MetaTrader4 is one of the most popular online forex trading platforms. In these lessons, we’ll teach ya the basics to help you get on your feet with MT4!
Introduction to MetaTrader 4
Congratulations! If you’ve made your way to this lesson, it means that you’re now ready to open a demo or live MetaTrader 4 (MT4) trading account.
And because forextradingrobotea.com is the bee’s knees, we’re here to guide you through it.
First, you should know that MetaTrader 4 (MT4) is simply a trading platform used by tons of traders and brokers. Traders use it to view real-time currency prices, open or adjust orders, get technical and fundamental analysis. Meanwhile, brokers use the MT4 platform to reach a broader audience.
What’s good about the MT4 platform is that it offers boatloads of currency pairs and indicators that you can choose from.
Not only that, but its customizable charts are so newbie-friendly that any six-year-old kid can spot breakout patterns from it.
Mechanical traders can also plug in their EAs in the MT4 platform. This makes it easy for them to track trade opportunities. The MT4 platform can’t be accessed through a website though. You have to install the platform on your computer or your phone before you can gain access to your trades and currency prices.
Want to open your account now? Here’s how:
Step-by-Step Instructions:
Step 1: Set up your MT4 account
a) Download and install MT4.exe
b) Carefully fill in the account details.
Step 2: Record your account details
a) Record and keep a copy of your account login information before exiting the registration process.
b) With MT4, you are able to create and access multiple accounts without exiting the program. Please pay attention to which account you are using before placing trades and orders.
As much as we’d like you to go forth and make live pips, we HIGHLY ENCOURAGE you to try demo trading first.
This way you’ll get the feel of the platform without putting any of your hard earned capital at risk.
Besides, unlike in live trading, you can always add to your capital or open a new one if you blow out your account or if your demo account expires.
MT4 Basics: How to Set Orders
Now that you’ve set up your MT4 account, it’s time to learn how to use it!
We know, we know. With so many tabs, windows, and buttons, the MT4 platform can look a little bit intimidating if it’s your first time using it.
But don’t worry, it won’t bite! Besides, we’ll be holding your hand through the entire process and go nice and slow. We’ll start with the basics – setting orders.
By the time you’re done with this lesson, you’ll know how to:
- Buy or sell via market execution
- Buy or sell via pending order
- Modify a trade after it has been entered
Are you ready? Great! Let’s begin!
Entering a Trade via Market Execution
Click the New Order button. You’ll find it in the standard toolbar.
- A dialogue box should appear. From the drop-down list, select the currency pair you want to trade.
- Next, select Market Execution in the Order Type drop-down list.
- Enter the size of the position you want to open. Keep in mind that volume, which indicates the size of your position, is expressed in terms of standard lot sizes. Remember, one standard lot is worth 100,000 units. Hence, if you wish to buy 5,000 units of a certain currency pair, you would enter “0.05” in the volume field.
- If you have any remarks or notes you would like to include about your trade, you can do so in the comment field. This is optional.
- Finally, determine whether to BUY or SELL the currency pair. A dialogue box will appear to confirm that your trade has been executed.
You may have noticed that when you choose to buy or sell a pair at market, the stop loss and take profit fields may be disabled. Don’t worry!
These options have only been disabled to help you get in on a trade as fast as possible when price is already moving.
You can still specify your exit levels by modifying the trade AFTER it has been entered. We’ll teach you all about editing existing orders later on.
Entering a Trade via Pending Order
1. Click the New Order button.
2. From the drop-down list, select the currency pair you want to trade.
3. Next, select Pending Order in the Order Type dropdown list.
4. Determine whether you want to BUY or SELL the pair in the Order Type dropdown list.
You will be presented with 4 options:
Buy Limit – if you plan on going long at a level lower than market price
Sell Limit – if you plan on going short at a level higher than market price
Buy Stop – if you plan on going long at a level higher than market price
Sell Stop – if you plan on going short at a level lower than market price 5. After you have selected the type of order, punch in the price at which you wish to enter the market.
6. Then, enter the size of the position you want to open in the volume field.
7. Fill in the stop loss and take profit fields.
8. You’ll notice that by using a Pending Order, you also have the option to set an expiry date on your order.
9. Once you’ve filled everything out, click the Place button to enter your trade. A dialogue box will appear to confirm that your trade has been executed.
Modifying Trades
Click on the Trade tab. There, you will find all of your trades, including their entry prices, position sizes, stop losses, and profit targets.
