Dealing With a Trading Robot in MetaTrader

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What is a trading robot? How does it help you obtain your long-standing aim of obtaining success? Automated trading is also called algorithmic trading. This robot is very powerful because it can effectively take over human emotions such as greed and fear which are mostly felt when you execute a trade. By establishing a sound strategy and the use of automated trading, you can positively go through the trading process without missing a single good opportunity.

Getting a Trading Robot

The trading platform MetaTrader5 allows you to have a customized trading robot known as Expert Advisor (EA). This trading robot works as a mechanical trading system which allows the trader to operate effectively in the financial market.

Expert Advisor does a lot of useful things. It will act according to the set of instructions that you will give. It performs a continuous and intensive technical analysis. If you have to leave your computer, then it will take over your trading activity and its actions will be based on the data you’ve inputted. You can get an automatic trading robot in three easy ways:

  • Buying, copying, or renting the software from the MQL community
  • Creating your personal trading robot through the MQL5 Wizard
  • Writing or modifying the program through the help of MQL5 Editor

Buying, Copying or Renting the Software From the MQL Community

The first thing you have to do is to become a member of the market. And when it says you ‘Buy’ the product, it doesn’t really mean that you get the product but rather, you get the right to use it for an unlimited number of times in a limited number of devices. Take note, you will not be allowed to copy the product into another computer and if you have installed the software manually, you cannot open it too. You will find the number of activations on the description of the product under the specifications column.

Creating Your Personal Trading Robot Through the MQL5 Wizard

There are MetaTrader 5 platforms that allow the creation of its own trading robot using the MQL5 Wizard. This tool is intended only for a quick generation of the Expert Advisor (EA). Using the MQL5 Wizard, traders can create trading robots according to their preference, despite having experience in programming. What you have to specify is your desired parameters and you also have to select the right components for you. Other than that, the wizard will do more complicated programming tasks.

Writing or Modifying the Program Through the Help of MQL5 Editor

Other than the options mentioned above, you can also write or modify the program that you want in MT5. You can do so by going to the Standard Library of MQL5 documentation. But first of all, you need to have an adept knowledge with Base Classes of Expert Advisors such as expert, CExpertMoney, CExpertBase, CExpertSignal, and CExpertTrailing. The scope of the write-up includes some programming language as well as Object-Oriented Programming (OOP). If you want to make sure that you can write correctly, you may check some books and other online resources to enhance your programming skills.

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