EA stands for Expert Advisor and this slightly confusing name is applied to robots built on the Metatrader 4 platform, which is probably the most popular way of writing automated trading software.

Some brokers and forex market makers have based their client software platforms on Metatrader 4, which makes it simple to program a robot to interface with them.

The existence of platforms like Metatrader 4 means that a technician can create a robot without having to build everything from scratch with raw code. Traders who are technically minded can enjoy the challenge of automating their own forex trading systems by building their own EA on the MT4 platform . It is also possible to hire a programmer to do this for you, but traders who are protective of their systems rate it an advantage to be able to do this themselves without revealing the secrets to anybody else.

There are also a large number of pre programmed Expert Advisors available for purchase. In most cases these are purchased online through the internet retailer Clickbank. After your purchase you will be directed to a download link where you can download the software instantly at any time of day or night, and also gain access to documentation, support, installation instructions, etc.

Many people are reluctant to trust a robot to trade for them with real money. It is good to be cautious. Fortunately, the demo accounts provided by most brokers are ideal for testing out your software before you go live. A good tip is to operate your robot in demo mode for around 6 weeks before deciding whether you want to keep it and go live with it.

When ordering forex EA online, always check that there is a guarantee. This allows you to set up and test the robot in demo mode at no risk. If you cannot get it to work, you can get a refund. However, do not give up too soon. Be prepared to spend a little time understanding the robot and its settings.

Patience and discipline are very important qualities for a successful forex trader, and this is just as true when dealing with automated forex trading systems as it is in manual trading.

It is important to understand the difference between Clickbank, which is like the store where you buy the product, and the product developers who will provide technical support. All questions regarding installation and settings should be directed to the product developers, through the support link that you will certainly be given in the documentation.

However, if you need a refund, you should apply to Clickbank for that. Some buyers ask for a refund from the technical support site, which is kind of crazy. They didn’t take your money so they can’t give it back to you. Remember, Clickbank are the store that accepted your payment. They offer an 8 week guarantee and they will always refund you very fast if there is a problem. This is an important tip to remember when you are buying forex EA

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Forex EA Tips And Tricks is a post from: Great Forex World

That might be a surprising statement. You can probably imagine that a trading system, which depends on the trader to put it into practice successfully each time, could have very varied results for different people. The assumption is often that robots either work or they don’t, and that they will work in the same way for everybody, so that all users make the same profit at all times. But in fact this is not true.

In broad terms of course most traders’ results will follow peaks and downturns at approximately the same time if they are using the same software, but surprisingly, the actual results can be quite different. In fact in some of the expert advisor forums you can find two people using the same EA and one is making a profit while the other is making a loss. So why is this?

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There are several factors that contribute to the discrepancy. First, there is the question of currency pairs. Most expert advisors have the potential to work with several currency pairs and they will not always perform equally well with all of them. You can often get better results by concentrating only on the pair or pairs that are the most successful. Expert advisor reviews can be great for working out which are the best pairs to trade.

Second there is the question of settings. This is the most common question in forums, on blogs and to EA support staff: what are the best settings for this robot? It is a little like the quest for the best system: it is almost impossible to evaluate. The permutations are almost infinite and what would have worked best last month will not necessarily work best next month.

Generally, the safest option is to follow advice on settings from the company’s own information, but in some cases you may pick up useful tips from expert advisor reviews and user websites. Remember though not to trust everything that you read, and always test new settings before going live.

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Fourthly, risk management makes a huge difference to whether you can sustain profits in the long term. If your risks are too high, then even an EA that is profitable can wipe you out. This often happens to beginners. Remember that even the best EA (like the best human traders) will have losses and losing runs. It is vital to set your risk low enough that you can survive the bad times.

Finally, it makes a difference which broker you use. Some will have higher costs, some may operate in a way that tends to trigger stop losses more often, and so on. The EA will usually come with information about which brokers you can use, but that is often based solely on technical compatibility of the software. Forex robot reviews and users will sometimes recommend particular brokers for their quality of service, and that can be helpful.

So EA reviews certainly have their uses, even though no reviewer can guarantee that another individual will have the same experience with the robot. So do seek out feedback from those who have had a chance to use and analyze the software, but be aware that you will not necessarily achieve the same results. It is important to read expert advisor reviews carefully to assess whether a particular EA is likely to suit your individual case.

Trusted Expert Advisor Reviews? is a post from: Great Forex World