Automated Forex Trading Systems (EAs)

An Expert Advisor (EA) is actually a small piece of software that plugs in a Forex Platform and trades the Foreign Exchange without human intervention

Fully-automated trading systems have become widely popular among Forex Traders, these systems are commonly called Expert Advisors (EAs) or Forex Robots.

What is an Expert Advisor (EA)?

An Expert Advisor is actually a small piece of software that plugs in a Forex Platform and trades the Foreign Exchange without human intervention. The most popular platform for automated trading is MetaTrader4, but other Forex Platforms can be used as well, such as JForex, CTrader, TradeStation, ZuluTrader, and NinjaTrader. Most commonly Forex traders prefer MetaTrader4 based on the variety of providers for automated trading.

Compare Automated Forex Systems

AUTO-TRADE SYSTEM

BASIC FEATURES

SPECIAL FEATURES

PRICE & WEB-SITE

EA BUILDER (Custom EA Builder)

■ Creating Free Indicators

■ Build your Custom Expert Advisor

■ Creating paid EAs

■ Trading Forex, Stocks, Commodities, ETFs

■ Platforms: MetaTrader4, MetaTrader5, TradeStation

■ Fully Customized EA Building

■ Multiple Functions including Time, Trendlines, Support and Resistance

■ EA Money Management Control

■ Indicators Building with alerts (email, audio and on-screen)

■ Free for creating Indicators

■ 97 USD for EA building (One-Time purchase)

■ Unlimited Real and Demo Accounts

» Review the EA Builder

WALLSTREET FOREX

■ Forex Scalping

■ EURUSD, GBPUSD, USDJPY, USDCAD

■ USDCHF, NZDUSD, AUDUSD

■ Multiple Timeframes

■ Platforms: MetaTrader4 / MetaTrader5

■ 4/5 Digits trading

■ Focus on Risk Protection, Spread & Slippage Control

■ 299 USD

■ 3 Real Accounts and unlimited Demo

■ Omega Indicator Free

 

» Review the Wallstreet Forex

1000PIP CLIMBER SYSTEM

■ Mid-Term trading

■ 100% Rule Based Trading

■ EURUSD, EURJPY, AUDUSD

■ USDCAD, USDJPY, USDCHF

■ Multiple Timeframes

■ Platforms: MetaTrader4

■ High Performance: 20,000 pips over three years

■ Easy to set up with video and PDF guide

■ Easy to follow, audio, visual, email and MT4 push signals

■ Full Support Available

■ 149 USD

■ Lifetime license

 

» Review the 1000pip Climber

FOREX TREND DETECTOR

 

■ Forex Scalping

■ Multiple Timeframes

■ Platforms: MetaTrader4

■ Visualize Risk Management / 3 Filters

■ High Reward/Risk ratio

■ 237 USD

■ Free Lifetime Updates

■ 1 Real Account and 2 Demo Accounts

 

 

FOREX DIAMOND

■ Forex Scalping

■ GBPUSD, EURUSD, USDCHF, USDJPY

■ M15 Timeframe

■ Platforms: MetaTrader4

■ Spread & Slippage Protection

■ Trend, Retrace and Countertrend Algorithms

■ Dynamic Take Profit and Stop-Loss

■ 279 USD

■ 1 Real Account and unlimited Demo

■ Free Future Updates

» Review the Forex Diamond

Compare Also:Forex Brokers

 

How Does an Automated Forex Trading System Works?

After you purchase an Expert Advisor you can immediately install the system into your Forex trading platform. This procedure is very easy and it should take a couple of minutes. Almost all Expert Advisors are providing a manual with information regarding installation and configuration.

An automated Forex system can trade the market 24/5 without any input or other intervention by the user/trader. Actually, an Expert Advisor uses a mathematical model that tells your Forex Platform when to enter a trade and when to close an open position. This mathematical model is mainly based on the combination of technical analysis indicators and Price Action techniques. An Expert Advisor incorporates also complex algorithms in order to optimize the Money Management Process (spread control, volatility control, selective trading, trailing stop-loss, trailing take-profit etc.)

 

Important Tips for Forex Traders using Automated Systems

These are some important tips when using Automated Forex Systems:

(1) Use any Expert Advisor on a Demo Account before trading for real money in a Real Trading Account

(2) Read the manual and make sure you have the right configuration in accordance to your trading style

(3) Make sure that your Forex Broker allows the use of Automated Trading Systems and scalping

(4) Use Automated Forex Systems only with ECN Forex Brokers offering tight spreads and fast execution without re-quotes

(5) Combine the use of an automated system with the use of a Forex Trading Rebate. An expert advisor can execute tens of trades intraday and thus a good rebate can make the difference

 

(6) Don’t combine the use of an Expert Advisor with other trading activity in the same trading account. Use a separate account. If you trade in the same account both manually and automated you may seriously confuse the Money Management System of the Expert Advisor

(7) If you can’t afford to have your PC turned on, think about a VPS hosting service or search for a broker that offers a VPS service for free:  HotForex Free VPS service

 

Automated Forex Trading Systems

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