Automation and artificial intelligence have literally changed the way people do their business now. The world of forex is also greatly influenced by automation. Especially, forex traders are relying more and more on forex robots and expert advisors (EAs) these days to get their work done.
However, the emergence of many commercial forex robots and scams have made it incredibly cumbersome to find a profitable forex robot that works and deliver great results.
The purpose of this post is to highlight some of the ways that can help you select a result-driven EA for your trading business.
Find a Reputable Reviewer
Third party reviews and testimonials are a great way to assess the performance of any EA. On the basis of such information, you can find the best forex robots in 2019. There are hundreds of online resources that claim to cover authentic customer reviews, but the fact is, only a few of them are trustworthy. Here, you have to do your research to find a credible site with genuine reviews that can help you make a knowledgeable decision.
Analyze the Tests
Never trust a robot that isn’t analyzed by a dependable website. You can find stats for different EAs on some websites and it’s great if you could spend some time to filter those results. Although the past performance of a robot is one of the ways you can predict the future performance of the programs, there is no assurance that you’ll get similar results as mentioned on the site. Thus, it’s better if you could sniff through some sites that can help you figure out the under the covers of the variety of strategies. This way you can assess the ROIs, track down the previous performance, the drawdowns as well as other relevant requirements.
Use the Test Numbers to Pick a Strategy You Like
Luckily, you can backtest and optimize your EA with a strategy tester provided by MetaTrader 4. This program takes facts from the previous quote data and evaluates accessible quotes in agreement with its algorithm. This enables traders to figure out the previous performance of the robot and imitate its conduct in the trading process.
The in-built optimization feature enables traders to pick the most relevant specifics for attaining the optimum trading outcomes. For instance, you can make a selection based on your priorities like maximum returns, low risk, etc.
You can get a complete report, in the end, enclosing both numerical and graphical results. This tester also provides information regarding profit/loss ratio, risk, etc. Assessing acquired results allows you to detect probable problems in the EAs strategy and you can adjust the parameters as per your own requirements.
The biggest benefit of testing EAs strategy is that it saves you lots of time as you can quickly evaluate the EAs performance without actually implementing it in the real-time trading.
Install the software
If you’re satisfied with the test results, the next step would be to install that program on your system and start real trading. The MT4 trading platform is quite flexible as it enables users to include different forex robots.
How to Install EA in MT4
Step 1 – Transferring the Forex Robot Files
- Develop/set up and save the robot on your computer
- Choose and copy the EA you wish to install on your system
- Click ‘File’ on the navigation menu. Tap ‘Open Data Folder’
- Double-click, the ‘MQL 4’ option, followed by the ‘Experts’ folder
- Paste the copied files on the Experts folder
Step 2 – Install the Forex Robot
- Restart the MT4 platform to ascertain is accessible for installation
- Find out the robot on the left side of the platform under the Navigator. Tap ‘+’ to access the list of available EAs
- Drag and drop the robot on your favored pair/timeframe on the MT4 chart
Step 3 – Adjust the Settings
- Click ‘options’ available in the ‘tools’ menu
- Make sure the ‘allow automated trading’ and ‘Allow DLL Imports’ options are checked before linking robot to the chart
Step 4 – Start Trading
- The smiley face on the top right corner signifies you have successfully installed EA on MT4
- Ideally, you should backtest your installed robot to see its profitability and make suitable changes to optimize its performance
If you detect any error messages after installing the forex robot on the MT4 platform, you should make appropriate changes to ensure maximum performance of your EA.
Let it Run!
Once you have installed your EA and also did relevant testing, it’s time now to use your robot for real trading. Make sure to perform testing on a routine basis to assess whether or not your preferred EA is providing consistent results under fluctuating market conditions.
All in all, the forex robot is a great thing if you’re willing to spend some time in research and testing before deciding a program for your chosen platform.