The MetaTrader4 platform comes with a feature that supports robots, meaning the trader can program the application to trade on his/her behalf based on a set of rules he/she selects. One of the main advantages of this MT4 auto trading is the lack of emotion in the trading process.
You will program the tool, and let it trade for you, without last minute change of mind of orders opening because of a hunch. Let’s see how this tool works and what you can do with it to improve your trading and get higher profits. First of all, MT4 uses MetaEditor to let traders design their own programs.
EA integrated in the platform
One such program is the Expert Advisors, developed in MQL4 that allows traders to design a strategy and let the robot work for them. MetaTrader 4 automated platform includes, in the Navigator window, the Expert Advisor item, and one you clicked it, you are able to program depending on your needs and trading models in such a way so that it maximizes profit.
MetaTrader 4 Automated Trading: Programming
With the support of the Expert Advisors Wizard, you will personalize you “Expert”, adding parameters, levels for each of them (take profit, loss, Trailing stop etc). What you need to know when using the Wizard is that MQL4, much like any other proprietary languages, has a constants list it uses in programming, such as OP_SELL for selling position, or OP_BUYSTOP for buy stop pending position and so on.
Predefined variables of the MQL Wizard for MT4
Don’t worry about that names, you will find them in the MQL4 Reference in the Help section. There you will also find information on common function, predefined variables and standard constants, among others. Once you set it up, you may launch it by simply drag & drop it on the chart of your choice.
Once attached to that specific chart, it can start trading on your behalf, based on the data you punched in the MetaTrader 4 algorithmic trading platform. When programing your EA, you will find that MT4 offers some ready-made applications that can run at once, without the need to personalize them.
However, if you decide to work with the support of an EA, then you need to put in your own data, based on your strategy. And this is not a gamble. The application allows you to test your strategy and see how productive it will be in real life trading. Basically, the MetaEditor develops trading strategies using the MQL4, they are moved into MT4 and tested and optimized.
Manual placed orders
MT4 automated trading platform trades for you, and leaves you time for preparing the next strategy, for keeping up to date with the market trends and changes. Moreover, the platform allows you to manually place orders. Meaning, once it reaches a certain target you placed, you can decide if you put an order or not, if you choose to do so.
Therefore, if you want to be in control of certain parameters, and make the final decision, this is a choice that you have. Overall, MetaTrader 4 auto trading platform helps you implement the strategy you choose, punch in the targets of your choice and then it runs the trading for you, without taking up much of your time.
MetaTrader 4 Automated Trader Conclusion
As the developers keep up to date with technology, it runs rather smoothly, and as the number of users is quite significant, improvements are quick thanks to the extended running of the tool, and potential glitches are eliminated.
We advise you to check out our MetaTrader 5 Automated trading platform review!