Have you ever heard the term EA while learning forex? Do you understand what EA is? Is it a strategy or an instrument in the world of forex trading?
Basically, EA in the trading world is an abbreviation of Expert Advisor or we can also call it an Autotrading Robot. As additional information, EA is an electronic tool that can work alone (auto) to find an open trade opportunity.
This Autotrading Robot is not a physical tool or hardware but it is a software that can do forex trading automatically. You don’t need to do buy or sell orders, because this software will automatically do it for you. Thus, this software is very different from manual trading done by traders in general. According to Invezz, the robots carry out trading decisions on behalf of traders by finding currency pairs, deciding the best entry and exit points in the market and keeping your losses to an absolute minimum.
Advantages of Forex Trading Robot (EA)
Multitasking
This software can run many instructions in just one second to look for available forex trading opportunities. Compared to the manual, this is certainly very helpful for you in finding out about the existing forex trading opportunities so you don’t need to study forex more.
Work 24H
Forex Trading Robot (EA) can work non-stop 24 hours a week. When he finds a trading opportunity, the software will be ready to execute market orders. That way, you can do other things when you’re busy without losing the opportunity to get trading opportunities when using this robot.
Not affected by emotions
Forex Trading Robot (EA) is the same as a robot in general. It can only carry out instructions or orders based on program standards that have been set in it. Besides, it will execute the order and stop loss or take profit as programmed to it. In manual trading, ordinary traders will be easily affected by emotions when facing price fluctuations.
Weaknesses of Forex Trading Robots (EA)
High cost
It is undeniable that the more sophisticated an item is, the higher the cost will be. All forms of research are carried out until the tool can be sophisticated and multi-tasking. The better the quality of an item, the higher the cost involved.
Arrangements Require Special Skills
Although this robot will run trading automatically, as the owner you need to know about trading and robot programs. Thus, when market conditions are in a situation that is out of the ordinary and the program is designed, you can immediately take over the task of the Forex Trading Robot (EA).
