How well do you know your Robots?

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WanderingGuppy
16
WanderingGuppy  

Good-day MQL5 community,

I'm new around here and hope my question isn't too ridiculous.

I recently decided to look into using robots to trade. My concern, above and beyond the robot losing all my money, is the safety of my trading account. Is it possible for providers of these EAs to use them to hack user's accounts? 

Thanks in advance for any input,

Guppy

Marco vd Heijden
Moderator
8175
Marco vd Heijden  

No it's not allowed to build in external connection.

Jack Thomas
1635
Jack Thomas  

It's safe to use items purchased through the MQL5.com market place via your MT4/MT5 client application.

https://www.mql5.com/en/market

HOWEVER......

If you purchase a third party application (EA, Script, Indicator...) from someplace other than the official marketplace, then YES absolutely it is a security risk.

Any programmer than understands how .dll files are built, can easily hack your system if you install malicious code for them.

Custom .dll files are a security risk and should be avoided.

- Jack

A Market of trading robots, technical indicators, and other trading applications - MetaTrader Market
A Market of trading robots, technical indicators, and other trading applications - MetaTrader Market
  • www.mql5.com
MetaTrader Market - a Market of trading robots, indicators, trading books and magazines
WanderingGuppy
16
WanderingGuppy  
Jack Thomas:

It's safe to use items purchased through the MQL5.com market place via your MT4/MT5 client application.

https://www.mql5.com/en/market

HOWEVER......

If you purchase a third party application (EA, Script, Indicator...) from someplace other than the official marketplace, then YES absolutely it is a security risk.

Any programmer than understands how .dll files are built, can easily hack your system if you install malicious code for them.

Custom .dll files are a security risk and should be avoided.

- Jack


Much obliged Jack.

Enrique Dangeroux
410
Enrique Dangeroux  

https://www.mql5.com/en/articles/586 Very important!

And not only test for profitability (probably slim to none, otherwise it would not be sold). But to confirm the functions do what you expect them to do. Though EA's are subject to a testing procedure. The functionality itself is not tested. There could be bugs in the EA. For example the trailing stop does not work correctly. 

If you want to have complete control and 100% knowledge about the workings of an EA, you have to code your own.

How to Test a Trading Robot Before Buying
How to Test a Trading Robot Before Buying
  • 2012.11.09
  • MetaQuotes Software Corp.
  • www.mql5.com
Buying a trading robot on MQL5 Market has a distinct benefit over all other similar options - an automated system offered can be thoroughly tested directly in the MetaTrader 5 terminal. Before buying, an Expert Advisor can and should be carefully run in all unfavorable modes in the built-in Strategy Tester to get a complete grasp of the system.
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