I'm sure you've all heard of the word FOREX and by now you must have also learned of the term FOREX expert advisor and how much benefit it can provide a trader. So you must've asked: "Who is he or she?" "How good are they?" But here's the catch, a FOREX expert advisor is not a human being.
So, what is an expert advisor?
We have already cleared up the misconception of many people that an expert advisor is a person who gives you advice with regards to your career moves, finances or anything else related to what I've already mentioned. What it is, however, is a module that is compatible with working together with the Metatrader 4 Forex Trading Platform.
What a FOREX Expert Advisor is map out all possible trades through the use of its ATS (Automated Trading System) technology. This technology is based on pure logic and completely eradicates all the emotion out of your trading experience. The common problem is when it comes to human emotions and trading risks that if ones gets in the way, it could cost you quite a bit of your heart earned cash.
But you will not have to worry about that with a FOREX expert advisor. As it quickly calculates all the historical data and then looks at the current activity of your current currency cross. After putting all the data together, it would then make a rather swift and extremely complicated decision as to whether or not it should buy, sell or do nothing at all.
But do remember that not every FOREX expert advisors are built in the exact same way. Some expert advisers are not at all programmed with the best possible mathematical algorithms in mind and would just lose you money over the course of time; in fact, it could make you lose all of your money if you happened to choose a not very well programmed software. So when you are purchasing an expert advisor, do not forget to ask for proof of a back test as well as a forward test.
These softwares are all available for purchase anywhere on the internet. There are some notable ones such as the Forex Tracer which plenty of people consent. The Forex Tracer is among the best advisors available to date. But do not let the fan fare push you into buying it. There are many others that are also worthy but are less recognized. So, I suggest that you do a bit of research and read through other people's reviews of Expert Advisors that they have tried before. Their first hand information would be a vital tool in helping you decide on which one to buy. After all, what better advice is there than that of someone who has been there, done that and got the t-shirt?
So do not make the same mistake that so many other people have made. Getting into the bandwagon, believing all the hype only to realize in the end that it was nothing more than smoke and mirrors and all their money has gone. Remember, the FOREX industry is extremely competitive so make sure that you get the best advisor possible.