Artificial Intelligence is still in its early days and there are a lot of bugs to be worked out.

However, one area that I have found it tremendously useful is in the area of creating automated trading robots for trading platforms like MetaTrader 4.

So in this tutorial, I'll show you how I'm using ChatGPT to create custom MT4 EAs. This process can be very fast and for simple EAs, you don't even know how to code.

If you prefer the text version, it's provided below the video.

Tutorial Video

How to Create an EA with ChatGPT

All of these steps should be done in a demo account. 

Never use an EA with real money until you're absolutely sure that it's working properly. 

Step 1: Have a Trading Strategy

You can get a trading strategy from almost anywhere…books, websites, YouTube or something you just made up.

Ideally, you should have a trading strategy that you've already backtested.

But if you just want to go through the process to see how it works, then just use the example code in the section below.

Step 2: Describe it to ChatGPT

Ask it to create an EA for MT4.

Then explain the rules as clearly as you can to ChatGPT. Write as if you were writing to a friend.

It will generate the code that you need for MT4.

Copy this code from ChatGPT

Step 3: Copy and Paste the Code into MT4

Then open the MetaQuotes Language Editor via the tool bar at the top.

Click the New button to create a new EA.

Select Expert Advisor, give it a name, then leave the rest of the settings blank. Keep hitting the Next button until you get to the end of the wizard.

That will give you a blank EA template.

Click anywhere in the code, then use Control + A to select all of the text. Then hit Backspace to delete all of the default code, then Control + V on your keyboard to paste in the ChatGPT code.

Click on the Compile button to generate the EA.

Step 4: Check for Errors

If there are any errors or warnings in the code, go back and ask ChatGPT to fix them.

It will generate new code.

Repeat step 3 above to start using the new code.

Step 5: Add the EA to a Chart and Start Testing

Once all the errors and warnings are gone, then you're ready to start using the EA.

Go to the main MT4 screen and look for the EA in the Navigator window.

Click and drag your new EA onto the chart.

There should be the name of your EA in the upper right corner of the chart you added it to, next to a happy face.

If the face is sad, click on the AutoTrading button at the top to activate the EA. The happy face shows that the EA is activated.

Now test the EA to see if it's working properly.

Test all of the regular features AND try to “break” the EA by doing things that it might not expect. This will show you how robust it is and will give you confidence in it.

If you have any issues, go back to ChatGPT and work on fixing them.

This may take several tries, but keep at it.

Example Code

If you want to give this a try, here's the example code. Simply copy and paste this prompt into ChatGPT and it will generate the code for this EA.

Important: This is for educational purposes only and should NOT be used in live trading. It's only provided to help you understand how to EA creation process works. There's a very high probability that this strategy will lose money.

“Please create an Expert Advisor for MetaTrader 4 that executes these rules:

1. Indicators

   • Short SMA: 2?period simple moving average of Close

   • Long SMA: 36?period simple moving average of Close

2. Long Entry

   • Condition: Short SMA (2) > Long SMA (36)

   • AND price closes below the Short SMA

   • Action: Open a buy at the close of that bar

3. Long Exit

   • Condition: price closes above the Short SMA

   • Action: Close the long

4. Short Entry

   • Condition: Short SMA (2) < Long SMA (36)

   • AND price closes above the Short SMA

   • Action: Open a sell at the close of that bar

5. Short Exit

   • Condition: price closes below the Short SMA

   • Action: Close the short

6. Position Sizing & Settings

   • Fixed size: 0.1 lots per trade

   • No stop?loss, no take?profit, no trailing stops”

Words of Warning

Remember that this is just step 1 in the process of creating a fully or partially automated trading strategy.

If you backtested with AI, you really, really have to double check the results.

Even if you didn't, you still have to check that the code is doing what you expected.

AI can hallucinate, so you have to be extra sure that the EA is doing what you expected before you risk real money.

Never trade the EA live until you're absolutely sure that it's working properly. 

Final Tips

I hope that this tutorial will help you create you own tools that improve your trading results.

At the time that this is being written, backtesting with AI is not mature yet.

However, creating EAs for MT4 is very usable, so I would highly recommend learning how to do it.

If you want an awesome example that you can start using right now, check out this EA tutorial.

Even if you never build an EA, you can also build very useful custom indicators that can help you spot trading opportunities and manage parts of your trades.

Have fun!

The post How to Build No-Code MT4 Expert Advisors with ChatGPT appeared first on Trading Heroes.

Closing part of a trade in MT4 isn't as obvious as it should be.

So in this tutorial, I'll show you exactly how to do it.

The process is not hard and once you know how it works, you can take partial profits on your trades at any time.

First, let's take a look at why you might want to do this.

Why Traders Take Partial Profits

The biggest reason traders close part of their trades early is to take some of their profits off the table, while still allowing themselves up to potentially capture bigger profits later.

This can give you a huge psychological boost and allow you to stick with the rest of your trade longer.

When a trade is in profit, then comes back and ends up in a loss, that can give you a huge case of Fear of Missing Out (FOMO).

Many traders will then try to make it back on the next trades, leading to overtrading, revenge trading, or taking profits too early.

So taking partial profits can help you achieve a balance of taking profits while you have them and letting your profits run.

But it's not a magic bullet.

Be sure to backtest your profit taking method before implementing it.

Now let's get into how to actually do it.

How to Take Partial Profits on a Trade in MT4

There are 2 ways to take profits in MT4.

I highly recommend doing this in a demo account if you've never done it before because if you don't know what you're doing, you could mess up a good trade and lose money unnecessarily.

Obviously, you should have a trade open that's bigger than the 0.01 minimum lot size in MetaTrader, for this to work.

There are 2 ways to close part of a trade:

• Double-click the trade entry line on the chart
• Double-click the open trade in the Order window on the bottom of the screen

When you do either of these things, you'll see the Modify Order window.

Change the following:

• Type: Change to Market Execution
• Volume: Enter the number of lots you want to close
• Close Button: Once all of the settings are correct, click the yellow Close button

That's it!

Now you'll see that the Size of your trade will be reduced in the Order window at the bottom of your screen.

Demonstration Video

If you want to see this in action, this video will show you exactly how to do this in MT4.

Final Thoughts

So that's how to close part of your position in MetaTrader 4.

It's very useful for taking some profits off the table, while still giving yourself the ability to still capture big moves.

Again, be sure that you practice doing this in a demo account first.

Also backtest your method of taking partial profits to be sure that it actually gives you an edge.

To learn how to backtest, read this tutorial.

The post How to Partially Close a Trade in MetaTrader 4 appeared first on Trading Heroes.

Metatrader 4 has long been the go-to platform for Forex traders looking for a robust and reliable trading experience, while providing automated trading functionality.

However, as financial markets evolve, so too does the technology and the range of available platforms.

If you're searching for MetaTrader 4 alternatives, you'll find a variety of trading platforms that might better suit your trading style, needs, or preferences.

These MT4 alternatives offer different user interfaces, improved mobile capabilities, desktop applications, and web-based accessibility, ensuring you have the flexibility to trade the way you want.

When exploring these alternatives, you'll come across platforms that cater to both novice and experienced traders.

User interfaces vary, with some prioritizing simplicity to help you navigate markets easily, while others provide advanced tools for trading and analysis.

Whether you prefer trading on a desktop for its larger screen and full suite of features, or you need the convenience of a mobile app to trade on the go, there's an option out there for you.

Each alternative trading platform comes with its unique set of features, designed to enhance your Forex trading experience.

Speed, stability, and security are key considerations, along with how well the platform performs during high volatility or peak trading times.

