The process of how to automate forex trading is simple and straight forward. In this guide i 'll show you step by step on how to automate trade in forex using MT-4 (metatrader-4) platform.
Step 1 - Download and install MT-4 from any broker you wish to use on your computer. After successful download, the platform will prompt you to open a demo account. please do that.
Step 2 - Get the expert advisor you intend to use saved on your desktop. you need Expert advisor to automate MT-4 without Expert advisor, MT-4 is just like any other platform.
Step 3 - Close the MT-4. By now you should have your demo account opened on it. Don't worry just close it.
Step 4 - Click on "My Computer" from your desktop.
Step 5 - Click on "Local Disk (c:)"
Step 6 - Locate the Program File and double click on it.
Step 7 - Locate the folder "MetaTrader - name of your broker" and double click on it.
Step 8 - Locate the "expert" and double click on it.
Step 9 - On your desktop where the expert advisor was saved, right click on it to copy and paste it into expert folder.
Step 10 - Close the operation on step 9.
Step 11 - Double click trading platform on your desktop, locate the Expert Advisor at the top menu of your trading platform and click once. Make sure you click on the currency pair you which to trade at the left corner under the MARKET WATCH. For example EUR/USD or GPD/USD or USD/JPY.
Step 12 - Double click at the + sign at the expert advisor. You will notice your new expert advisor you ve just included. Right click on it, a pop-up box will come up to input your variables. Most importantly, "Allow live trading" must be checked under the common tab . Click OK. If you did everything right you will see a tiny smiling face at the top right corner hand of the chart with the name of the expert advisor program you are running next to it. Your automated trading is now up and running.
AUTOMATED FOREX TRADING -THE CONVENIENT WAY IN FOREX
Still on my promise that i 'll will be sharing those ideas on how to be on top of forex trading. As it is known that trading forex trading is one of those most risky and profitable business on internet today, one must put in place reliable and convenient strategy to be able to survive forex business.
One of those ways that has been proven and tested is automated trading. Automated forex trading is making use of an expert advisor (EA) that was written in a program language that could be understood by the broker trading platform.
Traditionally, forex is traded by using telephone or setting parameters manually on the broker's platform whenever a position needs to be opened but in automated forex trading, you just need to set the expert advisor (EA)and leave it to take action on your behalf (opening and closing of positions when need be).
There are so many experts being advertised out there to be used for forex trading, one must be very careful in picking any for his automated forex trading because expert advisor or simply put"software robot" is a way of packaging one's strategy in the language that trading platform understand for trading execution especially metatrader4 platforms. The strategy being packaged for auto forex trading might be a reliable one or otherwise.
So,in adopting any expert for use in forex trading, it is advised that it must have been forward and backward tested for at least two weeks and prove to be making profit.
In my next posting on automated forex trading, i 'll be revealing the reason why forex trading should be automated.
One of those ways that has been proven and tested is automated trading. Automated forex trading is making use of an expert advisor (EA) that was written in a program language that could be understood by the broker trading platform.
Traditionally, forex is traded by using telephone or setting parameters manually on the broker's platform whenever a position needs to be opened but in automated forex trading, you just need to set the expert advisor (EA)and leave it to take action on your behalf (opening and closing of positions when need be).
There are so many experts being advertised out there to be used for forex trading, one must be very careful in picking any for his automated forex trading because expert advisor or simply put"software robot" is a way of packaging one's strategy in the language that trading platform understand for trading execution especially metatrader4 platforms. The strategy being packaged for auto forex trading might be a reliable one or otherwise.
So,in adopting any expert for use in forex trading, it is advised that it must have been forward and backward tested for at least two weeks and prove to be making profit.
In my next posting on automated forex trading, i 'll be revealing the reason why forex trading should be automated.
TRADE FOREX WITH EASE
There are two approaches to trade forex. We have technical analysis and fundamental analysis. Technical analysis is all about using some indicators to analyse market in order to know when to enter trade and exit trade while fundamental is using news to trade.
What do i mean by using news to trade forex?
Let me explain, every countries in the world has some certain factors that drive their economy either backward or forward. So when these factors happen and it favors a particular country automatically it affects the currency strength of that country.
