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Guide for installing a Forex robot

As we know, the process of searching the best EA for trading takes time and patience. The reason we created our web site was to help traders all over the world to find automated trading systems that would not be scamming or unprofitable. But not only searching for a Forex robot could be complicated. Sometimes the process of installing the chosen Forex robot can be as complicated. That's why on this page we created a detailed guide where you will find everything you need to know to successfully install a Forex robot.

1. Choose the broker for yourself

Choosing a Forex broker is a quite complicated task but it is also the most important thing you need to do to start trading on Forex. The success of your trading partly will depend on the quality and reliability of the broker you chose. There is a detailed guide about how to choose the right Forex broker here. Check it out before moving to the next step. And if you already have chosen a broker for yourself just move on to the next step.

2. Download and install MetaTrader 4 trading platform.

MetaTrader 4 is the most popular trading platform in the world. Almost every broker offers to customers their own MT4 platform but you also can download MetaTrader 4 on the official site if you’ll follow this link.

When the trading platform is downloaded, it's time to run for the first time and to set it up. Usually, if you choose to use the broker's trading platform you get the instruction of how to set it up in the right way. If you would choose to use the official MT4 trading platform, you might also find useful this article, which shows in detail how to use the MT4 platform.

3. Choose and download the best Forex robot

For choosing the best EA for your trading we would recommend familiarizing yourself with our base of reviews of the Forex robots. Here you also can find a free Forex robot download page which contains demo versions of some EAs we have made reviews on. You may be interested in trying an EA before buying it. And that's your chance.

4. Installing a Forex robot and setting up MT4 platform

Setting MT4

The first step to set up your MT4 platform for trading with the automated trading system is to allow automated trading on your MT4 and to allow DLL imports. For this just follow the next steps:

  • Go to the "Tools" section on the top bar of the MT4
  • Go to “Options”
  • Choose “Expert Advisors” section
  • Make sure to tick off all necessary paragraphs as it is done on the following picture

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Now your MT4 platform is ready to start trading with a Forex robot.

Forex Robot Installation

When you go to the free Forex robot download page and choose the EA you’d like to try you receive the archive with all the documents you need.

The archive that you receive contains ex4 and dll files, which you need to copy to the Experts and Libraries folders of your MetaTrader 4. Follow the steps below to do that properly:

  1. Open MetaTrader 4.
  2. Click on “File” in the left upper corner.
  3. Click on “Open Data Folder”.
  4. Go to the MQL4 folder.
  5. Copy the ex4 file to the "Experts” folder.
  6. Copy dll file to the “Libraries” folder.
  7. Reboot MetaTrader 4.

Also, it should be noticed that every EA has its own set of needed settings. You'll definitely find a PDF file with a detailed explanation of it in with every robot.

Forex Robot Test

For the right successful testing of the Forex robot, you need to perform it according to the following steps. We will use InContol EA as an example to explain the basic procedure.

  1. To start test open MT4 platform and click "View", then choose "Strategy tester". You also may use the combination CTL+R to open Strategy tester. When clicking on the “Strategy tester” there should appear a new window similar to the following:

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  2. Before starting the test process, you need to set up the tester with the right information. There is a list of them:

    - Choose the right robot at the top of the tester window
    - Choose the right currency pair which meets the advisor’s setting (it is important because different robots trade on different currency pairs)
    - Use the appropriate model of the test (Default model is “Every tick”)
    - Set the dates during which you wish to test your EA. (For example: from 2017 until today)
    - Select the appropriate for the advisor period (different advisors use different timeframes for its work)
    - Select default spread (“Current”).

  3. You also may set up an "Expert Properties" panel. Just choose the initial deposit you'd like to start the test with.

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  4. You have to make sure that your price history data is complete to avoid mismatched chart errors on your trading log or have a modeling quality that’s lower than 90%. To do this, head over to the History Center under Tools or simply hit F2 on your keyboard.
    From the pop-up window, double-click the currency pair you’ll be running the backtests on and check if the time frame you selected is included in the database. If not, select the time frame and click the download button below.

When everything is set up in the right way press the "Start" button and wait until the test will end. After a few seconds or minutes (depending on your backtesting period and the speed of your processor), you can be able to view the results through the Graph or Results tab at the bottom of the Strategy Tester panel.

5. Additional tools to make maximum success in trading with Forex robots

VPS hosting

VPS (or Virtual Private Server) is a service that provides the user with a virtual server. This is a full-fledged alternative to a dedicated physical server with many benefits such as high stability, ease of administration and set up fault tolerance and much less financial cost.

The main reason you may want to use VPS in your trading is if you’re not sure that your provider is able to give a stable connection, or if you don’t want to be tied to a PC night and day. It is easy and comfortable to use VPS instead of being tied to your PC all the time, not to mention the importance of having a continuous, stable internet connection.

Installing multiple MetaTraders on one computer

If you have got acquainted with robots and you’re no longer satisfied with a single MetaTrader, there is always a possibility to install more to try multiple robots independently of each other.

  • The first step you have to take is to rename the existing icon on the desktop (right-click on it and Rename) to something else.
  • You can now launch the installation of the next MetaTrader. On the first screen, click the Setting button.

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  • Then change the name of the Installation folder and the Program group. So that you don't overwrite your previous installation with the new one, but the new MT4 will be in a new folder and program group. The simplest way is to number it just like it is done in the following picture.

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  • You can then continue the installation as usual. If you need another MetaTrader, remember to rename the last version of the MT4 icon before starting the next installation.
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