Using Forex Automated Trading Robots

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Lester Bailey
6 years ago
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1 Using Forex Automated Trading Robots Automated Trading Robots are also known as Expert Advisors or EA s. They are mainly used on the Metatrader 4 platform. What a lot of people don t know, is that you can have multiple expert advisors running at the same time on one platform and in one account. If you already have a demo or live Metatrader account with your preferred Forex Broker, I will provide you with some instructions below on how to run multiple expert advisors in one account. You can begin by going to the file menu in the top left corner to open a new chart. Click on New Chart and then choose the currency pair you wish to trade. The chart will be shown in one of the tabs below, as the line in red indicates at the bottom of the screen on Exhibit A. Follow the same steps to open your second chart, if you wish to trade the same currency pair with another EA. You will not be able to run multiple EA s on one chart, even if you are trading the same currency pair. Therefore, you will need to open a new chart for that same currency pair and timeframe. Exhibit A If you already had your first chart with the correct currency pair in the first tab, once the second chart is created, it will automatically go to the last tab of any other charts already there. It will be easier to toggle between the two charts if you move the newly created chart closer to the one you have already created. Click and hold on the chart you just created, then drag and

Alternatively, you can minimize your chart and view them all on one screen, as shown below.

2 drop on the tab next to your first chart and it will replace whatever chart was there. You can see in Exhibit B below that we have moved the second EUR/USD M15 chart next to the first one. Alternatively, you can minimize your chart and view them all on one screen, as shown below. Exhibit B Make sure the chart you want is shown on your screen, as indicated in Exhibit C. You must choose the correct time frame at the top of your screen. You can see how the time frame can be

3 adjusted by clicking on the different tabs, M for minutes, H for hours, D for days, W for weeks and MN for months. In this example, we have indicated a chart for EUR/USD on the M15 or 15 minute time frame. Exhibit C Once you have downloaded your expert advisor, you are ready to begin running it on your Metatrader platform.

4 Begin by clicking on the (+) sign of the Expert Advisor tab under the Navigator section within Metatrader, as shown in Exhibit D below. Once the Expert Advisor tab expands, you should see the name of your newly downloaded expert advisor. If it is not there, try installing it again by following the instructions provided by your EA Developer. Exhibit D To run your expert advisor, click and hold on the appropriate EA on the left hand side in the Navigator screen, then drag and drop the EA onto your chart. See Exhibit E below.

imports box in order for your EA to work properly. See Exhibit F below.

5 Exhibit E You will see a pop-up screen once you drop the EA onto your chart. Under the Common tab, you need to make sure that the Allow live trading box is checked, as well as the Allow DLL imports box in order for your EA to work properly. See Exhibit F below. Exhibit F Once you are done with the Common tab, you should click on the Inputs tab next. You will need to verify that the Value settings are in accordance with the EA you are running. If you

wish to run your EA at an optimum level, you should read the product developers instructions carefully on how to install and run their expert advisor. IMPORTANT NOTE!

6 wish to run your EA at an optimum level, you should read the product developers instructions carefully on how to install and run their expert advisor. IMPORTANT NOTE! Make sure that the MagicNumber of one EA is different from the other. It is rare that you would have the same number on both EA s, but you should check anyway. If the numbers are not different, you may have a conflict when the EA s are trading multiple positions. They would not be able to differentiate one order from another. It is possible to randomly assign a number of your choosing by double clicking on the Value box. If the particular EA s you are using do not have a MagicNumber field, you will need to write in the code to accept a MagicNumber or will need someone do it for you. Another option is to put something in the comments section of the account history to help you differentiate, but that is only a temporary solution. Once you have verified the settings, click Okay. See Exhibit G below. Exhibit G

Once you have verified that the settings and values are correct, you will see the name of the EA and a happy face in the top right corner of your screen.

7 Once you have verified that the settings and values are correct, you will see the name of the EA and a happy face in the top right corner of your screen. If the information and values were not properly entered, you will see a sad face instead. If that happens, you should re-check your parameters and make sure that your Expert Advisors tab at the top of the screen is clicked on. You should see a green arrow in the box. See Exhibit H below. Exhibit H

8 After setting up the first chart, you can go to the next chart by clicking on the proper tab at the bottom of the screen. Then go through the same process to properly install the next EA. You can do this on as many charts as you like with as many EA s as you like, but I would not recommend more than three EA s running at once. See Exhibit I below. Exhibit I

9 After installing each EA on your charts, you will want to verify that all of the information is correct. Then just sit back and watch them run! This one already made a trade, as indicated in the middle of the screen below on Exhibit J. Exhibit J Should you have any questions about the performance, bandwidth or parameters of your expert advisor, you should consult your EA product developer. See for yourself how you can experience these benefits on a Metatrader 4 demo. THE RISK OF LOSS IN TRADING OVER THE COUNTER SPOT FOREIGN EXCHANGE (FOREX) CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN FOREX TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. All information provided to you is strictly for educational purposes and is not a solicitation to trade spot foreign exchange (FOREX), futures, options or securities. The views and opinions expressed in an article, column or blog post are the author's own and not necessarily those of TradersChoiceFX.com and there is no implied endorsement by TradersChoiceFX.com of any advice or trading strategy. The analysts, contributors or affiliates of TradersChoiceFX.com may or may not hold positions in the forex market. We strongly urge you to contact a qualified investment professional before making any financial decisions. Although NCMFX, INC. uses best effort to ensure that the information is kept up to date and accurate, NCMFX, INC. will not be responsible for any loss or damage that could result from any information made available to you.

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