I've been reading about Expert Advisors EA's. I've learnt that these are computer programmes that can open and close trades for you based to the criteria that you set.
For example:
You can tell the trade to close if the candle high reaches a certain price.
You can get more complex: You can can the EA to close the trade if the say, a 5 day moving average crosses the 10 day moving average and the currency pair has reached a certain price and the candle has crossed the bollinger.
Am I correct?
I was thinking about installing Meta trader 4 and I believe that EAs can be used on this system.
Various EA programes are available to purchase from the net and some are posted here on this site - am I correct ?. Do I simply cut and paste the EA programme that is written into a specific tab in the the MT4 display?
How easy is it to modify the EA programmes if the settings are not exactly what you want .... if you have no knowledge in computer programming?
MT4 I believe is just a trading platform. Do I have to have an account with a broker that uses MT4 too? Or can I simply use MT4 to plan my trades and then trade with a non-MT4 compatible broker?
Thanks for your help ..... in advance.
You may suggest that I should simply a demo MT4. Ok ... I will soon. I've see some sites offering free demos of MT4 for 1 month. But I'm a little busy right now so don't want to down load if I won't have the time to use it for that demo month.
So I'm just doing a little background research.
For example:
You can tell the trade to close if the candle high reaches a certain price.
You can get more complex: You can can the EA to close the trade if the say, a 5 day moving average crosses the 10 day moving average and the currency pair has reached a certain price and the candle has crossed the bollinger.
Am I correct?
I was thinking about installing Meta trader 4 and I believe that EAs can be used on this system.
Various EA programes are available to purchase from the net and some are posted here on this site - am I correct ?. Do I simply cut and paste the EA programme that is written into a specific tab in the the MT4 display?
How easy is it to modify the EA programmes if the settings are not exactly what you want .... if you have no knowledge in computer programming?
MT4 I believe is just a trading platform. Do I have to have an account with a broker that uses MT4 too? Or can I simply use MT4 to plan my trades and then trade with a non-MT4 compatible broker?
Thanks for your help ..... in advance.
You may suggest that I should simply a demo MT4. Ok ... I will soon. I've see some sites offering free demos of MT4 for 1 month. But I'm a little busy right now so don't want to down load if I won't have the time to use it for that demo month.
So I'm just doing a little background research.