If you are considering installing and using an EA, we hope you will find the following tips helpful. You can use the Expert Advisor Builder - a tool that allows traders to enter their chosen trading parameters and generate a Forex EA program.
The importance of data
First, pay attention to the reliability of the backtest results. You may think that a good backtest result shows that the system brings in a lot of profits, but it may not be that simple. You can check again with a Demo account. However, it does not always work with a Live account.
The results that the EA obtains depend on the quality of the data obtained through the Backtest process. Inaccurate data can lead to unreliable results. The standard data for MT4 and MT5 can only achieve a maximum model quality of 90%. The data shows a positive signal, but this can create a big difference between Backtest and real-world experience, especially in shorter time frames.
The advantage is that historical data sources provide free access and guidance on how to prepare the necessary data for MetaTrader
Trader’s order execution speed
To customize your EA to trade on a Live account, reliable data is the first step. The next step is to improve the speed of order execution. MT4 and MT5 operate with a trading session time of 30 seconds. When using an EA, your session will automatically end if there is no trading activity within that time period. This requires automatic re-validation of your IP address with your existing login credentials. This process can take up to 2-3 seconds depending on your broker. While this is a short period of time, delays during high volatility periods can have a significant impact on trading results.
Debugging
Debugging code in MetaTrader trading bots can be a daunting task. Unfortunately, MetaQuotes’ policy aims to meet the needs of brokers rather than traders, so you may find that debugging tools are not included in the list of available tools. However, there are still some ways to help traders. For example, you can input direct print commands into the code. The disadvantage is that it is difficult to manage, especially if you have thousands of lines of code and you don’t know what’s wrong. But don’t worry! You can download Microsoft DebugView to view the formatting history in your solution and make debugging a breeze.
Checking the connection with MetaTrader and Forex EA
Before you start your EA, it’s important to check your MetaTrader connection. You need to activate your trading platform and connect directly to your broker. MT4 and MT5 are designed to automatically reconnect to the server without any issues, but this does not always work as expected. If you have multiple MetaTrader accounts, you may see inaccurate authentication information when reconnecting. Don’t worry though! The best solution is to remove any unused accounts from your MT4/MT5 navigation pane. This is a minor issue but can be annoying if your connection drops and your EA does not work all the time