To add/modify stop loss or profit target:
- Right-click on the trade that you want to modify and select the “Modify or Delete Order” option.
- Next, fill in the Stop Loss and Take Profit fields with your desired levels. When you’re done, hit the Modify button.
- A dialogue box should appear to confirm that your trade adjustments have been executed.
To close an open trade:
- Right-click the trade you wish to close and click the “Close Order” option.
- If you want to close your entire position, select the yellow button below the Buy and Sell options.
- After hitting close, your profit balance should change and reflect the profit or loss you made on your recently closed trade.
MT4 Basics: How to Install an EA
Now that you’ve had a little bit of practice with the indicator tools that the MT4 platform provides, it’s time for you to move on to the next stage of your MT4 training: how to install an expert advisor.
An expert advisor, otherwise known in the forex world as an “EA,” is basically a program that you install onto the platform that will automatically follow a trader’s instructions once a certain criteria has been met.
In a sense, you can call it “automated trading” as you don’t even have to be touching your mouse and keyboard for orders to be entered.
The advantage of using an EA is that if you already have a mechanical system in place, you can create an EA to replicate the actions required once your system gives you a signal.
This is particularly useful if you like trading multiple pairs or if you just don’t have the time to be in front of your computer to trade. But before we get to the part on how to install an EA, be WARNED that there are many people out there offering EA programs that may not perform as advertised.
They will tell you that their EA system has made them thousands of pips without them having to do a thing.
We’re not saying it’s impossible, but unless they show you account statements that are audited by a highly reputable, third-party accounting firm, take it with a grain of salt.
DO NOT be fooled by their flashy advertising and promises of higher returns! What would be best is if YOU create the EA yourself. We won’t lie – it ain’t particularly easy and you may have to spend some time figuring it out, but hey, if it was easy, then everyone would do it right?
We highly encourage you to learn and understand all aspects of whatever Expert Advisor that you plan to use.
If the EA is centered around moving averages, make sure you know if it uses simplified or exponential moving averages and how many bars it covers.
If it uses Stochastic, make sure you know what settings are used to generate the signals.
Remember, this is your hard-earned money that you’re entrusting to a computer program here.
Once you know the ins and the outs of the EA, then you can start loading it on the terminal!
Step-by-Step Instructions: Installing an EA
Step 1: Transferring files
- Create or download an EA. Keep note of the location of where you saved it.
- Select and copy the EA file you wish to install.
- Look for the MetaTrader4 folder. This is normally located in the C: drive.
- Paste the files into the Experts folder. A pop-up requesting admin permission may appear; if so, just click Continue.
Step 2: Installing the EA on the MT4 platform
- Launch your MT4 platform.
- Look for the Expert Advisors section under the Navigator pane at the left side of the platform. Click on the Plus sign and the available EAs should be listed there.
- Click on the EA you want to install and drag it onto one of the charts on your platform.
Step 3: Adjusting the settings
- 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.
Once again, let us remind you that you shouldn’t just use an EA blindly.
Test it out on demo first and understand everything there is to know about it before committing your capital to it!
MT4 Basics: How to Use Indicators
Not all trading platforms are created equal. Heck, even MT4 platforms aren’t all the same!
They come with different sets of indicators, depending on your broker.
Some come with just the basics, while others come equipped with all sets of tools and advanced studies to help you with your trading decisions. In a way, that’s where the beauty of MT4 lies–it’s highly customizable! Think of it as the PC of trading platforms (sorry, Apple fanboys!); you can run all sorts of indicators and EAs, tweak their settings in almost any way you want, and even create your own from scratch!”
In this lesson, we’re gonna get you started on getting the most out of MetaTrader 4. Knowing how to enter and exit trades isn’t enough. You have to know how to use your platform’s various tools to the fullest, and you have to know how to customize them to your needs.
If you’ve ever wondered how other traders get all those fancy indicators and thingamajigs on their charts, then this lesson is for you!
After watching the video below, you’ll learn how to:
- draw lines on your charts
- add indicators
- modify an indicator’s parameters
Adding chart objects
1. Click on the Insert menu.
2. Choose an object to add to the chart (ex. lines, shapes, arrows, Fibonacci).
3. Click the chart area where you want the object to appear.
Adding indicators
1. Click on the Insert menu.
2. Choose an indicator that you want to add. Indicators are usually grouped according to their type. In this example, the moving average indicator is under the Trend-following section.
