A Forex Consultant is a software that automate overlooking the routine processes is developed. Such software on a particular algorithm, which in turn can be based on any kind of foreign exchange strategy based. A forex advisor may also be based on a trading system.
Forex consultant for various trading platforms can be programmed.
MetaTrader 4
This platform has a standard .mq4 extension and is software with source code. Of course, the average user can not do much here, but everyone amateur developers can make some changes. Alternatively you can use the .ex4 extension, a compiled advisors for MT4 terminal.
The goals of the consultant are clear. As for the functions, they are similar for all advisors. However, you can neither check the functioning of a compiled consultants nor to change their code. It is not worth mentioning that the.ex4 version can be displayed in a gray color on your terminal, as it makes no difference, and does not affect the performance.
MetaTrader 5
This platform uses a standard.mq5 extension for the source code and the.ex5 extension for your compiled files.
JForex
This platform is part of Dukascopy. The source code file has the.java expansion, while the compiled file the JFX a.
Other platforms.
It is also possible to create a working forex robot that FIX API.
Classify Forex advisors based on the type of work
1. Automated advisors. If you use this forex advisor, you have very little to do, because the whole process is fully automated. The software is to seek self-advocacy for an appropriate market conditions in the market. It is to establish positions and close them in partially or completely. Such programs are also called "consultants". As a rule, they are fully automatic and require no intervention on your part. The consultant will completely control the trading process. All you have to do is to make sure that your MetaTrader 4 is turned on at all times. Obviously you need to have continuous, uninterrupted access to the Internet. You have to keep an eye on the cash flow. You must transfer your balance to see for the consultant to have enough money on hand to open new positions with a safe amount. This type of consultant includes minimum contribution on your part, if you got your consultants in place. But have you. Be very confident in your choice of software, before you leave the screen to have a latte or play with your kids
2. Semi-automated advisor. A partially automated advisor plays a supporting role. You need to analyze the market yourself, if you keep using the software it appropriate. The software, which in turn will carry out its tasks based on the algorithm of the software. Once the application meets the requirements of its algorithm, it will automatically shut down, and you have to reverse it on manually it back to work. Trailing Stop expert advisor, aid for trade consultants and news business consultants can all be considered as partially automated consultants into consideration. These utilities do not act on their own, rather than carrying out a number of tasks and the execution of tasks may be used based on the development of the utilities, the predetermined and preset algorithms. Unlike fully automated advisors that you do not need your consultant overanalyze for possible errors in the way to check how it works. It is sufficient to check the adequacy of your trade, before they are put.
3. Aid for Trade Consultants. These consultants have run a few trading functions. Above all, they show information. The forex advisor statistics is one such program. The actual purpose of trading aid consultant is to collect and transfer it to your screen information.
Classified by type of strategy
1. Scalping consultants. A scalping advisor opens a position and closes it soon after, looking for a profit of more points to achieve. These strategies with benefits to come (eg low risk) and disadvantages (sensitivity to the spread and execution time and to the broker). These strategies can be easily nixed by the broker.
2. Power Consultants. A grid consultant opens up additional jobs to achieve "averaging", which means that the size of a position in anticipation of a change in the market changes. If a grid consultant come not limited by any boundaries, which can place the number of open orders, you are at high risk of losing your entire deposit.
3. trend following consultants. These consultants recognize the beginning of a process and an open position, based on the direction of that trend.
4. Swing consultant. Swing consultant be used to take advantage of market fluctuations.
I have listed only a few consultants here. In reality, there are far more of them. A forex advisor may also be based on a combination of several strategies.
Now we can discuss the selection of a forex advisor if you consider that it is possible that you need more than a consultant.
1. First and foremost, it is necessary to understand that not every Forex Expert will act on an open algorithm, which is why you should always exercise caution when choosing your forex advisor based. Try to find as much information about a forex consultant as you can before you come to a conclusion and settle on your choice. Forex Advisor developers often have only one objective: to make money from the sale of their products to make. Products with nothing but their successful sales in mind developed should be distinguished from normal products. For example, there are forex consultant that come with so-called martingale. Seller shall not be disclosed in the vicinity that the information, so if you buy such a forex consultant, you will, of the discrepancy between the perfect graph you what you think you bought the consultant at the time of your purchase and now see saw his surprised. You will make in a situation where you try to less than a hundred dollars in profits while risking hundreds if not thousands of dollars to find. For this reason I have always been against the use of such strategies. Not that the use of these strategies includes successful trading. But it seems to me that this is bringing the successful application of capital management rules more than anything else with it.
Unfortunately, it's not often that you need for a review to see capable of a forex consultant open with an algorithm. But should the opportunity to introduce yourself, you are well advised to try it in real life and see if the strategy is workable, and whether your understanding is finished for them. You should also consider the degree of risk that comes with unprofitable trades. Most importantly, you need to understand the profit potential of the consultant. Once you are tested their algorithm and see how well it works in practice, if you be sure that it is feasible, at this point, you can consider the purchase and use in your trading.
