An EA, otherwise known as Expert Advisor, is a software script where the traders can speculate the markets at ease.
The ability to place orders without human interaction is an indication that the technological advancements are indeed playing a vital role in today’s day-to-day operations and tasks.
An EA requires research and creativity
To create, though, a valid strategy and apply it to a software script involves a lot of research, homework, and creativity.
Usually, nowadays, the majority of the traders either purchase ready-made robots or choose via various online sites or forums the best developer who is to convert this idea, methodology or strategy into a trading machine.
Therefore, before deciding to create your Expert Advisor, take into consideration the following parameters:
- Choose two or three indicators, including price action if needed, before sending it to the developer or doing it yourself
- Always have an exit plan, such as stop loss and take profit (in pips, or else depending on your needs and requirements)
- Foresee your expected profitability from a long-term point of view once your EA is up and running