the set rules, it executes the trade. It works tirelessly and works for 24 hours.
The computer crash, power shut down and slow internet/stopping of internet connection are the problems which affect the benefits you get from EA.
There are four kinds of Expert Advisor available in the market.
- The News Expert Advisor – It functions on the trend settings and the price movements which follow after the big news releases.
- The Breakout Expert Advisor – It opens trade when price breaks through preset resistance and support levels.
- The Hedge Expert Advisor – Places two opposing positions to reduce the loss in one direction and to get the profit in the other trade.
- Expert Advisor Scalper – It helps the scalpers by placing many positions in a single day and doesn’t miss even small profits.
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