Using Forex EAs To Automate Trading Or To Get Free Signals

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Using Forex EAs To Automate Trading Or To Get Free Signals

This article will explain why and how traders use Expert Advisers (EAs) to fully automate their trading or to receive high quality trading signals.

Most services that offer Forex or binary options signals sent to users’ phone or email address, are actually based on EAs.

Introduction to automated trading

I’m sure you’ve heard about trading robots that trade automatically. This is nothing new. There are many traders and investment funds that use automatic trading algorithms to profit from the markets.

Imagine a hands-off approach to trading where you just check your broker account each morning to see your profits get bigger. That would be nice, wouldn’t it?

Truth be told, the biggest and quickest transactions in the Forex and stock markets are actually done by trading algorithms.

They trade on their own without any human intervention, with utmost speed and ultimate precision.

The need for speed and precision

Today trades can be executed very quickly through High Frequency Trading (HFT) systems. The trading algorithms can enter and exit the markets within milliseconds.

The interesting thing is that this type of trading not only relies on the processing power, algorithm settings and the actual funcionalities, but also on the speed of the connection.

The speed of connectivity is so important, in fact, that trading agencies that use High Frequency Trading, try to set up their equipment in the closest proximity to the actual physical data centers that are processing all the market data.

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Imagine how quickly the automated algorithms can enter and exit the markets if the physical distance of the servers can make a difference.

Obviously most home traders cannot afford very expensive HFT systems and don’t have the specialised knowledge that is required to program and operate such devices.

But many home traders can rely on the next best thing that is available to them, namely automated Expert Advisers.

What is an Expert Adviser (EA)?

Expert Adviser (EA), is an add-on program for the MetaTrader trading platform. EAs consist of specific set of trading indicators, rules and actions, which allow for fully, hands-off automated trading on a live account.

Expert Adviser is a technical name used natively by the MT4 platform. They are more commonly known as trading algorithms, trading robots, FX robots, etc.

The EA’s trading rules are programmed in the MQL programming language under the strict guidance and supervision of professional traders.

As mentioned earlier, Expert Advisers were originally written for and deployed in Meta Trader 4 and 5.

Other trading platforms such as NinjaTrader, TradingView, Thinkorswim, etc. have similar functionalities, but they call them trading robots.

Due to the differences in the programming structures of a given platform, EA’s need to be programmed for each platform separately.

Even the programming language of MetaTrader 4 differs from the newer version of Meta Trader 5. Unfortunately, at the time of writing this post, there is no universal scripting language that would work across all trading platforms.

The most important function of any Expert Advisor is that it can trade on user account completely autonomously.

In other words, once it is up and running, and the user account is funded, the EA will enter and exit trades according to the set of rules that are defined and configured beforehand.

How to install an Expert Adviser?

The Expert Adviser comes as a file which is inserted into the MetaTrader trading platform.

Let’s look at how an EA is added to MetaTrader 4, which is the most widely used trading platform in the world.

In order for the EA to work, the platform needs to remain operational and connected online.

You can’t install your Expert Adviser on MT4, set it to run and then turn off your computer to go out with friends. This will shut down your EA entirely.

In order for an Expert Adviser to run continuously, and enter and exit trades on your behalf, it needs to be connected online via its operating platform.

Some Expert Advisers can be optimized for trading only between specific hours. For example, they can be programmed for the activity during the London/New York trading sessions.

Dedicated EA’s can also be optimized for specific asset, such as EURUSD.

Using VPS for continuous EA operation

If you can’t or simply don’t want to keep your computer operational 24/7, you can rent a Virtual Private Server (VPS) that will allow you to run MT4 trading software on it.

Virtual private server is essentially a computer server with dedicated resources to your account. that has

You would than need to set up everything on your VPS as you normally would on your own computer.

Your virtual server will be kept online the whole time, even when you decide to switch off your home computer.

Remember when I wrote about the speed and the physical distance to the main market severs? The same applies to your broker servers. If you live far away from those servers, the information you send and receive will take longer.

If you use a VPS which is physically much closer to the servers of your broker, all exchange between you will be slightly faster.

Another benefit is that you can have online access to your trading and signalling platform from any place in the world and from any device.

Additionally, you can also give the same access to your family or friends.

Using Free Amazon AWS servers

Most of you probably think that the cost of such a Virtual Private Server will be too high.

You can set up a VPS for free using Amazon AWS cloud servers.

Although the configuration of the server using Amazon AWS can be quite technical, it is definitely worth spending some time on it. The price for the first year of usage is completely free.

The running costs of additional years depend on your usage and connections, it is still a relatively cheap solution to a VPS.

If you are already an Amazon account holder, you’ll have free access to AWS servers. If you don’t have an active Amazon account you can open one up for free.

And here is a video with instructions on how to configure your AWS server to run MT4 trading platform.

Why traders use Expert Advisers?

The main reason why traders use Expert Advisers is to eliminate human emotions from their trading.

Emotions such as greed, uncertainty, doubt (FUD) and fear of missing out (FOMO) cloud our judgment. Human emotions do not mix well with trading.

