Trading Bots

Trading involves a lot of emotions like greed or fear, which can often lead to bad decisions and costly mistakes.

The Forex market is open 24 hours a day, which makes it impossible for anyone to trade without taking a break.

Trading bots are designed to trade automatically, following specific instruction, without being emotional and without taking breaks.

What are Trading Bots?

A Trading Bot (TB), also called an Expert Advisor (EA), is an automated system which monitors the markets, notifies when trading opportunities are reached and places trades on behalf of the trader.

They are based on predetermined rules and conditions, which reduces the chances of making irrational or impulsive decisions.

In general, Trading Bots help eliminate the “emotional factor” from trading.

How do Trading Bots work?

Ready to use bots can downloaded from multiple websites or they can be fully programmed by those who are knowledgeable of programming languages.

Once installed, they can be activated or deactivated at any time, or they can be combined with other Expert Advisors or Trading Bots.

Some can fully trade instead of you, while other can discover trading opportunities which you can manually trade

How to Install a Trading Bot?

Download the Expert Advisor/Trading Bot file (.ex5 or .mq5) and copy it.
Open MetaTrader 5.
Click on "File" and then click on "Open Data Folder".
Go to "MQL5", then go to "Experts" and paste the file there.
In MT5, click on "Navigator", then right click on "Expert Advisors" and select "Refresh". The EA/TB will appear there.
Drag and drop the EA/TB in the chart.
Click on "Common", click on "Allow modification of Signals settings", click on "Allow Algo Trading", click "OK".
The "Algo Trading" button in MT5 will appear in green to show that the installation is successful.

Trading Bots

What are Trading Bots?

How do Trading Bots work?

How to Install a Trading Bot?

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