In the field of forex trading, an EA is an abbreviation for an Expert Advisor. It is a program installed on a trading platform to offer automated trading. The EA is programmed by an expert or trader to follow specified codes or instructions in every trading session. The software is one of the latest technologies adopted in forex trading to help traders overcome the challenges and limitations of human beings in trading. They have become popular with the name bots due to their effectiveness in the money trading sector.
What Does EA Mean in Forex Trading
In the past, traders relied on manual methods to predict the future behavior of forex markets. They would gather large amounts of historical data, analyze it and generate reports to help them make trading decisions. This method was doomed to fail due to the many errors and limitations that come with human beings. To get a solution, software developers created a platform that would do the bulk of the complex activities of collecting, analyzing data, and generating reports. The EA system is automated and works without human assistance.
The software works 24/7 to generate reports and send trading signals and warnings if it anticipates losses. Some of the EAs can be programmed not only to generate signals but also to initiate buys and sells whenever it identifies an opportunity. One of the EA that offers traders such an advantage is the EA from ForexStore. The store offers traders a wide range of EAs that have been tried and tested for many days. They assure traders of continuous profit generation because they are stable and reliable.
Features of a forex EA
Developers of forex EAs create them with some of the best features that offer traders continuous trading benefits. It presents the following features.
- It is autonomous: An EA only requires proper programming once it is bought. After that, it works without the need for human assistance. The user may change its programming if they want to.
- It works 24/7: Forex advisors proved to work better than human beings. People get tired and require to sleep, rest, or do other chores. The EA is a program that works 24/7 without requiring rest.
- It is emotionless: The reason why many people lose in trades is that they can be controlled by emotions. The forex does not have emotions like human beings, so it can never make a trade based on feelings.
- Trades on MT4 and MT5 platforms: Forex advisors trade on MT5 and MT5 platforms. Traders do not need different EAs for each platform.
- Works with any broker: A forex advisor works with any type of broker. Traders do not need to struggle to search for a broker who can accept the use of the software.
How does an EA work?
The EA uses scripts developed by a programmer to fit any forex trading scenario. After buying, users need to consult with a programmer to program it for them based on their needs. The user may decide to do the programming themselves if they have some experience. Once programmed, it is then launched on the MT4 or MT5 platform. The trader loads his account with money and clicks the start trading button. The software works based on its programming and generates trading reports after each session or depending on how it has been programmed.
Where to buy an EA
Traders can buy a specific EA from its developer, but they need to confirm if the developer is still offering support. Another good place to buy an EA is from a forex store, where they can get a wide range of options. The store may contain over 100 forex EAs to shop and buy the best choice. EA stores offer continuous support and other important resources.
An EA in forex trading is software used to offer automatic trading advantages on the MT4 and MT5 platforms. The software does not need human assistance to trade, and it is not driven by emotions like human beings. They are available in forex stores where traders can choose their best platform from a wide range of products.