How to Trade with Forex Signals and Expert Advisors
Apart from coming up with forex trading signals, traders can also decide that they want to trade with Forex signals or Expert Advisors. These two trading methods are very popular when it comes to trading the online FX trading market. Traders who want to trade with these methods may spend a lot of time researching which is the best EA or Forex Signal - instead when it comes to EA Forex Bots there is a library of Expert-Advisor Forex Robots that traders can find on the MQL5 forum and when it comes to signals there is a list of the top forex trading signal providers made up of profitable traders who trade using MT4 platform that provide forex signals which traders can subscribe to & trade with.
Signals
Traders can trade using forex signals - instead of generating trading signals of their own using trading systems traders can subscribe forex signals from other profitable traders and copy the trading of these signal providers. Trading using forex signals is sometimes also called copy trading.
A forex signal service such as the MQL5 signal service is setup by the owners of MT4 platform. Profitable traders can then setup their signal service and other traders can then subscribe to these signals from the MQL5 signal service directly from their MetaTrader 4 platform.
Once signal providers generate a trading signal the trade is then automatically copied & sent to the trader’s account & similar trades are also opened on the trader’s account. These trades will remain open until when signal provider closes them & on trader’s account the trades will also be automatically closed.
To learn more about forex trading signals traders can read the tutorial - MQL5 forex signals. These forex trading signals are provided by profitable traders who trade the market using their own accounts with money invested in their trading account & this traders have passed a month trading period to prove their strategy is profitable after which these traders have then become signal providers.
Forex Expert Advisors
Automated forex trading strategies in forex are known as Expert Advisors or Expert-Advisor or Forex Robots. These bots are used by traders to generate automated trading signals that will open buy and sell trades on behalf of the trader based on the set trading parameters.
When these sets of parameters are met the Expert Advisor will then open a trade. The EA also has another set of parameters which will be used to calculate where to close a trade.
The best place to start for those who want to learn how to program & come up with their own Expert Advisor Forex Robots MQL5 forum of EA programmers is the best place to start. This forum also has a library of many forex Expert Advisors that traders can download - some are free and some are for sale. Those that are for sale can be tested out by traders using their demo version which can be tested on the MT4 strategy tester environment, this way a trader can test an Expert Advisor to ascertain how it performs in the market before buying the Expert-Advisor.
To learn more about EA Forex Robots, traders can read our article - MQL5 Expert Advisors Library.
