So what is an expert advisor and how can it help you? An expert advisor is a program that is used on Meta Trader that someone has programmed to their liking using the included MetaQuotes Language Editor. These expert advisers are often called robots. I am sure that you have heard of the trading robots that people have used to make crazy amounts of money. Well that what we are talking about here but the thing is they are not magic or programs made by some genius. You see, we traders all have a way that we like to trade with certain guidelines and what a robot allows us to do is program it to trade like we would which brings me to number one.
- Robot can trade on its own. By programming the robot to trade our system for us it allows us to trade 24 hours a day without us having to tediously watch charts and waiting for that perfect moment to place a trade. I know I have wondered how much more money I could make by trading more often and for more hours. There is just no way I can trade any more due to my personal life. We have jobs or family that requires us to spend time away from our trading accounts. By using an expert advisor we can now trade as often and as long as we like.
- Human emotion is removed. By using a robot we remove the human emotion involved with trading. How many times have you stayed in a trade hiring it would turn around and it never did. Finally you either got out of the trade losing more than you should have or you just killed you account. Another way emotion could have hurt you is by your fear of losing you exited a profitable trade way too early missing out on valuable pips. By using an expert advisor we eliminate the human emotion and trade exactly to our trading systems.
- Strategy Tester to verify our trading systems. By using a robot we can fine tune out trading strategy for maximum profit. If you had ever wondered if you had only done this one thing different then you could have made a better trade then this is for you. With an expert adviser you can change the variables of your system one by one and perform back tests to see the different outcomes. Also sometimes we like to make adjustments to our trading strategies but they take weeks or months to verify their profitability. With an expert advisor we can make our changes in minutes.
- Eliminate cheating on the brokers side. Have you ever surprised when you enter you stop loss or take profit that the broker is cheating you. I mean how do you know where the currency is really trading? Different brokers may receive information differently or maybe the spread gets adjusted in the favor of the broker. The answer is we do not know and some traders prefer not to enter a stop loss for this reason. This can be dangerous. With a robot it can enter stop loss and take profit on the order however it can be programed to close the trade on its own settings that would be your custom setting that the broker does not see. So now your can trade in stealth mode.
- Unlimited indicators and have the math done for you. By using an expert advisor it can use as many indicators you want. When I'm looking at my charting software sometimes i will keep putting up more indicators and look for that signal to enter a trade. Well the problem is that I can only have so many on my screen at a time and still make out what it is I'm looking at. With a robot I can have it use as many as I want and never miss that signal to enter a trade. Also It can calculate anything I want it to leaving me to worry about other things.