EA Forex – meaning and application.
EA Forex stands for Expert Advisor on the Forex market. If we have any strategy that we trade manually we can automated into an Expert Advisor or EA Forex Robot. So, for example if I take this strategy that I have from one of my courses – Forex Algorithmic Trading Top 10 GBPUSD Expert Advisors where I have created hundreds of strategies.
I have selected only 60 and I tested these 60 strategies and I have selected the top 10 Expert Advisors or the top 10 EA Forex strategies. So for example, the strategy that is on GBPUSD on M15 chart, it has these 2 indicators the Bollinger Bands and the Stochastic. The Stochastic is used as an entry condition and Bollinger Band is used as exit condition. So, instead of trading them manually and looking into the chart all the time to see where we will have Sell or Buy signals and where we need to exit, what we do?
We do it fully automatically by using EA Robot, so here are these Expert Advisors and if I click on modify you will see:
- the code for the strategy
- the entry conditions
- the exit conditions
- the stop losses
- the parameters of the EA Forex strategy
The code is pretty long. We don’t need actually to have any programming skills for that, because we use strategy builders like EA studio and Forex strategy builder and this way we automate the strategy into EA Forex robot or the so called Expert Advisors.
Once attached to the chart you can see that strategies are trading fully automatically all these trades that were opened were opened by these Expert Advisors. So, if I click right mouse and I go to Expert Advisors and I select Strategy Tester I will be able to back test this EA Robot. As a model I select open prices only, the current M15 chart spread current as well and if I press Start you will see the results and the graph of this strategy that performed more than 900 trades.
This is the useful thing by trading with EA robot or with automated strategies, because we are able to trade fully automatically, no need for any trading experience previously or for programming skills. What we do? We attach many robots into one in the same trading account this way we diversify the risk and we achieve better results. So, one more time EA Forex stands for Expert Advisor on the Forex market or the other name is Expert Advisors