Expert Fractal Break Out
Expert Gold Miner
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Expert X Session Trade
An expert advisor, otherwise known in the trading world as an “EA,” is a program that you install onto the MetaTrader. It will automatically follow your instructions to trade, once all criteria have been met.
In a sense, you can call it “automated trading.” You do not even have to touch your mouse and keyboard for orders to be entered.
The benefits of using expert advisors are countless. The main one is that you can go live your life while your robot sidekick does everything for you. Your EA can replicate the moves you direct it to at the right time.
This is particularly beneficial if you like to trade multiple assets and pairs simultaneously, or if you simply do not have the time to be in the front of your computer at all times.
But before we get to the section on how to set up an EA on the MetaTrader 4, be WARNED that there are many people out there selling EA applications that cannot function at all as advertised.
They will inform you that their EA has made them heaps of money without them having to do a thing.
We are not saying that is impossible, but unless they have hard proof that their EA made them millions as they say, do not trust them. They are trying to scam you out of your hard-earned cash.
DO NOT be fooled by their flashy marketing and guarantees of greater returns!
It would be a dream come true, if you could create the EA that does exactly what you want, when you want, and how you want it. But it is not the easiest task to achieve. If it were easy, no one would be needing any expert advisors at all.
We seriously urge you to learn and understand all the components that go into these EAs and the ones you want to use.
You are trading with your hard-earned cash – you need to make sure everything is working as you want it so you do not lose money. In this case – ignorance is not bliss.
Once you understand the ins and the outs of the EA, then you can begin loading it on the terminal!
Step-by-step instructions: Installing an EA
Step 1: Transferring files
1. Create or download an EA. Keep note of the location of where you saved it.
2. Select and copy the EA file you wish to install.
3. Look for the MetaTrader4 folder. This is normally located in the C: drive.
4. Paste the files into the Experts folder. A pop-up requesting admin permission may appear; if so, just click Continue.
Step 2: Installing the EA on the MT4 platform
1. Launch your MT4 platform.
2. Look for the Expert Advisors section under the Navigator plane at the left side of the platform. Click on the Plus sign and the available EAs should be listed there.
3. Click on the EA you want to install and drag it onto one of the charts on your platform.
Step 3: Adjusting the settings
1. A pop-box will appear showing the settings of your EA.
2. Make sure that all the settings and alerts are correct before clicking
3. Once again, let us remind you that you should not simply use an EA blindly.
4. Test it out on demo first and apprehend the whole thing there is to recognize about it before committing your capital to it!