You program the EA using MQL4 to do what you want in terms of strategy . . .
nlkn5:
I'm quite new to EA and bots and have been quite confused as to how they work.
What i don't seem to grasp is how does the EA/robot
automatically enter Buy and Sell signals? It calls OrderSend() to open a new order.
For instance, say, i have a US$ 2,000 Forex trading account. The brokerage gives a 50:1 or 100:1 leverage (Note that I don't have an account with a broker yet) You can open a demo account - no cost
So, if everything is automated, how does the robot
manage my $2,000 account and utilizes it to Buy and Sell on my behalf without me doing anything? It calls OrderSend() to open a new order when the creator's conditions are satisified.
How does it know how much of my account to use? What the EAs creator determined.
Does an EA/robot automatically Buy/Sell multiple currency pairs OR do i need to have separate EA/robots each for different pairs? Either way. The easiest is for the EA to work only with the current chart. You decide with charts you put it on. One EA - multiple charts.
Thanks for the feedback. It helps but I still have
some more to ask.
I need a scenario based description, or better a step-by-step guide
using a typical scenario.
Is it possible if you can do that using my example of the US$2000account in
my topic question. How will you create a robot around this scenario?
Or can you please suggest a website/blog that provides detailed steps in
creating robots based on scenarios or examples.
I ccan only better understand the concepts of creating robots
this way.
Thank you for your help.
-- Nick
Strategy first, maybe start here - study these for 3 months or more then look at the Code Base here for EA examples
Most important is to pick one pair, study that pair in depth and find a strategy to suit & decide whether you are scalping, intraday, swing or position trading
If you don't know what these terms mean, hit Google & learn
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Hi,
I'm quite new to EA and bots and have been quite confused as to how they work.
What i don't seem to grasp is how does the EA/robot
automatically enter Buy and Sell signals?
For instance, say, i have a US$ 2,000 Forex trading account. The brokerage gives a 50:1 or 100:1 leverage (Note that I don't have an account with a broker yet)
So, if everything is automated, how does the robot
manage my $2,000 account and utilizes it to Buy and Sell on my behalf without me doing anything?
How does it know how much of my account to use?
Does an EA/robot automatically Buy/Sell multiple currency pairs OR do i need to have separate EA/robots each for different pairs?
Your help is much appreciated.
Thanks
-- Nick