2. Always try the Internet for all available information about the forex advisor to advertise in question. Frankly, I am rather skeptical when it comes to online reviews. However, you are not useless. I always judge the reviews that I read. Sometimes you can fake reviews to tell real. Lively discussions and debates, opposing viewpoints - all of them can help you to analyze the quality and authenticity of the reviews for a particular product, and test it for objectivity. On the other hand, a plethora of reviews that seem to "tailor" warrants skepticism. Such reviews should be taken with a grain of salt. In any case, the point is to get as much information as possible, all of them together and decide if a purchase of the product makes sense.
3. The impatient among Forex traders sometimes grab more advisers or experts at once to start trading. There is really no need to rush. Things are best in an orderly manner. It's much better to assess whether it is worth buying a forex trader, before moving on to another if the need for a second there. Yes, many consultants can work simultaneously and be mutually supportive. It's certainly possible. But a big part of thought should go into the use of multiple consultants. It is necessary to understand how a forex consultant works, adapt and refine it, to determine what, if any, does not exist. Only then it makes sense to look for a different Forex advisors to complement the first. Above all, keep in mind that you also need a surplus of cash in your account for possible emergency situations.
4. Let's assume that you have purchased a consultant. Do not rush to use it. See how well it works with market quotations, check the compatibility with the chosen MetaTrader 4 strategy. You may find that something went wrong. In this case, I advise you to put the developer or distributor of the product in conjunction. Normally you should be able to to adjust the settings of the consultant so that it perform as you wish to get to.
5. Be careful. If you have purchased only one Forex advisor, it is best to avoid trading with large sums of money. Test it first with smaller quantities to get a feel for. Never forget the rules of money management. Regardless of the size of the money you allot to trade, the rules will always help you to get your capital.
Other requirements for successful trading forex consultant required
1. The first condition is a constant, uninterrupted access to the Internet. Those who know the advantage of experience, what it's like to lose the connection at the most inopportune times. It's a waste of time and money. Therefore, you should secure your trading terminal from potential interruptions. Many professional traders make their experts for VPS server with the MT4 trading terminal. Or they use hosting. Let me be clear. Constant, can around the clock with the computer can be problematic and burdensome. Imagine that your computer is running 24 hours a day - a situation that is likely to be less than ideal. You can, however, rent virtual space. If you are traded on a small scale, this is out of the question. If you plan to trade a lot of money, though, the rental is virtual space that you protect them from disconnections with your broker.
2. a little more about money management. If you trade a single Forex advisors in various currency pairs, your trading volume, to be reasonable. The reason is simple: There is no such thing as a non-losing forex consultant. As with forex trading strategies, forex advisor must fool not. If you risk your entire position all at once, a temporary loss of connection to your entire position immediately wipe.
Unfortunately, it often happens that people do not observe basic rules of money management, lose their money, and blame it on the forex consultant. Even a cursory examination of the situation shows generally that the losses more to do with the dealer instead of consultants. From an incorrect calculation of the size and volume to a lack of basic technical analysis Planning the reasons may vary nothing to do with, but employed consultant.
Granted, I have a chance to watch a lot of different dealers, enough to say that it had no pat formulas. Some trade with maximum much and achieve any significant capital appreciation, rather than extinguished, sometimes in less than a week, while starting with small amounts of money. These traders take their profits off the table and resume trading with small amounts back to "ram up" the size of the original deposit. In this situation, even the loss of the entire deposit will not be fatal, because the dealer has started with a modest deposit. The risks are contained. It's not the worst of strategies, and if it works, is justified its existence. In any case, it's just an example of how your capital can be managed. If it works and makes profit, it is legitimate. In fact, no matter Gains: It is legitimate as long as it does not result in losses.
3. Keep tabs on how you do your advisor, even if it works correctly. Be particularly vigilant when you are with the consultant for a long time. If you see that your advisor starts to make unprofitable trades, it is useful, with a minimum change to trading on a lot while you are trying to determine the cause of the problem.
As for the use of consultants for your trading - many people mistakenly believe that advisers can solve all their problems. That is not the case. A Forex Consultant has its limits. You fool not to think that you are. Your own adviser in trade and come back, leave to collect sometime later one million US dollars A consultant is just one assistant. If you have chosen a particular strategy, this wizard will help determine if you are going in the right direction. The really big head using a forex consultant is that it frees you from a number of mental health problems that often accompany Forex trading. Considering that the mental clarity is essential for successful trading the advantage is obvious.
Article Source: http://EzineArticles.com/expert/Boris_Fesenko/2089943
On Forex Advisors and Safe Forex Trading
Reviewed by Will Sierra
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Reviewed by Will Sierra
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