In the world of FX trading, an expert advisor is a program which traders install onto the MT4/5 platform in order to execute trades automatically, based on certain pre-set criteria.
Who is using EAs?
EAs are widely used in the FX trading community. Some traders exclusively use EAs, while others choose to do manual trading and deploy EAs on other trading accounts.
Why are traders using EAs?
What are the disadvantages of EAs?
EAs follow rules, and cannot take into consideration things like change of market sentiment or a major news release that changes the direction of the trend. Furthermore, you should be familiar with the settings of the EA, understand the logic behind it and test it out on a demo before you deploy it on a live account - especially if the EA was not developed by you.
How are EAs built?
MQL4 and MQL5 are programming languages used to develop trading robots, custom indicators and scripts for the MT4 and MT5 platforms. It is supported by MetaQuotes, and there is a large community of developers sharing EAs on their forums.
How to install an EA in MT4?
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