Components needed for automated trading
Hi Fratino
MT4 can be used for manual trading and automated trading.
In either case you need to connect to a broker for the data feed and trading. You can open demo accounts with many brokers, which allows you to practise with "play money".
If you wish to use real money you will need a trading account with a broker that offers MT4 trading.
Metaquotes (who developed MT4 and MQL4) offer demo accounts, but no trading. The easiest way to open such a demo account is by running MT4 and choosing "Open an Account" from the File menu. That should open a demo account with the company that you downloaded MT4 from.
If you wish to use automated trading you must acquire an "Expert Advisor" (EA). An EA is a program Robot written in MQL4 that MT4 runs. You can write it yourself because MT4 comes with an editor and complier fot MQL4. There are also commercially available programs or robots.
Hope this helps.
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Greetings,
I'm a little confused about how MT4 works. Do you need to get MT4 + an account with Forex broker + a trading robot, all three separately? I used OANDA in the past, but apparently they don't use MT4. I have downloaded and installed MT4, what do I need to do next? Thanks for your help.