Are you interested in boosting your potential income with an auto trading bot? The good news is that there are now plenty of ways to do so, the most popular approach being MQL 4, or MetaQuotes Language 4. In what is now becoming a relatively crowded retail space, the preferred programming language for building custom bots is quick, highly efficient, and amazingly flexible. However, it’s imperative for programming enthusiasts to configure and implement MQL4 properly if they want to transform their tech skills into higher profits. What are the must-know facts for those who want to get started constructing an auto trader bot that gets the job done? Here are the pertinent points to keep in mind.
It’s for More Than Just Bots
Users can build more than bots. That’s because MQL4 has the tools for creating libraries, specific scripts, various technical indicators, and other components of a wide-ranging strategy arsenal. The language falls into the object-oriented category and, for those familiar with other languages, will look like its cousin, C++.
Demo Accounts Serve Multiple Purposes
When you work on the Metatrader 4 platform, the use of a demo account can deliver multiple benefits. The commonsense approach is to test every bot within a demo account before putting your own funds at risk. The beauty of testing is that users can take as much time as they want to work out glitches and make necessary tweaks to a given program.
Expert Advisors and More
When it comes to rapid calculations, MQL4 can handle very complex operations. As well, it has the capability to oversee multiple parameters of indicators and can singlehandedly manage expert advisors. That means it can analyze vast numbers of historical and current quotations, control orders, manage active positions, and includes dozens of functional components and common indicators. The language comes built-in to the broker’s platform in most cases and offers users the power to create their own robots from scratch. The primary advantage of MQL is that people who have any amount of programming skill can build expert advisors and indicators that are specifically suited to their style of trading and long-term investing goals.
Risk Management is Essential
As with any other trading program, even manual ones, it’s critical for users to add a dose of risk management to the mix. Some programmers prefer to build these protective techniques right into the bots. Others practice a hybrid strategy that combines human and automated functions, relying on regular check-ins to make sure the bots are doing what they need to do. For traders of all experience levels, risk management is a central part of the overall game plan.
The Nuts & Bolts of What You Can Do
MQL4 offers more functionality than most people suspect. Known mostly for its ability to create expert advisors, the system’s proprietary apps allow programmers to build set it and forget it bots that not only study the market for you but also execute trades in real-time. Other features include Library, Scripts, and Custom Indicators. The latter is just like the many well-known indicator with one exception: the user creates them. The custom indicators are sophisticated or simple tools, depending on the creator’s preference, that analyze the relevant markets. To take care of simple and routine housekeeping tasks, like populating or clearing a chart, placing pending orders, or getting out of various positions, MQL4 Scripts are the go-to solution. Finally, the Library consists of several apps that serve to retain any algorithms that the user needs for frequent tasks.
Four Musts for Programmers
Expert Advisors have truly transformed the securities markets, mostly in positive ways. But those who wish to leverage the power of languages like MQL need to follow a systematized process for implementing their strategies. Fortunately, if you remember the following four points, your career as a bot-based trader will be much easier.
- Begin with a full MT4 installation: After a quick download, remember to register your copies of MT4 and its language with your preferred broker. And remember to use a demo account, which takes just a minute to set up.
- Familiarize yourself with the MetaEditor and the language: There are several aspects of MQL that are both proprietary and unique, so even advanced programmers should spend time learning the basics.
- Develop a unique strategy and put it into the expert advisor: The system lets users create in one space and then hand the strategy to the trading bot or EA.
- Test, test, test: There’s no substitute for testing, regardless of how carefully you’ve built your bot.