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Quick FOREX dictionary
What are Metatrader expert advisors?
Forex expert advisors (or forex EA) are automated trading systems (robot fx) programmed for the Metatrader platform. These forex trading robots are designed to trade forex automatically, without the trader's intervention. When choosing a FX EA trading robot it is important to understand how the fx robot trades, how it opens a trade and manages the opened forex trades.
What are Metatrader indicators?
Also known as forex technical indicators, a technical MetaTrader indicator is generated by a mathematical calculation based on historic price data, aiming to forecast market direction. A robot trading forex (FX EA) can make use of such indicators and even load them on the trading chart, however since the indicators are based on previous data they shouldn't be blindly trusted.
What are Metatrader scripts?
Metatrader scripts can be used to start multiple forex operations or the same operation on multiple charts, just like the forex robots. Usually they are set to run only one time (unlike the forex expert advisors) but here are also scripts that can run in the background, performing the same operation in a loop.
What are Metatrader templates?
MetaTrader templates are pre-defined settings for charting. They help the forex trader to quickly customize a chart by simply loading the template to it, instead of having to place objects, MetaTrader indicators or forex expert advisors every time they open a new chart. MetaTrader includes a few pre-defined templates, like ADX, Bollinger Bands, Dinapoli, Layers, Momentum, Popular, Volume, and Williams.
What is a Forex trading strategy?
A forex strategy represents a set of analyses that a forex trader uses to determine whether to buy or sell a currency pair at any given time. Successful forex trading strategies can be based on technical analysis charting tools or fundamental, news-based events. It is widely accepted that one of the biggest mistakes new traders do is to migrate from one forex trading strategy to another forex trading strategy, therefore never learning to trade a specific forex strategy.
What is the Foreign Exchange Market?
The foreign exchange market (forex, FX, or currency market) is a global decentralized market for the trading of currencies. This includes all aspects of buying, selling and exchanging currencies at current or determined prices. Forex has been in existence since the 70s of the XX century. It is a fast-growing and one of the most heavily traded markets in the world. The daily trading turnover on Forex is worth almost 4 trillion US dollars.
What is a currency trading broker?
The currency trading brokers (forex brokers) are firms that provide currency traders with access to a trading platform that allows them to buy and sell foreign currencies. A currency trading broker, also known as a retail forex broker, or forex broker, handles a very small portion of the volume of the overall foreign exchange market. Currency traders use these FX brokers to access the 24-hour currency market.
What is the MetaTrader trading platform used for?
MetaTrader is a trading platform developed by MetaQuotes Software for online trading in the forex, contract for differences (CFDs) and futures markets. MT4 or MT5, as they are commonly known, can be downloaded for free directly from the MetaQuotes web site (metaquotes.net) or through dozens of online forex trading brokers.
Metatrader expert advisors and indicators
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