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mq4

Discussion in 'Beginners Bootcamp' started by forexhog, Jun 20, 2008.

  1. forexhog

    forexhog Recruit

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    what is an mq4 EA, how do install, set parameters and execute trades with it?
     
  2. Pharaoh

    Pharaoh Colonel

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    An EA is an expert advisor. It executes trades for you automatically. Different EAs have different parameters you can adjust.

    Do not trade an EA on a live account unless you have some understanding of it's performance over time and how it handles risk management.

    Always forward test an EA on a demo account, but realize that demo accounts will have far less slippage and requotes. If it shows consistent profit on a demo account, then you can consider testing it on a live account after you lock down the parameters to force it to trade with the smallest amounts of money possible. Even then, watch it like a hawk and be ready to shut it down if something goes wrong.
     

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