If you want to make money trading Forex, a system that automatically executes your strategies is crucial. That’s what a Forex robot does – a software program which analyzes price data, executes trade orders and manages portfolios – becoming one of the most sought-after tools among traders as it removes emotions and allows more time to focus on business matters.
Installing a Forex robot into your MT4 terminal involves one of two options: either creating it from scratch or downloading one already available. Building one from scratch takes time and coding skills; downloading can be installed quickly within 5 minutes if that’s what suits you better. Furthermore, turnkeyforex’s robot store offers various trading robots for various trading strategies that are suitable for use across any account type.
How to install a forex robot in metatrader 4
The first step in installing a Forex Robot into MetaTrader 4 (MT4) is obtaining it from a trustworthy source and saving it easily accessible locations. Next, launch MetaTrader 4, navigate to “Expert Advisors,” click “Navigator,” and navigate there from within MT4.
Once you’ve opened the Expert Advisors folder, move your robot file into its list by either dragging or using the drop-down menu in the folder. Once added to this list, your robot is ready for activation on a chart; when activated on one such chart you should see a green smiley face appear near its corner signifying that everything is functioning as it should.
Seeing red or sad emojis indicates your robot isn’t working as intended. To address this issue, check the settings of your robot as well as make sure it’s in its appropriate folder location.
Once activated on a chart, the robot will begin placing trade orders automatically. You can manage its settings through its Properties window by dragging and dropping. You can open a second chart and drag the robot onto it in order to use it on different timeframes or assets. Just remember that only one robot at a time can function on any given chart; in order to use another on an additional chart, repeat this step again. Right-clicking a chart or going into Navigator Expert Advisors Properties allows you to open the Properties Window, where you can then modify various values before clicking Ok to save changes. You may also disable auto trading by clicking AutotTading button located on toolbar, which prevents terminal from executing trade orders placed by active robots.