How Do I Trade with Signals and Expert Advisors
Apart from coming up with signals, traders can also decide that they want to trade with signals or Automated Expert Advisors. These 2 techniques are very popular in trading the online market. Traders who want to trade with these methods might spend a lot of time researching which is the best Expert Advisor or Signal - instead when it comes to Expert Advisor Robots there is a library of Expert Advisor Robots that traders can find on the MQL5 community & when it comes to signals there is a list of the top signal providers made up of profitable traders who trade using MetaTrader 4 software that provide signals which traders can subscribe to & trade with.
Gold Signals
Traders can trade using signals - instead of generating signals of their own using systems traders can subscribe signals from other profitable traders and copy the trading of these trading signal providers. Trading using signals is sometimes also called copy trading.
A signal service such as the MQL5 signal service is setup by the owners of MetaTrader 4 software. Profitable traders can then setup their signal service and other traders can then subscribe to these signals from the MQL5 signal service direct from MT4 software.
Once signal providers generate a signal the trade is then automatically copied and sent to the trader’s account & similar trades are also opened on trader’s account. These trades will remain open until when the signal service provider closes them and on the trader's account the trades also will be automatically closed.
To learn & know more about signals traders can read the tutorial - MQL5 signals. These signals are generated by profitable traders who trade the market using their own accounts with money invested in their account & this traders have passed a one month period to prove their strategy is profitable after which then these traders have become trading signal service providers.
Trading Expert Advisors
Automated strategies in xauusd are known as Automated Expert Advisors or Expert Advisor or Robots. These robots are used by traders to generate automated signals that will open buy & sell gold trades on behalf of the trader based on the set parameters.
When these sets of parameters are met the EA will then open a gold trade. Expert Advisor also has another set of parameters which will be used to calculate where to close a trade.
The best place to begin for those who want to learn how to program and come up with their own Expert Advisor Bots MQL5 community of Expert Advisor programmers is the best place to start. This community also has a library of many Expert Advisors that traders can download - some are free & some are for sale. Those that are for sale can be tested out by traders using their demo version which can be tested on the MT4 strategy tester environment, this way a trader can test an Expert Advisor to determine how it performs in market before buying the Expert Advisor.
To learn & know more about EA Bots, traders can read our article - MQL5 Expert Advisors Forum.
