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Metatrader Expert Advisor Types

There are numerous types of Metatrader expert advisors out there to choose from. In this section we will mention the different types in the marketplace.

The most common element to Metatrader expert advisors is that they are mathematically based, and use different types of algorithms. Most Metatrader expert advisors are very flexible and can include different types of trading strategies such as hedging strategies, reverse martingale strategies and many more so some overlapping can occur between these categories.

There are three main classifications of Metatrader expert advisors: Classic expert advisors, advanced expert advisors and the third classification is divided to: news, breakout, hedge, and scalper and adaptive.

News based EAs – This type of Metatrader expert advisor is based on news announcements. The main idea is they attempt to capture profits based upon large spikes in price due to an economic announcement.

Scalping based EA – Scalping based systems are trying to capture small amounts of profit, often in frequent intervals. This is one of the most common Metatrader expert advisor types. You have to be careful though, not all brokers will allow scalping. Some of the Metatrader expert advisors that fall into this category have been designed to “hide” their pending orders so that the broker has no idea that a scalp is about to happen.

Breakout System – Some systems are based upon a break out of current consolidation, meaning that they identify when a price of a certain currency pair breaks through a specific support/resistance level and capitalize on them.

Hedging EAs – These types of systems open two opposing positions that are set to minimize the potential loss on the “wrong” one, and maximize the profit on the successful one. Many Metatrader expert advisor systems are based upon this kind of strategy, as hedging is one of the oldest strategies out there.

Adaptive EA – This is a new type of Metatrader expert advisors. The majority of the EA are based upon neural networks that give them the ability to process data “like” human traders and giving them the ability to react and adapt to different market conditions.

Support and Resistance EAs – These are the “classic” Metatrader expert advisor type, as they have been around the longest. They basically will buy at support areas, and sell at resistance areas. A lot of the Metatrader expert advisors in this category also employ trailing stops to maximize your profits.

Advanced EAs – These Metatrader expert advisors typically are capable of trading multiple currency pairs while simultaneously monitoring several different time frames. This gives the ability to recognize all layers of the trend, allowing the trader to take advantage of shifts in market behavior.

As you can see, there are a lot of types of Metatrader expert advisors you can choose from. You must remember that not all Metatrader expert advisor systems are the same. You will have to choose EA that will suit your trading needs.
We advise you to read the forex experts advisor reviews in our home page and run tests on the demo account of the expert advisor you choose.

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Do Expert Advisor Work?

 

Sooner or later, traders will ask the question of whether or not expert advisors work. The concept of an automated piece of software making us money is captivating, and makes the imagination run wild as to the possibilities of purchasing the best Forex expert advisor out there and start making money.

The truth is that it all seems too good to be true. Imagine loading a program onto your computer, and making steady gains from it! The fact is that they do work, and the best Forex trading advisors can rapidly increase your account’s bottom line. Most of the systems aren’t actually completely hands free though. Often, even the best Forex expert advisor systems need to have their settings adjusted. Many times this is very easy to do, and self-explanatory. Just like with manual Forex traders, some market conditions call for an adjustment to entry and exit orders. The best Forex expert advisors are pretty good at this, but it is still a program, no matter what, and cannot differentiate between differing types of crowd psychology. (i.e. The marketplace.) For example, you may set your stop loss orders at different levels for a range bound market as opposed to a trending one. The best Forex expert advisors can sense this change for you, but will still need to be adjusted slightly.

Testing of these systems is important in order to understand the correct environments to use them in. Even the best Forex expert advisor will struggle if it’s made to trend trade, and you are using in a range-bound market. You simply must understand the tools you are using. The best Forex expert advisors are multi-faceted, and allow for the trader to adjust to the correct market environment. Some will even have a simple radio button to click to put them in “scalping mode”, as an example.

While some traders will never believe it, the best Forex expert advisors can have super-charged returns, with some more than doubling the account every year. Also, there are several systems out there that have several years’ worth of results backing them up. Some of the best Forex expert advisors have over 5 years of steady large gains that are proven with live statements.

