In the article titled “Forex EA Trading Scams: Are They Really True?” we delved into the deceptive practices surrounding the buying and selling of EAs (Expert Advisors) on social media platforms. We hope that the article has provided some insights into the matter. However, if you’re interested in learning more about EA trading, this article is tailored for you.
Introduction to EAs
Trading in the foreign exchange market (Forex) has never been a smooth journey, often accompanied by various pressures. Traders often make erroneous decisions that negatively impact their trades. To address this, utilizing Expert Advisors (also known as EA Forex) has proven to be a useful solution.
EA Forex is an automated Forex trading system. In platforms like MetaTrader, they are coded using the MetaQuotes Language 4 and MetaQuotes Language 5 programming languages and developed to be compatible with the MT4 and MT5 platforms.
EA Forex is programmed to generate trading signals automatically and send notifications to traders regarding trading opportunities. An EA Forex strictly follows predefined rules and operates without any human interference.
Given the advantages EA Forex offers, several platforms have emerged for the purpose of trading and exchanging EAs among traders. Let’s explore further.
What is EA Trading?
EA trading refers to the business of trading Forex EAs on forums, social media, and communities, with the objective of exchanging value, similar to trading physical commodities.
To create your own EA, besides being knowledgeable in programming languages like MQL, you also need to possess a deep understanding of the Forex market to devise a viable strategy for your EA Forex and transform it into a programming language.
However, since most of us are not proficient programmers, we often resort to hiring programmers or purchasing pre-programmed robots.
Some Types of EAs in the Market
Before making a decision to purchase or sell an EA in the market, it is important to understand one’s own objectives and the desired EA strategy. There are numerous EAs available in the market, each employing diverse trading strategies. Without thorough research and self-awareness of the desired EA, one may risk financial losses.
Here are several commonly sought-after and utilized EA strategies:
- Martingale: Trading based on the Martingale principle, utilizing lot multiplication to recover from losses (e.g., 0.1, 0.2, 0.4, etc.).
- Grid: Placing orders in a grid pattern.
- Arbitrage: Trading strategy aiming to profit from price discrepancies.
- Hedging: Risk management strategy involving opening offsetting buy and sell positions.
- Scalping: Short-term trading strategy capitalizing on small price fluctuations.
- News: Trading based on news events.
- Trend: Trading based on market trends.
- Level trading: Trading based on support and resistance levels.
- Neural networks: Trading utilizing artificial intelligence.
- Multicurrency: Trading multiple currency pairs simultaneously.
There are many other EA trading strategies available, allowing traders to select the style that aligns with their preferences.
Where to Buy and Sell Forex EAs?
As you may already be aware, the best place to purchase EAs is the MQL5 Market. It serves as the official community website for the two most popular trading platforms, MetaTrader 4 and MetaTrader 5.
At MQL5.community, you can learn programming languages, hire freelancers to code indicators or automated EAs, and subscribe to trading signals. Most importantly, it provides a marketplace where traders can buy and sell EAs.
The EA marketplace on MQL5 is bustling, akin to online marketplaces like Tiki or Shopee. Here, programmers can sell their EAs and indicators, while users can evaluate, comment, and assess the popularity of each EA.
Each EA has its own distinct trading strategy, contingent on the developer. Consequently, it is crucial to select appropriate account types. Moreover, even traders with limited or no programming experience can develop a customized EA for their strategy without the need for coding knowledge.
FXCE Giga – Buy and Create EAs with No Capital Required
FXCE Giga is a promising choice in 2023 because it is a platform where you can set up EAs without any cost, particularly without the need for coding knowledge. Notably, you don’t have to spend any money on buying or selling EAs on various platforms.
Introducing FXCE Giga
FXCE Giga is a completely free tool that enables traders to configure their own EAs using FXCE Giga without any programming knowledge. FXCE Giga is designed to be user-friendly, simple, and convenient. The trading system and strategies are systematized and designed as straightforward options to fully and efficiently support the automation requirements of traders’ trading systems.
Normally, it takes a programmer 3-4 years to master a programming language. The process of applying programming knowledge on the Metatrader platform to build a feature-rich EA also requires continuous work for 1-2 years.
However, even a trader with basic office computer skills can easily configure EAs using FXCE. You can temporarily set aside expenses for buying and selling EAs on EA marketplaces, and instead, try your hand at creating your own unique and easily configurable Forex EA within a few minutes.
Giga Collection – Free EA Library
Rather than going to MQL5 to search for a suitable EA strategy and incurring transaction fees after purchasing EAs, or if you have limited time to configure EAs using FXCE Giga, you might not know whether the EA you buy will be effective and generate long-term profits.
With FXCE’s EA Library, traders always have access to a wide range of EA treasures at absolutely no cost. The library includes over 300 indicators, Forex EAs, Giga Collection, and more. Additionally, traders can download and explore Automated EAs and Sell EAs with a variety of trading strategies and currency pairs.
Selecting the right EA
Finding a suitable EA in the EA Library is a breeze, and detailed installation instructions are provided. Moreover, Forex EAs cater to traders of all levels, from amateurs to professionals.
Therefore, FXCE has compiled, categorized, and organized trading strategies that are suitable for individuals and organizations:
- News Expert Advisor – Capitalizes on various news events and significant price movements that may occur during important news releases.
- Breakout Expert Advisor – Specifically designed to initiate trades when prices break through predetermined resistance and support levels.
- Hedge Expert Advisor – Minimizes losses in one position while increasing profits in another.
- Scalper Expert Advisor – Aims to secure small profits. This trading bot (EA) opens and closes trades for profit, and depending on market conditions, it can execute trades up to 400-500 times per day.
And many other diverse strategies…!
Experience now: https://ea.fxce.com/
In summary
Trading EAs is highly lucrative in the current market. However, the risk of falling prey to scams on social media platforms cannot be overlooked. Apart from buying and selling EAs on the MQL5 marketplace, you can also enjoy the experience of completely free EAs at FXCE EA Library. This enables you to gain a deeper understanding of their operations and profit potential without incurring any expenses.