How Do I Trade with Signals and EAs
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 gold market. Traders that want to trade with these methods might spend a lot of time researching which is the best Expert Advisor(EA) or Signal - instead when it comes to Expert Advisor Robots there is a library of EA Robots that traders can find on the MQL5 community and when it comes to signals there's a list of the top signal providers made up of profitable traders who trade using MT4 software that provide signals which traders can subscribe to & trade with.
Gold Signals
Traders can trade using signals - instead of generating trade signals of their own using systems traders can subscribe signals from other profitable traders and copy the trading of these trading signal providers. Trade using signals is sometimes also called copy trading.
A signal service such as the MQL5 copy signal service is setup by the owners of MT4 software. Profitable traders can then setup their signal service and other traders can then subscribe to these trading signals from the MQL5 signal service direct from MetaTrader 4 software.
Once signal providers generate a signal the trade is then automatically copied and sent to the trader’s account and 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 online trader's trading account the trades also will be automatically closed.
To learn and know more about signals traders can read the guide - MQL5.com signals. These signals are generated by profitable traders who trade the market using their own accounts with money invested in their account and 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 EAs
Automated strategies in xauusd are known as Automated EAs or EA or Robots. These robots are used by the online traders to generate trade signals which will open buy and sell gold trades on behalf of the online trader based on the set parameter settings.
When these sets of parameters are met the EA then will open a gold trade. Expert Advisor(EA) also has a different set of parameters which will be used to calculate where to close out a trade position position.
Best place to start for those traders that want to learn and know how to program and code and come up with their own Expert Advisor Bots MQL5 community of EA programmers is the best place where to begin. This community also has got a library of many EAs that gold 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 identify how it performs in market before buying the EA.
To learn & know more about EA Bots, traders can read our tutorial - MQL5 Expert Advisors(EAs) Forum.
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