A guide to Expert Advisors and Automated Trading Systems

Expert Advisors (EAs) are special trading programmes that can be used on the MetaTrader 4 platform to assist you with your trading decisions. These trading programmes allow you to maintain a particular trading strategy according to a predetermined set of trading parameters. In simple terms, you can use EAs to monitor movements in the market and perform buy or sell trades automatically according to the strategy that you have chosen. The use of Expert Advisors is generally limited to the MetaTrader 4 platform however there is an array of other trading systems which work in a similar fashion.

 

Where can I get an Expert Advisor

If you decide that an EA is a suitable product to use within your investment strategy then there are several ways that you can get your hands on a strategy to suit your needs.

 

Create your own EA

Although designing your own Expert Advisor is significantly harder than using one from ready made EAs, the benefit is that you can customise your own EA to your exact trading requirements. Creating your EA will be difficult if you do not have a high level of technical knowledge and you will need to understand MetaQuotes Language 4 (MQL 4). Please refer to www.metaquotes.net for more information.

 

Buy an EA on the Internet

There are hundreds of different EAs available from a host of reputable companies on the internet and whilst IMMFX does not endorse the use of any in particular, there does seem to be some excellent EAs available at relatively low costs to the end user. You can buy the programme and install it into your MT4 platform very quickly, meaning you can be trading within minutes. It is important that you understand what strategy your EA is running and therefore we always recommend that you only use EAs which are in line with your risk profile.