What is an MT4 Expert Advisor and How to Install it
When you get involved in the world of forex trading, you will always come across or hear people mention the word MT4 Expert Advisor. But, you don’t know what this word means, and what it’s all about. Now it’s time to learn everything you have to know about it, including how you can make the right choice and how to easily install the expert advisor. Take note that sometimes the MT4 Expert Advisor is also called Forex Robot.
An MT4 Expert Advisor, or simply called the “EA” is a type of program that you install on your platform, which automatically places trade when the certain set criteria is met. You can also refer to this as an “automated trading”, because when making use of an expert advisor you won’t even have to touch your mouse and keyboard, but you will have to keep your computer switched “ON” for the expert advisor to work. An expert advisor will always work by using a mechanical rules that can be described as if-then statements. Its very good advantage is that you have got a mechanical system set in place, which is useful for those that likes to trade multiple pairs, or those that really don’t like spending time in front of their computer trading forex.
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What really makes an MT4 Expert Advisor to be desired by traders?
Here is it – an MT4 expert advisor (MetaTrader 4 Expert Advisor) won’t try to place any trade, unless your desired technical setup and trading rules are met 100%. Whether you are sleeping or working in the office, the MT4 expert advisor will keep looking for trade opportunities based on your set of trading rules. But remember that your computer will need to be turned on all the time for the MT4 Expert Advisor to function. The program will automatically enter and exit trades for you even while you are sleeping or out playing.
Yes, everything does have a downside. The advantages have been mentioned, but you also need to know the other side of the MT4 expert advisor. As a trader, you will like to always backtest to see the performance of your EA in the previous trades, but don’t forget that past results can’t indicate the results you get in the future. It might be making plenty of money now, and later fall apart. Some of these issues is due to technical problems. Your computer might crash, internet can stop working, or even electricity might go out. If these things happen, then your MT4 expert advisor won’t be able to work. Another thing is that you might be offered an expert advisor that won’t even work as advertised, which is why you need to know how to choose a nice MT4 Expert Advisor.
How to choose a Reliable and Profitable MT4 Expert Advisor?
There are lots f websites that are selling MT4 expert advisors online. A search in Google will bring up lots of websites wanting to sell EA’s. There are also websites that are offering expert advisors for free. It’s recommended that you check out the free MT4 expert advisors, rather than pay for or purchase it from websites that are selling. Most of the websites that you will see selling expert advisors online today are just looking to do away with your hard earned money. They don’t do what they advise. If they are 100, only 2% offers what they advertise.
It’s better for you to go for free expert advisors. With free expert advisors, you can check as much as you want till you get the one you desire. If you decide to go for paid expert advisors, then make sure that these people have account statements audited by a highly reputable third party accounting firm (like MyFxBook), if not, then take it with a grain of salt. Make sure you don’t get fooled by their flashy advertising and promising of higher returns. Always check to make sure that the MT4 Expert Advisor has a live MYFXbook verified account. If not, you probably should ask plenty of questions of their claims.
Before downloading a script, try to make sure you know what other traders think about it. If the expert advisor you want to download is widely used and brings high returns, then you can go ahead. It is very important that you also learn and understand all aspects of whatever MT4 Expert Advisor you have chosen. If the MetaTrader 4 expert advisor of your choice is centered around moving averages, then you should know if the expert advisor makes use of simplified or exponential moving averages, and the number of bars it covers. Does it make use of Stochastic instead? Then you will have to know what settings are used to generate the signals. You shouldn’t be joking with this, because you are entrusting a hard earned money into the hands of a computer.
MT4 expert advisors follows instructions while searching for specific indicators, which means they are prone to losing streaks. So they don’t make you invincible. When the market goes against you it’s likely you will lose some of your funds. You can stick to your strategy, or you can shut it down and evaluate the wrong moves. After you have made the right choice of your MT4 expert advisor, the next thing is to start loading it.
If you are out looking for a realible MT4 Expert Advisor, we are proud to let you know that we have our very own EURUSD Super Scalper EA that has proven track record that is fully verified by MyFxbook. Click here to learn more..
How to Install an MT4 Expert Advisor into your MT4 trading platform
Find and download an MT4 expert advisor. In this example, we will show you how we install our own MT4 Expert Advisor, the EURUSD Super Scalper EA. Make sure you know the location of which it was saved.
Select and copy the expert advisor file you wish to install.
Then select and click on the MQL4 folder…
And then click on the Expert Folder
Once you are in the EXPERT Folder, then right click on your mouse and paste the selected MT4 Expert Advisor file.
Then go to your navigation panel of your MT4 trading platform, select EXPERT ADVISOR, right click on the mouse and select refresh.
Once You click REFRESH, you should see your MT4 Expert Advisor and you are done!
If you are on the lookout for a reliable MT4 Expert Advisor with a proven track record that is FULLY verified by MyFxBook, click here to learn more.
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