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HOW DO YOU USE ROBOTS AND EAS IN FOREX TRADING?
While we are teaching you how to become a great self trader we should also mention there are also other ways of being successful when trading in the Forex market. You can make money by following trade signals or automated systems built by professionals known as Forex robots or Expert Advisors (EAs). A Forex robot is a piece of trading software that automates trading decisions. They are essentially trading algorithms that read price action and then trade based on certain trigger points to buy and sell at pre-determined triggers and orders. It is a way of copying other peoples or traders trades.
The most popular robots for retail traders are built around the MetaTrader 4 platform. These robots run on the platform and trade even when you are not at your computer. They can either give you a signal to trade through a manual trade or even simpler make the trade automatically with no user input.
• Trade automatically for you
• If you do not have time it is a great way to dip your toe in the market
• You can program the robot to trade 24 hours a day for you
• Some of built by professional traders
• Some are get rich quick schemes that you need to be aware of
• Not all trading robots are profitable
• Some companies over promise and under deliver
How do you install a robot on the MetaTrader 4 platform?
The MetaTrader 4 (MT4) platform has some pre-installed forex robots that are already integrated into the platform. It is not recommended to use these directly off the platform. For way of demonstration we will show you how to install one of these – the MACD Sample:
Find the Expert Advisors (EAs) tab in the ‘Navigator’ window.
Left click and drag the MACD sample onto a chart of the currency you want to trade. The following window should appear:
One needs to check the box for live trading to allow the robot to be trading live.
A trader can also change the parameters of the robot. If a trader clicks on the ‘Inputs’ tab then there are options to change the lot size, take profit and trailing stops level amongst others – therefore allowing some customisation:
The next step is to enable auto trading. This can be done by clicking on the icon at the top that says ‘AutoTrading’:
When off, the icon is set to red, however when it is clicked it turns green:
The last step is to ensure that the Forex robot has been successfully turned on. If so there should be a smiley face in the top right hand corner of the chart or currency pair that you have chosen to trade the robot on:
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- We can now install an autotrading forex robot onto a MetaTrader 4 chart… how amazing! If you would like any information on any forex robots or expert advisors then please feel free to let us know. Keep in mind the pros and cons above. It is very important to find one that can make you money!