The biggest benefit of using a MetaTrader Expert Advisor
A MetaTrader Expert Advisor has become one of the most popular approaches to trading Forex. Automated trading methods always have their apppeal, simply because it means much less work than having to manually monitor the markets and place trades. They can also enable you to place many more trades than you could ever do manually. A big part of the reason why EA's are so popular when it comes to Forex trading is the popularity of the MetaTrader trading platform, which is by far the most widely used trading platform for Forex. But then again, one can also propose that the EA's themselves are a big part of MetaTrader's success. But are MetaTrader Expert Advisors actually a smart way to trade Forex profitably? Or are they just the lazy persons "way out" of having to put in the work themselves?
Well let's look at what I regard as the main benefit of using an Expert Advisor:
Psychology. I think it's safe to say that the large majority of professional traders agree that human psychology is one of, if not the number one reason traders fail. In many ways trading goes against our very nature. Humans aren't built to sit through stressful situations while remaining perfectly calm or to not take action in moments of fear. In nature those kind of situations would often be matters of life and death that would and rightfully should, prompt us to take action, wether that be flight or fight. But when it comes to the same sort of situations in trading (moments of "danger"), less is usually more. And at the same time in most people trading your hard earned money evokes strong emotions, both positive and negative. And that can wipe out the little rationality that we as humans have. Trading must be done systematically and consistently for it to be profitable over an extended period of time, and an Expert Advisor can do the job. An Expert Advisor is essentially a robot. It can do the same things as a human being, just a lot faster on more reliably. The downside of course is that it can't take discretionary decisions. It can't work in "special situations" into it's decision making like a human can. So a highly skilled trader can employ the same trading methodology with better results than an EA, or any other automated trading system. But there are very few traders in the world that are that good. That's why those who are get paid millions of dollars by the largest banks in the world. Usually there's a ton of experience behind those traders as well. So for a vast majority of people an EA WILL improve trading results, compared to employing the same sort of trading system manually. So perhaps the biggest advantage of using an EA is that it jumpstarts your journey to becoming a profitable Forex trader. If you have a good Expert Advisor in your hands, you should be able to generate consistent profits! Just leave it and run...
So to me the answer is simple; yes. MetaTrader Expert Advisors are indeed a very viable option to help you trade Forex profitably.
Well let's look at what I regard as the main benefit of using an Expert Advisor:
Psychology. I think it's safe to say that the large majority of professional traders agree that human psychology is one of, if not the number one reason traders fail. In many ways trading goes against our very nature. Humans aren't built to sit through stressful situations while remaining perfectly calm or to not take action in moments of fear. In nature those kind of situations would often be matters of life and death that would and rightfully should, prompt us to take action, wether that be flight or fight. But when it comes to the same sort of situations in trading (moments of "danger"), less is usually more. And at the same time in most people trading your hard earned money evokes strong emotions, both positive and negative. And that can wipe out the little rationality that we as humans have. Trading must be done systematically and consistently for it to be profitable over an extended period of time, and an Expert Advisor can do the job. An Expert Advisor is essentially a robot. It can do the same things as a human being, just a lot faster on more reliably. The downside of course is that it can't take discretionary decisions. It can't work in "special situations" into it's decision making like a human can. So a highly skilled trader can employ the same trading methodology with better results than an EA, or any other automated trading system. But there are very few traders in the world that are that good. That's why those who are get paid millions of dollars by the largest banks in the world. Usually there's a ton of experience behind those traders as well. So for a vast majority of people an EA WILL improve trading results, compared to employing the same sort of trading system manually. So perhaps the biggest advantage of using an EA is that it jumpstarts your journey to becoming a profitable Forex trader. If you have a good Expert Advisor in your hands, you should be able to generate consistent profits! Just leave it and run...
So to me the answer is simple; yes. MetaTrader Expert Advisors are indeed a very viable option to help you trade Forex profitably.
