Using a Metatrader Expert Advisor
Utilizing a Metatrader expert advisor provides you with the opportunity to automate the process of trading the Forex market. Learn how to use expert advisors and what some of the best ones are.
Utilizing a Metatrader expert advisor provides you with the opportunity to automate the process of trading the Forex market. So what what is an expert advisor and why would you want to use one with this platform? Well, an expert advisor isn't some guy looking over your shoulder telling you to "Trade now." Instead, it's a software program that you use to trade your account for you.
One of the reasons that this platform is so popular is because it allows for easy access to expert advisors. The program actually comes with a compiler that lets you create and test expert advisors.
This way, you can see exactly how the program will run once you release it on your account.
The Metatrader platform is user friendly and it makes it simple for you to install expert advisors. When you buy an expert advisor or get it from someone else, it will usually come with an installer. You open the installer and then just choose the "Expert Advisors" folder in the Metatrader directory of your computer. The installer will then put the appropriate files into the right places.
Using the Advisor
After you install the program, it's time to turn that bad boy on and let it do it's thing. Of course, sometimes...this can be a bad thing if the Forex software program completely sucks. If you've got a good program, this is defintely a good thing, though.
Open your platform and on the left side of the screen, you'll see a white section with some different directories that you can click on. This is directly under the list of
Forex currency pairs
on the left. One of the tabs that you can select is "Expert Advisors." Just click that and it will then show you all of the advisors that you have installed. At that point, you simply drag and drop the expert advisor that you want onto the appropriate chart.
After the advisor has been dragged and dropped onto the chart, you should see a smiley face on the top right corner of the chart. This indicates that the advisor is working and doing its thing. If you don't see a smiley face, you might need to click the "Expert Advisors" button on the toolbar at the top. Some advisors also require you to customize the settings or enter a receipt code before they work. To get to the settings, just right-click the smiley face (or sad face). You can then see all of the settings for that particular advisor.
Why Use A Metatrader Expert Advisor?
Using this type of program makes it possible for you to work on other things while your account is being traded. If you're a busy person, this is extremely valuable. Another advantage is that it can sometimes trade better than you ever would manually. The program is likely developed by a professional trader that has implemented a complex algorithm. This makes it possible for you to make money without really being an expert on the market.
Proceed With Caution
As with most things Forex-related, I'm going to give you the standard caveat. You have to be careful when trading with these Forex robots. Before you turn them loose on your account, you need to try them out on a demo account first. Otherwise, there's a good chance you'll end up losing your shirt (not literally...unless you blow your account balance and rip your shirt to shreds in a fit of rage).
This is never as easy as the sales letter makes it out to be. You may have to toy with the settings or only trade during certain times to make sure that you come out ahead.
If you're interested in some of the best programs available, be sure to check out our
Forex software section
for reviews. I've found some pretty decent programs that work well, but I've also found some pretty crappy software. The robot that really got me into trying these programs was FAP Turbo and it really worked well for a while. The problem was that it was so successful and the brokers started to revolt against it. Forex Megadroid is another oldie but a goodie.
Forex Morning Trade is a really quality program that is a combination of a manual system and a robot. If you buy the system, he throws in the robot that trades the manual system for you for free. Forex Kangaroo, Million Dollar Pips and Smart Trader by Windsor Park FX are some other good ones that I've come across.
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