Inexperienced beginners are always interested in finding an Expert Advisor that does all the work, so that the investor does not have to lift a finger. This idea has been pursued by all investors of the computer age. The burden of responsibility for decision making, which wears out a investor`s nerves, now falls squarely on the automatic forex expert advisors.
The forex expert advisor is a program capable of performing in the terminal any action following the instructions of an investor, without his direct involvement. All tasks are performed automatically or mechanically, which is why the advisors are called experts or mechanical trading systems (MTS). Simply put, this is a program sending applications to a broker without any intervention on the part of the investor. You install a profit forex expert advisor to the existing forex online platform, which is connected to the server broker, adjust all the settings, and the advisor will begin investing according to a preset strategy.
From a psychological point of view, the forex expert advisor is irreplaceable. An investor decreases the responsibility for decision-making, and the investment operation become less stressful. The investor does not need to have an in-depth knowledge of technical and fundamental analysis, since all the calculations are already included in the program. Besides, the advisor is able to handle the investment signals even when the investor is absent from the workplace.
Forex Expert Advisors for MetaTrader 4 are written in the MQL4 programming language. This language was developed by the manufacturer of the terminal specifically for writing expert advisors. It allows the investor to program the investment system without any difficulty, which will invest in online mode day and night. Programmers familiar with this language will not have any difficulty in doing the job. For ordinary users this will be a more difficult task.
You can create your own technical indicators for more effective work by the advisors. They will be a great addition to the existing indicators in the MetaTrader4 terminal. The purpose of using advisors indicators is to implement analytic functions and generate investment signals.
The MetaTrader 4 terminal has several built-in expert advisors. They have the function of an independent investment system and dub the investment signals. They are very popular among beginners and were created specifically to demonstrate the abilities of programming the MetaTrader 4 Client Terminal.
The possibilities in creating your own advisor are simply dazzling. You can set various orders by price and time, automatically open the counter orders, etc. These programs are able to replace the investor at their workplace.
The terminal can not only write advisors, but also check them on historical data before using, which is another unique feature of using the advisors. Testing is very useful, since it helps to measure the ability and effectiveness of a mechanical investment system on historical data, estimating the chances of future earnings and errors. If you have tested the advisor, and know how it will behave in different market conditions, you can begin investing without needing to intervene. For this purpose, the terminal has a special window where you can also optimize the input parameters of advisors.
Beginners may think that investing with advisors is it very complicated. It is not so. After about a month any investor can begin to program their own automated investment system. Even if you are hesitant about trusting your money to a computer program, you can configure the advisor to five sound alerts, which will greatly facilitate your work so that you spend less time on graphical analysis expecting a signal to open and close positions.
You can find lots of advisors on the Internet, but getting a profitable one is very difficult, and using every single one is exhausting and may result in depleting your deposit. That is why you are advised against buying the first advisor you come across. Many advisors demonstrate excellent results when tested on one currency pair, but perform poorly on others. It is better to use the advisor for those instruments that you have tested on.