Automated Bot Choosing for Novices

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jwh7699
33
jwh7699  

Hi,

I am new to using a Forex Bot. I am currently using a MetaTrader4 Demo account. I have a few questions.

Do all Bots run 24/5?

Do I need separate Bots to scan for trends, signals, and automatic buying/selling? 

Do I need MetaTrader4 open and logged in for the Bot to do it's thing?

Is the Bot adjustable to the starting balance in my account?

I'm assuming all Bots listed on MQL5 have been vetted for doing what they say they do and are not scams?

Are there Bots that don't require any programming from me other than account balance questions?

Are some Bots programmable, in that I may like everything it does, but I want to add one more setting?

I'm assuming the biggest difference between Bots and Subscription Signal Trading Experts is that Bots run 24/5 and Signal Trading Experts don't?

Thanks for the help! It is much appreciated!!

Sergey Golubev
Moderator
106109
Sergey Golubev  

I am new to using a Forex Bot. I am currently using a MetaTrader4 Demo account. I have a few questions.

Forex Bot = EA (expert advisor).
EA is the term.
The term "bot" is not used for trading

Do all Bots run 24/5?

Most of them - yes, but it depends on how it was programed.

Do I need separate Bots to scan for trends, signals, and automatic buying/selling? 

No, you do not need it. There are many EA which can do everything separatedly, or do everything using just one EA.

Do I need MetaTrader4 open and logged in for the Bot to do it's thing?

Yes. 
But if you do not want to keep your Metatrader open 24/5 so you can subscribe to MQL5 VPS (and in this case - you will be abple to switch your Metatrader off and to close your PC.

Is the Bot adjustable to the starting balance in my account?

I did not understand the question sorry ...
If you are asking about the settings/parameters so you should select it by yourself by optimization process, or ask the coders. 
many people are trying to select the settings by themselves.

I'm assuming all Bots listed on MQL5 have been vetted for doing what they say they do and are not scams?

There are the following:
Author of the ideas + the coders who code EA. And those two guys (or one person in case of author of idea = coder) are responsible for what you are asking.

You should select the EA by yourself (because it is your risk and your money).
There are few threads on the forum and several articles about how to select EA and the signal.

Are there Bots that don't require any programming from me other than account balance questions?

It depends on you (because no one knows here what you want).
But you can try many EAs on demo just to understand what is that and how to use it (and to have some idea for improvement, etc).

Are some Bots programmable, in that I may like everything it does, but I want to add one more setting?

It depends on where did you download EA from:
- if from the Market so you are using it "as is";
- if from CodeBase or from the forum - you can ask the coders to improve it for you in Freelance.

I'm assuming the biggest difference between Bots and Subscription Signal Trading Experts is that Bots run 24/5 and Signal Trading Experts don't?

Not. 
Both run 24/5.
people are usinnng MQL5 VPS if they want to run them with closed computer for example.

Sergey Golubev
Moderator
106109
Sergey Golubev  

jwh7699,

You should read more and more (the articles published here, the threads, ...).
because it is impossible to get the knowledge for one day ...
and the knowledge = money (profit) in our case (especially in the case of using EAs).

Sergey Golubev
Moderator
106109
Sergey Golubev  

Just for newbies (if you are new to this website for example) - it is strongly recommended to read the following articles/posts/threads - 

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1. User Memo

Forum on trading, automated trading systems and testing trading strategies

How to Start with Metatrader 5

Sergey Golubev, 2016.12.30 17:26

Just some reminding about how to insert code to the post (for new users/newbies) -read here, and read whole the article:MQL5.community - User Memo

Forum on trading, automated trading systems and testing trading strategies

How to Start with MT5, a summary !

Sergey Golubev, 2017.03.12 08:23

MQL5.COMMUNITY PAYMENT SYSTEM

Internal payment system was initially created in MQL5.community for payment of fees to authors of Articles. But the community's life does not stay still, and plenty of services, useful for traders and implying commodity-money relations between two parties, has emerged on the web-site since the launch of the payment system:

  • Market — A store of applications written in MQL4 and MQL5 languages.
  • Signals — Selling trade signals at a subscription fee with monitoring trade results.
  • Virtual Hosting — A native solution for twenty 24/7 failure-free operation of your MetaTrader trading terminals.
  • Freelance — A meeting point for traders and MQL4/MQL5 developers.
  • MQL5 Cloud Network — Buying and selling free computational power of Strategy Tester agents to organize distributed computing.

