The forex exchange market (Forex or FX) is the largest financial market in the world-beating competition with its unparalleled liquidity. More like an over-the-counter marketplace, it is open 24 hours and 5 days a week. It is a decentralized platform converting around 5 trillion-dollar currencies every day. The benefits of forex trading are countless, owing to its exploding historical data since the end of World War II. Over the years, automation capabilities have been gaining more momentum. It has been making forex trading easier, less risky and enabling you to stay on top of your accounts. Today, many account holders automate their forex trading.
At this point, the only dimension about forex trade that is relevant to continue is to know that forex trading is about changing one currency to another – always done as a pair. For instance, a EUR/GBP currency pair would provide a turnover to the trader according to the active foreign exchange rate at that market hour.
What is MetaTrader (MT) 4?
Decoding the next Fintech jargon, MetaTrader 4 (MT4) is simply a trading platform used by various traders and brokers. It is widely used software that allows for customization according to individual trading preferences. MT4 is not an exclusive forex trading forum; it is actively used for trading in commodities, cryptocurrencies, indices, and CFDs. Multi-asset, advanced analytics, and automation options, it is a rewarding alternative to any broker’s proprietary trading service.
In addition, MT4 has become the online benchmark in forex trading due to millions of forex traders making use of its unmatched features in their brokerage.
Progressing to the question…
Forex trading may require a lot of patience, but it is a worthwhile lucrative field to try your chances at. Once you are familiar with forex trading, you would want to immediately improve your output and take your trading strategy to the next level. There are certain “tools” that can effectively generate the profit you’re searching for – two of which include automation of your MT4 account, and the other is signing up to receive forex trading signals.
The best way to receive electronically transferred tidbits of crucial information is by downloading the Telegram app to connect with Forex signal groups on Telegram. For example, one of the best Forex telegram groups with 70% to 80% accurate signals is FxProEra. Understanding what each signal implies is another topic, meanwhile Forex Telegram is the EA that links and copies trade signals from all Telegram groups to your MT4 account in a fast and seamless Telegram to MT4 EA service.
Automating Your MT4 Account
Automated trading strategies on the MT4 trading software is the next wise decision on your part – the first being choosing to opt for forex trading. Besides tons of advantageous features on the MetaTrader 4 trading platform, the key feature is enabling forex trading with the use of an automated Expert Advisor (EA).
Expert traders, who no longer want to do a routine analysis of market prices and trading, can deploy a trading robot via MetaTrader4 MQL4 IDE development environment. The environment provides tools and services that traders can use to create, edit, and customize a trading robot known as the Expert Advisor. To further decrypt the intimidating jargon of an MQL4 IDE service, the following terms can come in handy:
Terms to Know
- MetaQuotes Language 4 (MQL4): the language used to develop trading strategies
- IDE: Integrated Development Environment
- MetaEditor: EA compiler and editing tool
- Strategy Tester: EA testing and optimization tool
Automating services is possible in many sectors, the prime one being your MT4 account. Automated trading robots, or expert advisors, can be rented out. It can also be bought from freelance developers creating a customized robot. There is no need for you to learn the technical tools and terms. Like Telegram.Forex as a signal copier, it can connect to your selected FX channels and replicate signals to your MT4 account. However, the MT4 account from your broker’s site also provides for customizing an Expert Advisor. You may also find plenty of trading bot guides downloadable from free Code Base.
An Expert Advisor trading bot for your MT4 account is a convenient option to manage your forex trading spree. It is also a cheat sheet (or bot) of artificial intelligence that can significantly impact your forex trading outcome. Let us look at 3 versatile advantages of using Expert Advisor to automate forex trading.
Advantages of Running an Expert Advisor to Automate Forex Trading
1. Active Trading 24/7
Competing for the 24/7 active sessions of a forex market, a customized expert advisor to your MT4 account can help you beat that. Humans cannot stick to a screen day and night, keeping track of and examining prices. Furthermore, an expert advisor on your MT4 account can do the job even when you sleep!
The whole concept of creating automated trading robots is to enable forex traders to get the better of their time. To clarify, they feed a set of rules to an EA to initiate trades without requiring their input. This is twofold advantageous for traders wanting to take profit from market movements but stuck in a different time zone.
2. Eliminates Human Errors and Emotions
Human emotions can cloud judgment and buying decisions. With an automated expert advisor, you can forget about being engulfed with greed or not taking heed of a particular MetaTrader 4 signal.
The bots are tuned to work on a system and respond to commands given by valid MetaTrader 4 signals. It saves you from the constant emotional turmoil in case it’s a losing gig.
3. Can Run Backtests & Respond Quickly
Expert Advisors come with the ease to conduct backtests very quickly. It allows you to analyze how a system fared over the years, especially on the MT4 platform. The EA on your MT4 account will respond to market movements twice as fast as you would take to first think about it.
They work in the blink of an eye, detecting, digesting, and reacting to a movement all within a second.
Converting your manual MT4 account to an automated one is akin to skyrocketing fast to the first queue of liquid traders in the Forex marketplace. The added speed, response, backtesting, and minimizing errors that otherwise is impossible to achieve are only some of the key incentives to an automated trading bot for your forex trading. Automate your account today!