It's important to research and test each platform to find the one that offers the right balance of tools and functionality for your trading style.

Alright, let's get into the best options.

MetaTrader 4 Alternatives: The Top Trading Platforms to Consider

TradingView

If you want to get out of the MetaTrader ecosystem entirely, then my top choice would be TradingView.

It has revolutionized browser based trading and packs a ton of features for a very reasonable price.

TradingView offers a huge library of technical indicators, drawing tools, and chart types for conducting in-depth market analysis.

Traders can collaborate with others, share trading ideas, and access real-time market data across various asset classes, making TradingView a popular choice among traders worldwide.

I prefer TradingView over MetaTrader 4. 

Here's why I switched.

MetaTrader 5

If you don't like MT4, you might want to look at MT5.

It has a very similar interface, so it will be familiar to you.

But many of the limitations of MT4 have been addressed in MT5.

It's a versatile trading platform offering advanced charting tools, technical indicators, and analytical features for traders across various financial markets.

It supports trading in Forex, stocks, commodities, and cryptocurrencies, providing access to a wide range of asset classes.

The platform includes built-in support for automated trading through expert advisors (EAs) and allows for backtesting of trading strategies using historical data.

A downside of MT5 is that not as many brokers offer it, compared to MT4.

OANDA fxTrade

I've been using Oanda's fxTrade sparingly for years and it's a very viable alternative to MT4.

It doesn't have as many features as MT4, but what it lacks in features, it makes up in ease of use.

The interface is clean and you get both mobile and web options.

cTrader

This is one of my top picks for a MT4 alternative.

I've played around with it, but I haven't traded live with it.

Many top brokers use cTrader, including Scandinavian Capital Markets.

cTrader offers access to multiple asset classes, including forex, stocks, and commodities, with direct market access (DMA) and Electronic Communication Network (ECN) trading capabilities.

With its customizable charts, one-click trading functionality, and built-in trading algorithms, cTrader provides a powerful and efficient trading experience for both novice and experienced traders. The interface is very clean.

You can also create automated trading strategies and custom indicators in C#.

They even have a handy MQL4 to C# code converter here, which allows you to convert your MT4 indicators and EAs to a format that cTrader can use.

NinjaTrader

NinjaTrader is a powerful trading platform known for its advanced charting tools, extensive customization options, and support for automated trading strategies.

It offers access to Forex, futures, stocks, and options markets, providing traders with diverse trading opportunities.

My biggest complaint about NinjaTrader is that the interface is really hard to use.

I would highly suggest downloading it and playing with a demo account before you decide to jump ship from MT4.

That said, a lot of professional traders use it.

Thinkorswim

TD Ameritrade sold their brokerage business to Schwab, so Thinkorswim is going through a transition.

If Schwab decides to keep the same features, it's a good option to look at.

I haven't used it, but I've heard good things about it and I know of several professional traders who use it.

Thinkorswim is a feature-rich trading platform known for its advanced charting tools, technical analysis capabilities, and customizable interface.

It offers access to stocks, options, futures, and Forex markets, providing traders with a wide range of trading opportunities.

Interactive Brokers (IBKR) Trader Workstation (TWS)

Interactive Brokers is one of the most reputable brokers in trading. I personally know a couple of professional traders that trade with them.

Their IBKR Trader Workstation (TWS) is a powerful trading platform offering advanced charting tools, customizable layouts, and extensive market research capabilities.

It provides access to a wide range of asset classes, including stocks, options, futures, forex, and bonds, allowing traders to diversify their portfolios and capitalize on market opportunities.

MultiCharts

MultiCharts is mostly known for its backtesting capabilities, but it's also a trading platform.

A big benefit of MultiCharts is that it makes backtesting easier than MT4 does.

So if you like the idea of having an all-in-one automated backtesting and trading platform, then give this a look.

FXCM TradingStation

I haven't tried TradingStation, but it could be a good alternative to MT4.

It offers a user-friendly interface, advanced charting tools, and customizable layouts, providing traders with a comprehensive trading experience.

Traders get access to forex, indexes, commodities, and cryptocurrencies markets.

The last time I traded with FXCM, they combined positions by ticker, instead of keeping individual trades separate.

So be sure to double check how TradingStation handles positions, if you want your individual trades to be separated.

ProRealTime

ProRealTime is fairly new and I haven't used it.

It offers advanced charting tools, multi-asset support and backtesting and strategy development.

You can trade most major markets with ProRealTime, making it a solid option, if you want to expand beyond Forex. 

Like with any other platform, take it for a test drive before you commit to it.

Summary Comparison of Trading Platforms

If you want the short version, here's a quick glance at the key features of each platform.

What to Consider When Choosing a MT4 Alternative

The best alternative platform for you will depend on how you trade and what you currently use MT4…for.

Also look for features that you would like to have, that MT4 currently doesn't provide.

Here are some areas to consider when choosing a platform to switch to.

Platform Accessibility and User Experience

Back in the day, all trading platforms were on Windows only.

Now there are many great platforms that have web, Mac and mobile options.

So before you start using a platform with real money, be sure to test drive the software first.

See how it compares to MT4 and what the user experience is like across the devices you use.

ECN vs Dealing Desk

A platform that gives you access to ECN trading is a huge benefit because you get tighter spreads.

Dealing desk brokers take the other side of your trade, which can lead to slightly better liquidity, but you'll pay extra for this service.

It's also harder to make a profit when you have to pay a bigger spread.

MT4 supports ECN brokers, but so do other platforms.

Support

A very important thing to look at when choosing a trading platform is the level of support the company/broker provides. 

Before you decide to leave MT4 good, be sure to test out the support of the new platform.

This can be done by opening a small account and contacting their support team several times to see how responsive they are.

You don't want to get stuck with slow support when your money is on the line.

Technical Indicators and Tools

You can harness the power of technical indicators, trading strategies and charting tools to analyze markets and trade.

Platforms offer a variety of indicators like moving averages, RSI, and MACD, along with charting capabilities that allow you to view historical data in an understandable manner.

Before you start using a platform full-time, make sure that it has the indicators and tools that you need.

Some platforms have an integrated community that you can get ideas and tools from.

Leveraging Community Knowledge and Social Trading

Speaking of which…

Social trading platforms provide access to a community of traders from which you can glean market insights and access indicators and strategies.

Platforms with social trading features encourage you to learn from community-shared studies and tap into user ideas for a better understanding of market sentiment.

But beware, most traders don't know as much as the claim.

Be sure to do your research and find out which traders are legit and which ones are just making stuff up.

Always backtest any trading strategy or idea before risking real money.

Advancements in Automated and Algorithmic Trading

Algorithmic trading can help you execute complex strategies with speed and precision.

If you're into automated trading look for platforms with strong trade automation tools, and consider backtesting your algorithms to validate their effectiveness before your funds are on the line.

Consider how easy it is to automate your strategies and if you have to learn a programming language or you can use a “no-code” interface.

Educational Content and Research for Traders

Many platforms tout their education and research offerings as big benefits.

In reality, I've found that they are usually NOT helpful.

A few Google searches and your own research are worth much more than anything a trading platform or broker can provide in the areas of education and research.

So stick with evaluating the platform on its execution, features and reliability…not its education and research.

Broker and Platform Reviews and Ratings

Making the right choice in trading platforms involves considering broker and platform ratings and user reviews.

A platform with high ratings usually indicates a reliable service.

Be sure to disregard user reviews that blame a broker/platform for losses, when it was actually the fault of the trader. 

