Forex Expert Advisor
Before giving you the 3 reasons to use an expert advisor for trading the Forex market, let's answer this : what is a Forex Expert Advisor ? An expert advisor is an automated system, a program that will trade automatically the forex for you. It is most of the time developed to run with MetaTrader, the trading platform, and is composed of two or three files that you just have to copy in your installation directory. Then, when you launch MetaTrader, you just have to select the expert and apply it to a chart pair, and it will start to analyze the market and trade it.
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Now that you know what is an Expert Advisor, here are the reasons you may want to use one.
1. No need to be a trader.
No real experience is needed to use an expert advisor. Of course, if you want to monitor it yourself or even trade with the expert advisor running simultaneously, you are free to do so. But the advantage to stay away from your computer and do what you want is not negligible. It may be a great choice for investors who don't have time to trade. If your not a trader, you can keep your job and let the expert run when you are not at home !
2. No emotions involved.
That's a fact, trading emotion free is a skill every trader has to learn. Sometimes, we want to enter or exit a trade earlier or later than we should an lose money. The expert advisor is not guided by emotions, only technical analysis.
3. It's cheap.
This is true, some expert advisors cost more than $1,000, however if you compare to the advantages it brings, it's easy to understand that it's not that expensive. The return on investment can be huge. Of course it will have some losing trades, but in the long run the expert advisor will be very profitable. Note that you should always be able to test the expert advisor before buying it.
A good example of Expert Advisor is RobinHood. This expert advisor trades the EUR/USD pair, and have been tested for the Automated Trading Championship 2006 and won 100% of its trade. It costs $299, but it returned a lot more.
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