The forex market is becoming increasingly automated as traders aim to minimize losses and maximize profits. To be sure, automated forex trading enables traders to do little while earning more. However, you have to make sure that you choose the best trading robot to achieve your objectives. It also goes for traders who want to automate their trades without relying on a robot.
The popularity of forex expert advisors is overwhelming. As a result, the number of trading robots on offer over the internet is mind boggling. However, there is another reality to this phenomenon. Notably, the number of scammers is high as they jostle for an opportunity to swindle money from unsuspecting traders. From the foregoing, traders must know where to get legitimate FX expert advisors that can earn them profit. The need for legal systems is that many robots on offer on the internet do not deliver the promised results.
MetaTrader Code Base
MetaTrader is the provider of the market’s most popular trading platform. Both MetaTrader 4 and MetaTrader 5 are the first trading platform that almost all new traders here about before moving to others. It is because the platform is unsophisticated, and it includes extensive tools to facilitate trading activities. Interestingly, the MT4 is the most widely used of the two platforms, although MT5 is just an upgraded version. The platform facilitates the development of winning strategies for automated trading.
The MetaTrader source code library, popularly called the CodeBase has an extensive list of tools, trading robots, and indicators that traders can utilize. There are more than 2,000 indicators in the MT Code Base built in the Meta Quotes Language (MQL). It ensures that the indicators are fully compatible with the MT4 and MT5 trading platforms. Fortunately, most, if not all, of the indicators are in-built in the trading platforms. All you need to do is to find the indicator and then activate it.
Besides indicators, traders can also find forex charting tools and forex robots for utilization. Notably, there are more than 950 expert advisers in the Code Base. Interestingly, all of the indicators and robots in the source code library are free to use. Also, verified MQL community members are the people behind the robots. It implies that robots are legitimate and have a higher probability of reaching their potential. Besides, the robots are open sources such that community members have the opportunity to refine them for the benefit of all traders.
The market for indicators, trading applications, and trading robots
Besides free indicators and trading robots, the MQL platform has a market where developers sell advanced forex robots. Notably, all the robots and indicators on this platform are premium. Usually, such tools are ideal for algorithmic FX trading because their developers put in more effort to ensure they are efficient. The possibility of getting revenue from sales motivates the developers to come up with the best solutions.
The good thing about the market for indicators and forex EA is that there are free and paid applications. Notably, the developers of all of these robots use the Meta Quotes Language such that traders cannot have any compatibility issues. Besides, the indicators are ideal for automated FX trading via MT4 and MT5. Interestingly, you do not have to visit the MQL community to access the market. The market is inbuilt within the MT4/5 platform, and all you need to do is to choose the one you want.
Alternatively, you can hire a freelancer to develop a forex robot for you. The beauty with freelancers is that they build a custom robot that suits all your needs. Usually, the indicators and robots that are available in the market might satisfy just a few of your needs. Freelancers will consider your needs to the smallest detail. Therefore, the solution that you get is more of a complementary tool.
Fortunately, the MQL community platform has many freelancers who can do the job for you. It is the best place to seek freelancers because of their familiarity with the MT4/5 trading platform. Therefore, they will create a solution that is fully functional and adapted to the trading platform. However, there are many freelancers available on platforms like PeoplePerHour, Upwork, and so on who can provide the services.
Create your solution
To be sure, forex trading is a fulfilling experience, but it gets more when you learn to perform complex tasks. For instance, learning to create your trading robots and indicators is the ultimate achievement. Luckily, the MQL platform has sufficient libraries, scripts, and other tools for you to use. All you need to do is to learn to use the MetaQuotes Language, which developers use to create robots that are compatible with the MT4/5 trading platforms. Here, the Meta Editor is very helpful.
Once you learn to create your trading systems, you will save a lot of money as well as using robots that are more responsive to your needs.
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