The most popular payment systems WebMoney and PayPal are integrated for deposit and withdrawal. U.S. dollars are used as the currency unit. Eventually we implemented other ways of depositing to MQL5.community account: these are common plastic cards (CommerceGate), handy and rapid system not requiring additional confirmation (Neteller), and a solution oriented towards users from China (Netbanx).

New Members introduction-the threadwhere you can introduce yourself

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2. How to make a search on the forum/mql5 portal

3. Summaries

3.1. How to Start with MT5, a summary ! (incl the previous thread:How to start with MetaTrader and forex, the beginning) 
    MetaTrader 4 Help - Client Terminal – User Guide 
    MetaTrader 5 Help - Trading Platform — User Manual

3.2. All (not yet) about Strategy Tester, Optimization and Cloud

3.3. ASCTREND SYSTEM summary (incl 2 good EAs)

3.4. BRAINTRADING SYSTEM HowTo

3.5. PriceChannel Parabolic system (incl 2 versions of the EA)

3.6. Market Condition Evaluation (2 EAs were created)

3.7. Ichimoku

3.8. Financial and trading videos - Table of Contents

3.9. All about Calendar tab and Macro Economic Events

3.10 All about MQL5 Wizard : create robots without programming

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4. First key article:
MetaTrader 5 - More Than You Can Imagine! 

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5. The second key article:
Limitless Opportunities with MetaTrader 5 and MQL5 

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6. How to add the broker to MT5:

6.1. MetaTrader 5 Help - Open an Account

6.2. MetaTrader 5 Android OS Help - Opening a Demo Account 

6.3. MetaTrader 5 iPhone/iPad Help - Connecting to an Account and Opening a Demo Account

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7. Signals

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8. Market

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9. MQL5 VPS for MT4/MT5

9.1. How to subscribe to VPS https://www.mql5.com/en/forum/187872#comment_4851530 

9.2. You can move your VPS subscription from one account to another 
https://www.mql5.com/en/forum/172120#comment_4166892

9.3. MQL5 VPS description
https://www.mql5.com/en/forum/172553#comment_4185979 

9.4. Monitor VPS 
https://www.mql5.com/en/forum/188920#comment_4800677 

9.5. Synchronize - 
https://www.mql5.com/en/forum/211508 

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10. Brokers

10.1. Find a Server by the Broker's Name:
https://www.mql5.com/en/forum/9950/page88#comment_3981953  
https://www.mql5.com/en/forum/214820

10.2. Help for beginners
https://www.mql5.com/en/forum/214904

10.3. US brokers
https://www.mql5.com/en/forum/12423/page500#comment_4736742

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11. Promotion:
https://www.mql5.com/en/forum/9950/page88#comment_3982032  
https://www.mql5.com/en/forum/9950/page88#comment_3982030  
https://www.mql5.com/en/forum/9950/page88#comment_3982036  

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12. Freelance, decompilation, the rules, examples of the decompiled code:
https://www.mql5.com/en/forum/203200 

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13. General rules and best pratices of the Forum

13.1. Thread with the discussion

13.2. Forum rules

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14. The thread about threadswhat's going around the forum everywhere  
Good thread if you are looking for something new and modern (and free one)

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15. MT5, mql5, mql5.com suggestions for improvement thread

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16. How to subscribe to topic or  invite a person into the topic - the thread

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17. I just downloaded MT5 I am not sure how to pull up Cryptos - the thread.

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18. Club of telepathsthe post in eng forum and the thread in rus thread. 

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19. How to host an automated trading robot on Metatrader(how to attach EA to the chart for trading)
https://www.mql5.com/en/forum/238562#comment_7158340 

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20. Automatic translation feature
https://www.mql5.com/en/forum/13348 

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21. How to download free Indicator and instal it on Metatrader
https://www.mql5.com/en/forum/261958

MetaTrader 4 Help
MetaTrader 4 Help
  • www.metatrader4.com
For making a decision to trade, reliable on-line information is necessary. For that, quotes and news are delivered at the terminal in the real-time mode. On basis of on-line delivered quotes, it is possible to analyze markets using technical indicators and line studies. Expert advisors allow to work off routine of observing markets and the own...
jwh7699
33
jwh7699  
Thank you very much Sergey for the Valuable Information!  Best of luck!!
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