MT4 Tricks and Tips

Using MT4 can definitely help the trader advance in the Forex battlefield, if and only he or she knows how the system should be utilized. On the flipside, it can also jeopardize the trading plans of a trader. Technical features such as an metatrader 4 indicators and expert advisor can be used and optimized to the trader’s advantage.

It’s just a matter of familiarizing oneself with the advanced functions of the software.

1. Create Personalized “Include File” 

– MT4 allows the user to explore and find the best configuration of an expert advisor. However, most users don’t know that an ‘include file’ will actually expedite the writing process. The made ‘include file’ can be pulled into all of the EAs made. The ‘include file’ will have all the variables and functions that the scripts and EAs need.

2. Expert Advisor can skip non-trading days

- Programming the robot to skip non-trading days can definitely speed up the back testing part of trading. Doing so will definitely save time, which all traders know can make or break the trade.

3. Make a “Lot size function”

- The beauty of the system is that the functions can be personalized to benefit the trader. Creating a Lot size function for example, can be highly beneficial simply because it defines the maximum lot size per account. Doing so can also save the trader precious time, because there is no need to change the lot size, every time the trader shifts from one account to another.

4. Standard Expert Advisors are not good

- Typical Expert Advisors work on several indicators and this may not be favorable to the user. The idea of having a trading robot is to test out ideas and situations, and not merely numbers and statistics. Often times, indicators can confuse the adviser more than it can benefit it.

5. Coding should be done in scripts and not necessarily on Expert Advisers

- Compared to the EA, depending more on scripts, can yield the trader more benefits. By nature, scripts or situation based data, gives a bird’s eye view of the situation, because it allows the trader to run right through the whole chart and give the win/loss percentage.
- For skeptics, this trick may be more time consuming and requires a lot of effort, but this gives traders an undeniable edge once it is done correctly.

6. Expert Advisors can talk to each other.

- Traders that are playing on different currency markets can definitely see the benefits of having Mt4 expert advisors that can somehow communicate with each other. For example, the Expert Advisor can run on multiple currencies and only participate in the currency that can possibly have the highest amount of profit.
- With EAs that can interact, there will be no more need to change variables and re-activate the Expert Advisor, each time the trader wants to change currencies. Having a programmable system should always be exploited to the benefit of the trader. Creating a system that can warn or advise each other, as to currency situations will definitely be helpful in predicting wins.