What is an Expert Advisor (EA)?
Expert Advisors, also called EA, are programmable trading systems which are semi or mostly full automated and can trade without any additional interaction.
Expert advisors provide a unique way of trading Forex, as they help to eradicate emotion-based decisions. An Expert Advisor gets rid of the emotional trading decisions that usually agonize novice Forex traders.
Expert Advisor can be developed on different trading platform, but are mostly available for the trading platform MetaTrader 4 oder MetaTrader 5.
Every MetaTrader user is allowed to develop his own EA for free. You can find a detailed documentation about the programming language MQL here: https://www.mql5.com/de/docs
Free vs. Commercial EAs
You can find numerous EAs available for free on various forums / websites in the internet. Some are „Open Source“, which helps to understand the trade logic in detail or to modify the strategy.
Beside this, there are many commercial Expert Advisors available. Almost all commercial EAs are closed systems, where the source code can not be accessed or modified by the trader.
The only way to understand the trade logic and the potential risk and reward rely on the seller‘s information. Some seller‘s hide the real risk of their trading system or give wrong promises („This EA never loose money“). A buyer should check various aspects before he decide to buy an EA.
Check out, if the seller provide a real live account that proof the profitability of the EA. Beside this it‘s recommended to check if there are Backtests available for the past 5-15 years.
We from ForexBenchmark try to help with out in-depth analysis and reviews from different commercial EAs. Check out our EA reviews here: https://www.forexbenchmark.com/eas/ranking/
In order to run an EA, you need to have a active MetaTrader instance. Most automated trader running a VPS („Virtual private server“), where the MetaTrader platform can run 24/7.
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Recent blog posts
Useful forex websites
There are dozens of useful forex websites out there. We want to share some of them with you.
How to install an EA from the mql market?
A tutorial for beginners that do not have much experience with the MetaTrader 4 platform yet.
9 tips: How to be successful using expert advisors
Check out our 9 top tips on how to be successful using expert advisors (EAs) and why most forex trader fail using automated trading systems.
How we backtest an Expert Advisor
Find out what the limitations of backtests are and how we backtest the EAs on our website.
What is an Expert Advisor (EA)?
Expert advisors provide a unique way of trading Forex, as they help to eradicate emotion-based decisions. Find out, how an Expert advisor can help you.
How to choose a good forex broker (Part 2)
Choosing a good broker isn't easy. The following article can help you finding one of the best and top forex broker
How to choose a good forex broker (Part 1)
Choosing a good broker isn't easy. The following article can help you finding one of the best and top forex broker
Want to start trading on a live or demo account?
Be aware that most retail traders (usually around 60-80%) lose money. Please consider whether you can afford to take the risk of losing your money.
