The forex market is among the most versatile markets around the globe mainly because of the different techniques and strategies applied by different players. Different traders have different expertise levels and employ a wide range of styles to beat the odds. One the most common and modern ways of trading in FX is the use of software to automate trading decisions. A number of software often referred to, as robots are readily available for purchase. Most of these robots are available on MT4 and can do a number of things ranging from giving signals, to actual entry and management of trades. There are a number of established solutions that are recognised as the top trading platforms.
How robots work
A forex robot or an expert advisor (EA) is a form of software programmed with a set of instructions to execute trades without the need for direct human intervention. First, you need to identify or have an existing strategy, then you merely program the strategy into an EA, alternatively, you can make use of EA generator to create a robot. Building an EA does not need any technical or programming skills, with an understanding of the forex market and forex trading; you can create your own EA. Most of the top forex brokers will support this requirement.
Whenever the market conditions are in line with the programmed rules and parameters, the EA will issue buys or sell signals. A good EA should be flexible enough to allow the adjustment of the parameters to maximize profitability. Purchasing an EA and customizing it to your preferences is also a good option. Although most robots will come with default settings, these settings can always be altered to suit a trader’s capital and risk appetite
Building a forex robot
You can make your own EA on Meta Trader 4 platform in a number of ways:
Use of metaEditor wizard
Using the MQL4 built-in wizard, you can create your simple EA on the MT4 platform. Right-click Expert advisors to access the MQL4 wizard and select Create in MetaEditor.
The wizard below will pop out, and you can fill in all the properties of your EA. This wizard gives you a simple template where you will put your codes and rules.
Using the EA builder
If you lack any programming skills, then you can make use of EA builders online or install them in your PC. Using an EA builder, you can easily combine your preferred trading indicators with other parameters.
EA from scratch
If you have the MQL4 programming skills or plans to hire an expert, you can build your EA from scratch.
Use the EA generator tool
This is one of the easiest and the best ways of building robots. Using this generator, you can make amazing EAs that are profitable without the need of having any programming skills. Try out expert advisor factory it has a good reputation.
Purchasing a Robot
When buying EAs, make sure you are doing so from a reputable and trusted vendor. Secondly, you need to ensure that they are profitable with verifiable results as well as positive reviews from past users. One need also to ensure that the EA he or she is acquiring is compatible with his platform as well as with the broker. After purchasing the EA, follow the stipulated installation process to the letter; contact the support staff if you face any hitch along the way. It is worth noting that, you can install multiple robots in your MT4 platform to achieve different trading objectives. However, don’t stuff your platform with robots that are not adding value to your trading career. When dealing with a robot, one needs to take caution, remember always to invest an amount you can afford to lose comfortably. It is also important to test your robot on a demo before trying it out with real money. Check out the best trading platforms for further information in this area.