How Do I Trade with Signals & Automated EAs
Apart from coming up with signals, traders also can decide that they want to trade with signals or EAs. These two methods are very popular when it comes to trading the online market. Traders who want to trade with these methods may spend a lot of time researching which is the best EA or Signal - instead when it comes to EA Forex Bots there a library of Expert Advisor Robots that traders can find on the MQL5 community & when it comes to signals there's a list of the top trading signal providers made up of profitable traders who trade using MT4 software that provide signals which traders can subscribe to & trade with.
Signals
Traders can trade using signals - instead of generating signals of their own using systems traders can subscribe signals from other profitable traders & copy the trading of these signal providers. Trading using signals is sometimes also referred to as copier trading.
A signal service such as the MQL5 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 signals from the MQL5 signal service directly on MetaTrader 4 platform.
Once the signal service providers generates a signal the trade is then automatically copied and sent to the trader's account and similar trades are also opened on the trader's account. These trades will remain open until when signal provider closes them & on trader’s account the trades will also be automatically closed.
To know more about signals traders can read the guide - MQL5 signals. These signals are generated by profitable traders who trade the market using their own accounts with money invested in their trading account & this traders have passed a month period to prove their system is profitable after which these traders have become signal service providers.
Forex Automated EAs
Automated strategies in forex are known as EAs or Expert Advisor or Robots. These bots are used by traders to generate automated signals that will open buy and sell trade transactions on behalf of trader depending on the set trade parameters.
When these sets of parameters are met the Automated EA will then open a trade. The Expert Advisor also has another set of parameters which will be used to calculate where to close a trade.
The best place to start for those who want to learn how to program & come up with their own Expert Advisor Bots MQL5 community of EA programmers is the best place to start. This forum also has a library of many Automated EAs that traders can download - some are free and 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 ascertain how it performs in the market before buying the Automated EA.
To know more about Expert Advisor Robots, traders can read our lesson - MQL5 Automated EAs Library.
