When you have no full time for trading in forex, there is one solution for taking profit trading with EA. What is EA? EA as we known as expert advisor that commonly we called it autotrading robot. Still have no idea with EA? EA is also a digital tool that can be used alone (automatically) to look for opportunities in open trade.
Even if you make profit trading with EA, it doesn’t mean you don’t do anything. Most of the forex robots are designed to carry out automated trading according to the trading strategies set by the wearer. Software that is often used is Meta Trader MT4 Software with Expert Advisor function.
Advantage for making profit trading with EA
A lot of ways for making profit trading with EA and some reasons why involving EA benefits you below :
- Multi-Tasking (Can Do Multiple Tasks at Once) Able to carry out many instructions in just one second to look for available forex trading opportunities.
- Nonstop. When he finds a trading opportunity, the software will immediately be ready to execute market orders 24 hours non-stop in a week.
- Not affected by emotions. In general, Forex Trading Robot (EA) only runs instructions or orders in accordance with the program standards that have been set in it
- New features are constantly being updated and developing. To avoid stop-hunting brokers, for example, the news filter feature and invisible mode
- Trading performance can be tested. Robots always follow the programming standards, so their trading performance can be measured clearly.
As is the case in ea forex wallstreet, if you can see further that the resilience of this robot is good and you can get multiple benefits in forex trading. for drawdown levels are also minimal.
In the backtest results you can further analyze that the WallStreet robot does not use the Martingale system but is safe to maintain and also profitable for making trading with EA.
Disadvantage EA for trading
There will always be weaknesses in any instrument that is made as sophisticated as anything. Some weaknesses of the Forex Trading Robot (EA) are:
- Highly Cost. It is undeniable that the more sophisticated an item is, the higher the cost it will be, considering that all forms of research are carried out until the tool can be said to be sophisticated and multi-tasking. The better the quality of an item, the higher the cost involved.
- Arrangements That Require Special Skills. Although this robot will run trading automatically, as the owner you are also required to have knowledge about trading and programs designed for this robot. So, when market conditions are in a situation that is out of the ordinary and the program is designed, you can immediately take over the task of the Forex Trading Robot (EA).
If you have experience trading with EA in forex, your skills for analysing will be better in trading forex. This might be a good time to make your own forex trading system with good technical analysis
You need to make a target trading system that you want to build. First, how the system is able to identify trends earlier. Second, whether the system is able to avoid whipsaw or extreme and fast price movements. In short, building your own trading system can be done with the following seven steps.
Set a time-frame
Decide which trend indicator is right
Determine which indicators can ensure the direction of the trend signal
Provide clear risk limits
Make entry and exit rules
Take note of the rules of your trading system (and obey them of course!)
Test the trading system by back testing and forward testing.
5 years experience using forex robots gives you a “big picture” of how the trading process takes place. The presence of forex EA helped increase flying hours in the world of trading. Once again, there is no single trading system that can continue to make a profit. However, building your own trading system will bring you the best forex robots that are best suited to personal preferences when making transactions. Check here for one of the best EA here