MetaTrader 4 comes with the programming language MQL4 which allows the user the generation of personal indicators as well as the automation of certain tasks like the creation of trading signals or the order execution itself. Such programms are called Expert Advisor or shortly EA.
Basically all users can develop their own Expert Advisors which will trade according to the programmed trading strategy. Expert Advisors can be very simple trading systems or complex strategies like neuronal networks and genetic algorithms.
The use of Expert Advisors comes along with a number of advantages. EAs can monitor the market around the clock and react to specific market situation without the trader's permanent presence. Since FX markets are active for 24 hours on business days, this allows the benefit from all trading opportunities in the market. Additionally, there is no limit to the number of currency pairs and markets to be monitored simultaneously.
Expert Advisors also permit the concurrent use of several trading strategies for further risk diversification.
However, the crucial advantage is that Expert Advisors do not know any human emotions like fear or greed, and they will pursue a strategy without personal involvement, without panicking or increasing the risk. It remains at the user's discretion to select the suitable Expert Advisors and to define the correct trading parameters.
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