Many losing traders want to blame anything or anyone else for their losses and not take responsibility for their trading.

However, reviews that talk about execution speed, uptime, support and ease of use are extremely valuable. 

Frequently Asked Questions

Here are some common queries about other trading platforms that could serve as replacements for MetaTrader 4.

What are some popular free alternatives to MetaTrader 4 for trading?

Platforms like cTrader are usually provided for free by brokers. So are proprietary trading platforms like Oanda's fxTrade, built by the brokers themselves.

Another option is MT5, which is very similar to MT4, while providing some welcomed upgrades.

How do newer trading platforms compare to the functionalities of MetaTrader 4?

There are many advantages of newer platforms over MT4.

Many newer trading platforms prioritize user experience with modern and intuitive interfaces, making it easier for traders to navigate the platform, execute trades, and access advanced features without extensive training or experience.

Newer platforms typically offer more advanced charting tools and features compared to MT4, including a wider range of technical indicators, drawing tools, and customization options. These advanced charting capabilities allow traders to conduct more in-depth analysis and utilize the latest innovations.

While MT4 primarily focuses on Forex trading, newer platforms often support a broader range of asset classes, including stocks, commodities, cryptocurrencies, and indices. This multi-asset support provides traders with more opportunities to diversify their portfolios and capitalize on market movements across different markets.

Alternative platforms can offer a wider variety of order types beyond the basic market and pending orders supported by MT4. These may include advanced order types such as bracket orders, OCO (one-cancels-the-other) orders, trailing stops, and more sophisticated order management features, providing traders with greater flexibility and control over their trades.

Some platforms come with built-in support for automated trading and strategy development, allowing traders to create, backtest, and deploy custom trading algorithms without needing to rely on third-party tools or programming languages.

Many newer platforms are cloud-based, enabling traders to access their accounts, trade, and manage their positions from any internet-connected device, including desktop computers, laptops, tablets, and smartphones. This flexibility enhances convenience and allows traders to stay connected to the markets, wherever they are.

Are there any other platforms recommended for Forex trading that support automated strategies like MetaTrader 4?

Yes, TradingView, MetaTrader 5, MultiCharts, and others, all provide automated strategy options.

The key differentiating factor will be if you need to learn a programming language or not.

MT4 requires knowledge of the the MQL4 programming language, while some alternatives have “no-code”drag and drop interfaces.

There are also platforms that offer pseudocode options, which are less complex than traditional programming languages.

Final Thoughts on MT4 Alternatives

MetaTrader has been a solid Forex trading platform for many years, but it's showing its age.

It's still one of the most used platforms out there, but the alternatives above have surpassed MT4 in features and ease of use.

So if you're looking to switch from MT4, take a look around and see what's out there.

Sign up for free demo accounts and try out the alternatives before you go all in.

But who knows, you might just end up back with MT4. If that happens, learn more about how to use MT4 by reading our tutorials.

Disclaimer: Some links on this page are affiliate links. We do make a commission if you purchase through these links, but it does not cost you anything extra and we only promote products and services that we wholeheartedly believe in.

The post 10 Best MetaTrader 4 Alternatives appeared first on Trading Heroes.

It can be frustrating to run a backtest in MetaTrader 4 Strategy Tester and have it stop immediately with no trades.

This has happened to me many times and I had to figure out what was going wrong. So in this tutorial, I'll show you why this happens and what you can do to troubleshoot each cause.

MetaTrader 4 Strategy Tester will not show any trades for one of the following reasons:

1. The settings are incorrect
2. It's not a good market to use that EA with
3. There were no valid setups
4. The coding logic is faulty
5. The strategy doesn't work on the timeframe you're backtesting on
6. The EA isn't fully automated or doesn't execute trades
7. The EA is made for MT5

Now I'll get into the details of each scenario and what you can possibly do to fix each problem.

If that doesn't work, then I'll give you one final thing that you can do that is guaranteed to give you an answer to your issue.

How to Properly Setup an Automated Backtest in MT4

First, be sure that you're following the correct procedure for setting up a backtest in MT4 Strategy Tester.

The EA has to be in your MT4 experts folder so the platform can use it in a backtest. Once the file is in there, restart MT4 so Strategy Tester has access to it.

If you want to get a complete tutorial on how to run your first backtest in the MT4 Strategy Tester, read this tutorial.

This tutorial is about how to troubleshoot issues. So after you know how to set things up, come back here if you're running into any roadblocks.

Alright, let's get into it…

The Settings are Wrong

The most common reason why a backtest doesn't work is because the settings in the EA are not set correctly.

Many times, this is an oversight of the developer. If a developer doesn't put in the best EA settings as the default, then this can lead to a lot of confusion.

So double check with the developer what the best settings for the EA are.

They will usually be available on the website where you downloaded the EA.

Then click the Expert Properties button in the Strategy Tester to change the settings of the EAs.

Backtesting in the Wrong Market

Not all trading strategies will work in all markets.

In fact, there's a good chance that a strategy won't work in multiple markets.

Some strategies only work in stocks. Others will only work on crypto.

So you have to understand which market the strategy was designed for and only use it in that market.

For example, this trading strategy only works with one Forex pair. If you use it with other pairs, you'll lose money.

Many people who are new to trading are under the impression that a trading strategy should work well in all markets.

Trading doesn't work like that.

Thinking that a strategy will work in all markets is like saying that since a V8 engine works well in a Ford F150 truck, it should work well on a Ducati Superleggera motorcycle too.

Now, you can (and probably should) test the strategy in multiple markets.

You never know, it might work.

But don't be surprised if it doesn't.

No Valid Trade Setups

Everything could be setup properly in the EA, but maybe there are just no trades.

This doesn't happen often, but it can.

It's more likely that the logic or settings of the EA are not correct.

But if you don't get any trades, try running a backtest on another Forex pair, or on another timeframe.

If you get trades on another pair or timeframe, then it could be that there were simply no trades.

Also check to see if you have downloaded all of the available historical data for that market.

You might only have a few months of data and that's why your test is ending so quickly.

The Logic of the EA is Broken

In some cases, the coding of the EA simply doesn't work.

The developer may have missed an important piece of code or they didn't test the EA properly.

This happens a lot with EAs in the MT4 Code Base. Many of them are half-baked.

So if you aren't getting any trades when you run a Strategy Tester backtest, then see if you can find out how the EA works and why it might not be executing trades.

Many times automated backtesting makes it hard to see what is going wrong. That's why in most cases, I highly recommend starting with manual or partially automated backtesting first.

Then when you find something that works, you can turn that into a fully automated system.

If you want to get into manual or partially automated backtesting, I recommend using NakedMarkets.

Backtesting on the Wrong Timeframe

Some trading strategies won't work on higher or lower timeframes because of how they are built.

For example, let's say that you created a trading strategy that only enters trades on the open of the London Session.

If you try to use that strategy on the daily chart, it probably won't execute trades because the daily candles don't close at the right time of day.

On the other end of the spectrum, if you use a daily chart trading strategy on the 1-hour chart, it may trade too frequently and the spread will probably take a large chunk out of your profits.

So make sure that you know how your EA works and if it's meant to be used on a specific chart timeframe.

The EA Isn't Fully Automated or Doesn't Execute Trades

There are some EAs that only handle entries or only handle exits.

The don't do both.

Other EAs only provide information, they don't execute any trades.

I've also seen EAs that require input from the user during the backtesting process.

I actually prefer EAs that aren't fully automated. In my opinion, it's best if an EA handles the entry or exit, but not both.

You can find our MT4 trade management and informational EAs here.

