In this article, we will explain to you in detail regarding EA, Charts, Terminals, and Forex Robot.
What is an EA (Expert Advisor)?
Expert Advisor is a 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.
Expert Advisor is a computer program that monitors the financial market and makes a trade on your criteria.
Mainly, these EAs are written in a programming language called MetaQuotes Language (MQL). These tools enable you to make trades while working, asleep or doing other things. However, like other artificial intelligence platforms, they have 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.
You will get a personal account with your login id. Earlier, traders were required to place their orders via a call to the broker. 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 decides for you; you can say the Forex Robot works like an advisor.
You can also program a Forex Robot to make the trade for you 24 hours.
Most made-for-purchase Forex Robots are not profitable, so research first if you're planning on purchasing one. In addition, it's best to be wary because there's a great deal of curve-fitting or data-mining bias in the made-for-purchase offerings.