Expert Advisor Programs
Forex expert advisor programs are automated programs that will place trades on a traders’ behalf using a complex preset algorithm. Whether or not it is successful depends on the programmer and the trading criteria or strategy they choose to follow but expert advisors have been known to be highly profitable.
Expert advisors trade automatically so you just set them up, enter your trading size for each position and leave it running all day. The popularity of expert advisors has grown dramatically in recent years and has seen many potential traders drawn to forex trading due to the potential money that can be made.
However, making money is still an art form and it requires skill to come up with a trading system that consistently makes money. That is why so many traders use expert advisors that can trade for them.
In recent years expert advisor programs have become more readily available to the ordinary trader and are no longer a tool explicitly used by just banks and financial institutions. Anyone can now start making profits from forex trading without actually needing to know a huge amount about forex trading. A forex trader can just set up the expert advisor to run on charting software and watch it place trades on their behalf.
As a note of caution, even the very best expert advisors can still lose money. If an expert advisor program has been successful in the past, it does not necessarily guarantee that it will continue to be profitable in the future, particularly if market conditions change.
The success or failure of an expert advisor depends entirely on the programmer. If the expert advisor is programmed to take positions based on high probability set-ups, then they can make a lot of money.
This is why so many people are being attracted to expert advisors. It’s a very small percentage of traders that consistently make money from forex trading, so the vast majority that lose money will look for alternatives to generate profits and expert advisor programs fit the bill perfectly.
There are some traders who like the thrill of trading manually and who don’t want to use any kind of trading program as it takes away the challenge for them. For most traders though a forex expert advisor is very convenient and highly profitable.