myfxreport.com
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Many systems are sold on the internet as an Expert Advisor. Expert advisors are programmed systems designed to work on certain trading platforms, called Metatrader platforms. The Russian engineered trading platform, Metatrader, is by far the most popular platform among brokers and traders.
An expert advisor could be as simple as an indicator (a small program which indicates market conditions, trends, etc..), or could be a complicated program depending on complicated algorithms and several indicators. The expert advisor, as its name implies, advises the trader as when to enter or leave the market, and in what direction to go, and usually will also advise the trader as to the size of trade to be taken. Moreover. the expert advisor has also the power, if wanted to, to automatically place orders, and cancel them, buy, sell, and close positions!
1. Market Entry
Almost all expert advisors are designed to advise the trader when to enter the market. Sometimes the expert advisor will place the order automatically, limit or stop, and sometimes it places the position at market price. In all cases, the user can configure the advisor to manually ask for permission before placing any order.
2. Order direction
The advisor will certainly tell the trader if it is a BUY, SELL, or CLOSE order.
3. Money Management
The EA may sometimes contain the function of managing your account. If well programmed, it should read your account stats, previous trades, and other criteria, and will decide or advise the size of trading lot to take, next time.
Installing the EA is not difficult. It sometimes comes in source coded, or hard coded (compiled to an ex4 file extension). You have to save the file to the Metatrader Expert Directory, and then from your chart, which you want to apply the expert, you double click it from the left menu navigator.
There are many options to deal with, and your EA provider should give you all the parameters to fill.
One more thing, if you see the smiley in the top right screen on your char sad, then your EA is not active. Click on the smiley to activate it.
http://www.myfxreport.com/ea.htm
An expert advisor could be as simple as an indicator (a small program which indicates market conditions, trends, etc..), or could be a complicated program depending on complicated algorithms and several indicators. The expert advisor, as its name implies, advises the trader as when to enter or leave the market, and in what direction to go, and usually will also advise the trader as to the size of trade to be taken. Moreover. the expert advisor has also the power, if wanted to, to automatically place orders, and cancel them, buy, sell, and close positions!
1. Market Entry
Almost all expert advisors are designed to advise the trader when to enter the market. Sometimes the expert advisor will place the order automatically, limit or stop, and sometimes it places the position at market price. In all cases, the user can configure the advisor to manually ask for permission before placing any order.
2. Order direction
The advisor will certainly tell the trader if it is a BUY, SELL, or CLOSE order.
3. Money Management
The EA may sometimes contain the function of managing your account. If well programmed, it should read your account stats, previous trades, and other criteria, and will decide or advise the size of trading lot to take, next time.
Installing the EA is not difficult. It sometimes comes in source coded, or hard coded (compiled to an ex4 file extension). You have to save the file to the Metatrader Expert Directory, and then from your chart, which you want to apply the expert, you double click it from the left menu navigator.
There are many options to deal with, and your EA provider should give you all the parameters to fill.
One more thing, if you see the smiley in the top right screen on your char sad, then your EA is not active. Click on the smiley to activate it.
http://www.myfxreport.com/ea.htm
