Forex Expert Advisors (EA) is also known as the fully automated forex trading system. It is commonly developed on the MT4 and/or MT5 platforms using a computer programming language named MQ4. An individual EA is a complete trading system that operates independently with real-time market movement. It detects a certain market condition or setup, then automatically places and/or closes orders according to the predefined trading program.
First, for beginners or less knowledgeable traders, this system has high profitability and will reduce the risk rate appropriately and intelligently. It could be helpful for forex traders who have been discouraged by the markets for not having consistent trading results after actively trading for a while.
Second, because it is intelligently programmed to omit the process of various analytical surfaces, the speed of analysis is far greater than that of humans.
Third, people are prone to greed or fear in the trading process, thus EA can well avoid the drawbacks or overtrading that may be driven by human emotions.
Fourth, the trading system can help us observe the market situation 24 hours a day, greatly reducing our screen time and helping us generate profits passively.
There are many arguments within the forex trading industry. Some people are huge advocates for using Expert Advisors to help them trade automatically and passively. On the other hand, some people think that Expert Advisors are just scam products. For those that think EA are scams, it could be:
1. They do not know how to use it properly.
2. They are not using an up-to-date EA.
3. The EA used is not properly tested for a significant period of time.
4. The EA provider is not trustable.
In fact, more than 60% of Wall Street trading is currently done by programmed trading. If big institutions are adapting EA trading, how could retail traders beat them by trading manually？ Whether you like it or not, EA trading is a gradually growing trend and it is certainly here to stay.
WikiFX understands that finding a suitable EA is as overwhelming and as time-consuming as finding a reliable forex broker, not to mention how costly they could be from certain providers.
At WikiFX, not only did we provide strictly tested EA that performs optimally, but we also make EA affordable for everyone. Head over to WikiFX's EA page via this link for more information: https://cloud.wikifx.com/en/eashop.html.
If you are a mobile app user, download the free WikiFX application from Google Play/App Store right now, so you can enjoy all forex trading-related information and tools right at your fingertips.
On the main homepage of the WikiFX app, click “EA” as directed by the arrow above.
Next, you can find a myriad of EA offered by WikiFX which are categorized into 6 different groups, which are Tools, Martin, Shock, Trend, Grid, and Comprehensive.
With so many choices to choose from, WikiFX is confident that, whether you are a swing trader or a scalper, you will be able to find an appropriate EA to be your forex trading companion that suits your trading style as well as your trading instrument (indices, commodities or currency pairs).
Earlier in this article, we mentioned that if an EA does not go through thorough testing before its launch, there is a high chance that it could not withstand the test of time.
In this article, we will use the WikiFX EA named King as an example. Through the images attached below, users can see the testing period that these WikiFX Expert Advisors had gone through coupled with more in-depth breakdowns as solid proofs.
Click on ‘download test report’ to find more documentation in relation to the testing of this EA – which amounts to 509 pages for your perusal in this specific example!
