These types of expert advisers are installed onto your trading platform. While they can offer trading and possible profits on autopilot, without any real work besides the installation on your part, most EA’s of this type really do force you to relinquish control of your own trading account. They have become very popular in recent years, especially with traders who are looking to make a quick profit in the market. Another aspect which lures new traders is the relatively low minimum amount you can trade with when going automated, most offer trading with as little as $25 to start.
Daily Live Trade Memberships
Some companies offer memberships which allow you to tune into a daily live trade or seminar. These live trading experiences are run by expert traders who show you their trades in real time so all you have to do is follow suit. Some advantages to this type of trading are: the choice whether or not to execute the trade, full control over your account, expert advice & analysis, ability to interact with the expert trader. A few downsides are that you must trade the currency pair the expert is trading when tuned into a seminar in order to accurately follow the trade and sometimes you must use a broker which the expert trader approves.
Forex Trading Signals
Many companies offer trading signals which tell you when to buy or sell a certain currency pair and provide a membership area with charts & graphs which show you the pivot points to trade at. Making more pips this way has become very common. The downside to this type of EA is that choosing an accurate one can be difficult, although once found a quality Forex signal service can be a virtual goldmine.