So be sure that the EA you want to backtest is actually built to execute trades.

Some are not.

The EA is Made for MT5

Finally, if you're trying to use a MT5 EA in MT4, it won't work.

MT5 uses a totally different programming language.

I know how it is though. It's easy to download a bunch of EAs from the internet and forget which platform they are for.

In order to figure out which EAs work with MT4, look at the file type. MT4 files will end with .mq4 or .ex4.

If your file has .mq5 or .ex5 at the end, it's for MT5 and won't work in MT4.

The Best Solution for No Trades in MT4 Strategy Tester

If none of the solutions above work for you, then the best thing to do in ALL situations is to contact the developer of the Expert Adviser (EA).

They will usually know why you are not getting trades and can help you understand their EA better.

I gave you a few ideas on why a strategy may not be working, but the reality is that I don't know how every single EA works.

The only person who knows that is the developer.

So again, if you're still having problems after trying all of the above, then contact the creator of the EA.

Conclusion

So those are some reasons why your MetaTrader 4 Strategy Tester backtest may not be showing any trades.

It can be very frustrating to run a test and have it stop immediately.

But now that you know why this happens and what to do, you'll never get stuck again.

Get more MT4 tutorials here.

The post Why MT4 Strategy Tester Shows Zero Trades (and how to fix it) appeared first on Trading Heroes.

But as time went by, competitors started to pop up, and TradingView is one of them.

Is TradingView better than MT4?

Well, that just depends on what you need.

This article will give you all the facts so you can figure out which one is best for you.

TradingView Overview

What TradingView is famous for is finally creating web charts that work exceptionally well. 

Previous versions of online charts were clunky and would often crash.

TradingView charts are smooth and have tons of features, just as many, if not more than traditional downloadable platforms.

It is a trading and charting platform that will run on most browsers and mobile devices.

This means that Mac and Linux users can also use the full version of TradingView.

Since the majority of functions run on the TradingView servers, there is nothing for traders to download.

Everything is stored on TradingView's servers and accessible through most browsers on most desktops or laptops.

The biggest benefit of this infrastructure is that you can save alerts on the TradingView servers and your computer does not have to stay online for you to receive them.

Another big breakthrough with TradingView is that you can run a very similar app on desktop and mobile. Other trading platforms have very limited mobile offerings.

The only real potential downside is that it's a paid app. But I see that as a benefit because it ensures that they will have the income to continue to improve the platform.

But how does it compare to MT4?

Keep reading and I'll break it down for you…

MetaTrader 4 (MT4) Overview

MT4 is a downloadable program that you can run on desktops, in browsers and on mobile devices.

Only the desktop version is fully featured however, and the mobile and browser versions are only capable of doing very basic functions.

There are ways to install MT4 on Mac or Linux, but they are not always reliable. I've found that custom indicators and EAs might not work perfectly with these installations, so it's best to stick with Windows.

In my experience, the biggest headache with MT4 happens when you want to use multiple computers and keep your settings between the computers.

This method can help a little, but it's not ideal. You will get the best results if you run MetaTrader on just one primary desktop or laptop.

MT4 Web runs on almost any browser, but again you cannot install custom indicators or EAs.

Therefore, the web version is only good for managing trades, or if you don't need custom EAs or indicators.

The mobile app version of MT4 is primarily for managing trades on the go and receiving alerts from the desktop version of MT4. Custom indicators and EAs also cannot be installed on this platform.

When it comes to automated trading programs or “bots,” MetaTrader has long been the gold standard, with a fantastic combination of a powerful programming language and a large codebase of examples to help beginners get started. 

You can create almost any automated trading program that can be programmed into a computer with the MT4 programming language MQL4.

So if you want to get into automated trading, MT4 or MT5 is the best place to start. A good place to begin learning is this course.

Now let's get into more details on the features in each platform so you can understand which one would be the best one for you.

Summary Comparison

Here's a side-by-side comparison of the important features of each software.

TradingView vs MT4: How to Choose the Best One For You

The best platform for you is going to depend mainly on which features you need and how much money you want to spend.

If you're concerned about price, then MT4 is the way to go. You can start with MT4 for free and you can upgrade to TradingView later, after you become consistently profitable.

On the other hand, if money is not a concern, then I would suggest going with TradingView.

It's a lot more convenient because everything is hosted in the cloud, so you don't have to worry about your computer crashing, or not being able to use multiple computers.

MT4 is the best choice for automated traders.

The MQL4 programming language is more proven and can do pretty much any complex function you can think of. There is also a very large selection of example code available.

Pine Script in TradingView is still developing and is not reliable enough to use with real money.

For automated backtesting, MT4 wins, hands down. It has more historical data available and the programming language can do more things.

If you're doing manual backtesting, then these are not good options. I would recommend using this instead.

In terms of ease of use, MT4 is not bad, but TradingView is significantly easier to use.

MetaTrader hasn't changed much since I first started using it and it's starting to show its age.

So take inventory of what you are looking for in a trading/charting platform and get started!

Frequently Asked Questions

If you're still having trouble deciding which platform is better, here's a list of FAQs that can help you figure it out.

Can I Add Custom Alerts to MT4 Mobile or Web?

No, MT4 web and mobile are only for simple functions like using built-in indicators and placing trades.

You cannot add custom EAs and indicators to these versions.

Which Platform is Better For Getting Alerts?

TradingView is much better because you can add alerts to almost any indicator and your computer does not have to be on for you to get alerts on your mobile device.

With MetaTrader 4, your computer has to be on, or you have to pay for a Virtual Private Server (VPS). In addition, not all indicators have alert capabilities and you usually have to get an alert indicator custom programmed because it's not available out of the box.

Is TradingView or MT4 Better For Automated Trading?

As this is being written, MT4 is a better platform for automated trading. The reason is that MQL4 is a more mature programming language and can do complex functions.

However, Pine Script inside TradingView is constantly being improved and I'm very confident that at some point, it will be just as good, if not better than MQL4.

Conclusion

That's everything you need to know about TradingView vs MT4 and how to choose the best one for you.

Even though both of them are trading and charting platforms, what they offer is actually quite a bit different.

The best way to choose the one you want to use is to try them out. 

Download MT4 from your favorite broker and setup a demo account.

Then sign up for a free TradingView trial and sign up for a paper trading account.

Place a few demo trades and see which one you like better.

Disclaimer: Some links on this page are affiliate links. We do make a commission if you purchase through these links, but it does not cost you anything extra and we only promote products and services that we wholeheartedly believe in. TradingHeroes.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.

The post TradingView vs MT4: The Ultimate Comparison appeared first on Trading Heroes.

So if you want to change your default chart template to something that's more usable, then the free download below will help.

They will save you a ton of time because you won't have to redo your charts every time you open a new chart, or work with a new installation of MetaTrader. 

I'll also give you instructions on how to install and use them.

What You'll Get

The templates below are perfect for price action traders because they have no indicators and are easy to read.

Even if you aren't a pure price action trader, these templates are a great starting point for any template you want to create because they are a blank slate.

They are totally free and can only be used on the desktop versions of MT4 and MT5. The mobile apps do not allow custom templates.

In order to use the templates, unzip the file download below and you'll get both the dark and light themes for MT4 and MT5.

If you don't know how to unzip a file, look for a YouTube tutorial on how to do it. There are many out there.

Light Blank Chart Template

This is what the light chart template looks like. It features a clean white background with dark gray candles.

The light theme is good for screenshots because the elements on the chart are easier to see.

Dark Blank Chart Template

The dark chart template has a black background and causes less eye strain. I prefer this template for everyday trading.

