MetaTrader EAs / Expert Advisors are programmable trading strategies which operate within the MetaTrader trading platform. Over the years they have become increasingly popular, as more traders choose to use an automated forex system to trade with. MetaTrader EA’s are popular, because if you have a profitable forex strategy or system, and programme that system into an EA or Expert Advisor, then you can have the EA run 24 hours a day on your PC through your MetaTrader broker’s trading platform, and you will do not have to monitor your positions on a constant basis.
There are literally thousands of different Expert Advisors to choose from. Many are freely available to download from forex forums such as the Forex Factory, whilst some MetaTrader EAs are commercially available for a fee. Be sure to thoroughly backtest a MetaTrader EA if you justdownload it for free from a website, as you will not know how profitable or robust it is. The same is true for a lot of commercial EAs aswell, so whatever EA you end up with, backtest it extensively before committing live funds to a trading account. One of the most popular and profitable EA’s on the market today is the EA Shark. You can click here for more information.
Many traders believe that some of these commercial EAs are the “Holy Grail” of forex trading, and they will happily part with hundreds of dollars in the hope (although this is more often “hype”) that they will recoup many thousands of dollars in profit. Unfortunately, this is very rarely the case, and in 99.9% of the time, the Metatrader EA will blow up their trading account. Thus in recent years, more people are turning to more reputable and verifiable ways of profiting from the forex market, by utilising a mirror trading platform, such as Zulutrade or Currensee, and following the trades of proven, successful forex traders.
If you run several Metatrader EA’s simultaneously, you might find that your PC is not quick enough to process all of the trades. What most forex traders will do is run their MetaTrader experts via a forex hosting service, such as Forex VPS This gives the trader additional comfort, knowing that he does not need his laptop or PC on in order for the EA to operate, and will suffer from any power outages or internet connection problems.