In addition to FUD and FOMO, we have the speed factor. A programmed algorithm can enter and exit trades very quickly. Much faster than any human trading and reacting manually.

For day traders, even a small delay in the decision making process can be cost them money.

Automated Expert Advisers don’t need to think or decide. They simply follow the market data and execute their embedded trading conditions instantaneously.

EAs enter and exit the markets based on their programming rules. When pre-programmed conditions are met, the execution is immediate.

More importantly, automated expert advisers never deviate from their programmed logic.

Most important thing for traders who use EAs is that they eliminate a lot of stress that is often caused by chasing and trying to beat the markets manually.

Expert Advisers can be a convenient way to trade because they make trading a lot more impersonal.

Removing all human emotions from trading can help, but with automated trading, traders are faced with a new type of challenge, namely programming and testing.

Automated trading testing and analysis

The new challenge for the trader is to create and configure an EA that continuously profits from trades it makes.

Which is much easier said than done.

There are many aspects to trading that need to be taken into account within the programming of an Expert Adviser.

Additionally, Expert Advisers need to be tested rigorously and tweaked for the best possible performance.

MetaTrader, for example, has a very useful Strategy Tester feature which allows for the optimization of an Expert Adviser.

Effectively, an EA can be tested in MT4 or MT5 against real market data going back many years. Which is extremely useful in optimising an EA for performance and test its calculations and risk management.

However, past performance is never an indicative of future results. In addition running an EA on a a live account presents additional challenges.

Programming and testing a winning EA can be a long process which requires deep understanding of the markets, a lot of patience, and professional programming knowledge.

That is why financial trading companies not only hire traders but also programmers who often work side by side.

Fortunately, this technology is not new and with faster and much cheaper computers and better Internet connection, anyone can now use an Expert Adviser to fully automate his trading.

Today, a home trader can buy a winning Expert Adviser or an entire automated trading system for less than $300 USD.

Professional trading bots in the form of an EA can consist of many trading modules.

Professional Expert Advisers – Examples

Here are a few examples of well performing Expert Advisers that were created by professional traders. They are programmed to trade automatically on a user live MT4 account.

These EAs can also be configured to issue free signals and to forward those signals to mobiles or email addresses, alerting users of a good trading opportunities.

1. Expert Adviser for trading currencies

As expected from an EA system, the Volatility Factor can trade 100% automatically on a user MT4 account.

This Expert Adviser is composed of an entire trading system whose development cost tens of thousands of dollars and took years of testing and analysis.

The EA has been tracked and optimized for 17 years and it boasts a 6-year-long winning streak.

It also has NFA and FIFO Compatibility which basically means that it is fully compliant with U.S. currency trading rules and regulations.

The Volatility Factor EA features the following modules:

  • Profit protection system,
  • Broker spy module,
  • Optimization for 4 currency pairs GBP/USD, EUR/USD, USD/JPY, USD/CHF
  • Time management system
  • Risk management module
  • High-impact news filter
  • Free trading alerts
  • Free lifetime updates

The company behind this Expert Adviser, the FX Automater, provide very good customer support and technical help desk that can help with any installation or other technical issues.

In addition, The Volatility Factor EA comes with a 60-day risk-free trial!

2. Expert Adviser for trading gold

As mentioned earlier, EA are usually programmed for specific markets. the Forex Gold Investor adviser is specifically programmed and optimized for trading one commodity – gold.

This trading EA is designed for precious metals investors. Trading gold presents unique challenges to traders, and this Expert Adviser finds good trading opportunities in all market conditions.

Among other features, The Forex Gold Investor EA includes fully automatic, hands-off, set-and-forget trading.

In addition it has the following:

  • Highly adaptive algorithms
  • Intelligent money management system
  • Unique broker spy module
  • Advanced news filter
  • Free trading alerts
  • Free lifetime updates

In addition, The Forex Gold Investor EA comes with a 60-day risk-free trial!

3. Wall Street Robot Expert Adviser

This particular EA runs on both, MetaTrader 4 and MetaTrader 5 trading platforms. It boasts the longest running, fully verified MyFXBook performance on a real money account.

The Wall Street Robot expert adviser is programmed to scalp various markets utilizing a very LOW-RISK scalping method on short and medium trends.

The results are very impressive. See below screenshots for more exact data.

20-year backtesting result on EUR/USD 20-year backtesting result on GBP/USD 20-year backtesting result on USD/JPY 20-year backtesting result on USD/CAD

The Wall Street EA includes the following:

  • 4 Proven trading systems
  • Unique broker spy module
  • Exit trading logic
  • Profit protection system
  • Pending Stop and Limit Orders
  • Defensive Stop Loss orders
  • Automatic risk-calculating algorithm
  • Free trading signals
  • Free updates

Similarly to the previous indicator, it also has a 60-day risk free trial!

Using Forex EAs To Automate Trading Or To Get Free Signals

This article will explain why and how traders use Expert Advisers (EAs) to fully automate their trading or to receive high quality trading signals.

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