We forex traders know that the forex market is open 24 hours a day, 5 days a week. If you think you will be there in the market the whole day long, then as a human being, it is difficult and impossible. As for us, we need to take a rest, complete our daily work. But the same things can be done by an expert advisor. Today we will discuss the best Best expert advisor for mt4,2022
As machines don’t need to rest or appliances, don’t need to lead a family life.
From this concept, the idea of forex expert advisors or forex robots developed. In this piece of content, I will reveal many secret aspects of an expert advisor (EA) and what is the mt4 best ea.
What are expert advisors in MT4 In forex trading?
Programmers and coders program forex ea to automatically bring about signals. EA can be used to get alerts of a perfect trading setup. Whether you are an mt4 or mt5 trader, you don’t need to be worried about the charting platform, as most forex brokers allow fx traders to customize trading strategies and apply them on both mt4 and mt5 platforms.
Many noobs confused forex expert advisors and forex robots. However, they both are automated trading tools but not wholly the same.
The trading robot is also an automated trading system that does all the work, like taking trading decisions, opening trades, closing trades, identifying market patterns, etc.
That means if you are super busy and don’t have much time to trade yourself, then just convert your trading system into a robot and set your robot in your charting platform. Then, run a virtual private network system (VPS) for 24 hours. And your robot will do all the things automatically for you.
On the contrary, an expert advisor needed a human being to justify every trade set up manually.
Kinds of expert advisors
Scalper’s expert advisor: scalpers could open and close up to 300-400 trades with minimal profits depending on market conditions.
News EAs: these EAs open trades only at news times and close all the trades with profits within a concise time after news and significant events happen.
Hedge expert advisor: these EAs always open two trades simultaneously. If they generate a signal on EURUSD, it will open buy and sell both trades on EURUSD. One position will speed up to grow balance while another will decrease losses.
Breakout Expert advisor: this type of expert advisor is designed to trade breakout moments. This means these EAs open a trade when price breaks through any valued supply or demand areas.
Best 5 Forex Expert Advisors
Which is the best forex EA? instead of naming one Here I listed the top 5 forex EAs every forex trader should take into consideration.
- GPS Forex Robot
This is the best forex ea in the world. You don’t need to pay any monthly subscription fees to use GPS Forex Robot. Instead, you will get this EA for a lifetime paying a one-time fee, which is really awesome.
The customer support is fantastic. If you have any issues, their customer service section will solve your issue as early as possible.
- Itic Software
Its software Provides buy & sell indications to its customers. Their trade analysis team finds the appropriate opportunities on major currency pairs in the market and alerts their customers according to it, which is not bad.
This expert advisor is for meta trader 4 only. There are two versions of this EA. Version 1 uses price action, while version 2 uses hedging, grid, and martingale. This was awarded as the best forex ea 2018
In the martingale system, we double our position for each loss. We do this hoping to recover our previous losses. However, before coming to your direction, you can face immense losses of several positions.so it’s not wise to trade with the martingale system if you don’t have enough trading capital.
This expert advisor is considered the most reliable one. The algorithm of this EA involves four different strategies.
- Miner EA V3.0
This EA works based on a trend-following system. The expert advisor is programmed based on different trend indicators to get results daily. with this EA, you can trade many currency pairs like EURUSD, GBPUSD, USDJPY, GBPJPY
Don’t use multiple forex EA at the same chart
You can use more than one EA on the same chart. However, different EAs will try to control and intervene in each other’s opening trades. So not all Expert advisors work together with one terminal, so first, you have to be sure before using multiple EAs together.
That’s why it’s not recommendable to use multiple EAs in the same terminal.
Functions of forex expert advisor
Forex expert advisors can be programmed based on various strategies like moving average or RSI indicator or trends and breakouts.
Forex expert advisors can analyze the forex market in a more practical way than we do. When you analyze the market, our human emotions work, or we get biased by some setup, but EAs don’t have feelings. So sometimes they can point out some best trading opportunities from the market.
