The purpose of forex robots is to offer automated trading on the forex market. They are designed to eliminate psychological challenges people undergo when trading. Most forex robots are created using MQL programming language to trade on MetaTrader (MT) platform.
The most popular MT platforms are MT4 and MT5, created by MetaQuotes. Traders must install the forex robot on the MetaTrader to use it for trading. Forex robot vendors sell various types of robots. They all work with either MT4, MT5, or both. Traders need to open an account with a broker to start trading.
Using a forex robot on MetaTrader
To start using a forex robot on MetaTrader, your first step is to visit a forex store and buy the best MT4 robot. Forex stores offer a wide variety of robots with different features and prices. Buy the one that fits your budget but make sure it will give you an advantage of the best features. To buy the best robot, the main points to consider are:
- Robot rating
- Drawdown rate
- Profitability
- Reviews
- User support by the vendor
- Features
- Price
Install your forex robot on MetaTrader
Your forex robot works on the MetaTrader platform. The robot is software that automatically trades strictly under your instructions. It means you must configure the robot to the way you want it to trade. Create a file where you will download and save your robot. Open C: Drive in your computer and locate a folder named MetaTrader folder.
If you don’t have the folder, search for MetaTrader online, download it, and install it on your computer or phone. Understand the difference between MT4 and MT5 and decide which one to install. It is best if you have both since most forex robots work with both. Copy the MT files in C: Drive and paste them into the robot’s folder.
You will be prompted to input admin permissions. Click continue and then launch the MT4 platform. Open the EA folder located in the MT platform and then drag and drop it into one of the MT charts. The EA settings will open, and you can configure them as you wish. You are now ready to use your forex robot on MetaTrader.
How forex robots work on MetaTrader
Installing a forex robot on MetaTrader is not enough. You need to choose a broker that supports the MT platform. It is the broker who provides you with access to an API that your robot needs to access trading markets. You may decide to let the broker do the trading for you, and they earn a commission. Alternatively, you can do trades yourself through the broker’s account.
The MT platform uses MQL4 IDE technology which allows you to configure your robot to advise the platform. It is called an expert advisor because it searches the market and then advises the MT platform on what to do. The work of the MT4/MT5 is to run forex trading applications such as forex robots, but instructions come from the robot and not the platform.
Due to this, configure your forex robot properly so that it gives the platform instructions that will generate you profits. Whenever the conditions are good in the market, the robot generates signals that advise users either to buy or sell certain pairs. You don’t need to wait for signals to take action but configure the robot to generate signals and automatically take the right actions without your intervention. The software already has predetermined algorithms for generating profits.
You do not need to be a programming expert to configure it. Configuration only needs you to pick the currency pairs your robot will work with. Select whether the robot will trade 24/7 or it will stop at a certain point. Choose the amount of money to be traded for each trade. These are the settings you are required to configure.
Conclusion
To trade on the MetaTrader platform, you must install your forex robot into it. You need a brokerage account to access the forex market. The robot is an expert advisor which gathers information based on big data. It then generates signals which advise the MetaTrader on the action to take.
Also Read: How To Avoid Losing Trades In Forex
