Safe Forex trading is a crucial part of trading success. Safety can be attained by using Forex advisors. These forex advisors are frequently referred to as “robots,” “bots,” “experts,” and so forth whatever the terminology used, the purpose is the same. They are used to automate the trading process and, eventually, help you to get profitable.
It is a software that is developed with a view to automating routine processes. This kind of application is based on a given algorithm, which can, in turn, be based on any type of Foreign exchange strategy. A Forex advisor can be depending on a trading system.
These advisors can be programmed for any kind of trading platform.
The MT4 platform has a standard .mq4 extension, and it is software with source code. The average user cannot make any change, but any amateur developer can make some changes. Alternatively, you can use the .ex4 expansion, a compiled advisor for the MT4 terminal.
The MT5 platform uses a standard .mq5 extension for the source code. You will find the .ex5 extension for its compiled files.
The JForex platform belongs to DukasCopy. The JForex source code file has the .java extension, as the compiled document the .jfx one.
Other Forex platforms
It is also possible for you to create a Forex robot that will work in FIX API.
- Automated advisors:
If you use t, you will have very little to do because the complete process will be fully automatic. The software will look up by itself for the most appropriate market conditions to enter the market. The Automated advisors will establish positions and close them too, in part or in full. They are also referred to as “expert advisors.” Usually, they are fully automated and don’t require any type of intervention on your part. It will control the trading process entirely. You only need to do is to make certain that your MT4 is turned on at all times. Obviously, you will have to have uninterrupted, continuous, access to the Web. Additionally, you will have to keep an eye on the money flow.
- Partially automated advisors:
A partially automated advisor plays an auxiliary role. You will have to analyze the market yourself, applying the software when you deem it appropriate. The software, in turn, will carry out its functions based on the formula of the software. Once the application meets the requirements of its protocol, it is going to turn itself off automatically, and you will need to turn it back on manually for it to work again. Trailing stop expert advisors, trade help expert advisors, and information trading expert advisors can all be considered as partially automated advisors. These types of utilities do not require industry on their own, carrying out instead a number of tasks and carrying out there functions in line with the predetermined and preset algorithms used in the development of the utilities.
- Trade support expert advisors:
These advisors have few trading functions to undertake. Mainly, they display information. The Forex advisor Statistics is one such program. The actual purpose of trade assistance expert advisors is to gather information and transmit it to your screen.