To install EA on MT4 in Forex is much easier than you imagine.
Follow the procedures below to Install Expert Advisors (EA) of your choice on the platform
How to install an ea on mt4 in forex
Since you already have a platform, you don’t have to download one but in case you don’t have one yet, download a platform first.
Procedures to install EA on MT4 in Forex
- Download from the email an Expert Advisor you chose and save it to your desktop.
- Then, Open your MT4 and go to file.
- Open data folder.
- Double click on the MQL4 folder.
- Copy and paste your eX4 file into the Expert folder from your desktop.
- After that, go to Navigator window and refresh your Expert Advisor folder by right clicking on the Expert Advisor and refresh.
- Click on the Trading button.
- Drag and drop your Expert Advisor on to the chart you want to trade.
- Choose “inputs” tab and change the defaults parameters if needed and press OK.
Repeat step 7 and 8 with all your currencies that you want to trade according to your favorite profit/risk ratio.
But before we end the lesson, What exactly is an EA??
What is a Forex Expert Advisor(EA)
A Forex Expert Advisor is a software program that you can install and program on your trading platform to automatically execute trades as instructed.
It operates on the instructions of trader and executes trades automatically without the physical involvement of the trader.
Advantages of using EA
- It saves you the hassle of being close to the computer, missing out on trading opportunities and helps you to trade multiple pairs.
- The EA requires less involvement and it is less stressful.
You should only use an Expert Advisor when you clearly understand how it works.
It is also important to first test it on a demo to check whether it performs as expected.
There are many EA out there online but not all perform as you are told.
Therefore, must be careful of which EA you choose to use.
Don’t get fooled by scams because they are just there to rob your money. Take your time and do research before making any decisions.
HOW TO SET RULES FOR PROFITABLE FOREX AND STOCK TRADING
I have always said and will say it again; Trading is about following your rules, everything else is amateur behavior. Following trading rules is very important if you want to profit from Forex trading and we shall look at reasons why you need to trade your rules. This...
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