The best expert advisors are reviewed and rated.
No free passes here!
What is a forex expert advisor?
A piece of software, or plug-in that comes in .ex4 format built for the Metatrader 4 trading platform. This expert advisor will have a certain strategy coded into it that it will follow and execute automatically without any human intervention. So basically you take this expert advisor .ex4 file, place it in a 'experts' folder where you install MT4, load up MT4, connect to your account, and attach the EA to a chart and off it goes monitoring and calculating a position to open it's first trade. Sounds like a lot huh? It's really not! You can download and EA, and have it up and running on a demo account within 5 minutes tops!
There are thousands of forex expert advisors out there, some free, some $50, some $200, and others $1000. There are free expert advisors that perform better than $1000 EA's. The trick is finding the right strategy that you are comfortable with and can afford to risk your money on.
There are high risk/high reward expert advisors, and then ones that rarely trade and wait days, even weeks before it opens a single trade. There are just so many variables when it comes to picking the right EA for yourself that most just give up looking.
That's where I come in. My life is lived off my profits running these forex expert advisors. Some months are better than others, there are always ups and downs in this market and you need to learn to expect that first and foremost.
My job here is to review and test all the latest and hottest forex expert advisors for you, so you can decide if you first of all want to purchase it (if it's commercial) and most importantly want to waste your time and money on a potentially weak product.
What kind of Forex Expert Advisors are there?
These are the most commonly used expert advisors. You will even find systems out there that use a combination of 2 or even 3 of these strategies for greater trading opportunity and efficiency.
Martingale Expert Advisor - This is one of those high risk-high reward EA's. Think of the roullette martingale strategy where you bet $5 on black, if it comes red, you double your bet on black to $10 and keep doing so until it comes black. You will learn very quickly that this system can make you a lot of money very quickly and consistently, but when it doesn lose, LOOK OUT! It will more than likely kill your entire account unless it has some protection built-in. There are a few forex expert advisors out there that use a form of the martingale system very successfully like Forex Hacked, one of my most consistent and profitable EA's ever.
News Expert Advisor - This type of EA is a little rare compared to the others, atleast finding a well built and up to date news system. The EA will be connected to a forex news calendar, and open a trade just after certain news depending on the predictions and what experts say will happen if the news comes out at this number or that number.
Breakout Expert Advisor - This EA will have predefined support and resistance levels where if the price breaks out of them, a trade will be triggered as more often than not, the price will move in favour of the trade opened based on past history. The problem with this is the trends in the market a year ago will be completely different than the trends today, so some of these breakout expert advisors can be consistent losers if they run into some bad luck or a whole new market condition it's not built to trade in.
Hedge Expert Advisor - This is any EA that plays two separate and opposing positions and minimizes the loss on one while facilitating maximum profit on the good trade. While not one of the more profitable expert advisors, it is one of the more consistent and reliable EA's.
Scalper Expert Advisor - These are one of the more popular EAs you will see out there. The goal here is to scalp tiny little profits on lots of trades. So basically as soon as you open a trade and it gets into a positive position, it is closed and a new one is opened in some cases right away. A lot of these scalping expert advisors are built to trade during certain time periods where the market is known to be very volatile going up and down which boads well for a scalping strategy. Be warned though that brokers do NOT like this type of trading and you could be at risk of being banned.
Most forex expert advisors you find out there will be considered static. By that I mean they are optimized to profit during certain conditions and time periods. If and when the market changes to a condition not in favour of the EA's strategy, it will not be able to adapt and change unless it has some adaptive technology built-in which is very very rare to find.
What is MQL-4?
MQL-4 is short for Meta Quotes Language version 4, the programming language created by MetaQuotes Software Corp. (http://www.metaquotes.net) that is used to create a forex expert advisor.
Below you will find all the official documentation for the MQL-4 language.
What is MetaTrader 4?
MetaTrader 4 is a free trading platform developed by MetaQuotes Software Corp. (http://www.metaquotes.net) and supported by many different Forex brokers all over the world. MetaTrader 4 easy to learn and very user friendly.
As previously mention, Metatrader 4 is the leading platform for automated trading by miles!