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• Metatrader 4
  • Intro
  • Download MetaTrader 4
  • MetaTrader 4 PC
  • MetaTrader 4 for PDAs
  • MetaTrader 4 for Mobiles
  • MetaTrader 4 Multiterminal
  • Expert Advisors in MetaTrader 4
  • IP addresses for live and demo accounts
  • MetaTrader 4 User Guide
• Metatrader 5
• Systematic
• Alpari Direct
• Alpari Direct Pro

Expert Advisors in MetaTrader 4

 

An Expert Advisor (EA, also known as Forex Trading Robot, Automated Forex Trading Software) is a program written in the MetaQuotes Language 4 (MQL4) and designed to automate trading activities on MetaTrader 4.

What does an Expert Advisor do?

• Alerts of a trading opportunity, opens and closes positions, places and monitors orders – anything you want it to do
• Works 24 hours a day, 5 days a week without any breaks unless you want to stop it
• Analyses the market and never misses the right opportunity
• Allows you to trade different markets at the same time
• Eliminates emotional factors from your trading

How do I get an EA?

• Program it yourself (trading strategy and determination is required, knowledge of MQL4 is optional);
• Ask someone else to program it for you (you provide your trading algorithm and someone who knows MQL4 creates the code; you may need to pay fees to the programmer);
• Purchase a ready to use Expert Advisor.

Things to consider

• The success of any Expert Advisor depends on the trading algorithm that has been programmed into it;
• Expert Advisor does not do miracles – it does exactly what it has been told to do;
• History may not repeat itself - testing EA on historical data is great but it does not guarantee anything;
• Trading with EA on a demo account is not the same as trading on a live account.

 

Video tutorial on how to install an EA

More on automated trading

 

 

 

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