The forex trading market is highly volatile and liquid, and with its continued growth throughout the world, manual trading is taking backstage to give way for automated trading. Unlike in the past, where automated forex trading was a reserve of institutional traders, today, retail forex traders are also adapting to auto trader guides that help them automate their trading platforms for better experiences. One of the most popular automated forex trading algorithms is the MT4 expert advisor.
What is MetaTrader Expert Advisor?
MetaTrader 4 (MT4) is a forex trading platform that uses expert advisors to analyze the financial markets. Millions of forex traders across different parts of the world choose MT4 to trade because it is easy to customize to suit an individual’s trading preferences. It also provides many opportunities for all forex traders, irrespective of their trading skill levels.
Some of the opportunities include flexible trading systems, mobile trading, advanced technical analysis, and auto trader guide on expert advisor algorithmic trading that enhance your experience in forex trading. Others are market additional services and signals that extend the MT4 frontiers allowing you to copy other traders’ trades. The forex market also provides traders with technical indicators and expert advisors to enhance their trading prowess.
Expert Advisors are automated trading algorithms that appear on MetaTrader platforms to help identify forex trading opportunities, enter currency-trading orders, and manage money market trades. The expert advisors come in different types, each based on the type of forex indicator used for trading. Expert advisors have two main functions: automating trades per a set of rules set by the forex trader that include money management, entry, and exit rules.
You can create your expert advisor if you have a mechanical trading system in place. The automated trading algorithm replicates all the required trading actions once you get a signal from your system. It is particularly useful for multiple pair trading and those who do not have time to carry out manual trading. The following EA auto trader guide helps to set up the algorithm on your terminal.
How to Install an Expert Advisor on an MT4 Platform
Before you decide on installing EA on the terminal without an expert’s help, you need to understand that it is not an easy thing to do. The first thing you will need to do before venturing into the process is to understand the different EA aspects and the one you intend to use. If, for example, the EA you intend to use centers around moving averages, learn how many bars it covers and if it uses exponential or simplified moving averages. If, on the other hand, the EA uses Stochastic, you should learn about the settings that generate the signals.
1. Step One – Transfer Files
- The first step is to transfer files by downloading or creating an expert advisor. Make sure to remember the location where you save your download or new creation.
- Copy the expert advisor file
- Trace the MT4 folder from the C: Drive
- Paste the copied files into the EA folder. Click “Continue” if a window requesting admin permission appears.
2. Step Two – Install
The second step is to install the EA on the MT4 platform.
- The first thing to do in this step is to launch the MetaTrader 4 platform.
- On the left side of the MT4 platform under the “Navigator” panel, look for the expert advisor section. Check for the available listings by clicking on the plus sign.
- After identifying the EA, you want to install, click on it. Drag the same onto a chart of your choice on the platform
- Install the expert advisor on the platform
3. Step Three – Adjust the Settings
- The final stage of the installation process will show you a pop-box on your EA settings.
- Before clicking OK, ensure that all the alerts and settings are correct.
Wrapping it up
MT4 EA makes trading easy, especially for traders that do not have the time on their hands to trade manually. However, before committing your capital to install the automated trading algorithm, you should understand everything you need to about it and, if possible, test the same on a demo.