In this article, we will explore vital terms related to Forex Trading – EA, Charts, Terminals, and Forex Robot.
What is an Expert Advisor?
Expert Advisor (EA) is a computer program on the MetaTrader platform used to monitor and trade financial markets using algorithms. Using your trading criteria, you can also program the software to initiate and execute trades.
EA is written in a programming language called MetaQuotes Language (MQL). It enables you to manage trading activities while working, doing other things, or even while you are asleep. However, like other artificial intelligence platforms, EA also has some benefits and issues that you should be aware of.
What is the Forex Chart?
A Forex Chart is the graphical representation of the relative price performance of a currency pair or pairs over a period. In this graphical chart, Y-axis shows the precise scale, and the X-axis shows the time scale. The prices are arranged from left to right on the X-axis.
Whether dealing with exporter actions, central bank currency interventions, trades made by AI from hedge funds, or the discretionary trade of retailers, the chart gathers all this information in a visual format for technical traders to study and analyze.
What is a Terminal in Forex Trading?
Forex Terminal is an interface between your desktop and the internet. It allows you to manage your Forex account and buy and sell currency orders. You can say it is a bridge between you and your forex broker.
Earlier, traders were required to place their orders via a call to the broker but with the Forex Terminal, you can check real-time quotes and buy and sell quickly; all can be done with only one click of a button.
Everything you should know about the Forex Robot
A Forex Robot is a software or program which takes trading decisions for you; in other words, Forex Robot works like an advisor.
You can also program a Forex Robot to make the trade for you 24 x 7.
Most made-for-purchase Forex Robots are not profitable, so research first if you're planning on purchasing one. It's best to be aware because there's a great deal of curve-fitting or data-mining bias in the made-for-purchase offerings.