How to Install These Templates

Click here to download the templates

These templates work in both MT4 and MT5.

To see more plugins for MT4 and MT5, go here.

The downloaded file is in .ZIP format. To unzip it, right click on the file and select Extract All.

Once you have unzipped the download folder, you'll see 3 files:

• Dark.tpl
• Light.tpl
• Instructions.txt

Now add the Dark.tpl file and the Light.tpl file to MetaTrader. The process is the same in both platforms, so I'll only show you how to do it MT4.

Right-click on any chart and select: Template > Load Template…

The next screen will allow you to upload the .TPL files that you just downloaded. Select the file you want to upload first.

Once the template is loaded on the chart, it is not saved yet. So right-click on the chart again and go to: Template > Save Template…

Then give the template a name.

Any name.

If you want to load the second template, then do the same process a second time.

How to Set a Template as the Default Chart Template

If you want to setup one of these chart templates so they are the default template that's used every time you open a new chart, then here's how to do that.

When you go through the process above, name the file “Default.tpl“.

That will tell MetaTrader to use that template as the default whenever a new chart is opened.

Only one template can be designated as the default template, so choose either the dark or light theme.

How to Create Your Own Chart Template

If the templates above aren't quite what you were looking for, then here's how to create a custom chart template in MT4. The process is similar in MT5.

Final Thoughts

So that's all you need to do to create a clean chart template that is easy on the eyes, and reusable.

If you don't have the right templates, you can waste a lot of time changing your charts.

Using templates will save you a lot of time and make trading more enjoyable.

The post Free Blank Chart Templates for MT4 and MT5 appeared first on Trading Heroes.

The default alert sounds in MetaTrader 4 and 5 aren't the most pleasant sounds I've ever heard. If you agree with me, then here's how to change the sounds, or even mute them.

In both MetaTrader 4 and 5, traders can change the default alert sounds to an existing sound, a custom sound file, or silence all/some of the alert sounds. 

Here's the step-by-step process of how to do that in each individual platform. I'll also give you some resources on where to get custom sound files, or make your own.

Changing the alert sounds in MetaTrader can make your trading a more pleasant experience. 

Change or Mute the Default Sounds in MetaTrader 4

Change to an Existing Sound

To change the sound for a particular alert, go to: Tools > Options > Events.

Make sure that the Enable box is checked.

Double-click the dropdown next to each Event to each to change the Action, or the sound that's played for each event.

Click the OK button after you've selected the sound you want.

MetaTrader 4 does not allow you to actually test out the sounds, so if you want to listen to all of the sounds, read through the next section to find out where these sound files are stored.

Open that folder in File Manager and play each sound with your default audio playback program (Windows Media, Quicktime, VLC, etc.).

Add a Custom Sound

To add your own custom sound, go to: Tools > Options > Events.

Then double click the Action next to any Event.

Select: Choose other…

This will show you the list of sounds that are built into MetaTrader.

More importantly, this will show you where these files are stored on your computer.

Open File Manager and head over to this folder. Then drop any .WAV file that you want to use for alerts in this folder.

Restart MetaTrader 4 and the new sound will now be available for use.

Follow the instructions in the previous section to change any of your alerts to your new custom sound.

To learn where to get custom sounds, skip down to the Where to Get Custom Sounds section below.

Mute Sounds

If you want to turn off all sounds, then simply uncheck the Enable box in the Tools > Options > Events tab.

To only turn off specific sounds, double-click the bell next to the Event. When there is a red X, that means that sound is silenced.

Double-click the bell again to remove the X.

Click the OK button when you're done.

Change or Mute the Default Sounds in MetaTrader 5

The process is very similar in MT5, but there are small differences in layout.

So if you know how to do these things in MT4, then it will be easy in MT5. But just to be thorough, here's how to do it in MT5.

Change to an Existing Sound

To change an alert to an existing sound, go to: Tools > Options > Events. 

Then double click the Action (sound) next to the Event you want to change the sound for. Select the new sound that you want to use from the list.

Click OK when  you're done.

Add a Custom Sound

To add your own custom sound, go to: Tools > Options > Events. 

Then double click any Action and select Choose other… from the dropdown menu.

This will show you where all of the sounds are stored.

Open this folder in File Manager and drop your new custom .WAV sound file into this folder, then restart MT5. Your new custom sound is now ready to use.

Use the process in the previous section to select your custom sound file.

To learn where to get custom sounds, skip down to the Where to Get Custom Sounds section below.

Mute Sounds

This process is similar to MT4.

If you want to turn off all sounds, then simply uncheck the Enable box in the Tools > Options > Events tab.

To only mute certain alerts, click the bell next to the Event you want to turn off. The bell will turn into a cancel symbol.

Click the cancel symbol again to turn the alert back on.

Hit the OK button when you're done.

Where to Get Custom Sounds

There are many ways to get custom sound files, you can purchase them, download them for free, or create your own.

When adding custom sounds, be sure that they are short, just 1 to 3 seconds.

If your alert sounds are too long, they might overlap with other alerts and you might miss the second alert.

To edit a sound file, use the software recommended below.

Download Free Sounds

There are sites where you can download free sound effects that other people have made.

One good site is Pixabay. They have over 90,000 royalty-free sounds that you can download and use in MetaTrader.

YouTube also provides a limited number of sound effects for free.

You might have to shorten some of these sounds, but it's easy to do. The next section will show you the free software that will help you do it.

Create Your Own Sounds

Now if you want to get a little fancier, you can make your own alert sounds.

For starters, you can simply use the voice recorder on your phone to record any sound you want.

The quality won't be spectacular, but it's easy and it works.

Most voice recorders will record in .WAV format, so you just transfer that to your computer and install it as mentioned above.

If you want to get a little more professional, you can use audio recording software.

A great free software is Audacity, but there are several paid and free ones out there.

Simply record audio from your computer or a microphone and save it in .WAV format. You could record short sound bites from YouTube videos or any other online source.

This software can also be used to edit existing sound files. 

Add your recorded file to MetaTrader and you have your own fully customized alert sound. You can do this for phone ringtones too.

Purchase Sounds

If you really want to, you can purchase sound effects and use them in MetaTrader.

I don't really recommend it because there are so many great free options out there.

But if you want the best quality sound files, consider sites like Audiojungle or Pro Sound Effects.

Conclusion

That is everything you need to know about changing the alert sounds on both MetaTrader platforms.

I used to work with a trader who used a submarine alert sound on his computer. It was a little annoying, but it did get everyone's attention.

Regardless if you want to have a loud, attention-grabbing alert…or something more Zen, the processes above allow you to decide what you want to hear.

Have fun using your own custom sounds!

The post How to Change or Mute the Default Sounds in MT4 and MT5 appeared first on Trading Heroes.

In other words, it's just a piece of software. Your broker is the one who actually holds your money, not MetaTrader. When you trade, your broker gives you access to the money in their brokerage account via MT4.

In order to withdraw money from MT4, go to your broker's website and login with your username and password. Once you are logged in, there will be a page that will allow you to request a withdrawal to your bank or other funding source. 

But it's not always that simple. The instructions above assume that you have a legitimate broker, like the ones I mention here.

However, there are many shady “brokers” out there. So some beginners want help if they are having difficulty withdrawing money.

I'll cover both scenarios in this tutorial.

How to Withdraw Money from MetaTrader 4

Let's start with the scenario that most traders will encounter.

You have a legit broker, you made some money trading, and now you want to withdraw some of it.

