What is forex expert advisor? This expert advisor (EA) is useful for automatically ordering computers to analyze charts and finally make transactions based on the analysis. But the question is, should expert advisor in your forex trading? Let’s discuss it step by step.
Mindset or often referred to as forex trading psychology is one important component in one’s success in trading. Psychology affects a trader mentally which can make traders confident in transacting. Mental and the right mindset will certainly determine the success of a trader.
A trader with the right mindset will be able to face obstacles in the forex market. A trader who is able to overcome these obstacles will certainly be able to increase his account consistently. There are 2 things that are usually faced by traders in conducting forex trading activities, namely greed and fear. Greedy sometimes appears when a trader has gotten big profits and wants more. When he is in a floating loss position, he will feel panic and fear which consequently traders tend to reduce / increase stop loss and hope the price will turn around. But what happened? Usually a much greater loss is obtained. A professional trader must be able to deal with these things so that he can make a consistent profit. But the question is, can you easily control these emotions when trading?
Forex Expert advisor or Forex Robot
Because it cannot control emotions well, a forex trader needs help in order to trade well. Trader’s emotion will usually affect if he continues to sit in front of a computer or laptop screen while looking at prices, especially when experiencing floating loss. How to deal with this is trading using expert advisor. Even though traders as human beings still have advantages and have a higher logic, but talking about controlling emotions, it’s not like turning a palm. By using forex expert advisors, a forex trader seems to transfer your trading strategy into humans who have no feelings or robots.
Likewise, forex expert advisors remain only “machines” that have limitations. You are the one who should keep controlling the machine. Never let your machine work without supervision, because your money is at stake. Do not also “talk” by competing using expert advisor which does not necessarily match your characteristics as a trader.