Expert advisors

Expert advisors are systems that can be used as a guide and save time or trade in a fully automated mode. The section provides an overview of various expert advisors, showing their strengths and vulnerabilities. This section contains instructions on configuring the Forex expert advisor, as the settings determine the effectiveness of any automated system.

Gambit trading strategy was originally designed for trading on D1 time interval. But it turned out that the signals received on h4 timeframe also had sufficient reliability. The strategy used only one indicator to receive signals to enter the market – Bollinger bands.

There are several modifications of the strategy which along with the Bollinger bands use additional filters for entry, but the usefulness of such an innovation is questionable. Therefore we’ll review the basic version (written by Walter T.Downs).

The basic idea of the strategy is to identify the perfect moment to enter and take the greatest possible subsequent price movement. Since the probability of success of the deal is large, its volume also increases in comparison with other trading strategies.

Forex Invader expert advisor is designed for trading on time interval, but performed best on the EUR/USD currency pair. The authors don’t describe the rules of deal making, stressing only that the rules of trading on large time intervals (starting h1) were adapted for the small timeframes.

According to the authors, back in 2009, the EA made up to 90% of successful transactions, and the maximum drawdown didn’t exceed 30%. These results were obtained on the EUR/USD pair. The results on other currency pairs were not very stable.

The expert advisor doesn’t use Martingale, and in the case of a negative situation development, the position is closed by SL. A trader can choose between profit-taking by TP or using a trailing stop, the value of which is specified in the settings of the advisor. By default, the trailing stop is disabled.

Forex Cleaner expert advisor was written in 2011 and is still popular, because it combines a simple algorithm and an acceptable percentage of profits. The Forex Cleaner EA immediately stands out of other robots because it doesn’t use Martingale and averaging in trading, but fixes losses by the stop-loss or by catching the signal to close the position.

Initially, like all other robots, the Cleaner was paid, but today it can be freely obtained online, plus you can find many new and free modifications. Despite this fact, for reasons of clarity, we’ll review only the very first version, as it has monitoring on real accounts.

At the time, Forex Brilliance Robot EA was positioned as an ideal tool for automated trading on h1 timeframe. As it usually happens in such cases, the authors guaranteed high returns and minimal risk. However, there were some doubts because they didn’t go into details of the trading algorithm, and the rules of making deals remained unknown.

The Forex Brilliance Robot combines 4 experts selling different currency pairs. Trading is conducted on 4 currency pairs (USD/JPY, EUR/USD, USD/CHF and GBP/USD. It is unknown whether the individual algorithms are used for each pair, or they only differ by the settings.

The positive thing about the expert advisor is that it uses SL in trading, and TP is calculated depending on the market situation. The trading algorithm can enable and disable money management, and you can also manually set the maximum risk value. A distinctive feature of the EA is the ability to automatically stop trading if the spread is larger than the set value.

Many traders are wary of using expert advisors in trading. Some simply don’t believe in the possibility of earning without direct human intervention in trading. Thousands of “compelling” offers on the Internet that offer to simply download an advisor for mt4 and get instantly rich also don’t inspire confidence.

In fact, the situation is somewhat different, and a trader has to work hard to start earning with the help of expert advisors. Numerous offers of free advisors just discredit the very idea of using trading robots in trading.

However, for a successful automated trading you don’t have to necessarily understand the intricacies of programming. It is enough to wisely choose a trading robot, diversify risks and not to violate trading rules.

Forex advisors are dupe-a-matic – such opinion can be met on the forums and portals. Such categorical judgments are the result of limited experience and habits to trust people who have created problems for themselves in the pursuit of big money, and then began calling names like professionals. Nevertheless, the “bubble scheme” really exists and flourishes on the market, but it can be recognized very easily if you know some specifics of automated trading and the market for such services.

First of all, attention should be paid to the process of robots selling. If the developer’s or seller's website is primitive and with poor design, with lots of errors, the chance is big that the Forex advisors located there are fake, since the purpose of such resources is similar to the fly-by-night companies: to sell a product as quickly as possible and shut down before the client has made a claim. If the cheated buyer wants to post online reviews at appropriate portals, that website no longer exists, and nobody will be the wiser.