Here's how to do it: 

1. Go to the broker's website and login with your username and password.
2. There will be a page where you can request a withdrawal.
3. Fill out the form and tell them how much money you want to withdraw.
4. The money will be sent to the account you select. This will usually be the account that you sent the money from, such as a bank account or credit card.
5. Your money will arrive in your account in a few days.

You don't request the withdrawal from MT4. Like I mentioned in the beginning, MT4 is just a trading platform.

The withdrawal is handled by your broker. 

If you have any questions, contact your broker's support staff and they can help you. 

Here's an example of the options that Oanda allows customers to withdraw to.

What to do When You Have Difficulties Withdrawing Your Money

If you're having problems withdrawing money from a broker, stop right there.

Do NOT send them any more money until you have a successful withdrawal.

Even if you are able to withdraw your money, you might want to reconsider trading with that broker in the future.

There are 2 possibilities as to why you're having trouble withdrawing your money.

1. Your broker is legit, but they are having technical difficulties or they are just incompetent
2. The person you're dealing with is not really a broker and it's a scam

If it's a case of scenario #1, then you'll probably be able to get your money out at some point. You just have to hassle them enough and you'll get your money out eventually.

Withdraw all your money and look for another broker.

Now if you're dealing with scenario #2, then unfortunately, it's very unlikely that you'll get your money back.

What a Broker Scam Looks Like

Broker scams come in different flavors.

There's no way to know all of them, but these are the ones I've heard of.

Most scams will be variations or combinations of these themes.

All of these scenarios usually have one thing in common. The scammer will message you on a social media platform.

Usually this is a random stranger and they will chat you up and try to earn your trust.

So beware of friendly strangers, even if they don't start talking trading.

The Dating Scenario

This one is really heartbreaking, but it happens.

I heard a first hand account of a woman who lost over $700,000 in a dating scam.

A guy contacted her via a dating site, then proceeded to gain her trust over several months. He never mentioned trading during this time.

But once he had her trust, he encouraged her to start trading with a particular exchange.

She deposited her life savings and the broker disappeared.

The Tax Payment Scenario

Another common request is for you to send additional money to prepay your “tax” on the profits you made in your trading account.

Taxes are usually paid at the end of the year, not on the withdrawal.

If you have any doubts, consult an accountant who works with traders.

When shady brokers request significantly more money to withdraw your money, they are trying to get one last payday.

They are going to keep all of your money anyway, so hang on to what you still have.

The Withdrawal Fee Scenario

A legit broker can charge you a small fee to withdraw your money.

This is normal.

But if they are charging you more than 2%, then you have to stop and check things out.

I've heard of stories of some scams charging 25% or more for a withdrawal.

That's not normal.

The Profit Without Trading Scenario

This one boggles my mind.

Some people send random people on social media money to trade for them.

If that's not bad enough, then they also believe that these random “traders” turned their $5,000 into $100,000, without any losing trades.

At that point, they usually ask the investor for another deposit to make even more money.

Don't let your greed get the better of you.

Always research someone first.

The Small Withdrawal Scenario

Now even if you are able to withdraw some money from your account, that does not always mean that you're in the clear.

Some scammers will allow you to withdraw a small amount of money, to gain your trust.

Then they will encourage you to deposit more because there will be a “big opportunity” coming soon.

A legitimate broker will never encourage you to deposit more money.

The might offer incentives, but they won't make trading recommendations.

Final Thoughts

So those are the answers to both reasons why a beginner will ask how to withdraw money from MT4.

If you do your research and check out a broker before you send them money, the withdrawal process should be easy.

But if you jump in without doing any research, then you could be in for an unpleasant (and expensive) surprise.

The post How to Withdraw Money From MT4 appeared first on Trading Heroes.

Installing an EA is easy, here are the steps:

1. Download the custom EA
2. Open MT4 and go to File > Open Data Folder in the menu
3. Navigate to MQL4 > Experts
4. Drag the EA into the Experts folder
5. Restart MT4 and drag the EA onto the chart

If you want more details, the tutorial below will give you step-by-step instructions on how to install your first EA.

It only takes a couple of minutes, once you know what you're doing.

The Installation Process

Installing an EA can be a little confusing, if you've never done it before.

These simple steps will have you up and running with your new EA in just a couple of minutes.

Remember that EAs cannot be installed on the web or mobile versions of MT4. They only work on the desktop version.  

Step 1: Download the Custom EA

First download the custom EA from your provider. It doesn't matter where you get the EA from, as long as you trust the source.

You can download an EA from the MT4 Codebase or from our Store.

If the EA is in .ZIP format, then double click the file to extract it. From there, you should get a .EX4 or .MQ4 file.

Either file format will work.

Step 2: Open the MT4 Data Folder

Once you have the EA downloaded, it's time to add it to MT4.

Open MetaTrader, then go to File > Open Data Folder at the top of the screen.

This will open the data folder where all of the data for your user profile is stored.

Step 3: Copy the EA Into the Data Folder

Double-click the MQL4 folder, then double-click the Experts folder.

Then drag and drop the EA into the Experts folder.

Your EA is now installed.

Step 4: Restart MT4

In order for the EA to be available, you have to restart MT4.

Once you restart MetaTrader, make sure the Navigator window is open. You can access the Navigator window by doing one of the following:

• Press Control + N on your keyboard
• Click the Navigator button on the toolbar
• Go to View > Navigator in the menu

The expand the Experts folder to see your EA.

Step 5: Activate the EA on a Chart

Now be sure that the AutoTrading button is selected. If the button is green EAs are activated. If the button is red, EAs will not work.

Drag the EA from the Navigator window into your chart window. You should see the name of the EA in the upper right corner with a happy face next to it. This shows that the EA is active.

If there is a sad face next to the indicator name, that means you have to activate AutoTrading by clicking the button in the toolbar.

Common Mistakes When Installing an EA

There are 2 common mistakes that people make when installing an EA.

First, some people double click the EA and expect it to install by itself. An EA has to be installed manually and does not include an auto installer. 

EAs come in either .EX4 or .MQ4 formats. If you want to edit an EA, then you need the .MQ4 file. This is the source file that humans can read and edit.

Once the .MQ4 file is compiled, it's turned into a .EX4 file, which MetaTrader 4 can use. You cannot edit an EA in .EX4 format.

Second, some traders try to use Windows File Explorer to navigate to the MT4 folder and install the EA. MetaTrader used to work like that, but they now use profile folders that are hidden deep in the Windows file system. 

So you need to use the File > Open Data Folder menu item to access the Experts folder that you're currently using with your user profile in Windows.

Final Thoughts

EAs are fantastic tools for automating part or all of your trading system. You don't have to run a completely automated robot. Incremental Automation helps you automate your entry, exit or trailing stop loss.

So consider using an EA, even if you don't want to be 100% automated trader. If you don't know how to code, here are tips on finding a programmer.

You can see our available EAs and other MetaTrader plugins here.

The post How to Install an EA in MT4 appeared first on Trading Heroes.

Therefore, I've experimented with many different ways to run Windows on a Mac and I'm going to share the best method with you here.

The best way to run Windows on a Mac is to purchase a dedicated mini Windows PC or tablet, then use Remote Desktop on a Mac to access the Windows PC. This method completely eliminates compatibility issues and doubles your processing power. 

But there are a lot of questions that come up when it comes to setting this up.

So in this tutorial, I'll give you the simple 2-step process to setting up your own dedicated Windows trading computer.

Step 1: Purchase and Set Up a Dedicated Windows PC

The first step is to purchase a small Windows PC. Just purchase something that you can afford and has the most recent version of Windows.

