![]() Some traders exclusively use EAs and choose not to engage in discretionary trading. While the thought of an automated computer program telling you when to enter or exit trades sounds like it could be beneficial to your profits, it is not a foolproof strategy and caution is always advised.ĮAs are widely used in the forex trading community. One of the benefits of using a forex robot is removing the trading psychology out of the equation which is sometimes detrimental to a trader's performance. Over time, a vast number of EAs have been built for MT4. MetaTrader remains the most popular trading software for traders and most EAs were built using the MQL scripting language. What is a forex trading robot?Ī forex trading robot - also known as an expert advisor - is a trading program designed to help traders by generating signals when to buy or sell a specific currency pair. In this article, we will discuss exactly what a forex trading robot is, what to consider when looking for one and the advantages and disadvantages of using a robot to help you trade forex. These robots use computer algorithms based on a pre-set signal criteria that help determine the best price in which you should buy or sell a currency pair. In the world of forex trading, a forex robot or 'expert advisor' is a program which traders install onto their trading platform in order to execute trades automatically. ![]()
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