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Should You Use an Automated Trading System?

Discover benefits of Forex Expert Advisor programs in market trading

Automated trading systems have been the subject of much hype among forex traders. If you believe the claims, these systems, also known as expert advisors, can literally do your trading activities for you while you sleep, ensuring guaranteed profits the next time you check your account. But do these systems really live up to their claims?

Trade forex using Expert Advisor programs
Properly programmed, an automated trading system can help you do forex trading, even while you're asleep.
(Image by Pixabay.com)

What are Forex Expert Advisors?

EAs are essentially software programs that open and close trades based on a series of programmed criteria. You can use the criteria already programmed into it or you have the option to choose your own criteria. Once you activate it, it will automatically execute your trades. Since they require no prior knowledge or experience of forex trading to use, they are popular among beginners who are just starting out as well as those who already have developed their own systems and simply want to automate its execution. Alternately, it can simply provide you with signal alerts that indicate there is a trading opportunity, and allowing you to make the decision as to whether or not to execute a trade.

Expert Advisors Help You Stay Focused

Many experienced traders rely on EAs, not just for the convenience, but also to help them stay focused. When a Forex Expert Advisor program executes a trade, it does so based purely on the criteria programmed into it. There are no emotional factors involved, which is what might happen if a human trader were actually executing his own trades. Many traders have a tendency to let their emotions get away from them, resulting in lost trades.

Another advantage of EAs is that they can execute trades very quickly, in order to take advantage of price discrepancies that take place over just a few seconds. These can represent profitable trades if you are able to execute your trade at once.

Why You Should Exercise Caution

One of the most important things to remember about EAs is that, like any system, it is not 100% perfect and there will be times when it will not be profitable. This is why you should never use EAs that claim to be profitable all the time. Remember that when something is too good to be true, it is probably not true. The best way to use Forex Expert Advisor programs is as just another tool in your trader’s toolbox and you should not rely on them totally. When you keep this in mind, you won’t go wrong when you choose which EA to use.

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