What's a Forex "Expert Advisor"?
A forex Expert Advisor is often referred to as a "forex robot", "forex EA", or just simply "EA".
An EA is an automated system designed on the industry-leading forex trading platform, MetaTrader 4 (MT-4). Because of its versatility and simplicity of use, more than 100 forex brokers across the world offer MT-4 as a trading platform for its customers. An EA is written in MetaQuotes Language 4 (MQL 4), the built-in programming language of MT-4.
EAs are most frequently programmed to execute trades automatically. In other words, the user does not need to make any trading decisions. Properly programmed, an EA can manage all aspects of one's trading operations.
EAs have become popular with traders for two main reasons. For one, it eliminates the major weakness which holds traders back from becoming successful, i.e., human emotions. As any seasoned trader can tell you, the frail human emotions of fear and greed are a trader's arch enemy and the cause of most traders' failure. The other big reason for the popularity of EAs is that the idea of making money by "doing nothing" is simply irresistible. Of course, the all-too-common thought is, "Hey, all I need to do is buy a great EA, put it on my MT-4 platform, the profits will mount over time, and I'll soon be a billionaire!" This all-too-human desire and hope is what most commercial EA sellers attempt to exploit.
Unfortunately, life (and trading) is never that easy, and the vast majority of EAs will only cause you to lose money. Yes, you heard that right. Despite costing you a good deal of money, most EAs are simply worthless, if not outright scams. This is one of the reasons we created the site -- to help you separate the successful, profitable EAs from those which will only do you harm.