Installing the EA (Expert Advisor) best forex robot for MetaTrader4 is a fundamental process that follows a few simple steps. Mainly, what’s needed are the robot records, as well as the MT4 stage where the robot will be set up.
The establishment should only be conducted via a PC because, though smartphones and tabs can be used to connect to the MT4, they can’t run the programs. The EA automatically follows the data provided for a trade after conforming to a standard precedent.
What is EA?
An expert advisor, also known as a trading robot, is a computer system set up on an MT4 to handle the trader’s trading decisions. They advise traders on possible trade opportunities to take advantage of, from the best currency pairs to the ideal trade-times.
When manipulated well, they’re incredibly useful in assisting traders in making important decisions to sell or buy real-time. Remember to select a strategy to input that your robot will run on.
Steps To Follow When Installing A Forex Robot On MT4
A standard system for installing forex robots onto an MT4 can be followed in the following order:
- Download the robot records
- Expand the MT4 from “Files” and choose to “Open Data Folder”
- Select the appropriate folder – MQL4
- Click the folder titled “Experts”
- Transfer the robot records with extensions .mql and .ex4 into the “Experts” file
- Open MT4 again and go to “Navigator” and right-click on “Expert Advisors” and choose “Refresh” to activate the robot
- Select “Auto-Trading” from the top bar (for live trading)
- Reopen the “Navigator” tab again and double-click the robot to be activated
- Under settings for the robot, state the parameters, then complete the process by selecting OK
Keep in mind that the robot will only be functional in the specifically chosen graph, e.g., EURUSD currency pair. To switch to a different pair, open the desired chart, then repeat the last two steps.
What To Do If The Robot Still Isn’t Working
You may find that even after following all the installation steps, the EA still won’t open. In that case, try troubleshooting the bot to iron out any issues. After confirming that the necessary criteria are met, ensure that the following were selected:
- “Autotrading” from red to green
- “Allow live trades”
- “Long and Short”
- And the optional ones, “Allow DLL importing,” or
- “Import external experts”
These will usually be disabled for user safety (in red), so carefully enable them, then scan and correct any error messages detected.
Conclusion
Switching to automated trading robots is a convenient strategy since it allows you to place trades without manually sitting in front of a PC. Learning how to install these forex robots helps save you time that can be used to master other trading skills.
Some forex trading brokers that use MT4 include;