When you finally make a decision about which foreign exchange broker to use for your trading, the next step is usually downloading their licensed trading platform. They are always available for you to use freely. There are several trading platforms out there and each of them has their own positive and negative aspects. It all depends on your trading needs, goals, and overall style of trading.
There are trading platforms which are downloadable for your personal computer while some are web-based and they do not require installing any sort of software on your device. MetaTrader 4 (or MT4) is one of the most frequently used trading platforms by brokerage firms. It is created for Windows but there are some brokers who offer a modified version for MAC as well.
What is MetaTrader 4?
As previously mentioned, MetaTrader 4 is a trading platform. It is created to make Forex trading a lot easier for both brokerage firms and their clients. They can be used on both computers, as well as on your mobile devices. This platform also consists of a terminal which allows you to enter your own scrip and create a Meta trader expert advisor that suits your trading goals.MT 4 expert advisors are custom made scripts that you utilize to either signal you to a certain movement of the market or even make automatic trades for you. If a piece of information or an indicator you are looking for is a part of that trading platform, expert advisor for MT4 will find it and deliver you the results.
MetaTrader expert advisors are extremely useful for any type of Forex trader and I strongly support using them while you are trading. They are created for making Forex trading easier and you should definitely use that to your advantage. If your trading style is automated and does not require you to always decide whether you should enter or exit a trade, implementing an expert advisor for MetaTrader 4 is an excellent way to go. Keeping a close eye to the charts and trying to find the indicators on your own for hours will wear you down and that is surely not a part of your trading strategy.
Expert advisors are here for you twenty-four hours a day and they will prevent the missed trading opportunities. So you can be active in the Forex market even when you are sleeping or busy with work. Expert advisor never enters or exits a trade if the environment does not completely match the code input and that is one of the positive aspects of using an expert advisor MetaTrader 4.We all know that emotional trading can be a downfall of many hopeful traders and this will help eliminate that factor.
On the other hand, traders who shy away from using expert advisors often claim that the excitement of trading and those very emotions are the best part of the job. It is up to you to decide if you want to use this tool or not. Of course, you need to have a clear vision of what you want to achieve by implementing this sort of script and program it properly. So think about your trading strategy and decide what exactly you plan to do in Forex market.
Another thing you need to know when it comes to expert advisors is that your computer or a device has to be turned on at all times when you are using this script. This might be troublesome for a significant number of traders. Also, many unpredictable things can happen such as losing an internet connection or your computer might crash. If that happens, expert advisors are not able to make trades for you. They are not fail proof and be prepared for any unexpected scenario.
Making the decision
Choosing a single best expert advisor MT4 is near impossible. They are custom made and their goal is to suit the needs of a trader in question. A trader should know the method they plan on using and choose an expert advisor accordingly. There are many great pre-made scripts you can find, download, and use.
The majority of expert advisors you will discover on the internet are free and ready to use. However, there are some websites that offer you almost the same thing but with a price tag. Honestly, expert advisors you have to to pay are not better than the free options and personally, I wouldn’t give big money for a couple of lines of script. Also be aware of a possible fraud since there were a couple of instances when a new website that offers expert advisors at a large price appeared and then disappeared overnight.
On the other hand, free expert advisors for MT4 are great because you don’t have to pay anything in order to use them and you can try as much trading advisors as you want, depending on your goals and intentions. Don’t forget to check the reviews and what other traders think about expert advisors you are interested in. If it’s downloaded many times and has a high rating, the chances are it is a solid script and that it is in widely use, which means it brings profit.
Remember that even the expert advisors MT4 are prone to losing streaks since they follow the instructions and search for specific indicators and they do not make you invincible. If the market is moving against you, the chances are you will lose some of your funds. You can stick to the strategy you have planned for yourself and continue using the expert advisor of your choosing, or you can simply shut it down and evaluate your mistakes and wrong moves.
Installing an expert advisor
Once you make a final decision which expert advisor you want to use when you are trading, installing it is pretty easy. Just follow these steps and it will be up and running in no time:
- If your MetaTrader 4 is running on your computer, shut it down.
- Find the expert advisor you have previously downloaded and right click it. Select Cut from the drop down menu.
- Go to My Computer and find the MetaTrader 4 folder within your Program Files. Find the folder called experts.
- Open experts folder and simply paste the expert advisor file.
And that is it. The process is simple and straight forward. The next time you open MetaTrader 4, your expert advisor should be installed successfully. If you still hold any doubts when it comes to its efficiency with your trading method, you can always test it with a demo account to make sure it will perform well in the market.
The best expert advisor
A couple of expert advisors stand out from the crowd. They are commonly used in the market and are worth checking out, especially if you are new to using expert advisors or you are simply just starting out with currency trading. They are all free of charge and even if they do not fit your current trading strategy, you should have them stored somewhere on your computer.
RSI trend expert advisor
This free MT4 trading advisor is programed around a strategy that uses RSI trend indicator as a trend signal. When a trend goes above 73 or goes lower than 27, the expert advisors either buys or sells the pair. A stop-loss option is also activated within this expert advisor and it will be set in motion if the market starts moving in an unfavourable way for a trader.
Double Sevens expert advisor
Double Sevens is one of the better known trading strategies in the market. It is simple and effective, especially with an expert advisor. The aim of this strategy is to buy or sell a certain currency pair depending on its position when compared to their moving average. An order to buy will be activated when the pattern is above the average and sell order will be executed if the pattern starts going below the moving average. This strategy is basic and it gives you the room for customization of the script. You can always modify it the way you like and see how it works with your customization.
The final thought
MT4 expert advisors can be a powerful tool for all traders out there. Using them has become a norm in the Forex market and the majority of traders have been utilizing them in their strategies. So why should you be an exception? These scripts are not complicated and installing them will take you a few minutes or even less.
Deciding on the best MetaTrader 4 expert advisor is a personal thing and you need to develop a trading strategy first. I would suggest starting out with our two suggestions since the trading methods they use are tested and they do work wonders for many traders. I bet that once you get familiar with expert advisors, you will be able to come up with plenty of modifications to the scripts and create your own and unique expert advisor. Until then, you have many MT4 expert advisors to choose from.