Expert Advisor (EA) in MetaTrader 4 (MT4) is a program that is used to follow the instructions of the traders automatically once a particular criterion has been met. EA is also referred to as ‘automated trading’ since you won’t have to touch your keyboard and mouse when you enter an order. The main advantage of this program is its ability to replicate the actions if you have the mechanical system ready in place. Your system will provide you with the signal and the process begins.
This program is very useful especially if you are trading with different currency pairs or you have a corporate job to attend to and you don’t have all the time in the world to stay in front of the camera and trade. Since EA has become a powerful tool in trading, its popularity because of the reason for other people to prey on unsuspecting traders. Some EA nowadays appears to have excellent features and characteristics when in fact, they couldn’t perform what they have advertised. They will try to lure you by saying that their EA system is made out of thousands of pips when it’s actually not. Always remember to never be fooled by all those too-good-to-be-true advertisements promising high returns.
How To Install the Expert Advisor
Transferring of Files
Download an Expert Advisor or create a unique one for you. Take off where you saved it.
Choose and copy the file that you want to install.
Find the MetaTrader 4 Folder then paste the EA files into the Experts folder. After that, you will see a window that requests admin permission for the action that has to be taken. Click ‘Continue’.
Installing the Expert Advisor into the MT4 Platform
First, you have to open your MT4 trading platform.
From there, find the Expert Advisors at the Navigator panel situated on the left side of the trading platform. You will see a Plus sign, click it. You will also see the available Expert Advisors listed on it.
Find the EA that you want to install into the platform then drag it into one of your charts.
Adjusting the Settings
There will be a pop-up box that will have the settings of your Expert Advisor. You just have to click OK if all the settings in the platform are perfect and follow your trading plan.
Using EA blindly will only bring trouble. Therefore, if you want to use Expert Advisor, you must have enough knowledge about it and it should follow your trading plan as well. If you are not yet so sure about it, you can check it on a demo account before you take it into a live trading account where your money is utterly at stake. On the live account, you cannot afford to make mistakes or you will lose everything that you’ve worked for. Make sure that you have properly planned your actions before you enter the live market. After all, trading is not child’s play and you can lose everything in a matter of minutes.