Metatrader 4 is the most popular and most widely used trading platform by retail traders around the world. A big number of professionals use it as well. And it is indeed, a very good platform because it is highly customizable and anyone can set it to fit his unique preferences.
Metatrader 4 also has impressive programming possibilities for many aspects of the trading business including charts, indicators and trading robots. Automated trading programs designed for the MetaTrader 4 platform are known as expert advisors.
It’s important to note that using an expert advisor in the MetaTrader platform is for intermediate or advanced users, and it’s unlikely it will be suitable for complete beginners.
There may be a lot of options and settings to be tweaked in the expert advisor and a beginner will probably not understand them all, thus, there is an increased risk of incurring huge losses.
Metatrader 4 can be a bit confusing at first, especially for newbies, but at the end almost everyone gets used to it and after some time gets to love it.
Now, there are a lot of MetaTrader 4 expert advisors offered, in fact, most robots that are sold to retail traders are designed for the Metatrader 4 platform, simply because of its wide availability and popularity.
Many, usually more experienced traders choose to develop their own expert advisor, either themselves if they have some programming skills, or by hiring a programmer to do it.
The MetaTrader 4 platform has a built-in programming tool called the MetaEditor. It’s a highly versatile tool and if you have some knowledge of coding, it’s fairly simple to create a custom indicator, script or even expert advisor.
It’s really a great way to take full advantage of a successful technical trading strategy, because instead of watching the charts all the time you can just turn on the expert advisor and it will take all trades exactly as they need to be taken as per the strategy. No more missed entries because you weren’t in front of the computer.
Now, one last, critically important thing to keep in mind is that in order for the MT4 expert advisor to work, the platform needs to be up and running, thus, your computer needs to be running as well. As soon as you close the platform the robot will not work.
It’s important to realize the risks associated with the practical implementation of an expert advisor, because if for example a trade doesn’t have a stop loss set in place, and your computer accidently turns off the trade will continue to run without a stop loss until you turn on the platform again.