For most Forex traders, it takes months or even years of training and practice to get the first profit. Of course, everyone can earn money with profitable trades from time to time, but it takes much more effort to get a steady income.

Usually, traders strive to make money in Forex on a daily basis. But it requires an incredible amount of dedication, practice, and patience. However, modern automated solutions that exist today can make the trading experience way easier. In this article, we are going to talk about how Forex Expert Advisors work and whether it is realistic to earn money with the help of such software.

What is a Forex Expert Advisor?

A Forex Expert Advisor is a professional program that can read market data and automatically work with orders following a pre-programmed set of parameters. Finding a profitable Forex Advisor is fairly easy. Traders can use the Forex robots store or search for them on the official websites of trustworthy program developers. Forex Expert Advisors can also set pending, stop loss, and other orders, as well as close them when needed. What is more, some programs detect trading opportunities but need verification by the trader. Such software can be a great teacher for beginners as well as a profitable assistant for experienced traders.

Types of Forex Expert Advisors

Trading advisors can be divided into several types:

  • Trend Advisors — the algorithm is set up strictly to trade on the trend. Profitable Forex advisors are usually set up for long positions with large profits.
  • Multicurrency Expert Advisors — are suitable for different tasks: they can work together and separately with many currency pairs.
  • Combined free advisors — can combine the features of trend trading and multicurrency trading.
  • Scalpers — the algorithm of these robots is suitable for trading with multiple transactions.
  • Martingale advisors — increase the lot size after any trade that did not bring income. This is one of the riskiest expert assistants.

Advantages of Automated Advisors

The main advantage of using an advisor is that such software operates 24/7 without additional actions of the trader. Therefore, you do not need to be in front of the screen, constantly watching the market. Also, the advisor does not need financial investments, you can download it for free using this https://forexstore.com/free-forex-robots or any other link. In addition, using the advisor helps to avoid the effect of such human specifics as anger, excitement, frustration, and other emotions that interfere with active and correct trading. Since the Expert Advisor works according to an algorithm, it can detect what cannot be seen by the human. This can also save many hours spent on researches and market analyses.

How to start using the Forex Advisor

As a trading Advisor is a software algorithm, it needs to be installed properly. Here is a step by step guide on how to connect the advisor to a trading platform:

1. Downloading the Expert Advisor

Everything is simple — download the file from the website of the trustworthy robot supplier.

2. Installation

The trader unpacks the archive and installs it on the trading platform. It is sufficient to follow the standard instructions: all elements of the file are copied and placed in the appropriate folders of the terminal. After these manipulations, the robot is installed in the platform, but it is not activated.

3. Connecting to a Chart

To start analyzing charts with an assistant, check the boxes that allow automatic trading through the platform. Then, using the navigator panel, drag and drop the EA onto the chart with your mouse. Note that the Automated Advisor only trades in an active terminal. When the terminal is turned off, the assistant stops working.

Conclusion

Before you run the advisor in a real trade, keep it on a demo account for at least a week. Make sure to test it on a currency pair history for the last 2 years. If you are confident that the Expert Advisor is profitable, switch to a real account with a few dollars. After a week of profitable trading — you can open it on a standard account.

That is all. As you see, it is quite possible to earn in the Forex market by means of the advisor. Moreover, it is possible to receive a stable profit. All you need is a bit of money, a few profitable Expert Advisors, and proper diligence.