How to install a Forex Robot?

How to install a Forex Robot? Instruction + mini F.A.Q.

Here you will learn how to install the Forex robots and set them in Metatrader 4 terminal.

First of all, we are going to learn, what is the Forex robot (expert advisor, EA ) and automated forex trading at all?

It’s trading strategy algorithm written in MQL4 language.

For many novice traders expert advisors associated with something mysterious, miraculous. In fact, no wonderland is here, the robot is none other than trading strategy only automated. If the manual trading strategy principally is wrong, even the best programmer of the world will not help - the robot will trade as well as a loss.

Robot installation

1. First of all, it is necessary to download and install the terminal MetaTrader 4.

2. The beginner, downloaded the archive with a forex advisor, usually searches for a file with the .exe extension, as many programs, but usually cannot find it. Sometimes sellers have made such a file, but it only distributes the files in the required directories, which we can easily do this yourself.

So, let us see what kind of files we have. Usually, there is a robot file with extensions .ex4 or .mql and still can be other help files (indicators or libraries).

3. Thus, open your Metatrader 4 terminal, and then press File > then press Open Data Folder

Next open the MQL4 folder

And that’s it - here we can copy our files. The robot file (with extensions .ex4 or .mql) must be placed in Experts folder.

4. If there are additional files, they must be placed in a designated folder.

.dll file - it’s library, often come with robots. This kind of files must be placed in Libraries folder.

.set file - this is a robot setting file. This kind of files must be placed in Presets folder.

Sometimes there is an Indicators file, necessary for robot work (files with .ex4 or .mgl), and we move them to an Indicators folder.

5. After that, restart our MetaTrader 4 terminal and go Tools> Options
Click on the table Expert Advisors and mark the boxes, as shown below. Click OK

6. Find the Navigator box in your MetaTrader 4.

If You do not see this box, click on the yellow star button at the top of the terminal.

In Navigator, box clicks on plus icon before Expert Advisor category.

In the robot list, press the robot you need and towing the mouse directly on the prepared chart with the relevant currency pair and timeframe, suitable for the current robot (often described in the instructions).

7. Their robot settings window looks like something like this

Here you can change the parameters of the robot, for example, increase or reduce the risk. Also, if the robot comes together with a file with the extension (.set), you can upload this file by clicking the Load button and choose the desired file. It is also possible to save your settings and create a new setting file, by pressing Save.

8. If everything is OK, the smiley face appears on the graph at the top right-hand corner.

If you smiley smiles it means all right - robot is working. If not, click the right mouse button on the chart, choose Expert Advisors (we get to the robot settings window), select Properties> Common and mark the boxes, as shown below.

If this doesn’t help, You need to check whether the Autotrading button over the terminal. He must be green if red - click on it.

9. The main (most common) settings

The parameters can be identified as numbers (for example a lot size) or value on / off.

Turn on- usually marked as true.

Turn off - usually marked as false.

I.a. if before the parameter selection is true/false, it means we can turn it on (true) or off (false).

Of course, each robot’s parameter will be different, but there are lots of parameters that are the same and often encountered:

Lotsize - Lot size, the amount by which the robot will trade.

MoneyManagement - On / Off. When activated, the robot will calculate the size of the lot itself.

Comment - comment next to the robot orders. It’s necessary for later trading history to analyze where it is the current robot trades and traded by hands or another robot.

MagicNumber - a unique code, which is guided robot, distinguishing their orders from others. The code can be any, but he must be unique, i.e., does not interfere with another robot code.

GMT offset - deviation from Greenwich Mean Time.

Answers to frequently asked questions

Q: I installed the robot, two hours have passed, but still no trades. What’s wrong?

Answer: It’s okay. The robot will open the trade when will be a good market conditions. Please be patient.

Q: I changed the robot’s parameters, but they do not change when I re-open the settings, they are the same !!!

Answer: The settings need to be changed directly on the chart with attached robot, but not in the Navigator window.

Q: Why Robot icon in Navigator box is gray? Is it not active?

Answer: He’s active. It means that you haven’t an MQL code of the robot. If you are not familiar with programming, you will not make any difference, the robot will trade in the same way.

Q: Robot closed a trade with the loss !!! I’m in a panic! Maybe I need something to change the settings?

Answer: No need to change. Robot - not a magic machine that knows where the market will go. Trades will be at a loss, and this is normal. We are interested in the amount of profitable trades that excess the loss and our robot provide a positive balance of growth.

Q: Along with the robot are indicators. What to do with them? Put them on the chart?

Answer: If the robot uses an additional indicator, they should be placed in Metatrader4 Indicators folder. Putting them on the chart is not necessary, it is enough just attach the robot.

Question: Is it possible to trade with two robots on one account at once?

Answer: Yes, of course. Each robot must be separate chart and Magic Number must be different.

Question: It’s possible to run two terminals at the same time by the same broker? I want to trade at the same time on the demo and real account.

Answer: Yes. You must install a second terminal to the folder with a different name, such as Metatrader4-2.

Question: Is it possible to trade by hands when the robot is working?

Answer: Yes. The robot will not touch your orders.

Q: Can I close the orders by myself, which is opened by robot?

Answer: Yes, you can. But be careful - not all robots are taking these adequately. For example, after you closed an order, the robot may re-open the same.

Question: Will the robot work if I shut down the terminal or turn off the computer?

Answer: No. Computer and MetaTrader 4 must be in the act. As an alternative you can use a VPS server service.

Question: What if I restart the computer and the MetaTrader 4 will open again? Does the robot will continue to work or need to do fresh configuration?

Answer: In this case, the robot will continue to work without problems. However, if at the time when the computer was turned off, there was the potential for opening the trade, the robot will spend it, because at that time was turned off.

Take care and good trading.
If you have any suggestions, questions what should add to the list for beginners, please write.