The Metatrader 4 is a forex platform or forex framework that sets a structure for Expert Advisor or EAs to be built on. Most of the automated forex software programs or expert advisors and custom indicators (e.g. LMT Forex Formula) are built for this forex platform. There is an extensive selection of expert advisors designed to run on Metatrader 4 which is a free downloadable. Metatrader 4 is developed by a Russian firm called Metaquotes. The expert advisor or EA (like FAP Turbo) you prefer will perform as a robot on the forex market, trading for you according to the settings and restrictions that you lay down.
Forex trading using an Expert Advisor or EA, without a doubt has many advantages over doing all the trading yourself. The EA works round the clock without the need breaks for eating, sleeping or other human needs. Moreover the EA works based on the technical analysis and does not suffer from fear and over optimism like human beings. These human weaknesses can sidetrack us from our forex system and direct us to leave a trade too soon or not soon enough. Once you have set up forex software or a custom indicator with the forex platform, it will follow your forex system to the letter all the time that it is online.
Meta Trader 4 Interface
Below is a screen shot of Meta Trader 4 forex platform.
An automated forex trading system with EA will often look after your trades when you could not do it yourself. The choice to set a trailing stop is one of the examples. A trailing stop moves up automatically with increasing prices but stays in position if the market falls. That means on a winning trade the EA will increase your profits without exiting too early. In case of an unsuccessful trade it shields you from big losses just as a standard stop would do during trading.
Metatrader 4 Tips
Make sure that the MT4 (Metatrader 4) is running on a computer which is connected to internet all the time. This is important because Metatrader 4 and the expert advisor is not running on your broker’s servers. Many of the functions of EA or forex software can be performed successful only if it is constantly connected to the internet. For instance if you have set a trailing stop, Meta Trader 4 will send out a command to your forex broker account to move the stop each time and hence the MT4 along with your autopilot forex software need to be connected to the world wide web all the time.
So if have installed your forex platform along with your Forex EA on your home computer or laptop you have to leave it online 24 hours from Sunday night thru Friday to make the most of the potential of a Metatrader 4 expert advisor. Otherwise you need to exit all of your trades before you disconnect your computer from internet any particular trading day.
An interruption in the in the connection will result in failure of synchronization between EA and forex broker account. That means no more instructions are sent to your broker account and as a result the trailing stop will be left where it was last positioned. This situation might still protect you from a heavy loss but it will not move up automatically any more. But do not worry. You have another option to overcome this problem.
Some of the best forex software or EAs can be hosted on remote servers. That is, instead of using your own computer you can install the EA and set it with the forex platform on a computer of the service provider which is always online. Usually the EA companies will offer this an additional option which requires an upgrade price. Though it will result it additional cost, using the remotely hosted expert advisor is the best option to get the maximum benefit of the automated forex software or EA.
Recommended for Metatrader 4
- Metatrader 4 Custom Indicator
- Forex EA for Metatrader 4
- Forex Derivative
Another automatic forex trading software which runs on MT4 platform.
This custom indicator package from LMT forex formula can be directly plugged into the MT4 forex charting platform.
FAP Turbo is the best forex software or EA for MT4 platform.