Along with the undeniable advantages of automated trading (independence from emotions, strict adherence to the strategy rules), trading robots also have a significant disadvantage – they can only work when connected to the Internet. Wide spreading of tablets makes us think about installing the advisor on the tablet.

Forex advisor for iPad would allow the trader to verify its operation at any time, besides there would be no need to keep your computer on or pay rent for the server. Unfortunately, we can’t compare the functions of MT4 versions for PC and iOS yet – the differences relate primarily to automated trading capabilities.

MT4 trading terminal version for iOS was introduced in early 2012, and there are analogues like iTrader and AdmiralMarkets. They all provide access to news, analytical services, quotes online. The terminals allow you to work with pending orders and download historical data. Unfortunately, installation of the advisors is not allowed.

In any professional field, an individual is moving from simple to complex, and automated trading is no exception to the rule. Of course, Forex EA for beginners differs significantly from algorithms that generate a steady income without human intervention, so we will pay attention to the basic nuances you should consider when choosing a simple and intuitive robot for training purposes.

First of all, let us note that today almost any resource or forum can offer you an advertising suggesting to buy an extremely profitable Forex EA. For beginners, such information is detrimental for several reasons:

The fastest and easiest way to purchase a trading robot is to visit the Forex advisors store. Despite piracy and copyright infringement, the sale of algorithms still brings developers the highest and most stable profit if compared with other areas of activity connected with the market.

Of course, the beginners have the following question: how to choose the right Forex advisors store. In fact, these resources don’t differ much from other online stores, but they are characterized by some specific features that should be considered. But first things first.

Arbitrage advisor allows to reduce the possibility of losing trades to zero. Besides, trading with its help doesn’t depend on the market situation. Deals will be made both during the pronounced trend and during the flat. The only condition for profitable trading is high volatility of the pair.

These advisors are based on delay between updating of quotations in different DCs. This mismatch does not exceed a few pips and usually is not fraudulent intent of the brokers. Update speed is primarily related to technical reasons.

Arbitrage is to buy one instrument with DC at a lower price and at the same time sell the same instrument with another DC. The deal is made only if the spread in pips between quotations of different DCs exceeds the total spreads and commissions of both companies.


The term “professional expert advisor” makes a trader who never faced automated trading think of an incredibly complex algorithm that allows to effortlessly and consistently earn money. In reality, the situation is somewhat different.

Professionals from the world of finance are the same people as the other traders, and they are also affected by emotions. Therefore, the main reason that some of them automate trading is saving of time and independence from emotions. There are some guidelines by the types of professional trading advisors.

First of all, a professional advisor should be reliable and stable and have a high survival rate. Many advisers that are freely available promise multiple increase of the deposit within the first month of trading, but don’t believe these promises – such advisers are extremely instable and eventually siphon the deposit.

Almost every beginner asks the following question: how to write a Forex expert advisor. Motifs for such aspirations can be different – from trying to partially or fully automate the manual strategy to banal laziness. In the latter case, the disappointment will appear quickly, because the practice proves that creating strategies is much easier than learning to program.

Before you deal with writing a Forex advisor, we would recommend making a sober estimate of your strength and free time, as you will have to spend a lot of "man-hours" on training. But if you approach the issue responsibly, it will open up broad prospects – not only you will save time, because the robot will trade, but services of writing the robots also enjoy a good and stable demand, so you can earn extra money.


An ideal neural network expert advisor must trade by itself, without human intervention at all. Regular advisor sooner or later has to be optimized, and you have to find parameters at which it begins to trade profitably. Using neural networks allows to combine the advantages of automated trading (compliance with strategy rules, independence from emotions) and learning ability (that the ordinary trading robots lack).

During the creation of any trading robot, the trader goes through such steps as: 

  • identification of patterns in the currency market and the formulation of clear strategy rules;
  • description of the resulting trading strategy in the language understandable to the computer;
  • advisor backtesting and optimization (if necessary); 
  • trading on demo account; 
  • trading with real money; 
  • periodic optimization to maximize profits.



