How do I Install an Expert Advisor on MT4?

The journey of forex trading doesn’t always run smoothly, and even the most successful traders will experience some bumps in the road. This is especially true for traders who opt to head down the manual trading route, ignoring the automated processes that can aid their trading. Although automated trading does have its drawbacks, any trader can exhibit tighter control over their currency-trading portfolio through such means, particularly when they use expert advisors (EAs).

Considering the positive impact that an appropriately used EA can have on anyone’s trading efforts, the following takes an in-depth look at how to install and use an EA on MetaTrader 4.

What Is an EA?

An expert advisor is a software tool that forex traders can use to identify trading opportunities based on promising signals. EAs are similar to forex robots in that they are used to automate market pattern identification and generate valuable trading signals, but EAs differ in a key way: Whereas a forex robot is able to automatically make trades on your behalf, an EA can’t automate actual trades.

Instead, an EA functions as an intelligent advisory tool that offers recommendations but still requires the trader to execute any proposed trades. These EAs can be found through the MT4 or MT5 trading platforms, but you can also build your own to fit your trading strategy.

Advantages and Disadvantages of Using EAs in Forex Trading

An expert advisor can be a polarizing trading tool, with proponents and detractors split along a clear line of division. For fans of EAs, the benefits of these tools are that they conduct research 24/7, helping traders keep tabs on opportunities that may develop overnight. A well-designed EA also enforces a strict trading strategy and parameters for identifying promising trades, which takes the emotional or human element out of trade evaluation. Ultimately, this leads to less biased trading recommendations.

The best forex EAs are able to integrate with the MT4 and MT5 platforms, offering convenience for forex traders. But they also present potential drawbacks: The rigidity of an EA, for example, can also be a limitation in evaluating trades, because this tool can’t go beyond its parameters to evaluate a trade opportunity, or to incorporate key information that might influence the perceived value of a trade.

Meanwhile, because the performance of an EA is so individualized to both the parameters of the tool and the market conditions being observed and evaluated, there is no guarantee that this tool can deliver steady profits over time. This is even more true when you’re creating your own EA: Although you benefit from being able to build an EA in the image of your own trading strategy, there’s little certainty that doing so will lead to profits.

The performance of an EA can also vary, which means you’re susceptible to dramatic and unpredictable swings in performance. This could mean, for example, that if your EA performs well during a demo test, that performance could be an illusion—and once the EA is used for live trading, its performance could come crashing back to earth. You might think you’ve created the best forex EA, but you’ll have no way of knowing until you put your real money at risk.

What You Should Know Before Using an EA

If you’re interested in incorporating an EA into your trading strategy, the most important thing to remember is that you shouldn’t start using an EA with live trades until you’ve had time to practice and become comfortable with this trading tool.

Even though performance can be difficult to evaluate over a limited sample size, practice through a demo account will give you an opportunity to become familiar with your EA and figure out how to best use it in support of your trading strategy. If you’ve created your own EA, this is also an opportunity to test-drive your own creation and identify potential amendments you want to incorporate before taking your EA live.

You can also use this trial period to determine how you want to balance the guidance of your EA against certain variables and data points it can’t account for. Even the best forex EA, for example, can’t take political or news-related variables into account when identifying trade opportunities. As a trader, you’ll need to balance any recommendations this tool offers against the potential implications of events beyond its view.

HOW DO I INSTALL AN EXPERT ADVISOR ON MT4?

  • Select the ‘MQL4’ folder, followed by the ‘Experts’ file
  • Drag and drop your EA file(s) into this folder and close the window.
  • Then, open Navigator (Ctrl+N) GO TO EXPERT ADVISORS / RIGHT CLICK /REFRESH
  • SEE this image AND FOLLOW THE STEPS:
  • Then, open Navigator (Ctrl+N) GO TO EXPERT ADVISORS / RIGHT CLICK /REFRESH

PLEASE CHECK THESE STEPS BEFORE RUNNING YOUR EA

  • Right click on the chart/expert advisors/properties/common
  • You must check all the options as in this image and then accept
  • Go to tools/options/expert advisors
  • You must check all the options as in this image and then accept
  • Also make sure that the shortcut button that says autotrading is activated
  • Finally, if everything is correct, the name of the Ea will appear in the upper right zone together with a happy face, if a sad face appears, review the previous steps.

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