Nowadays, there are many advanced EAs found which are developed to take complete control of your trading account. The core concept is the EA will open trade after analyzing your capital. Then, it will take a decision of itself about how much of your balance can be bet at risk. So if you use such types of EA, then command it not to take more than 2 % risk of your trading capital on each trade.
Most of the EA now decides whether it should apply trailing stop or take profit system automatically.
Precautions about forex expert advisor
If you want to get the highest benefits from any expert advisors, you need to be aware of some factors before launching it.
It would be best if you back-test your EA first. Just check whether your expert advisor gives you the result you wish for or not. If your EA passes expert advisor tests only, then step forward to test its demo for the next couple of months. But without testing, don’t apply it in live trading. This is dangerous and very dangerous.
When the market gets highly volatile, your EA could take more time than usual to execute a trade. This could affect your trading result. So consider it also.
One more crucial fact is that if you want to apply any EA in your chart, you need to open your computer and connect the whole day and whole week. Your meta trader connection has to be connected directly to your broker all time. So how could you do that? Is it possible for many human beings to sit all day long to connect MetaTrader with expert advisors? No, it’s not possible to sit and trade all day long.
So you need to take help from another automatic system named VPS service or virtual private network service.
Do Forex Expert Advisors Work in 2021?
Yes! EAs still work even in 2022. if you want to understand why it still works, you need to have some idea very clearly. First and foremost, EAs have no emotion. It places trades emotionlessly. Thus it can operate trade more accurately.
Secondly, an expert advisor does not sleep like a human being. It works 24/7.
Thirdly, we traders when trading many times we decide to do something right, but when any big news comes, or any significant events happen in the market we change our decisions. But EAs are free from these distractions. Nothing can puzzle an EA from its trade operation process.
Pros vs cons of an expert advisor
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How do you use Expert Advisor in MetaTrader 4?
go for any websites that offer free EA. Here in parkingpips I am giving one free. So download any free EA.follow the necessary steps I am describing here.
Step one: open the EA folder and copy files from here.
Step two: go to your C computers C drive and find the folder named Meta trader 4
Step three: now go to the folder “experts”
Step four: paste here the files you copied before
Step five: a new window will come and ask your permission. Permit them. just click the allow button
Step six: open your meta trader 4 platforms. go-to expert advisors section
Step seven: go to “+” symbol .now select your EA
Step eight: drag and drop your selected EA on the chart
Step nine: click the auto trading option you find on the mt4 platform. It was red now, make it green.
Best expert advisor for mt4 free download
I am giving you some best expert advisors for mt4. It would help if you considered these free forex expert advisors before buying any costly one. Just download the free form here.
- Trader New — best free expert advisor for mt4 2021
- best ea forex robot 2021–Daydream 01
- best ea forex robot 2020—Calypso
- Breakout 11 — best free expert advisor for mt4 2020
- best scalper ea free download–Day Profit SE
- most profitable expert advisor——– Euro Fx2
Don’t go anywhere for a forex expert advisor free download. You can get everything from here parkingpips. just take the right EA you need entirely free!
How do I write an expert advisor in MT4?
after going through if you decide that you should also need an assistant tool, EA but peeping in your mind one simple question “How do I write an expert advisor in MT4? “Then here is your answer. Just hire any mql4 coder and tell him your strategy he will code the whole system for you. But if you think you will write EA of your own, then it will be challenging for you to learn a coding language as a trader. So don’t complicate the whole thing. Make coders do their job, which is programming the strategy, and you do your job, which is trading and making a profitable strategy.
Forex rankings -Top 4 expert advisor friendly Forex Brokers
To avoid cheating done by forex brokers, you should always choose the right forex broker. That’s why I made forex rankings (brokers) consecutively who support EAs.
Doing robot trade forex is not easy. It would be best if you had time to adapt to the whole system. But once you get accustomed to it you will love it. Remember highly professionals also take help from tools like EAs, but they don’t solely rely on them that’s why at the end of the month they make a profit. on the contrary, noobs just apply the forex robots in the chart and wish it will make them millionaires! that’s why most of the cases they lose money in it