A Forex Expert Advisor (also know by other names such as Forex Trading Robot, EA, MT4 EA, Automated Forex Trading Software) is a mechanical trading system written in the MQL-4 programming language and designed to automate trading activities on the MetaTrader4 platform.

Forex MegaDroid on MT4 Chart

Expert Advisors (EAs) can be programmed to alert you of a trading opportunity and can also trade your account automatically - managing all aspects of trading operations from sending orders directly to your broker’s server to automatically adjusting stop loss, trailing stops and take profit levels.

Expert Advisors for MetaTrader 4 all differ in the rules they apply to enter and exit the market. Such systems eliminate those emotional trading decisions that often cripple novice trading accounts. EAs allow investors to exercise a very strict trading regime by staying within carefully thought out pre-programmed parameters, and it is this unemotional consistency that make such programs attractive to serious traders.

Advantages of Automated Forex Trading Systems (Forex EAs)

You do not have to physically sit in front of a computer screen to trade. Therefore:

1. Automated trading can take trades at anytime of the day or night. This capability is particularly important for those systems where performance is dramatically increased by taking as many trades as possible that fit the system parameters.
   
   Such trading opportunities often occur at times when the trader is sleeping or otherwise unable to get to the computer. Therefore as the EA is ready to trade 24 hours a day, unlike a hands-on trader, they will generally enhance the profitablility of these systems.
   
    
2. You can trade multiple systems easily. Therefore you can diversify your risk by simultaneously operating a variety of systems that rely on different types of indicators, or which trade shorter or longer time frames. This will also have the effect of smoothing out your equity curve and reducing your maximum drawdowns.
   
    
3. An automated operation is unaffected by a trader's personal psychology or moods, which can sometimes work against a system being traded effectively.

The benefits of automated Forex trading will of course only be realised if you choose a robust package that continues to make reasonable returns under a variety of market conditions.

That's where I come in. I am on a personal journey to find Expert Advisors that make a steady income. Therefore I have undertaken an intensive program to review and testing some of the most popular Forex products out there.

I have started a new live account for each of the EAs reviewed on this site so you can see actual results rather than backtest ones.I have also chosen different brokers for different systems to ensure the most suitable spreads are appled for each of the evaluations. These results are updated every 5 minutes.

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