Forex Robot Trading Strategies (also known as Forex EAs) is probably a fairly new concept for a novice. However, to set up Forex Robot for profit is also said to be one of the important strategies that you should not ignore in 2023.
Let's learn how to set up Forex Robot. Is Forex Robot the New Trading Era in 2023 ? Let's find out the details.
Set Up Forex Robot Overview
Set up Forex Robot is a process of creating an automated (or semi-automatic) Forex trading system. In MetaTrader, the setup of the Forex Robot will be written in the MetaQuotes Language 4 and MetaQuotes Language 5 programming languages and developed for use on the MT4 and MT5 platforms.
Set up Forex Robot (a pre-programmed robot) to automatically generate trading signals and send notifications to Traders about trading opportunities. A Forex EA is always very strictly regulated and without any interference from us.
How to set up Forex Robot
The first step when you set up Forex robot will be based on the parameters that have been set up before. The system will always automatically look for opportunities to execute trades. After seeing positive signals in the market or when great opportunities occur. EA Forex will seize that opportunity and bring profit to the account holder.
Forex EAs give you the freedom to program to work in different ways. You can set up forex robot with a variety of strategies such as:
Martingale: Trade according to the Martingale principle in the form of lot multipliers to save losing orders like 0.1, 0.2, 0.4,…
Grid: Grid range of commands.
Arbitrage: An arbitrage trading strategy.
Hedging: Hedging strategy by issuing 2 counter-orders both buy and sell.
Scalping: Short wave trading
News: Trading according to news.
Trend: Trade with the trend.
Level trading: Trade in support and resistance zones.
Neural networks: Trading under artificial intelligence.
Multicurrency: Trade multiple currency pairs.
Set up forex robot with diversifying trading strategies
And there are many other EA trading strategies from which you can choose the trading style you want.
For example Selection of technical indicators such as moving average (MA) or indicator (MACD). In addition, there are indicators that look for trends and breakouts when needed.
Some Forex EAs are designed to give you full control over your account. That EA will review the current account balance before deciding whether to execute the trade or not. The general rule is to only risk 1-2% of the Trader's account balance.
Set up Forex Robot - Things to know
Hopefully below will give you some helpful tips before you set up Forex Robot on your own. You can use the Expert Advisor generator (a tool that allows traders to choose and create a Forex EA Program) or the FXCE Giga platform (the EA Programming Platform developed by the FXCE team)
1. Check the importance of data
First be wary of the reliability of the results from the backtest. You might think that good backtest results show that the system is highly profitable - it may not be so simple. You can Backtest with a Demo account, but that doesn't mean it will work well on a Live account. Be careful!
The results that the EA yields will depend on the quality of the data obtained by the backtest, inaccurate data can lead to unreliable results. The default data in MT4 and MT5 can only achieve modeling quality up to 90%. While the data shows a positive signal, this can cause a significant difference in backtesting and real-world experience, especially in smaller time frames.
The advantage is that the historical data sources allow free access and provide guidance on how to prepare the necessary data for MetaTrader.
2. Learn about entry speed
Reliable data is the first step into set up forex robot to trade on a real account. The next step is to improve entry speed.
MT4 and MT5 operate for a session duration of 30 seconds. If you are using a Forex EA, your session will automatically time out if there is no trading activity during the above-mentioned time period. This requires the IP address to be automatically re-authenticated with a password and credentials.
This can take some time, even up to two or three seconds depending on the broker. While it's an insignificant amount of time, during times of high volatility, delays can have a significant impact on your trading results.
Debugging code on MetaTrader's Trade Bot is extremely difficult. As MetaQuotes policy suggests that they meet more of the needs of brokers than traders, you will find that the debugger is not on the list of available tools.
However, there are still some methods that help traders to set up forex robots. For example, the method of entering print jobs directly into the code, the disadvantage is that it is very difficult to manage. Especially if there are thousands of lines of code and you don't know where the problem lies, you can download Microsoft DebugView to see the formatting history with the solution.
4. Check MetaTrader and Forex Robot Connection
Make sure to check the MetaTrader connection. The trader's platform must be enabled and connected directly to the broker to launch the Expert Advisor. While MT4 and MT5 are designed to automatically reconnect to the server without any problems, this does not always work as expected.
If you own multiple MetaTrader accounts, sometimes wrong login information occurs during reconnection.
The best solution is to remove the unused accounts from the Navigation window in MT4/MT5. While this is a minor issue, it can be annoying if you're disconnected and the EA doesn't work all the time.
Setting Up a Forex Robot Using FXCE Giga
You will benefit greatly from the assistance of FXCE Giga in quickly to set up Forex Robot to perfection. Not only that, but this is also a completely free tool, helping Traders to configure their own FXCE Giga robots without programming knowledge.
FXCE Giga is developed in a friendly, simple, and convenient way. The trading system and strategy are systematized and designed into simple options, in order to fully and effectively support Trader's requirements for automating the trading system.
To set up forex robots using FXCE Giga. Let's follow the steps below:
Download FXCE Giga latest version (v3.37) here .
To install Giga into MT5, copy the FXCEGiga.ex5 file into the /MQL5/Experts/ directory
See details on how to install EAs or indicators into MT5: How to install Indicators and Experts Advisors.
To download MetaTrader 5, please visit the link: https://www.fxce.com/page-platform.
Giga is in the process of development and completion, so there may be incompatibility issues when loading config files created on the old Giga version into the new Giga version.
You may receive the following message:
If you choose Yes to load the EA config, then you need to check all the conditions as well as whether the configured parameters are correct with the requirements of the trading system.
However, to ensure that the set up forex robot is functioning properly, you should create the EA config on the latest Giga version.
What is FXCE Giga?
FXCE Giga is a solution that allows everyone to configure the EA without having programming knowledge. Especially, this is a free tool that you can unlimitedly create as many EAs as you want.
The EA Developer Team puts a lot of effort into developing FXCE Giga into a simple, user-friendly and convenient EA configuration system for all users. Moreover, this tool runs on the MT5 platform so it takes advantage of the optimal technologies from Metaquote.
This is absolutely a place for those who want to create an EAs for trading activity. As you know, we cannot change the situation or the market price in any way. Once you understand what FXCE Giga is, you can master any situation that comes up.
Setting up a Forex Robot is now easier than ever due to the features FXCE Giga. Hopefully, after this article, we will better understand how and what to know before setting up a Forex Robot. This will also be a piece of important baggage for many current EA traders.
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