Autotrading wih Metatrader

Hi all
I came to know that you we program/configure metatrader to autotrade (excute and close everytrades for us basing on required set ups) using mt4 files (correct me if i am wrong).
Appreciate if someone can provide me a link within forexfactory or anywhere else on the internet on how to learn and do this.
Thanks. May all of us profit from our tradings.

All I can tell you is that you must get intimate experience with MT4 before you decide whether you feel comfortable autotrading it.

Aside from data feed drops and power outages, the EA itself must be robust enough to handle adversity.

You can visit www.metaquotes.com and learn to code your own EAs. I recommend downloading the latest Phoenix MQL code from www.forex-tsd.com and seeing how they deal with errors.

Regards,
Tom

It's as safe as your coding is.

I am far from convinced that an EA can make as much money as a good trader. EAs by necessity it seems will go bust in the long run, if they are not conservative enough.

If one is smart enough to change the EA at the correct time when the market conditions change, then he is not really relying on an EA at all... just a tool that helps with his trading method.

This is kind of the same category as "successful" traders who only make a trade or 2 a month. Most of these "successful" traders are probably just lucky and will mess up later. Some might know what they're doing. But many probably just think they know what they are doing until it is too late. Either that or they are so conservative that they can weather the storm, or survive and re-evaluate at that time. But if they are that conservative
(say less than 50% returns for the year, then it is not really trading... there should be another term for it... maybe "active investing"?)

There are good traders who have been trading for many years that make money every month. I don't know if the same can be said of any EA.

Hi all, thanks for the feedback on my question appreciate all of them
Have a ball in trading

Hi again,
first of all sorry if i may sound a newbie.. for i am

I have came across many strategies and tried many of them too. Like everyone said every reasonable strategy will work to some extent only if we stick to it and remove all human emotions. Thats why I was asking for EA (is that what they call it ?) to trade.. at least on a demo account first. If it works then I have solve my biggest enemy - human emotion and discrepancies. No doubt many of our losing or even missing trades are because we are human after all.

Ok here's to the point.
What I am posting here is nothing new at all. It works on the daily pivot line.
I have done some back testing using Excel and good old calculator.. but they may not seem to convince me that the figures are accurate.
But no doubt about it - it works when the number of winnings pips will eventually exceed the losing ones. But one thing about this - dont be greedy chasing big waves and do this mechanical.

The Strategy.
1. Look at the pivot line at the very beginning of the trading day.
2. Open a Buy stop order 20 pips above with take profit 20 pips and a stop loss of 30 pips.
3. Open a Sell one too with the same specs as the above.
4. Walla - you are done for the day.

If you won 2 = 40 pips
If you won 1 = 20 - 30 = -10 pips
If you lost 2 = - 60 pips (bummer !!)

Of course - stick to the right money management
And your broker can allow hedging.. if not you cannot do both a Buy and Sell stop order together.
You can do this with any currency pairs but betware some works best than the others and it also depend on its present trend. EURUSD will burnt you twice these current times.
Do this at the beginning of the trading day, the USDJPY and EURJPY normally break the zone during the Asian market.

You can also try to determine where the trend is going for the day by watching the opening price to the pivot line. But this cannot guarantee you. But by doing this you will be risking only 1 trade rather than 2.

But on the overall it works. In fact I was amazed at its outcome in the long run when i backtested it manually . Its not getting rich quick but I think it is the most relax trading ever.

I am posting this if anyone can help me make a ex4 for to run on strategy tester so that i can determine the actual outcome of the strategy. I know that creating the ex4 will be very simple for the experts but who am I to do that

OK hope someone can help. I promise to post the results of the backtested trades