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DailyFX Forum,Molanis,EA Wizard

DailyFX Forum

This forum discusses basic concepts of automated trading with MT4. Get help with developing trading systems or see what others are doing.

Forums can be a great place to get started because people are usually pretty helpful. In addition, there is a lot of existing information available.

DailyFX is a big name in Forex and they do a pretty good job of keeping spammers out of their forum. This can be a big problem on other forums.

Molanis

Molanis Strategy Builder for MetaTrader 4 allows you to use its highly intuitive graphical environment to design expert advisors. You don’t need any programming or MQL knowledge to create your first Advisor.

This tool uses a comprehensive array of predefined trading blocks that you can use for identifying forex signals. You just need to drag and drop to create visual representations of your forex trading signals and strategies. The tool analyzes these diagrams and transforms them into and EA.

EA Wizard

EA Wizard helps you build and EA . It is one of the simplest tools to convert trading ideas into forex robots. The tool allows you to test the robot and then use it for trading.

The big benefit of testing is that you can try out a strategy using real market data and figure out if it works for you. Every strategy you create can be saved as MetaTrader 4 and even the source code is available.

The alert system built into the tool notifies about trading signals either through email or by using an alert tone. This tool is perfect for designing EAs using multiple timeframes and currencies. It also has custom indicators, money management options and trading time filters.

Building Forex Expert Advisors For the First Time

Building Forex Expert Advisors For the First Time

There are several tools available in the market to help you build your first Expert Advisor. However, be warned that you should be extremely careful when using these tools.

No matter how much knowledge you have in the forex market, creating an trading program is a completely different ballgame.

Note: We do not endorse any of these products. They are provided to give you an idea of what is out there. It is up to you to do your own research and find out what might work best for you.

EATree is a Windows-based application that you can run on locally on your PC. It has an excellent graphical user interface that makes it easy for you to identify forex signals and create complex MT4 and MT5 Advisors.

You don’t need any programming knowledge to use this program. You can choose between EATree MT4 Standard Edition (for MQL4) and EATree MT5 Standard Edition (for MQL5).

In this strategy builder, trading blocks are connected to create trading signals for Expert Advisors. You can customize the boxes and connect more than one box to create a tree. The color system in EATree makes it easy for you to understand the process.

What is an EA? The Benefits of Automated Trading

What is an EA?

An Expert Advisor (EA) is a software program that is specifically written for the MetaTrader charting/trading platform. It executes trades based on the rules of the program. It is written in the MetaQuotes Language, a proprietary programming language.

The Benefits of Automated Trading

Some of the best traders in the world love to use EAs for these key reasons:

Trading programs remove emotion from the equation. These advisors execute their programming and eliminate human error.
For some Forex traders, making decisions is often a stressful experience. Programs also remove the stress associated with discretionary trading.
Expert Advisors can execute trades faster and more reliably than any human.
Do You Need Automated Trading?

The forex market is open 24 hours a day and it is physically impossible for you to trade during this entire time. You also have better things to do, like sleep. With an Expert Advisor, the job becomes easy because it can trade whenever the markets are open.

There is a downside however. Just like with human traders, computers can make mistakes too. Not computational mistakes, but sometimes the power can go out or a computer may lose its internet connection.

An automated trading program must also be carefully monitored to be sure that it is performing within acceptable risk tolerances. This is something you will only understand if you have thoroughly tested your system.