3. After choosing an indicator, you will be prompted to set its parameters. You can also edit the indicator’s color, line style, and other settings.
4. Click OK once you’re done tweaking the parameters and settings. And now the indicator is good to go!
Forex markets operate all day, seven days a week. The markets are constantly changing, with millions of variables affecting trading opportunities. Sometimes, it can get tricky and stressful for humans to handle the trades themselves. In such a case, many people opt for a Forex EA.
A Forex Expert Advisor (EA) assists you in the trading process, sometimes by conducting the trades when you are occupied or asleep. A forex EA eliminates the emotional factor. This means that emotions such as greed or fear do not come in the way of making good, intelligent decisions. A forex EA also takes away the stress that forex trading brings and can consider all variables at once, something humans cannot do.
A forex EA trades and makes decisions faster than humans, allowing you to immediately take advantage of trading opportunities. With forex expert advisors, you can make better-informed trading decisions, increasing your chances of making profits. However, it is also essential to choose the right Forex EA, one that guarantees safety and profitability.
What Is an Expert Advisor?
An expert advisor is a specially designed software that can carry out trading functions. This software notifies forex traders of opportunities and advises them on the trades they should make. An expert advisor can also manage trades in the place of the forex trader.
Programmed using Meta Quotes Language (MQL), an expert advisor works on the Meta Trader platform. The Meta Trader platform is an online platform for forex traders. The expert advisor comprises a mathematical model that uses trade signals to determine the best entry points into trades.
Some forex EAs gather data on forex markets and then send trading signals to the trader. Others analyze this data and use it to decide the best time to enter a market. What your expert advisor does depends on the way you have programmed it.
You can even program your EA using specific instructions. The expert advisor will then make trades according to those instructions while you are occupied.
How Can I Use Forex EA?
After installing an EA, you need to set its parameters according to the trading strategies you want it to use and the functions you want it to have. Using the parameters, the Forex EA analyzes different trading opportunities and decides whether or not to invest in them.
The Forex EA does this through a set of questions incorporated into its mathematical model. Using these questions, it makes a decision about the trade.
You can either build your own EA or download one built by someone else. Using the signals of the EA, you can make decisions or choose to act quickly.
When using an EA, you should always try the demo version first. This way, you can check whether the software is suitable for your forex trading. You should also do your research beforehand and set up adequate parameters.
How Do Forex Expert Advisors Work?
Forex expert advisors make the trading process automatic, helping you make a profit through trades. They use technical indicators and trade parameters to identify profitable trading opportunities. They use the data they have gathered to pinpoint the lowest cost to enter the market and the highest cost to sell.
After you attach an EA to a chart on your MT4 platform, the forex expert advisor will analyze market conditions and use them to advise you on trades to make. It uses different factors and situations to draw conclusions about the direction a market will go.
When making trade decisions, an EA follows a set of rules or conditions. With these conditions in place, the EA manages trades on behalf of traders by entering and exiting markets as needed.
The functions of an EA range from advisory functions to making decisions for you. What a certain EA does depends on the type of expert advisor it is and how you have programmed it.
Main Types of Forex EAs
There are several types of expert advisors depending on your trading objectives, your requirements for the expert advisors, and the type of trades you wish to use a forex EA for.
Expert Advisor Scalper: An expert advisor scalper opens multiple positions at one time. This type of forex expert advisor keeps these positions open until they make small profits. The EA closes these positions as soon as they generate a profit. Through an expert advisor scalper, you make multiple trades in a day and earn small profits in many of these trades. Expert advisor scalpers can get your account banned since brokers frown upon them.
News Expert Advisor: A news expert advisor bases its decisions around price or trend changes following big news releases. It takes advantage of these changes to make profitable trading decisions. The news releases in question are financial news releases surrounding interest rates and payroll decisions. These releases can have a major impact on prices, which is exactly what a news expert advisor predicts and uses to its advantage.
Hedge Expert Advisor: A hedge expert advisor works by opening two opposing positions. It aims for one position to get a profit while the other reduces a loss. The profitable position is often left open while the other is ultimately closed. A hedge expert advisor observes the profitability of both these positions.
Breakout Expert Advisor: When price surpasses preset resistance and support levels, a breakout expert advisor opens up a trade. The position it opens is often connected to the price increase, which a breakout expert advisor uses to make a profit.
