Forex Markets are capital market that operate five days a week. The markets are constantly changing, with millions of variables affecting trading opportunities. Due to hardcore technical analysis or tight routine of the trader, it can become cumbersome for forex traders to handle the trades themselves. In such case, many traders and investors option for a Forex Expert Advisor.

An expert advisor is a specially designed software that assists you in the trading process, sometimes by conducting the trades when you are occupied or asleep. An expert advisor takes care of emotional factors like greed and fear which can prevent you from making intelligent decisions.
Trading with an expert advisor makes decision making about trades faster than humans and getting into the party earlier which increase your chance of making more pips then profits. An expert advisor can be programmed using Meta Quotes Language (MQL) which works on the Meta Trader platform.

After downloading then installing an EA, you might need to set it parameters according to the trading strategies you want it to use. Using the default or custom parameter(s), the Forex EA analyse different market for trade opportunities and decides whether or not to invest in them.

1. You either build your own EA yourself or hire a programmer to build for you or download one built by someone else. Using the signals of the EA, you can make decisions or choose to act quickly.
2. Before using an EA on a live account, you should always try it on demo account first. In this way, you will be able to confirm and tell if the software suit your trading style and goals.

Pros

• An EA Trades without Emotions like Greed and Fear
• An EA Analyse and Trades faster.
• An EA Trades 24/7.
• An EA Can trade multipairs at a time.
• An EA Makes Hedging of trades easier.
• An EA Ease Backtesting.
• An EA Eliminate needs for Expertise of another trader.

Cons

• An EA does not understand fundamental data.
• Not all strategies can be coded/programmed.
• An EA can be subject to technical problems like connectivity issues, hardware failures, and power outages.

Things you should do and consider before launching a Forex Expert Advisor on live account:

1. Pay close attention to backtesting results
2. Ensure EA have a good money and risk management
3. Ensure your trading device internet connection is active and never disturbed
4. Ensure your Metatrader platform is active
5. Ensure you are using the right parameters