Perhaps you’re one of the legions of forex traders that has heard of or is already using the MetaTrader platform. And if you’re also among the denizens of traders that you a forex robot to aid in your trading, you might be wondering how to combine your forex robot with your MetaTrader Platform.

It’s quite easy. In fact, most forex robots are compatible with MetaTrader. It’s actually more difficult to find a forex that is NOT compatible with MetaTrader because forex robot developers want their product to appeal to as many traders as possible. And with so many traders using MetaTrader, this is a very lucrative market for forex robot developers.

Some traders don’t even realize that MetaTrader actually has its own forex robots that traders get access to as part of the cost of the platform. So if you haven’t found the right forex robot, it might be worth your while to give the MetaTrader forex robots a try. We’ve actually discovered that the MetaTrader forex robots are actually pretty good and for some reason, they are more careful than a lot of the forex robots available on the market today in that they take smaller losses and set tight stop loss orders. Of course, if you want to take a little more risk, you can alter the MetaTrader forex robot’s default settings to accommodate your style of trading.

Remember A Couple Of Things

Well, remember one thing as far as MetaTrader’s forex robots are concerned. They’re a lot like other forex robots in that they rely on back tests to test the forex robot’s strategy. MetaTrader has excellent back-testing abilities and that’s one of the reasons it’s so popular among forex traders. That said, you’ve got to remember to test ANY forex robot out on a live account, even if it’s just a micro account. This goes for MetaTrader forex robots as well.

Computer Jargon To Help You Out

There are some technical pointers you need to know about installing an outside forex robot in MetaTrader. First, find the .exe4 file that you got when purchasing your forex robot and save it to your desktop. Then you need to go to the “Experts” folder in MetaTrader and drag and drop this menu over to the robot icon that is now on your desktop. Close down all the other windos and open MetaTrader again and you should see your forex robot listed in the “Experts” menu.

You should know the MetaTrader is about to introduce a new version and you will not be able to just automatically upgrade to it as you would with a Windows upgrade. This means you’ll have to reprogram any forex robots being used on your MetaTrader platform to your new one.

A Match Made In Heaven?

The combination of MetaTrader with a forex robot can be a potent one and one that we have seen generate some nice returns. Traders should spend some time learning the ins and outs of MetaTrader before combining their forex robot with it, just to be on the safe side.

Author Bio: Retired Canadian Economist. My main activity since Winter 2006 is trading Forex. I’ve been trading currencies online with the help of EA’s (BTW, the best source for EAs is Forex Robots) and I currently manage trading accounts at two Forex brokers in the US and in UK respectively

Category: Finances
Keywords: Forex Robots, Day Trading, Forex, Forex Brokers, Finacial Advisors, Expert Advisors