A Forex Expert Advisor, also known as an EA, is a mechanical trading system (MTS) used for Forex trading. Expert Advisors allow for automatic trading to take place, freeing the trader from continuously having to watch the market. Making a profit while trading in the foreign exchange market is determined by a large number of human factors, such as emotions, knowledge, and even the psychology of the trader. Automated programs such as Expert Advisors remove a great deal of these factors from the equation and enable the trader to make better informed decisions by evaluating multiple factors at once.
An Expert Advisor can inform clients about the possibility of striking bargain deals and EAs are used by beginners and experienced traders alike. Regardless of the level of experience, Expert Advisors can be used to assist traders by allowing them to work in different markets and under different conditions.
Expert Advisors are designed in the MetaQuotes Language 4 (MQL 4), which is a built-in language for programming trading strategies. This language allows for EAs to be programmed to trade accounts automatically by managing trading operations from directly sending orders to the broker's server, to placing and adjusting pending orders, or placing trailing stops.
There are hundreds of different and unique EAs in the market, all functioning in accordance with different rules. The common factor they all share however, is the adherence to a strict trading strategy and the consistent way of evaluating all parameters at the same time, often more successfully than any human could. Nonetheless, it is important to remember that an Expert Advisor is a trading robot and should be used with caution. It is essential to understand how it operates, the implications it will have on your trading and strategy, and have a trustful source and point of contact for the EA.
Star Financial Markets Platform enables you to automate your trading strategy using MetaQuotes’ MQL4 a built-in language for programming trading strategies. MQL4 language is similar to C++ and allows the creation of your own Expert Advisors that render the trade process management automatic.
You can create your own Custom Indicators, Scripts and Libraries of functions with the help of MQL4, as well. Learn how to use them by checking the Expert Advisors section in the MetaTrader 4 User Guides and in the Programming in MQL4 reference guide.
The explosive growth in Automated Trading with the use of expert advisors has taken the Forex industry by storm. From novices to professional traders have created their own auto trading strategies with MetaTrader 4. Automated Trading is primarily focused on the use of Expert Advisors which are easily created using MQL 4 the coding language found in all MetaTrader 4 client terminals. By using MQL 4 traders from all around the world can easily code their own system and share it.
However the use of Automated Systems is only as good as the broker you run them on . Contrary to what many people believe execution, latency, and the speed of the brokers servers make a huge difference in a trading strategy . Star Financial Markets has all these items and more.
- Execution: We have less than 2 millisecond delay in order execution on average. If you are unsure time it yourself and see with a live account.
- Latency: All of our servers are located in the same data centre as our primary liquidity provider, xxxxxxxxx. What this means for your orders is that as each trade is sent to the NDD network there is ZERO delay and you get the best fills.
- Servers: All of our servers are equipped with quad code processors with hyper threading , 16GB ram , 1TB storage capacity and they run on a private cloud network with dedicated data lines. What this means for you is that the prices on the chart update faster, the execution is top notch and you can login from anywhere and get excellent connections!
Star Financial Markets has taken great steps to ensure that
our technology is designed specifically to make sure your expert
advisor/automated trading system receives the best execution,
fills and technology on the market for it to succeed.
Custom Indicators allow you to create technical indicators in addition to those already integrated into MetaTrader 4 terminal. Like built-in indicators, they are aimed only for implementing analytical functions.
Scripts are programs designed for single execution of specific actions. Unlike Expert Advisors, Scripts don’t run tick-wise and have no access to indicator functions.
Libraries contain numerous downloadable Scripts, Custom Indicators and Expert Advisors.
Automated Trading User Guides
The Expert Advisor User Guide shows you how to get the most out of the Expert Advisor feature. While some understanding of the programming language C++ is helpful, it is not absolutely necessary.
Download Programming in Algorithmic Language MQL4, a great resource to get you started on developing your own Expert Advisors, technical indicators and scripts.