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Automated Forex Expert Advisor
Gives Traders The Ultimate Flexibility
Chris Robertson
Forex Expert Information
Automated Forex Expert Advisor
Gives Traders The Ultimate Flexibility
For many people, trading in foreign currency exchange (known as Forex) has become very lucrative, similar in nature to the money made by day traders in the 1990s. Until fairly recently, though, Forex trading was only available to central banks and institutional investors. With the advent of software that acts as an automated Forex expert advisor,
though, the Forex market has opened up to individual investors.
The importance and value of an advisor system is obvious when reviewing the Forex currencies that are most often traded. After the United States dollar, the currencies that are most often traded are the Euro, the Japanese yen, the British Pound Sterling, the Swiss franc, and the Australian dollar. Given the time differences involved in the openings and closings of currency markets, performing manually Forex trades is unrealistic. Missed trades
equal missed opportunities, which can negatively impact the value of a trader's portfolio.
Automated Forex trading systems allow an individual to take advantage of the real-time nature of Forex trading by having an "expert advisor" (also known as an EA or EAs) monitor the market and make trades on the individual's behalf. There are many different automated advisors on the market, but they have much in common. Each EA is programmed with a unique set of rules for trading. Essentially, the software
makes decisions based on the conditions set forth in the program. Typically, the trader can choose how much risk he or she wants to assume, which currencies he or she would like to trade, and open and close positions according to "take profit" and "stop loss" targets.
Another advantage of an EA system is that the emotional nature of trading is taken out of the equation. After all, trading based on emotions can have disastrous results, whether the person is trading stocks, futures,
or currencies. An advisor system takes the emotion out of the trading experience, which
US: LEI Contracts in April, but Details Show Continued Growth
US: Industrial Production Accelerates in April
US: Housing Starts Picture Brightens in April
Japan: Mixed signals from orders and tertiary activity data in March
US: Decline in Bank Liabilities Leads to Net Outflows in March
US: Business Inventory Growth Slows in March
US: Consumer Inflation Remains Flat in April
US: Retail Sales Soften a Touch in April
US: Can't complain
France: Q1 2012 GDP stable
Eurozone: GDP flat in Q1 2012
Germany: Slight rebound in GDP growth
US: Commercial Real Estate Chartbook: Quarter 1
Eurozone: Industrial production down in March
Global Chartbook: May 2012
US: Exports Remain Surprisingly Strong in March Trade Report
UK: The Bank of England maintained monetary status quo
US: Lower Fuel Prices Push Import Prices Down in April
UK: Industrial output fell back in March
France: Manufacturing production strongly up in March
Japan: Signs of cyclical upswing
Figures for Spanish economy
US: Wholesale Inventories Edge Higher in March
Germany: Slight rebound in manufacturing orders
April US Nonfarm Payrolls +115K; Jobless Rate 8.1%
ECB, baseline scenario unchanged, uncertainty prevailing
US ISM non-manufacturing signals slower growth ahead
US: productivity drops, but manufacturing stands out
March 2012 US Factory Orders
US: Factory Orders Slip Roughly In Line With Expectations
Slight increase of unemployment
US: Construction Spending Rises Modestly in March
US: Surprise, Surprise, Is Manufacturing Back?
March 2012 US Personal Income and Spending
US: Personal Income Rises Modestly in March
UE: Inflation eased in April
US: Another Modest Gain in Total Employment Costs in Q1
Japan: Production picked up in March
Japan: BoJ buys more JGBs
Germany: Further decrease in inflation
paves the way for increased profitability and success.
An automated Forex expert trader can also be used by those who enjoy the process of executing manual trades, but who want to test out new strategies. Many EAs have an historical component, which enables a trader to try out a trading strategy using past market performance. If his or her new trading strategy is sound, it will generate a pseudo profit in past market. This is a good indicator that it will work on real trades in live markets.
There
are many other ways in which an automated Forex expert advisor can work to the trader's advantage. Some EAs send email alerts, some make only a single trade per day at a pre-set time, some make multiple trades in multiple currencies, and others work to compound your profits by opening increasingly larger trades on your behalf.
While there is an automated Forex exert advisor for virtually every kind of trader, the underlying concept of automated trading devoid of emotion is inarguably sound.
Chris
Robertson is an author of Majon International, one of the worlds most popular internet marketing companies. For tips/information related to automated Forex expert advisor, visit Majon's Financing\Investing directory at Majon.com/directory/FinancingInvesting.
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Spread - The difference between the bid and offer prices.
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