Forex robots or expert advisors (EA) are software programs that automatically trade the foreign exchange market on behalf of traders, interpreting trading signals and acting accordingly according to predefined rules and algorithms. A forex robot or EA can streamline trading process and make it more effective and efficient, but only after it has undergone sufficient programming skills and testing can it be deployed live trading.
Expert advisor programming can be challenging, making it hard to find a programmer who fully comprehends a trader’s specific trading system. But creating and deploying forex robots without writing complicated code can be simplified with an expert advisor generator – offering user-friendly tools and features such as visual editors for creating rules and algorithms, backtesting capabilities to test out potential robots before live trading begins, backtesting capabilities to refine a robot prior to live use and more!
Ideal trading robots should be developed from strategies that have already proven profitable, which requires scanning charts for opportunities that align with your established trading plan and then backtesting to ensure consistency. Furthermore, risk should be reduced through setting stop-loss and take-profit levels as well as money management rules before being tested on a demo account to see how it performs under real world trading conditions.
Once your forex robot is created, it can be exported as an EA file and imported onto a trading platform that supports expert advisors. Each EA should have a unique magic number to differentiate it from any trades on your account and stop it from closing all trades along with its own.
Forex robots typically target specific currency pairs, timeframes and trading styles. You can customize these robots further by adding custom indicators and logic functions that support tasks like data feed importing, indicator calculation, entry/exit signal generation, position management and money management.
Forex robot vendors often assist traders in creating profitable trading strategies. Many available EAs feature impressive backtested results; however, their built-for-purchase EAs often suffer from biases associated with curve fitting or data mining and fail to consistently deliver profitable trading performance.