Forex Expert Advisors - EA

Many forex systems are sold online as mechanical automated trading systems, or in Metatrader language called Expert Advisors. Expert advisors are programmed mechanical forex systems designed to work on certain trading platforms, called Metatrader platforms. The Russian designed trading platform is now the most popular trading software among brokers and traders.
An EA could be as simple as a technical indicator (a small software which shows market conditions, up, down, trends, etc..), or could be a sophisticated program based on complicated mathematical and statistical algorithms and several other pre-designed indicators.

The expert advisor, as its name indicates, gives advice to the traders as when to buy, sell or close a position and usually it will also tell the trader what size of trade to take. Also, the EA has the functionality and power, if authorized, to automatically place trading orders, or cancel them, buy, sell, and close forex positions!

1. Market Entry
All expert advisors should advise the trader when to enter or leave the market. It can also place orders at market or at another price automatically. The Expert advisor should collect the relevant information from previous historical chart data, and base the decision on that information. The level of information to be collected depends greatly on the parameters which should be entered manually by the trader.

2. Order direction
The EA will also decide, besides market entry, the direction of trade, either buy or sell. 3. Money Management
If required, the EA can also apply money management to your trades. A good expert advisor should know how much to buy or sell, by applying known money management techniques. Some expert advisor would simply change the size of order according to the equity. Some would use a more complicated algorithm. Some do not apply any money management rules.

4. Stop Losses and Take Profit
Expert advisors also have the ability to place, change, or remove stop losses and take profits orders.

5. Trailing stops
There is nothing better than expert advisor to monitor your open positions and use trailing stops. The EA is there 24 hours monitoring your trades and ready to execute anything relevant to what it was programmed to do.

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Currencies Traded in Foreign Exchange

Virtually any currency can be traded through a broker - providing it is backed by an existing nation. Currencies are defined by three letter symbols, where the first two letters stand for the name of the country and the third stands for the name of the currency.

The major currencies are: the US Dollar (USD), the Euro Dollar (EUR), the Japanese Yen (JPY), the British Pound Sterling (GBP), the Swiss Franc (CHF), the Canadian Dollar (CAD) and the Australian Dollar (AUD). All other currencies are known as minors.

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What Is A Mini Forex Account

The following are the characteristics of a Forex Mini Account.
Minimum required account deposit = $300
Recommended required account deposit = $2,000
Traded in 10,000-unit currency lots
Default Margin: set at 0.5% ($50 per mini-lot)
Leverage up to = 200:1

Contrary to what you may be tempted to think, there is no downside to trading a Forex mini account, you will be enjoying all the benefits that full-size FX account holders enjoy; including, same state-of-the art trading software from your broker, charts, resources, and tools. This mini accounts are ideal for a new Forex trader to develop a disciplined, rational forex trading strategy and technique without excessively focusing on the fear naturally arising from thinking too much about profits and losses.

One more great new for the starting forex trader is that there is no maximum trade volume when you use a mini account. Although the standard trade size is 10,000 units, you are not limited to trading one lot. For instance, you can trade 10,000 units or even 200,000 units. Allowing that, as you become more seasoned and build up your confidence you can slowly increase the size of your positions to maximize profits. This ability to customize the size of the trade will allow you to have a better risk management of your money.

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Features Of Forex Trading Training

Reasons To Get Trained

Many people, especially novices to the trading world, get into Forex trading with the belief that some day or other they are bound to reap rich profits! They treat the foreign exchange market as they would treat a gambling den! With no previous knowledge about the venture, these traders or investors are ready to listen to anyone and everyone--the end-result is loss after loss! It would therefore be advisable for such people to take some Forex trading training.

Yes, like any other market, the foreign exchange market is also a risky one. Even hardy professionals cannot guarantee absolute success! They have seen for themselves that at least 50% or more traders or investors have incurred heavy losses in this arena. There are even studies to support this fact. Once again, it is lack of knowledge and lack of clear-cut strategies that are responsible for this unfortunate scenario.
Why is Forex trading training so important?

(1) The investor or trader is definitely not going to become a walking encyclopedia at the completion of the training, but is going to be far better equipped to deal with the ups and downs of foreign currency trading than before!

(2) If this business is treated as a continuous learning platform, the investor/trader is heading for more gains and less losses. He/She will have a better idea about planning good strategies so that risks are minimized.

(3) By getting Forex trading training, the trader/investor has an edge over others in the same community. After all, he/she is enhancing his/her trading skills.

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How to Read Forex Charts

Forex trading can become quite a confusing way to make a living if one does not learn much about the Forex market overall.

However, there are indeed automated Forex trading software applications that do all of the work for you, such as Forex Tracer, but overall it is a good idea to have some understanding on how to actually read the analysis and know what is going on in the Forex markets and trading world.

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Ranging Price Action

Now this is where the chart can become interesting. By using the price action counting of the swing highs and lows we can know at a very early stage IFprice is going to start to develop range bound activity.

• Price is not making new highs OR new lows
I don't mean all time highs/lows or new day/week/month highs/lows... just simply a new chart swing high or low. Price will start to stall and not make a new swing high/low and typically will stay contained within the last swing high and low that was made on the chart. Isn't that a simple definition?
Range rule definitions
• Price doesn't make a new high or low on the move
• If price stays contained within the last swing high and swing low to be made, price will remain range bound until it makes news move highs or lows.
• Price confirms the range when a lower high and a higher low is made within the previous swing high and low.

In the chart below you can see that from the left side of the chart price is making LH's & LL's all the way to the first blue arrow which in real time would be the latest lowest low. Price then moves higher to make a HH. These two swing levels have been highlighted.
At the point of the chart, in real time, price needs to either start moving higher past the last swing high (red Arrow) making a new high OR move lower past the last swing low (blue arrow) making a new low. Until either of those things happens price will most likely remain range bound. In this example that is what happened.



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Euro Flat Against Dollar at $1.3961

Euro gains only marginally on dollar to $1.3961 after grim news from Toyota, Walgreen Co.

The euro held mostly flat against the dollar Tuesday in light holiday trading a day after grim announcements by Toyota Motor Corp. and Walgreen Co. helped it regain ground lost late last week.
The 15-nation euro bought $1.3961, up just marginally from $1.3958 late Monday in New York.

Drug store operator Walgreen said Monday profit fell 10 percent in its fiscal first quarter, due mostly to the costs of opening more than 200 new stores. Toyota, meanwhile, said it will report its first operating loss in 70 years.
The British pound dropped slightly to $1.4858 from $1.4865 late Monday while the dollar rose to 90.21 Japanese yen from 90.07 on Monday.


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