Expert Advisors and Automated Trading
What is an Expert Advisor?
An Expert Advisor (EA) is an automated or robotic software program that is designed for use specifically with the Meta Trader 4 (MT4) platform. In other words, EA's will not work with other broker platforms. Therefore, you must have an account with a broker that provides the free MT4 platform. The immediate attraction of an EA is that it will basically trade for you.
To use martial arts jargon, the Expert Advisor is an “extension” of the trader. If you have a full-time job, you can still "trade" the Forex by allowing the EA to do all the work! Most EA's are marketed as "set and forget" programs. If you are already a manual trader, you can use EA's to supplement your trading and get added results without having to spend any more time in front of charts and your computer. In fact, almost any manual strategy can be converted to an Expert Advisor.
Gallant FX offers the ability to design your own EA and then collaborate with us to develop it. It is important to note that the "set and forget" approach is very risky. A better idea is to monitor the EA's to make sure that they are working properly during each trading session. Checking the Experts and Journal entries in MT4 is helpful in accomplishing this monitoring. Every action that the EA takes is recorded in these daily logs.
Be sure to check out Gallant FX’s video tutorials for additional helpful information. "Set and forget" is really "set and monitor"! The best way to do this is by using a Virtual Private Server (VPS). A VPS keeps you connected 24/7 regardless of whether your own PC is on or off. This gives you the ability to access your accounts from ANY computer, enabling you to monitor your accounts from literally anywhere in the world. Your MT4 platforms and EA’s are uploaded to the VPS and mostly have 100% up time.
This protects you against lost Internet connections and power outages. Further, the software is protected from piracy, giving you the client added peace of mind. When trading live, not having a VPS can lose you real money. Therefore it is a must have option for anyone trading with a live account. Gallant FX provides the perfect VPS solution and details are available in the VPS section of this site. To sum up, EA's are a great tool for the MT4 trader but it is vital that you are aware of their proper use.
Be sure to carefully read the instruction manual that comes with the EA. Proper settings are vital in getting the best possible results. It is also a good idea to test any EA first on a demo account to be completely familiar with its operation before trading live.