You don't need to have the most powerful computer in the world.

Any computer built in the last 3 years will work great.

The only time that you would need a top of the line computer is if you're going to run complex automated trading algorithms.

If you want more details on the specs to look for in a new trading computer, read this tutorial.

But if you simply want to run MetaTrader or Forex Tester, then any decent desktop computer will do. You can get a good used one for around $100 to $200.

If cost isn't an issue for you, then buy the best you can find.

The minimalist in me prefers to have a computer that takes up as little space as possible, so I can tuck it away in a corner somewhere or hide it behind my monitor.

These small computers also use less electricity than full-sized computers.

I would suggest getting either a small form factor (SFF) computer or a tablet that runs desktop Windows.

SFF Computers

A SFF computer usually measures about 9 inches squared and 2 inches high.

The best part about these computers is that they have a lot of processing power, especially if you buy a computer that was made within the last 3 years.

So you'll never have to worry about the speed of the computer because most trading programs are pretty lightweight and don't require a powerful processor. Just make sure that you have at least 8GB of memory.

You can also purchase older computers that can work just as well for your needs.

I would currently suggest looking at 2 lines of computers:

• HP Elitedesk / Prodesk
•  Lenovo ThinkCentre

The best SFF Windows computers will change over time, so do your own research and find something that fits your budget and needs.

You can find good deals on eBay, so keep an eye on the listings there.

If this isn't going to be your primary computer, a used computer will do a fantastic job, without having to pay full price.

Tablet Computers

Another great option is to use a tablet that runs a desktop version of Windows.

Tablets use very little electricity, they have battery backup in case the power goes out and don't take up a lot of space.

On the downside, they can be a little underpowered and generally don't have the same storage capacity as SFF computers.

You may have to upgrade the memory and disk space.

Overall, I would recommend getting a Dell tablet. I have a Dell Venue 11 Pro and it's good enough to run any Windows-based trading programs that I want to use.

However, I did have to upgrade the disk to a 512GB SSD because the original drive was tiny.

But again, do your own research and find something that works for you. Remember to get a tablet that runs the desktop version of Windows.

Install Your Trading Software and Set Up Remote Desktop

After you've purchased your Windows-based trading computer, install the trading software that you want to use.

Then you need to setup Remote Desktop, so you can control the PC from your Mac.

Go to: Start > Settings > System > Remote Desktop 

Turn Enable Remote Desktop to On.

Once Remote Desktop is turned on, there's one more step. You'll need to find out the IP address of the PC, so you can connect to it from your Mac.

First, make sure that you're on the same network as your Mac. This could be your wireless router at home, or your router at work.

Just be sure that both your PC and your Mac are connected to the same internet connection.

Then go to: Start > Settings > Network & Internet > Properties 

Scroll down to the bottom of the page and get the IPv4 address. Write it down because you'll need it in the next step.

It should look something like: 192.168.0.101.

Step 2: Install and Configure Remote Desktop on Your Mac

Remote Desktop can be downloaded for free from the Mac App Store. Once it's installed, click on the “+” symbol, then “Add PC.”

From there, you'll see this screen.

Enter the following information:

• PC name: Enter the IP address from step 1
• User account: Add user account (the login to the Windows computer)
• Friendly name: Give it a name that will help you identify the PC
• Group: Usually “WORKGROUP” for most Windows setups

After you've added the PC information, double click the new icon in your Remote Desktop window and a window will open with your Windows PC in it.

Now you're using your Windows PC on your Mac. 

Final Tips

The best thing about this method is that you can have 2 processors running at the same time. So you won't slow down your Mac, while you're using your Windows programs.

You can also use Windows only when you need it. Windows 10 still has many of the same problems that it had back in Windows XP, so I use it as little as possible.

However, using a Windows PC ensures that you have maximum compatibility with Windows-based programs.

Another benefit is you only have to open your Mac, while you keep your Windows PC tucked away in a corner of your house somewhere.

Sure, there are Windows emulators for Mac like VMWare Fusion, but I've found that they don't work as well as using a separate Windows PC.

Here's what I used to recommend, but I don't anymore.

So if you want to use Windows programs on your Mac, go get yourself a PC, set it up…and leave it on a shelf somewhere.

Then you can access it only when you need it.

The post The Best Way to Run Windows on a Mac for Trading appeared first on Trading Heroes.

I'll also get into how they work behind the scenes, why I would never use them and what I would recommend using instead.

This video will show you how to do it, but if you prefer the text version, it's provided below the video.

How to Add a Custom Indicator

In this tutorial, let's take a look at the XM solution. I don't endorse them, but they are the most popular “MT4 for Mac” solution out there, so I'll use XM as the example case.

To get started, first install the XM program. Then open Finder and go to your applications.

Find the XM MT4 icon.

Right-click on the icon and select Show Package Contents.

Then navigate to: drive_c > Program Files (x86) > XM MT4 > MQL4 > Indicators

Drag your custom indicator in that folder.

By the way, the XM website has that file path wrong. So be sure to follow these instructions, not theirs. 

If you want to install an Expert Advisor (EA), drag it into the Experts folder.

After you copy your custom indicator or EA into the right folder, restart MetaTrader 4. Once you restart, your custom plugin will be available for use.

What if My Chart Settings Don't Save?

There can be an issue where your chart settings might reset after you restart MT4.

Yeah, that's pretty annoying.

One workaround is to create a chart template.

To create a template, setup a chart exactly the way you want it. Then right-click on the chart and select: Template > Save Template…

If you want this template to be the template that automatically loads when you start MT4, save it as Default, with a capital “D.”

Final Thoughts on Using “MT4 for Mac” Solutions

As I mentioned in the beginning, I do not recommend using this type of a solution to trade. The bottom line is that companies like XM use a software package called Wineskin to turn the Windows version of MT4 into a program that can be run on a Mac.

Since MT4 is not running natively on the Mac, I have seen some issues…like the charts not saving. It's much better to run something like VMWare Fusion or Parallels on a Mac, then run MT4 inside the virtual machine.

You can also use something like Bootcamp for Mac, which allows you to start your computer in macOS or Windows. Bootcamp is free with macOS, you just have purchase the Windows license.

My favorite solution however, is to buy a cheap Windows laptop or small form factor desktop and run MT4 there. Then you can remote into the Windows computer with Remote Desktop on your Mac and use MT4. This solves all of the compatibility issues when running MT4 on a Mac.

But if you don't want to spend a lot of money, the XM MT4 for Mac solution can be a good start. It will give you problems though.

You'll just have to decide if you're willing to put up with the issues.

The post How to Install Custom Indicators on MT4 Mac appeared first on Trading Heroes.

The great part about MetaTrader 4 is that you can create automated trading strategies called Expert Advisors (EAs) and backtest them in the built-in Strategy Tester. If a strategy works well after thorough testing, the next step is to start testing it in a demo account to see if it works in real-time market conditions.

But using the Strategy Tester can be confusing when you use it for the first time. The first time I used it, I thought it was broken

So in this video, I'll show you how to go from beginner to pro, when it comes to backtesting automated trading strategies in MetaTrader 4. Learn how to do a quick test, use the strategy optimizer and use visual mode. 

If you want to learn how to use the MT5 version of Strategy Tester, you can find that tutorial here. You can also learn more about MT4 by going through these tutorials.

The text version of the video is provided below the video.

How to Setup the MT4 Strategy Tester

Before you do anything in Strategy Tester, make sure that the EA you want to test is installed. You can do this by going to: File > Open Data Folder.