Expert advisors can be divided into two groups, the first one is open source (in other words – free software), the second is closed, when developers under any pretext conceal the algorithm and do not provide demo versions. Often the excessive secrecy plays havoc with the algorithm, and Forex Millionaire Robot advisor was no exception.

Before dealing with the program, we should note that the Forex Millionaire Robot first went on sale in 2012, but it is still impossible to find complete detailed instructions on its configuration, which is alarming, because if the robot is profitable, it is popular.

Aside from the known benefits, expert advisors have a big disadvantage – they act strictly within their inherent algorithm. As a result, even profitable advisors eventually lose stability. At this stage, the intervention of the trader is required, who can test and optimize the parameters of the EA.

Optimization of the advisor normally means the selection of its values at which it is able to consistently generate profit for a long time (optimization of the 2nd kind). There is another definition of optimization, which involves the search for optimal criteria of the deal making and the selection of the set of rules for position maintenance (optimization of the 1st kind).

Optimization of expert advisors of the 1st kind can’t be carried out without human intervention, as this would require the creation of artificial intelligence, noninferior to the human potential. This is why in most cases the optimization reduces to selecting efficient parameters of the EA. To do so, the built-in MT4 strategy tester is used.

Lucrative trading in automated mode is possible and working expert advisors do exist. However, nobody uploads efficient trading robots online. Of the hundreds of publicly available advisors, hardly a few will be able to consistently make profit. The way out of this situation is creation of your own trading robot.

A special programming language mql4 (MetaQuotes Language 4) is used to create advisors. mql4 EA is just one of the features of the mql4 programming language. Apart from it, the user can create:


Traders wishing to try automated trading often face the situation when the expert advisor doesn’t work. There can be many reasons for this, but most often it is due to mere human carelessness when configuring the robot and the trading terminal.

Why doesn’t the EA work? Many traders have run into this problem. To understand the reason, you should clearly distinguish failures of the trading robot and its trading at a loss. These terms are often used as synonyms. In fact, non-function advisor means that it simply doesn’t enter into any deal. If it sells at a loss, it is considered working, but its settings are outdated, and optimization of the parameters is required.

There is no universal answer to the question of why the advisor doesn’t work. All the many reasons that may cause failures in operation can be divided into the following categories:

The authors of this expert advisor chose to conceal how the algorithm makes deals. It is only known that trading robot makes deals in the direction of the forming trend, thus increasing the open position along the price movement in the beneficial direction.

Advisor is multicurrency, but it shows best results on such currency pairs as EUR/USD, GBP/USD and USD/JPY. The authors selected parameters of the robot for trading in the h4 timeframe, but you can trade on smaller timeframes as well. Trading robot is suitable for DCs using 4 and 5 decimal places.

The Jumper EA enters the market towards the sustainable trend after the correction is completed. The deal is made after the breakdown of the extreme preceding the start of the corrective movement. The strategy in the EA basis uses MM, which should prevent a deposit of siphoning. The criteria used to determine the strength of the trend are unknown.

The developers of this expert advisor claim that it is able to increase the trader’s initial deposit several times over a year. This result is achieved by opening the grid of orders as the price moves in the right direction. Losses in this EA are eliminated by averaging.

The EA is multicurrency, it can be applied on different timeframes depending on the settings. Being originally developed for trading on the h4 time interval, thanks to its ease configuration, it can be optimized to trade on smaller timeframes. Only the relevant MA periods are needed to be determined.

Existing expert advisors can be classified by the working timeframe as pipsing and medium-term (trading on h1, h4, or larger time interval). Both types of trading robots have their own advantages, and the absence of a human involved in the process allows to eliminate the emotions in trading.

Medium-term trading is characterized by greater reliability, often showing a substantial profit. Even if the advisor for h4 makes only one deal a week, in the case of a successful entry, profit can amount to several hundred pips. Over the same period, the pipsing EA may make several hundred deals, fixing the profit of a few pips. At its best, profit in these examples can be comparable.