Automated Forex Expert Advisor

MetaTrader and Automated Trading

This important feature allows forex traders the flexibility to switch between brokers without having to reprogram their trading algorithms.  It has also facilitated the extensive development of commercial forex trading robots that can often be purchased and downloaded from the Internet for less than two hundred dollars.

Installing and Using Automated Trading Software in MetaTrader

Most of the fully automated commercial trading robots like FAP Turbo and Forex MegaDroid operate within the trading platform environment provided by MetaTrader as Expert Advisors or EAs. Fortunately for most software and trading novices, these EA programs are especially easy to install in MetaTrader and usually come with simple instructions.

Basically, once MT4 or 5 has been downloaded from its developer’s website and installed on their online personal computer or reliable remote server, the trader then usually just needs to install the EA software within the appropriate MT4 or 5 subdirectory.  They will then probably want to run MT4 and associate the EA with a price chart drawn by the platform for a particular currency pair or commodity and a time period that the EA is appropriate for use with.

After a trader has set the EA running on either a live or demo account held with an , the EA software will then typically scan the market looking for trading opportunities to arise. When it finds one, the EA will size and execute an appropriate trade automatically. The EA will also usually simultaneously place liquidation orders into the market to close out the position for either a profit or loss, depending on how the market ultimately moves.

Broker Support for MetaTrader 4 and 5

According to that service U.S. clients also support trading via the MetaTrader platform’s new version, known as MetaTrader 5 or MT5. This version was specifically designed for U.S. based traders that need to operate under recent rules imposed by the CFTC that prohibit hedging trades and One Cancels the Other or OCO orders.

Unfortunately, MT5’s MQL5 programming language is not fully compatible with MT4’s MQL4 language and so MT4 EA’s have to be rewritten into the new language to run on MT5.

Who Would Benefit From Automated Trading Via MetaTrader?

Many expert traders have tired of the initial thrill of trading and have also developed successful trading plans that can be objectively executed. Such traders could often benefit from having a custom built EA trade their plan for them so that they can do other things.

Expert Advisor Programming: Creating Automated Trading Systems in ...

Expert Advisor Programming: Creating Automated Trading Systems in MQL for MetaTrader 4

Finally, the first comprehensive guide to MQL programming is here! Expert Advisor Programming guides you through the process of developing robust automated forex trading systems for the popular MetaTrader 4 platform. In this book, the author draws on several years of experience coding hundreds of expert advisors for retail traders worldwide. You’ll learn how to program these common trading tasks, and much more: – Place market, stop and limit orders. – Accurately calculate stop loss and t

This book is going to mean a great deal to anyone interested in it’s subject matter. I bought this book the day it was published. As far as I know it is the first book ever published on this subject and thankfully it also happens to be a great book. It deals with the concept of creating a an Expert Advisor from scratch in a highly robust fashion. It’s clear and concise. So much so that with very little programming experience I was able to create my first ever EA on day one after recieving this book. It starts with making a simple EA, then continues to add extra functionality and robustness. By the time you finnish you will have a program which will trade via simple rules (which you can then change to your own strategy) but it will have also included money management functions, trailing stops with a minimum profit stops embedded in it. It can also have a break even stop and the ability to close all orders at once, functions which will calculate the lot size you wish to use,automatically check how many digits your broker uses and the implications then on lot size and much more. This book is worth its weight in Gold!

I have experience in java and C programming and found this book easy to digest. I do not recommend this book for people who are just beginning to learn programming as this is not the purpose of this book.

Be aware that this book is not structured like those programming books that you might have read. This is not a beginner guide to programming. I feel that it is meant for programmers who have already attain certain level of experience in programming language like java, C++ etc.

For those who have done programming and wanted to venture out into MQL and programming your own EA, you will appreciate that this book is organized in such a way that it is very direct and straight to the point. For example, the code snippet are portable and can be reuse. It actually save you alot of time.

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