48 hours researching an Expert Advisor that fits my trades

An Expert Advisor (EA) is an automated Forex trading system, a well-written piece of software programmed to advise traders on when to enter the market, where to place stops, and how to manage trades. Instead of devoting their time and focus to surveying the market, traders can put their energy into acting on more profitable trading signals. The instant knowledge of the market and the narrowed focus allow for far more efficient trading. EA software can also be set to trade automatically, without the trader manually approving every transaction, though users can step in if they choose to do so.

EA programs follow the lead of your account information. If your account contains enough equity, the EA will apply itself to every tick of the currency pair for which it has been set to trade.

EA software is programmed to use a variety of trade strategies – trend following, hedging, grid, etc. EA programs do differ from one another, though, as designs vary to meet the needs of the different forms of Forex trade.

Some EA software features an ability to record the trade history. This, too, is an important tool in Forex trading, since it permits traders to assess the effectiveness of their strategies, and adjust accordingly.

Using an EA, a trader can be more efficient, both while trading and while planning future trade.

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Choosing the proper software, or “trading platform,” is an integral part of successful Forex trading. It is important to have a full understanding of the different types of software available, since the platform you choose will affect all of your future activity. There are pros and cons to both web-based and desktop-based trading platforms, described below:

Desktop-based platforms

Desktop-based platforms store your data directly on your hard drive; this is often considered both an inconvenience and a security risk. It restricts your ability to access your data, since you must log onto your particular PC to do so. It also leaves you vulnerable to flaws in the hardware, and to viruses, either of which could destroy your PC, permanently losing you your account information.

Web-based Forex trading platforms

Web-based platforms have none of the disadvantages of desktop-based platforms; they can be accessed from any computer with an internet connection, and use encrypted connections that provide secure storage for your data. With a web-based platform, you can log into your account from anywhere, and quickly enter or exit the trade without waiting. There are several options:

The platform WYCIWYG, an acronym for “what you click is what you get,” which is based around the idea of capturing set prices

Commerce platforms, which are often FLASH based, and provide a user-friendly forum for consumers to engage in global trade sessions without encountering interference from firewalls. There are websites that allow users to log in and trade without having a platform, as well.

Some Forex trading brokers use specialized platforms, designed as a means of providing service for their customers. A good example is ECN (Electronic Communications Network), who use the HotspotFX platform.

To facilitate Forex trading, consumers can use any of these trading platforms, choosing the one they feel best allows them to save and access their data.

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