Expert Advisor Program

[overtrader]

Hi... Traders

In MT4 there is a language program which can automate trading deal for us. For example it can automate your market orders, stops orders automatically, cancels/replaces orders and takes your profit the program called expert advisor.

Is there anyone here have an experience using this expert adviser how to use it because I`m new using MT4 and need a guidance...

[alesio]

i have one called managetpv34 and am having no luck with it on multiple orders. dont know if this is of any help

[EugeneFXI]

Hey there Overtrader!

Expert Advisor files are placed in your MetaTrader 4's Experts folder, and activated via your MetaTrader's Navigator widow (browse under Expert Advisors and double-click on one of them to add them to your charts).

You should also press the "Expert Advisors" buton at the top of your MetaTrader, so that it is enabled. Otherwise they will not work.

The MQL4 development community has a large collection of Expert Advisors (and indicators as well) - take a look here: http://codebase.mql4.com

I really can't vouch for the quality of any of the programs you can get there.

Also, I know this is probably not the answer you want, but we here at FX Instructor recommend traders to make their trades manually - its ok to use automated means, like Indicators, to determine if your conditions are being met, but making the trade itself should be something you do with your own hands.

Understanding WHY a signal is being given is also vital. I am really not a fan of expert advisors

Originally Posted by overtrader

Hi... Traders

In MT4 there is a language program which can automate trading deal for us. For example it can automate your market orders, stops orders automatically, cancels/replaces orders and takes your profit the program called expert advisor.

Is there anyone here have an experience using this expert adviser how to use it because I`m new using MT4 and need a guidance...

[herma77]

Originally Posted by overtrader

Hi... Traders

In MT4 there is a language program which can automate trading deal for us. For example it can automate your market orders, stops orders automatically, cancels/replaces orders and takes your profit the program called expert advisor.

Is there anyone here have an experience using this expert adviser how to use it because I`m new using MT4 and need a guidance...

I just wanna give an advise if you want to using expert advisor ,do a forward test ( not back test ) for at least 12 months , if your expert advisor still survive for minimum 12 months ,probably you`ll get your own money machines, but it`s very rare to find an expert advisor that survive for that periode,so I`m agree with Eugene ,just improve ur trading skill that`s better

Regard

[Cyclon]

Originally Posted by overtrader

Hi... Traders

In MT4 there is a language program which can automate trading deal for us. For example it can automate your market orders, stops orders automatically, cancels/replaces orders and takes your profit the program called expert advisor.

Is there anyone here have an experience using this expert adviser how to use it because I`m new using MT4 and need a guidance...

Hi Overtrader,

What is your experience level? And strategy? I mean besides MT4. I use MT4 for my system but don't trade thru it. It just is faster at loading tools I use that's all. But I wouldn't touch automated trading at all. Maybe that is the consensus you are getting?

Cheers
Cyclon

[tst4all]

Hi all,
For the MetaTrader expert advisors (EA), all the posting here is assume that you will get a black box implementation of some strategy that you do not have information about it!
So in this case you need to do the forward test (not the back test) for good period of time

What about the EA that follow your rules and execute the trades while you are a way from your computer?

[Cyclon]

Originally Posted by tst4all

What about the EA that follow your rules and execute the trades while you are a way from your computer?

tst4all, I am not quite sure by what you mean by that part of your post... just keep in mind that an indicator is a simple robot and that is all they use (even if they claim not to use indicators). Have you ever read in like a 'Stocks and Commodities' or somewhere that the holy grail of all indicators had been found? The answer to every move a market could possibly put on you?

My trading system uses indicators and I would love to be able to automate it. But the price action is too complex. And so you have the choice that the EA's make - Either Automated or Effective. The automation costs you every time there is an oscillation on a slightly different 'frequency' than where the robot began the algorithm. And believe me that is at least once in every move. So you either get stopped out or you lose out (on the rest of the move). The cost is huge to let the robot run your money "for you". Usually 40-70%.

I went for effective and by maintaining control I am able to capture about 85% of all the pips available with never a false signal.

If you find a bot that shows it is actually Effective give me a holler.


But this is why I said in an earlier posting, "I wouldn't touch automated trading at all. Maybe that is the consensus you are getting?"

Because it is about the pips.