Expert Advisors (EA) allow for automated trading on the MetaTrader 4 trading platform. EA's are built using MQL programming language which was created especially for automated trading. The robust computer language comes with lots of preexisting classes and functions to help traders quickly create and apply new trading strategies. Each MT4 platform also comes with the Meta Editor included. The Meta Editor is a unique compiler created especifically for the MQL programming language.
The Meta Editor can be found by clicking on the top of the MT4 trading platform.
To backtest new strategies, traders can use Meta Trader's Strategy Tester by simply entering their EA, and choosing which instrument and timeframe to trade with.
For traders who don't know how to program or aren't interested in creating their own EA strategies, Meta Trader 4 comes preinstalled with two EAs. In addition, MT4 offers a link to hundreds of additional EAs that are available on the MQL user site.
The above directions are for standard EAs. Traders who run EAs from third party vendors or who also use DLLs may need to apply additional steps to initialize the EA. Users of these EAs are advised to contact the EA creator or the Meta Editor Help Files for questions regarding EAs.
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HIGH RISK WARNING:
Trading Foreign Exchange (Forex) and Contracts for Differences (CFD’s) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin.
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