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Trading the forex market like any other market can be a very difficult and, at times, an excruciatingly painful endeavor. To help make it a little bit easier Metatrader offer their platforms version of automated trading software which they call ‘Expert Advisors’. Trading using this type of software can offer many advantages and help the trader avoid the two most significant factors when it comes to being successful or not; fear and greed. Fear and greed are the main reasons that many will fail when attempting to trade the forex market but with forex automated trading software their impact is significantly diminished.
Using automated trading software enables one to have a tried and tested strategy with well defined rules for when a trade is entered, when a trade is exited and when profit or loss is accepted. Their are basically three kinds of automated trading software that you can find; commercial, free and custom built. Many vendors will offer their strategy which they state performs adequately in most market conditions and a simple search on Google will provide numerous examples. Forex forums and more particularly those specifically related to ‘mql’, the language used to code expert advisors for the Metatrader terminal, offer a great number of free automated trading software solutions and code examples.
It’s a relatively simple task to take these code examples and either craft your own personalized forex trading strategy or adapt it to better suit your needs. With only minor knowledge of coding one can soon build a solution that will offer the correct results. Of course many people may decide that the task is too much for them or they may simply not have the required amount of time available to dedicate to learning the mql syntax. Custom mql programmers offer their services at a negligible cost and provide an invaluable service. With that said not all programmers offer the same level of professionalism, service and support that is required so it’s best to do your own research. Also you could try asking for recommendations from friends, relatives or at one of the many Forex related forums that are easily found on the Internet.
While using automated forex trading software may initially appear like a perfect solution it should be remembered that any trading software is only as good as the strategy that it uses. That is why it is imperative that you study the mechanism by which it generates it’s signals and if necessary send an email to the vendor asking them to give more details about their strategy. Most will not want to offer the exact details as they will be proprietary but they should be willing to give you enough information to allow you to make an informed decision. Alternatively if you code your own strategy or have a professional mql4 programmer develop it for you then you are much more likely to receive the right automated trading software.