What is Expert Advisors (EAs) – MT4 or MT5
An Expert Advisor (EA) is a mechanical trading system (MTS) which users can apply in order to automate their trading.
Expert Advisors can both inform the trader about a possibility to trade(Notification/Alerts/SMS/Email) or even execute trades automatically by sending orders directly to the broker’s trade server.
Expert Advisors function on the basis of pre-programmed trading strategies that incorporate
1) market price analysis,
2) money management and
3) trade execution rules set by the creator of the trading system.
In simple words, a trader can record his trading strategy and then use programing language to write a small or large trading program that will follow the conditions set to initiate and close trades.
It is important to note that Expert Advisors can run locally on your personal computer before you place it onto a VPS that is closest to your broker’s server to improve trading condition through reducing ping time and latency.
It is also important to consider other factors such as ECN Spreads, Broker’s Execution Types, Connectivity and Execution Speed, News Trading Slippage, VPS location, Broker’s Server location, Broker’s LP location and time of the market session.
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