Emotional Management is the toughest job in forex trading and failure is the reason for most of the losses. Panic and frustrations cause more losses than the market moving against one's trades. Expert Advisor or Trade robot is a solution for those who wish to automate the trading. Meta Trader platform allows trades to automate trades using Expert Advisors. Many programmers have developed their own Expert Advisors to trade automatically.
If you search online for Expert advisors you may find 100s of Expert Advisors and many of them claim huge profits in short duration. If a robot can make quick profits, they can make quick losses too. One should choose a robot carefully and should not become a victim of scams. EA (as expert advisor is known) is normally a small file that is copied into the expert folder inside the MT4 folder. This runs at the background and opens and closes trades automatically. I have designed my own EA. I will be explaining how my robot works and the method to use the EA. This will be helpful to use other EAs in the market too.
EA is a small EX4 file. This is not an executable file. You can not install it. You just need to copy paste the file into the experts folder inside the meta trader folder. Normally MT4 gets installed inside program files in the C drive. So you need to click on my computer first and select C drive and then click on Program Files. You will find the platform folder there. Click on that and you will see a folder by name 'Experts' click on that and paste the .ex4 file into this folder. Restart the Trade Station.
You will see the ex4 file you copied under experts in the navigator window. If you don't see the ex4 file, click on the + sign next to Expert Advisor. You can attach the EA to all the currency pairs. Creator of the EA tells you to which currency pair the EA should be attached and which time frame the chart should be in. My EA can be attached to all the currency pairs and timeframe I recommend is 4 hours. To attach the EA to a currency pair, right click on the currency pair in market watch window and select Chart window. A chart will be opened.
If chart is already there in the chart window you may skip this step. Change the time frame by clicking on H4. Right click on the EA and select attach to a chart. Do the selection as seen in the image and click on OK.To run the EA make sure your Expert Advisor is turned on. If it is in Green, it means EA is running. If it is in red, it means EA is turned off.
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