What is Expert Advisor in Forex
Trading?
Forex robot (Expert Advisor) is software that analyzes the market based on the codings created by the user. A forex robot makes automated trades that can be carried out even as you sleep. Forex robots are a good way to trade a mechanical system that requires no human effort. These systems are made up of computer software that uses mathematical algorithms to analyze the right times to buy and sell currency. These programs also make the process even easier by conducting the trades for you. Online Forex Broker India
How do
you use a forex EA?
EAs can trade 24 hrs per day with greater consistency of one's trading plan, acting on predefined entry/exit conditions. Metatrader4 is such a popular platform that you spend a lifetime investigating and researching (sharing and purchasing) thousands of EAs in numerous online forums. And there is an endless supply of education out there to code your own EA.
Whether you borrow or create your own EA, it is imperative that you test it on plenty of historical and forward data. MT4 allows you to perform EA back tests to see how they work in the past, and if the back tests prove promising, one can test the EA in forward market conditions, preferably in non-expiring demo accounts until enough confidence and understanding of the EA is acquired to test it on real accounts. PAMM Fund Management India
- EAs can trade for you 24 hrs per day
without food or sleep.
- EAs free up your time to do other
stuff instead of looking at the computer screen all day.
- EAs
operate on a set of rules without greed, fear, ego or bias.
- Most EAs are developed with parameters
that you can be back tested and optimized on quantifiable data.
- EAs are able to identify and react to
opportunities faster.
- New traders can get their feet wet
trading with EAs without having an in-depth knowledge of forex.
- You can make your strategy far more
sophisticated than you ever could trading manually.
- EAs consistently carry out the trading
plan.
- EAs can monitor many currency pairs at
the same time, giving you trading opportunities than otherwise.
- EAs make life easier.
What is Expert Advisor in Forex
Trading?
How do
you use a forex EA?
EAs can trade 24 hrs per day with greater consistency of one's trading plan, acting on predefined entry/exit conditions. Metatrader4 is such a popular platform that you spend a lifetime investigating and researching (sharing and purchasing) thousands of EAs in numerous online forums. And there is an endless supply of education out there to code your own EA.
Whether you borrow or create your own EA, it is imperative that you test it on plenty of historical and forward data. MT4 allows you to perform EA back tests to see how they work in the past, and if the back tests prove promising, one can test the EA in forward market conditions, preferably in non-expiring demo accounts until enough confidence and understanding of the EA is acquired to test it on real accounts. PAMM Fund Management India
- EAs can trade for you 24 hrs per day without food or sleep.
- EAs free up your time to do other stuff instead of looking at the computer screen all day.
- EAs operate on a set of rules without greed, fear, ego or bias.
- Most EAs are developed with parameters that you can be back tested and optimized on quantifiable data.
- EAs are able to identify and react to opportunities faster.
- New traders can get their feet wet trading with EAs without having an in-depth knowledge of forex.
- You can make your strategy far more sophisticated than you ever could trading manually.
- EAs consistently carry out the trading plan.
- EAs can monitor many currency pairs at the same time, giving you trading opportunities than otherwise.
- EAs make life easier.
How to Install EA in MT4?
Let us see how to install an Expert Advisor in MT4 Platform in the following steps:
1. Create or download an EA you wish to install.
2. Select and copy the EA from the location where you saved it.
3. Open MT4 client terminal and go to File → Open Data Folder
4. In this folder, Click on MQL4
5. Open MQL4 and you will find the window as shown in below. Here Click on Experts
6. After open the Experts, paste the Expert Advisor you already copied or drag the EA from the location where it is saved.
7. Congratulations you have successfully installed your Expert Advisor! To double check that you were successful, open up the Bluemax Meta Trader 4 Platform and the EA will be listed under Expert Advisor in the Navigator window.
8. To use the installed expert advisor, double click the EA name or just click its name and drag it into the chart or right click on the EA name and select Attach to a chart option.
A pop-up box will appear showing the settings of your EA.
Make sure that all the settings and alerts are correct before clicking OK.
In Inputs tab, you can change value of variables such as take profit, lots…
9. After adjusting the settings, click OK. The Expert will now be attached to the price chart. Its name will appear in the upper right-hand corner of the chart. The Expert’s name will be followed by a smiley face. An Expert with a smiley face indicates that live trading has been enabled.
If it’s not enabled, Expert’s name will appear with a frowny face.
To enable it, click on Auto trade which is available in the tool bar
10. To remove an Expert, right-click on the active price chart, select “Expert Advisors” and then “Remove,” as shown below
Regards,
How to Install EA in MT4?
Let us see how to install an Expert Advisor in MT4 Platform in the following steps:
1. Create or download an EA you wish to install.
2. Select and copy the EA from the location where you saved it.
3. Open MT4 client terminal and go to File → Open Data Folder
4. In this folder, Click on MQL4
5. Open MQL4 and you will find the window as shown in below. Here Click on Experts
6. After open the Experts, paste the Expert Advisor you already copied or drag the EA from the location where it is saved.
7. Congratulations you have successfully installed your Expert Advisor! To double check that you were successful, open up the Bluemax Meta Trader 4 Platform and the EA will be listed under Expert Advisor in the Navigator window.
8. To use the installed expert advisor, double click the EA name or just click its name and drag it into the chart or right click on the EA name and select Attach to a chart option.
A pop-up box will appear showing the settings of your EA.
Make sure that all the settings and alerts are correct before clicking OK.
In Inputs tab, you can change value of variables such as take profit, lots…
9. After adjusting the settings, click OK. The Expert will now be attached to the price chart. Its name will appear in the upper right-hand corner of the chart. The Expert’s name will be followed by a smiley face. An Expert with a smiley face indicates that live trading has been enabled.
If it’s not enabled, Expert’s name will appear with a frowny face.
To enable it, click on Auto trade which is available in the tool bar
10. To remove an Expert, right-click on the active price chart, select “Expert Advisors” and then “Remove,” as shown below
Regards,
BlueMax Capital Ltd,
Mobile : 9994111025
Web : www.bluemaxcapital.com
Mail : info@bluemaxcapital.com