Let's for example an economic factor like "employment" We all know that employment rate of a given country determines its fortune. High employment will surely strengthen an economy while high unemployment rate will do otherwise to an economy. So, whatever happens to those economic factors/indicators will automatically have effect on strength of the currency of the country.
Since this is a known fact and forex trading is all buying and selling of currencies. One of the key approach to it is what is called "fundamentals" using economic indicators to analyse forex market.
What of Technical analysis?
I 've mentioned it above that is all by using some calculated or formulated indicators to analyse forex market. Examples of that are moving averages, parabolic sars, bollingar bands, relative strength index and so on. The technical indicators are so many, it depends on the trader to choose those ones that would be useful for him to analyse his trading in forex.
Having known the approaches to forex trading, there are still some other basic things to be known.
What are they?
I will call them terminologies in forex trading. They are Lots, spread, leverage, trailing stops, stop loss, automated trading, order,etc.
My intention on this platform is to share the idea of trading forex with ease. Because trading forex both from the angle of technicals and fundamentals is not a child-play. It requires a lot of experience and hardworking.
If you can just stay tune with this, i will show you the best and fastiest way of trading forex that would bring a lot of profit. Trust me.
What do i mean by using news to trade forex?
Let me explain, every countries in the world has some certain factors that drive their economy either backward or forward. So when these factors happen and it favors a particular country automatically it affects the currency strength of that country.
Let's for example an economic factor like "employment" We all know that employment rate of a given country determines its fortune. High employment will surely strengthen an economy while high unemployment rate will do otherwise to an economy. So, whatever happens to those economic factors/indicators will automatically have effect on strength of the currency of the country.
Since this is a known fact and forex trading is all buying and selling of currencies. One of the key approach to it is what is called "fundamentals" using economic indicators to analyse forex market.
What of Technical analysis?
I 've mentioned it above that is all by using some calculated or formulated indicators to analyse forex market. Examples of that are moving averages, parabolic sars, bollingar bands, relative strength index and so on. The technical indicators are so many, it depends on the trader to choose those ones that would be useful for him to analyse his trading in forex.
Having known the approaches to forex trading, there are still some other basic things to be known.
What are they?
I will call them terminologies in forex trading. They are Lots, spread, leverage, trailing stops, stop loss, automated trading, order,etc.
My intention on this platform is to share the idea of trading forex with ease. Because trading forex both from the angle of technicals and fundamentals is not a child-play. It requires a lot of experience and hardworking.
If you can just stay tune with this, i will show you the best and fastiest way of trading forex that would bring a lot of profit. Trust me.
HOW TO START TRADING FOREX
Yeab! In my last post on GETTING STARTED WITH FX TRADING, i stopped at amount required to start with. i said $100 for mini account and $1000 for standard account although this depends on the broker. i think majority of the broker are coming down to the level of accepting retail clients.
The amount of leverage using borrowed money varies with accounts. High leverage gives more money to trade for a given investment. However, newbies in forex trading are advised to acquited to Forex by doing paper trades ( demo trading) for a period of time. Demo trading practice transactions that don't involve real capital(money). They allow you to see how the systems works while learning how to use the various software tools that are provided by most Forex brokers
Most online brokers have demo accounts that allow newbie to make free paper trades for up to 30 days. Every new forex investor is advised to use these demo accounts for at least 3 months and they are experiencing consistently steady profits before they try live trading.
Each broker has their own set of softwares tools to help in making transactions, but there are a few tools that are common to all Forex brokers such as real time quotes, news feeds, technical analyses and charts and profit and loss analyses.
Nearly every broker operates on the internet. To have access to their services you should you have a reasonably modern computer, a fast internet connection, and an up-to-date operating system such as window XP and all that.Once your account is set up, you can access it from any computer.
Trades are commission free, meaning that you can make many trades without without worrying about incurring high brokerage fees. Broker make their money on the "SPREAD" (difference between bid and ask price)
Fx trading is all about buying and selling currencies online. As you are buying one currency automatically you are selling the other. Lets take for example, you pair EUR/USD assuming the action taking is to buy EURO, automatically you re selling US DOLLARS. Meaning EUR is the "base currency while USD is the counter currency. If EUR
appreciates after buying, you sell it off to make your money and buy USD vice versa.
