EA’s, or expert advisors, are trading systems that can enter buy and sell decisions into the forex markets through the trading platform MetaTrader 4. They are gaining in popularity, particularly with the rise of peer to peer trade following sites such as ZuluTrade, and with the growth of social media.
EA’s allow several advantages to normal trading such as the elimination of emotion and the ability to enter trades at lightning fast speed. They can make complex calculations precisely and enter trades automatically. One thing that must be said is that there are thousands of EA’s out there and some are not very good at all. Only a very small number are able to take good profits out of the forex markets.
There are essentially two ways to set up an EA in MT4:
Once the EA is in this folder, simply reopen the MT4 application and attach the EA to a chart. You will be able to find the new EA under Expert Advisors which is found in the Navigator panel. This will bring up another window where you specify important criteria such as lot size and stop levels for the EA.
The other way to set up the EA is to get the code that contains all the system instructions. Copy this code and then open up the MetaEditor screen in MT4. This can be accessed through the toolbar or by pressing F4.
Simply paste your code into the MetaEditor and then click Save As. Give the EA a name and then save it as a mq4 file. It will need to be saved under the experts folder which is found under your MetaTrader application folder. The one that you downloaded from your broker.
You can now return to the main MT4 screen and the EA should be visible under Expert Advisors in the Navigator. Right click on the EA to attach it to a chart and set it up. If you click allow direct trading it will start trading right away. When you do so, the name of the EA will appear in the right hand corner of the chart along with a smiley face.
Remember, you can stop the EA’s at any time by clicking the big Expert Advisors button on the main toolbar.
EA’s allow several advantages to normal trading such as the elimination of emotion and the ability to enter trades at lightning fast speed. They can make complex calculations precisely and enter trades automatically. One thing that must be said is that there are thousands of EA’s out there and some are not very good at all. Only a very small number are able to take good profits out of the forex markets.
There are essentially two ways to set up an EA in MT4:
Download the EA
The easiest solution to using an EA in MT4 is to download the packaged EA file which will contain everything you need to get started. These EA’s can be found through the MT4 community or from a specific EA provider. This file needs to be added under the folder ‘experts’ which is found under your MetaTrader application folder in your program files. This is the one that you downloaded from your broker.Once the EA is in this folder, simply reopen the MT4 application and attach the EA to a chart. You will be able to find the new EA under Expert Advisors which is found in the Navigator panel. This will bring up another window where you specify important criteria such as lot size and stop levels for the EA.
Insert the code
The other way to set up the EA is to get the code that contains all the system instructions. Copy this code and then open up the MetaEditor screen in MT4. This can be accessed through the toolbar or by pressing F4.Simply paste your code into the MetaEditor and then click Save As. Give the EA a name and then save it as a mq4 file. It will need to be saved under the experts folder which is found under your MetaTrader application folder. The one that you downloaded from your broker.
You can now return to the main MT4 screen and the EA should be visible under Expert Advisors in the Navigator. Right click on the EA to attach it to a chart and set it up. If you click allow direct trading it will start trading right away. When you do so, the name of the EA will appear in the right hand corner of the chart along with a smiley face.
Remember, you can stop the EA’s at any time by clicking the big Expert Advisors button on the main toolbar.
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The Japanese Yen is set to lock in a staggering performance for this week against the US Dollar. The Yen has appreciated over 3% following Japan’s intervention to propel the currency and the Fed’s less-hawkish rhetoric. The US Dollar Index slips below 105.00 with softer NFP print.
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.
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