Let’s briefly talk about what a forex robot is, that is, what is an expert advisor. Forex robots, also known as Expert Advisors (EA), are computer software or programs that have the ability to open or close trades when certain conditions are met. In fact, MetaTrader 4 already has a few default forex robots in itself.
The main advantages of Forex robots are that they eliminate the psychological factors on the investor and perform automatic trades for those who do not have time to constantly monitor the market on the computer or on the phone. Of course, this only applies to robots that have been prepared by working on these advantages and making accurate analyzes and providing definite returns in a certain term.
What Should You Consider When Choosing a Forex Robot? Which is the Best Forex Robot?
There are hundreds or even thousands of robots on the market. Someone who has a good command of software and also understands forex can write a forex robot. But writing a successful forex robot is another matter. This robot should be updated periodically. The changing conditions of the market do not allow for a forex robot that will constantly win. Therefore, the robot needs to be updated from time to time according to changing conditions.
Everyone is wondering if anyone uses a forex robot. First of all, think about it this way, you have a forex robot and it earns you thousands of dollars every month. Would you like to share such a robot with someone else online? Why bother selling the robot and trying to make money when you can sit back every month using it yourself?
Forex robot is not a product that will sit back and make you money in the world, friends. Those who use Forex robots are also trying to develop strategies within themselves.
They are trying to figure out in which parities the robot is more efficient. They can see which fundamental analysis data went wrong and according to him, they can stop the robot before some political decisions are announced. It’s not like I pressed the button and earned the world’s money. There, too, a certain follow-up, discipline and process continue.
It is also worth mentioning one more point. Forex robots, which only open and close trades through technical analysis, ignore fundamental developments. For example, it is not possible for robots to detect and process important developments that will affect the markets, such as the economic data to be announced, the political developments to be experienced and the decisions of the central banks. That’s why you need to test the robot you want to use well and make the right choice.
But still, you are determined, if you think that the robot will make your job easier, then let us give you some step-by-step advice on what to consider before using a robot.
- Do a detailed research on the Internet. See reviews from those who bought the robot. Especially if these are social media comments, it will be more useful.
- Before purchasing, request a detailed breakdown of an account where the robot was used before. Ask for this account to be a real account and make sure it’s made at a reputable forex institution. Have a breakdown of at least three months and 100 transactions, not just a few days.
- Do not push the button and step aside after receiving it. Try to understand in which parities the robot is efficient. For example; Since robots cannot predict the election renewal decision, they may not work efficiently at such moments due to their software. If necessary, stop the robot for a while.
If it passes all these steps successfully then start using a forex robot on a standard real account with a low balance (approximately one thousand dollars). If after a few months you still do not see any problems and the robot performs as promised, you can increase your balance and make the robot open gradually higher lots, so you can continue happily with your robot.
But remember, you may need to make some minor changes to the robot’s inputs as market conditions change. Therefore, keep in touch with the robot’s developer and be aware of the upcoming updates. Or if you have some skill in this matter, you can make small changes yourself by doing tests.
Free Forex Robot
When using a Forex robot, you should pay attention to which forex companies you will work with. Many forex companies do not allow the use of robots in theory or practice. Ask the institution you work for if I can trade with a forex robot.
There is no such thing as a free forex robot. However, there may be free usage agreements. In these cases, the person who wrote the robot talks to the intermediary institutions. If my customer runs the robot he bought from me, he says, would you support him? Depending on the situation, a discount agreement or a free usage agreement is provided.
How to Run Robot in MetaTrader 4?
If you go to the Navigator window on the left in MT4 and click on the Export Advisors section, you will see that two forex robots named MACD Simple and Moving Average are already installed. One of these robots opens trades based on the MACD indicator, while the other opens trades based on Moving Averages.
To run the robots, you need to hold and drag them to the window of the parity you want to run. If Auto-Trading is closed, after clicking it, the robot starts working and opens a trade when the programmed conditions are met.
How to Run a Robot on MT4 Step by Step
- Navigate in the Guide window in MetaTrader 4
- Click on the Expert Advisors section
- Grab the robot you want to run from the drop-down list and drag it to the window of the parity you want to run. You can also perform the same operation by double-clicking on the robot.
- If Auto Trading is turned off, click to turn it on. If it’s green it’s on, if it’s red it’s off. A smiley should appear in the top right of the chart window of the pair. If it appears, you have successfully run the robot. When the conditions programmed in the robot software are met, the transaction will start to open.
- In the meantime, you can change some parameters such as take profit, stop loss, lot from the Inputs tab in the robot window that opens after double-clicking on that smiley face. You can also perform it from the pop-up window while loading the robot on the parity chart.
Another important point is the Time Zone. In which time zone you load the robot, it opens a trade when the conditions are met in that time zone. For example, let’s say your robot is programmed to open a buy transaction when the 100 moving average crosses the 200 moving average upwards.
If you load this bot in the 15-minute chart window, it will take into account the 15-minute bars. It will also take into account the log bars if you load it into the log chart window. So don’t forget to choose D1 as the timeframe if your robot is running on the best daily bars.
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