I understand that at this junction, it might be getting confusing. Don't worry in my
next post by God grace i will explain better to the extent that i will touch the two
basic approaches to forex trading. Till then enjoy......
The amount of leverage using borrowed money varies with accounts. High leverage gives more money to trade for a given investment. However, newbies in forex trading are advised to acquited to Forex by doing paper trades ( demo trading) for a period of time. Demo trading practice transactions that don't involve real capital(money). They allow you to see how the systems works while learning how to use the various software tools that are provided by most Forex brokers
Most online brokers have demo accounts that allow newbie to make free paper trades for up to 30 days. Every new forex investor is advised to use these demo accounts for at least 3 months and they are experiencing consistently steady profits before they try live trading.
Each broker has their own set of softwares tools to help in making transactions, but there are a few tools that are common to all Forex brokers such as real time quotes, news feeds, technical analyses and charts and profit and loss analyses.
Nearly every broker operates on the internet. To have access to their services you should you have a reasonably modern computer, a fast internet connection, and an up-to-date operating system such as window XP and all that.Once your account is set up, you can access it from any computer.
Trades are commission free, meaning that you can make many trades without without worrying about incurring high brokerage fees. Broker make their money on the "SPREAD" (difference between bid and ask price)
Fx trading is all about buying and selling currencies online. As you are buying one currency automatically you are selling the other. Lets take for example, you pair EUR/USD assuming the action taking is to buy EURO, automatically you re selling US DOLLARS. Meaning EUR is the "base currency while USD is the counter currency. If EUR
appreciates after buying, you sell it off to make your money and buy USD vice versa.
I understand that at this junction, it might be getting confusing. Don't worry in my
next post by God grace i will explain better to the extent that i will touch the two
basic approaches to forex trading. Till then enjoy......
Lets Get Started with FX Trading
Before starting this forex knowledge idea on this platform, i would like to state here that i'm not a journalist or book writer that would be mindful of his grammatical expression in presenting write-ups. My expression would be presented as it comes to my mind naturally.
Ok! Lets start. Forex is very simple, however education is needed to make good and wise investment decisions. Although it is somehow easy to start trading on the forex, there are risks involved, so finding out (by doing research or asking questions) is a good move for any beginner.
Forex traders usually need a broker to handle transaction. Most brokers are reputable and are associated with large financial institutions such as banks.
First of all you need to open a forex account with any broker you desire. Many brokers have different types of account to suit the neeed of of individual investors. Mini accounts allow you to get involved in forex trading as little as $100 while standard account may have minimum of $1000.
To be Continued.......
Ok! Lets start. Forex is very simple, however education is needed to make good and wise investment decisions. Although it is somehow easy to start trading on the forex, there are risks involved, so finding out (by doing research or asking questions) is a good move for any beginner.
Forex traders usually need a broker to handle transaction. Most brokers are reputable and are associated with large financial institutions such as banks.
First of all you need to open a forex account with any broker you desire. Many brokers have different types of account to suit the neeed of of individual investors. Mini accounts allow you to get involved in forex trading as little as $100 while standard account may have minimum of $1000.
To be Continued.......
INTRODUCING FOREX TRADING
One of the good home business on the planet today is forex trading. Forex trading is so lucrative to the extent that one can a make a living with it.
Forex trading is all about buying and selling of major currencies online which can be done anywhere provide you have access to internet connection. Be it in your room, office, bus stops, in the kitchen anywhere.
From now on, forex trading will be the major discussion on this blog.
So stay glued to this blog
Bye.
Forex trading is all about buying and selling of major currencies online which can be done anywhere provide you have access to internet connection. Be it in your room, office, bus stops, in the kitchen anywhere.
From now on, forex trading will be the major discussion on this blog.
So stay glued to this blog
Bye.
Welcome to my Blog!
I 've just launched my new blog! Stay tuned
Best regards
Olusesan Odusote
http://www.inhousetransactions.com
Best regards
Olusesan Odusote
http://www.inhousetransactions.com
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