Some of the world’s largest and most profitable trading institutions are using automated systems, and the commercially available expert advisors are simply a natural extension of this as the small retail trading will be looking to “catch up” to these hedge funds and banks that are trading using their own automated systems. Because of this, we will only see the popularity of expert advisors grow in the future.

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How to Choose The Best Expert Advisor

There are numerous types of Metatrader expert advisors out there to choose from. In this section we will mention the different types in the marketplace.

The most common element to Metatrader expert advisors is that they are mathematically based, and use different types of algorithms. Most Metatrader expert advisors are very flexible and can include different types of trading strategies such as hedging strategies, reverse martingale strategies and many more so some overlapping can occur between these categories.

There are three main classifications of Metatrader expert advisors: Classic expert advisors, advanced expert advisors and the third classification is divided to: news, breakout, hedge, and scalper and adaptive.

News based EAs – This type of Metatrader expert advisor is based on news announcements. The main idea is they attempt to capture profits based upon large spikes in price due to an economic announcement.

Scalping based EA – Scalping based systems are trying to capture small amounts of profit, often in frequent intervals. This is one of the most common Metatrader expert advisor types. You have to be careful though, not all brokers will allow scalping. Some of the Metatrader expert advisors that fall into this category have been designed to “hide” their pending orders so that the broker has no idea that a scalp is about to happen.

Breakout System – Some systems are based upon a break out of current consolidation, meaning that they identify when a price of a certain currency pair breaks through a specific support/resistance level and capitalize on them.

Hedging EAs – These systems will open two separate and opposing positions that are set to minimize the loss on the “wrong” one, and maximize the profit on the successful one. Many Metatrader expert advisor systems are based upon this kind of strategy, as hedging is one of the oldest strategies out there.

Adaptive EA – This is a new type of Metatrader expert advisors. Many of them are based upon neural networks, making them “think” like human traders and giving them the ability to react and adapt to different market conditions.

Support and Resistance EAs – These are the “classic” Metatrader expert advisor type, as they have been around the longest. They basically will buy at support areas, and sell at resistance areas. A lot of the Metatrader expert advisors in this category also employ trailing stops to maximize your profits.

Advanced EAs – These Metatrader expert advisors typically can trade multiple pairs at the same time, while monitoring several different time frames as well. This gives the ability to recognize all layers of the trend, allowing the trader to take advantage of shifts in market behavior.

As you can see, there are a lot of types of Metatrader expert advisors you can choose from. You must remember that not all Metatrader expert advisor systems are the same. You will have to choose EA that will suit your trading needs.
We advise you to read the forex experts advisor reviews in our home page and run tests on the demo account of the expert advisor you choose.

Posted in Quick Start GuideComments Off on How to Choose The Best Expert Advisor

Expert Advisor Download In 3 Easy Steps

In order to get the very best out of Forex trading, you should consider using an expert advisor. An Expert advisor can be installed easily and quickly, allowing you to begin trading right away. Using your expert advisor download doesn’t take a lot of computer know how, as it is largely automatic.

Expert advisor downloads are quick, efficient, and safe. They allow for easy installation as well as use. Some expert advisor downloads are programs that run themselves completely. These are by far the most “hands off” systems out there.

There are three important steps you must do to use your expert advisor.

Download and installation – First you must go and purchase your expert advisor. There are many to choose from, so once you decide the right one for you, it is time to install it. Many of these include trial versions that only work on demo accounts in order to “test out” the system. Expert advisor downloads typically are quick, and only require you to click “Install” or “Download Now”, and of course, “Run” when it’s time to finalize the installation. Once you do this, your expert advisor download should be up and running on your platform.

Hardware Requirements – Certain hardware requirements are going to be needed with any program, and an expert advisor download will be no different. Normally it comes down to disk space requirements. Luckily this is normally not an issue, as your expert advisor download should not be that big of a program. It should be noted that Java is almost always required to be on your computer as well. Luckily, it is a free piece of software available from Sun Microsystems.

Payment for expert advisor download – Most expert advisor downloads are paid for online, making it convenient to purchase the program. Payments are only made through trusted systems like PayPal and ClickBank, which provide another layer of security for your financial information online. Once paid for, your expert advisor download should help turn your PC into a money-making machine.

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