Forex Expert Advisors – Are They Any Good?

Forex market traders, especially those with less experience, are perhaps not surprisingly interested in pursuing their trading strategies with the help of a trade robot. 

This technology has influenced all markets, but especially Forex because of its 24 hour market five days a week and enormous size and complexity.

There is much to recommend this technological aid, especially for beginners:

 

Less Stress
These mechanical trading systems allows the trader to transmit applications to a broker under the market conditions desired without any necessity for the trader to intervene. The great benefit to this is the reduction of stress in the making of trades. For many people who don’t have the nerves for the fast pace, changing conditions and rough and tumble world of foreign exchange, the expert adviser allows them to carry out their market strategies without ending up in a straitjacket.

Always Active
In a market like Forex that is active for 24 hours five days a week, anyone who tried to monitor the market non-stop would probably find themselves collapsing in exhaustion sometime Wednesday afternoon. However a computer can work around the clock, monitoring the market when you cannot, and thereby enable taking advantage of opportunities you would otherwise miss. Orders can be set by price and generally take the place of the trader while still following the trader’s strategies.

Time to Learn
No one wants to lose a fortune learning how to participate in the Forex market. For someone new to the scene, a Forex expert adviser can fill in the gaps until you obtain the experience to make sophisticated judgments on your own. In this sense the expert adviser is not just a means of carrying out your market strategy, but also a way of helping to avoid potentially expensive beginner’s mistakes until you become more adept in the field.

Of course despite the rise of trade robots there remains that certain adviser called a human being. Forex expert advisors may carry out your strategy, but who will devise that strategy? There remains that old geek programming adage, “Garbage In – Garbage Out” meaning a computer is only as good as its program. That is why many users of Forex expert advisors also consult real life human experts to devise their strategies and fine tune them as results dictate. This combination of man and machine is often the most effective.