From there, open this folder: MQL4 > Experts. Then drag your EA file into that folder.

You can also check to see if the EA is already installed.

Once your EA is installed, restart MT4.

Now that your EA is installed, open MT4 and click on the Strategy Tester button. This feature is NOT available in the mobile version of MT4. 

The Strategy Tester window will appear at the bottom of your screen. You are now ready to do your first test of your EA.

How to do Your First Backtest in the Strategy Tester

Here is an explanation of the settings: 

• In the first box, select your EA from the dropdown list.
• Symbol: Select the symbol that you want to backtest on.
• Model: Use the default Every tick setting.
• Use Date: Leave this box checked and select the From and To dates that you want to use for this test.
• Visual mode: Leave this box unchecked for now. You can also ignore all of the settings immediately to the right of this box. They will be grayed out anyway.
• Period: Select the timeframe chart that you want to test from the dropdown list.
• Spread: Leave as Current.
• Expert properties button: Click on this button to change the settings of the EA.
• Symbol properties button: You won't have to use this button in this tutorial.
• Open chart: Only click this button after a test has been completed.
• Modify expert: This is only used to modify the source code of the indicator. You won't need this for your first test.
• Optimization: Uncheck this box. We will get into optimization later in this post.

Once everything is setup, then click on the Start button.

Alright, this is where things may get confusing…

When you first start the test, the green bar will move from left to right. This first pass shows that the data is being loaded.

Then the green bar will reset and start moving from left to right again. This is when it's actually testing.

You won't see anything happening on the chart. MetaTrader 4 is testing in the background. 

This is the fastest way to backtest because it doesn't have to constantly update the chart. If you want to see the results in real-time, go to the Graph tab at the bottom of the screen. That will show you the results of every trade, as it happens.

You can also look on the Report tab to see the stats on your test.

The Results tab will show you all the trades that were taken.

Once the test is completed, you can click on the Open chart button and you will see of the trades that were taken.

This chart can help you understand if your trades are being executed as you expected.

When you double click on a trade in the Results tab, and you have the chart marked with your trades open above, the chart will jump to that trade.

If you didn't get any trades and the backtest stopped immediately, then this is how to troubleshoot that issue. 

That's the fastest way to backtest your EA.

Another way to backtest is to use visual mode…

How to Use Visual Mode in Strategy Tester

Visual mode will open a chart and show you the execution of every single trade.

In order to use visual mode, simply check the Visual mode box before you click the Start button on your test.

This is what you'll see on your chart.

Once the data loads, you'll see the chart and the price will start changing. In order to speed up the process, move the slider next to the visual mode box all the way to the right.

Even at “full speed” the chart will move pretty slowly. So you might wonder what the benefit is to using this mode.

The primary benefit is seeing how your strategy executes in almost real-time.

When you look a the code or to a standard backtest, it can be difficult to see where the EA is making mistakes or how your settings are affecting the results.

But sometimes when you see trades executing as price moves, the issues become very clear.

Therefore, this method of testing is not geared for speed, but it's a way to visually spot issues or optimizations.  

MT4 Strategy Tester Optimizer

Now that you have a good feel for how the Strategy Tester works, you can start optimizing some of your parameters.

It would be great if there was some sort of fancy AI powered optimization algorithm, but unfortunately there isn't.

Strategy Tester uses a very simple iterative process of trying different EA settings and showing you the results.

But that can be a good thing. When you use an AI, you don't quite know what it's doing in the background.

With the MT4 optimization process however, you know exactly what's happening and identifying the best settings is a straightforward process.

To use the optimizer, click the Optimization box before you start the test.

The way that MT4 optimizes your EA settings is by allowing you to set a starting, ending, and step up value for each of your EA settings. For example, here are the settings that are available for the EA that I'm using in this example.

For each setting, you can set the following:

• Checkbox: The parameters that are checked are the ones that will be optimized.
• Value: The value used for normal testing.
• Start: The start value used for optimization. This value is not actually tested.
• Step: The increments that are used in each of the tests. In this example the step is set to 10, so the value for this input will increase by 10 on each successive test.
• Stop: This is the final value that will be tested during optimization.

Just to clarify how this works…

If you use a starting value of 10, a step value of 10 and stop value of 30, MetaTrader 4 will test 20 and 30 only. It will not test the starting value of 10.

Also keep in mind that the more inputs you test, the longer your optimization tests will take.

Therefore, it helps to start off by testing one input at a time and use larger step intervals. Once you get an idea of what works, you can start to fine tune the settings. 

After you get results that you like, be sure to do one last test with the normal Strategy Tester settings to make sure that all of your new settings work well together. 

Where to Get MT4 EAs

There are many places that you can get MT4 EAs.

You can start by taking a look at the MetaTrader EA repository. This will give you a good idea of what is out there.

However, you'll quickly see that there are a ton of EAs, but you don't know how most of them trade. If you don't know how they work, how will you know when they stop working?

Therefore, the best thing to do is to learn a trading strategy, test it, then create your own EA. 

Even if you don't know how to program in MT4, you can always find a programmer to create an EA for you.

I've used several programmers over the years and they were able to create exactly what I wanted.

To see the programmers I use, go here.

The Difference Between .MQ4 and .EX4 Files

You may notice that there are two different types of EA files. This section will explain the difference.

There are two different types of files because there is one file that humans can read and one file that that MetaTrader can read.

The file that human programmers can read (the .mq4 file) is not very efficient in terms of processing speed, so it's converted into a version that the computer can use efficiently (the .ex4 file).

These files are also known by the following names:

• .ex4 = compiled, program or executable file
• .mq4 = source code file

When you add a .mq4 file to MT4, it will automatically be converted to a .ex4 file, when you open MetaTrader 4. 

If you purchase an EA on the internet, it will usually come in .ex4 format. This is because the .ex4 file hides the developer's programming and doesn't allow others to copy the code and resell it.

However, if you create an EA yourself, or you work with a programmer to create an EA from scratch, the EA will be in .mq4 format.

One final note on these files…before working with a programmer, be sure that they will give you the .mq4 (source code) version. That shouldn't be a problem since you're paying them.

But double check before you start working with them.

To get help with finding a MetaTrader 4 programmer, I have created this guide and list of programmers.

…and no, you cannot use MT4 files with MT5, and vice versa. This is a common question.

A Final Word of Caution

Finding an EA that will make you money while you sleep is a sexy idea. But remember that there are no free lunches in trading.

You can still screw up an EA that has been profitable in backtesting.

Here are a couple of ways that you can do that.

First of all, you have to decide when to turn on your EA.

That may sound obvious, but when an EA hits a losing streak, it can be very tempting to turn it off to stop the bleeding.

…and when you turn it off is usually when it starts working again…or so it seems.

So remember that you have to understand the statistical characteristics of your EA, so you know when it is doing something that's out of the ordinary.

For example, if your backtesting shows that you should only have a maximum of 5 losses in a row, but your EA has currently lost 10 trades in a row, then it's probably time to turn it off and evaluate what's going on.

However, you certainly shouldn't turn it off after 6 losses in a row, no matter how mentally painful that is. Based on your stats, that's usually the time when it should start winning again.

Second, many new traders don't test their strategy enough and jump into live trading too quickly.

There are many variables that can affect the performance of an EA in live trading, so be sure to “stress test” them all before you risk real money. Test it with a wide spread, multiple pairs and use as much historical data as possible. Six months of data is not a valid test.

The more robust your testing, the more likely your EA will work in live trading.

Now get to work testing

The post How to Backtest in MT4 with EA Strategy Tester appeared first on Trading Heroes.