Algorithmic Trading, High Frequency Trading (HFT), Robots & EAs
Forex Robots, also known as Expert Advisors or EAs, are software programs that automates sets of trading rules to create trading signals which the software also acts on to open and close trades.
These robots automate the tasks of trading by taking out the human emotional factor and help define whether to buy or sell a market or currency pair at any particular time. They run inside your forex terminal and are written in the programming language for your particular platform, the MetaTrade or MT4 and MT5 being one of the most popular.
Most brokers support them and some even encourage their use on the platforms.
There are many forex robot scams around and going through the MQL5 community, you will come across a plethora of robots, some free and some exorbitantly priced.
The ones that we like are the forex pulse detector, which is a scalping robot, the mini hedge fund robot, Stabilis Lucra and finally the Wall Street robot.