Adaptive Expert Advisor: Adaptive expert advisors do not have a set way of acting. They just act according to how the market acts. This means that, with adaptive expert advisors, you just need to set parameters, and the advisor will make the decisions.
4 Rules of Forex EA
When launching a forex expert advisor, there are some rules you should follow to reduce risks and increase profitability.
- Pay Close Attention to Backtesting Results: You should use the same data you used during backtesting when actually conducting trades. Good backtesting results do not indicate that your entire system works well. It just means that the data you used for the backtesting was of good quality. Not using that data can lead to unfavorable outcomes.
- Check Your Metatrader Connection: As mentioned before, your expert advisor will not work if your connection gets interrupted or if technical issues arise. Therefore, you should keep checking your MetaTrader connection. To improve the execution of your EA, you should reduce the number of windows open in your MT4 workspace.
- Research Market Conditions: One possible cause of your EA failure is its inability to keep track of and adapt according to market conditions. This makes it essential for you to have full knowledge of these conditions. If you want to make a decision based on market trends, you can even run an EA that is meant for trending markets.
- Take Care to Avoid Scams: Since your EA manages your forex trading, a scam can create immense financial problems. You should make sure to avoid scams when downloading an EA. Doing your research will bring your attention to various tried and tested options that other traders believe in. This can help you to make an informed decision. Look for genuine customer reviews and make a decision accordingly.
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FREQUENTLY ASKED QUESTIONS
The foreign exchange market (forex, FX, or currency market) is a worldwide decentralized over-the-counter financial market for the trading of currencies. The foreign exchange market is the largest and most liquid financial market in the world. Traders include large banks, central banks, currency speculators, corporations, governments, and other financial institutions. The average daily volume in the global foreign exchange and related markets is continuously growing. Daily turnover was reported to be over US $3.98 trillion in April 2010 by the Bank for International Settlements.
Expert Advisors (EA) / Forex Robot are used to render the trading process automatic allowing to exempt the trader from continuous watching the market. Many professional traders have a big amount of trading systems allowing them to work in different markets and under different conditions. EA is robotic script written in MQ4 language. It can work in the Metatrader 4 trading platform.
Yes it is easy to use. Forex Robot is based on a new generation technology that allows you with a few clicks to install, run and start earning money. No need to be professional. Everyone can do it. It is completely hands free and the whole process is 100% automated.
Yes it is too easy. Just a few steps and you will be ready to use Forex Robot. You will also get a guide when you purchase any Forex Robot, it will help you to install EA. If you still need any help please contact with us.
Yes Forex Robot can work 24 hours per day from the market opening on Monday to the market closing on Friday. You don’t need to monitor you trades. Our Forex Robot will do it for you. It will monitor the trades, open and close positions automatically.
MT4 is a free trading platform. You can download it from the official web sites of your broker. Here is the list of most popular brokers.
First you need a computer with a minimal hardware configuration and a stable internet connection. Second you need to install Metatrader 4 trading platform. You don’t need to have any additional Forex knowledge.
You can use any broker that offers the Metatrader 4 trading platform. But for Best Result we suggest you to trade with most popular brokers.
You can use Forex Robot with Multiple Accounts. There is no restrictions.
You don’t need to trade yourself. Just turn on Forex Robot and let it trade using your account to bring some profit for you. Of course you can trade manually too. But we recommend that you use only Forex Robot to avoid any loss.
Yes we offer free updates of our robot. Our development team will not stop improving of the Forex Robot and make it competitive on the market under actual market conditions.
We know that the money is the main question. We know well that many people don’t have much money to get started. Our robot is made to be able to trade with a minimum amount of money. The minimum amount depends to your brokerage company too. You can start trading with a small amount as $50.
Every Forex Robot is unique. Please check the guide before trading. If you don’t understand which one is suitable please contact us.
Yes we provide customer support. Our support team is working 24/7 for you. If you have any questions about our robot don’t hesitate to contact us.
Yes you can use. Please Backtest before using it in a real trading. Or use Demo Trade for at least one month with your broker spread and proper balance. Never use in live trading with any pair without demo testing. It is always better to invest time before losing any money.
We recommend to have a stable internet connection and computer hardware, working without interruptions 24 hours a day from the Forex market opening on Monday to the market closing on Friday. Crypto market is open everyday 24×7.
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Robot will stop working. You must have to start the robot as soon as possible. Otherwise your running trades will not be closed and it may occur big draw down.
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