Today, any trading strategy on the international currency market is divided into two categories – manual and automatic trading.
The first is adhered to by traders who have a lot of time to work on Forex and trust only their own conclusions and decisions. The second is suitable for those who are not ready to sit at the computer for days, doing complex calculations and waiting for the most appropriate moment to enter the market.
There are more and more adherents of automated trading, and already more than half of traders have switched to using advisors.
Assistant robots are installed in MT4, the autotrading is set up by choosing the most optimal Expert Advisor.
How to start setting up auto trading in MT4
Since the essence of auto trading comes down to the use of special programs – advisors, the first thing to do is to choose a suitable robot. All of them are similar in their capabilities, each advisor is able to independently open and close deals, analyze the market situation and make decisions about the start of trading. Depending on the degree of confidence in computer programs, you can choose one of three types of advisors:
- automatic. They completely do the work for the trader, therefore, when installing them, you need to understand that the program manages your capital. Having carefully studied the properties of the advisor and its parameters, you can click on the start button, after which trading will begin without the participation of the trader.
- semi-automatic. Semi-automatic advisors perform the same functions as automatic ones, except for one – opening deals. As soon as, according to the robot, it is necessary to enter the market, it gives the trader a signal. You already make the final decision yourself.
- auxiliary. Auxiliary Expert Advisors have even lower functionality, executing only one-time commands.
Step by step setup of auto trading in MT4
If you have decided which Expert Advisor you need, you need to proceed to installing and configuring it in the trading terminal.
Open the trading platform, click “File” in the upper toolbar and select “Open data directory” in the drop-down list. MT4 will open a window with terminal folders.
Copy the files of advisors with the .mql and .х4 extensions to the MQL4 -> Experts folder, .dll to the MQL4 -> Experts -> Libraries, .set – MQL4 -> Experts -> Presets folder.
Restart the trading terminal, go to the “Service” menu and open the “Settings” tab in it. In it you will see the “Expert Advisors” tab, where you need to check the boxes in all the main points, leaving the fields of the sub-points empty. Click “Ok”.
Open the “Navigator” window and in the “Expert Advisors” section click on the “+” button. In the drop-down menu, select the program you need and drag it with the mouse to the open chart.
In the settings menu that opens, set the required parameters and click “OK”.
Look in the upper right corner of the terminal window. If a smiley smiles at you, it means that you did everything right and the advisor is working.
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