Trading advisors

Forex trading advisors are automated trading systems based on an algorithm capable of independently managing the finances of their “owner” traders. Such programs can determine when an asset is worth buying or selling, and they do so based on a whole set of signals. Working on the principle of “if .., then ..” advisers are able to either give a signal to the trader about the occurrence of a certain situation on the market, or open a deal on their own when a certain condition occurs according to the program embedded in the adviser.

What are trading advisors for?

To put it simply, an adviser is a kind of addition to the trading platform. For example, the NPBFX broker offers trading on MT4 for all of its assets, which means that you can use advisers in different markets – from Forex currency trading to traditional “stock” instruments, stocks and indices. Expert Advisors save Forex traders from routine actions and tedious decision-making, while significantly saving personal time. How? Imagine an ordinary high-rise building.

There are two ways to get to the last floor – an elevator and stairs. Both will eventually help you achieve what you want, but only one will do it much faster. In the case of Forex trading, advisors act as such an elevator, and manual trading is an independent climb up the stairs. Practically all types of traders, both beginners and professionals, can and even should use advisers.

For some, such programs will become assistants in studying the market and reaching the first heights, for others, they are an excellent solution due to the lack of the need to study the situation on the market on their own. It is to save time and maximize trading while automating that Forex Expert Advisors were developed. Over time, the list of tasks that such programs could be responsible for expanded, the number of available advisors in principle grew, and the number of their types also increased.

Kinds and types of advisors

There is no single recognized classification of advisors, they can be typed in different ways. Starting from the method of obtaining (paid, free trading advisors) and ending with the types of platforms used (trading advisors for MT4, trading advisors for MT5, as well as for little-known platforms). We present the two most common classifications.

Working method:

Fully automated advisors that can do everything themselves and make decisions without the participation of a trader.
Partially automated. These Expert Advisors can be used as hints for further trading actions.

Trading method:

Trendy. Such advisers make a profit at the moment when a clear direction of movement is noticed in the market – a trend.
Multi-instrument Expert Advisors for working with various types of assets.
scalpers. Expert Advisors capable of making a large number of transactions in the shortest possible time.
Combined. In such programs, various ways of trading are combined.
Indicator. To determine the entry point by analyzing one or more indicators.
Signal (information). They are used only as a program for analyzing the situation on the markets and for advisory purposes.
Auxiliary. Able, for example, to help set stop loss and take profit.

Trading Expert Advisors – Efficiency

Various types of traders note that the EAs have really made an impact on their trading. For beginners, they turned out to be a good help at the start of mastering the profession of a trader, while they are not going to refuse to use advisers even after gaining the necessary experience. For professional traders, written programs become indispensable assistants in further “pumping” skills and increasing profits.

It is impossible to deny the effectiveness of trading advisors, but it is worth noting that you should not blindly trust the first robot that came across in Google for the query “best trading advisors”. Especially if they are paid. First you need to study the reviews, see what other traders say about using this assistant and what their experience is.

But this is not a fact either, each adviser needs to be checked – for example, an unlimited number of free demo accounts can be opened with the NPBFX broker, which means that each interested robot can be checked on a separate account as much as necessary. After the program shows a result that satisfies you on a test account, you can move on to trading on a real one.

What are trading advisors for?

Expert Advisors save Forex traders from routine actions and tedious decision-making, while significantly saving personal time. How? Imagine an ordinary high-rise building. There are two ways to get to the last floor – an elevator and stairs. Both will eventually help you achieve what you want, but only one will do it much faster. In the case of Forex trading, advisors act as such an elevator, and manual trading is an independent climb up the stairs.

Practically all types of traders, both beginners and professionals, can and even should use advisers. For some, such programs will become assistants in studying the market and reaching the first heights, for others, they are an excellent solution due to the lack of the need to study the situation on the market on their own.

It is to save time and maximize trading while automating that Forex Expert Advisors were developed. Over time, the list of tasks that such programs could be responsible for expanded, the number of available advisors in principle grew, and the number of their types also increased.

Advantages of trading advisors

Lack of dependence on emotions, as in humans. Advisors are programs, they know neither feelings of fear, nor nervousness, much less panic or greed.
Action accuracy. Programs strictly follow the given algorithm.
Easily changeable settings. A trader can change and customize advisors for himself, adapting to his tools or certain methods.
Instant speed of execution of operations. Working according to the algorithm, the robot will immediately complete the task laid down in it.
For an ordinary trader, in particular a beginner, this will not work – he will spend a lot of time thinking before he can make a decision.
Lack of distraction even when working with multiple instruments: can control a large number of trades and monitor the market situation at the same time. Work 24/7, the program does not need rest.

Cons of trading advisors

Not all advisors are able to recognize and understand market subtleties. For example, when important news is released, a person is able to refrain from entering the market, while the adviser will have to “teach” this.
The purchase of a paid robot cannot be a 100% guarantee of profit.
The actions of the robot still need to be controlled from time to time, you can not leave the adviser unattended for too long.

Connecting and using trading advisors

First of all, you need to decide on the trading platform you are using. We will give an example of the installation of the NPBFX broker on MT4.

Download and install the MetaTrader 4 terminal.
Select and pay/download for free the advisor you are interested in. The folder may contain a file with .exe permission – it will sort the files into the necessary folders. But if it is not there, you need to do it manually.
The permission of the .mql Expert Advisor to be placed in the MQL4/Experts folder. The MT4 terminal itself will help you find it. In it, click “File” – “Open data directory”, in the opened path there will be MQL4.

Drop the file into this folder, restart MT4. Next – configure the adviser in accordance with the requirements and start testing it!

A few important points when using advisors:

Always check for updates.
Before using the adviser, check its settings and, if necessary, change them in accordance with your trading.
Keep track of the amount on the account where the adviser is used.
Do not trust him with your entire deposit at once, it is better to add funds gradually if necessary.

The use of advisors in your trading can affect the effectiveness of your trading strategy and improve its performance and profit. Statistics show that traders with advisors as assistants earn more. But for the best result, it is important to choose the right broker for trading.

Broker

To trade advisors, you need to pay attention to what type of advisor you are using:

if these are scalpers that do not use averaging and martingale, then you need to use brokers with a minimum spread
if these are grids with averaging and martingale, then it is more profitable to choose a broker with the highest spread returns, since you can earn extra money with the help of rebate services
if these are trending robots with SL, then it is also worth choosing between a broker with a narrow spread to brokers with the highest spread return through rebate services, depending on whether your strategy tolerates a high spread

We offer you to get acquainted with one of the possible brokers for trading advisors

Broker NPBFX, this broker has comfortable conditions for all types of trading – the company does not impose restrictions on the choice of method and trading strategies. Assets of various markets are available – currencies, metals, raw materials, energy, indices, stocks and crypto. NPBFX trading conditions will perfectly match the requirements of any Expert Advisor: STP accounts with instant execution, leverage up to 1 to 1000, lot 0.01, spread from 0.4 pips, 0% brokerage commission, free account replenishment by any methods. Therefore, open a trading account, test advisers on a demo or on a cent account with a broker and start earning with this reliable and proven company.

Just $10 is enough to start trading. The number of accounts is not limited.

For all new Clients, the broker gives a 50% bonus to the deposit