Guide to MetaTrader 5: Everything you need to know to start using MT5 now
What Is A Trading Robot?
Automated trading, also referred to as algorithmic trading or trading robots, can take the human component, such as greed and fear, out of the process of executing a trade. By devising a sound strategy and using automated trading effectively, it is possible to follow through your trading system and not miss out on a lucrative opportunity.
How Do I Get A Trading Robot?
With Phillip Future’s MetaTrader 5 platform, you can get your very own customized trading robot, know to the platform as an “Expert Advisor” (EA). An Expert Advisor (EA) is essentially a mechanical trading system that allows you to operate in the financial markets.
What will this EA do? Based upon the instructions that you have given, it will instantaneously perform the required technical analysis of the price data. It will also control your trading activity without the need for you to intervene.
There are 3 ways you can obtain an automatic trading robot:
- Buy/Rent/Copy from the MQL Community
- Create your own trading robot with MQL5 Wizard
- Write/Modify your own program with MQL5 Editor
Buy/Rent/Copy From The MQL Community
Everything starts with the Activation in the Market. When you buy a product you do not actually get the product itself but the right to use it an unlimited number of times, but on a limited number of computers. You will not be able to download the copy of the product on another computer. If you installed the file manually, you will not open it either. Number of activations can be found on the description page of the product in the column with its specifications.
How to buy the product?
Step 1: Account in the MQL5.com
Step 2: Add money to your account in any convenient method (PayPal, Webmoney, credit card or bank transfer, etc)
Step 3: Enter your account data in the terminal
From now on you can easily and quickly buy apps. The “Buy” button is on the page with the product description at the up right corner.
The amount of money will be withdrawn from your MQL5.com-account and you will immediately get your product.
It is not only the amount paid that you risk when buying a trading robot, but also the potential losses that may arise as a result of using such trading robot to trade on the real account. For this reason, before buying and using an EA, you can and should carefully run the EA in various modes in the built-in Strategy Tester to get a complete grasp of the system. Every Expert Advisor offered on MQL5 Market has a demo version available for you to test before purchase.
Creating A Trading Robot With MQL5 Wizard
Phillip’s MetaTrader 5 Trading Platform includes the MQL5 Wizard, which is intended for a quick generation of an EA code. With the MQL5 Wizard, every trader can construct trading robots based on their preferences, even without programming experience. The only thing needed is to specify the desired parameters and select the necessary components. The wizard will do all the rest.
How to assemble a trading robot?
Every Expert Advisor contains three modules:
- Signal properties (refer to Phillip’s Guide to Signal Module)
- Money management properties (to manage your risk) and
- Trailing stop properties (to manage your profits).
Right click “Expert Advisors” on the Navigator Panel of your MT5 trading platform and click the option “Create in MetaEditor”. This would bring your to the MQL5 Wizard. Thereafter, follow the step-by-step procedures in assembling your EA. Once you are done, the wizard will bring you to the code you assembled in MetaEditor. You would then need to click on the “” to validate that your code is free of errors.
After the compilation stage, you only need to test the Expert Advisor that you have built out of blocks, and then optimise it by choosing the best parameters. After these steps, you will get a workable Expert Advisor, completely ready to trade in accordance with the selected algorithms.
With the new MQL5 Wizard, the construction of custom trading applications is now available not only to professional developers, but also to ordinary traders who do not have any programming skills. Develop your own trading applications with the desired characteristics and you will realise how quick and easy it is with the MQL5 Wizard!
Write/Modify Your Program With MQL5 Editor
It all seems good – a trading robot is created in 5 mouse clicks with the Wizard tool, you can test it in the Strategy Tester and optimise the parameters of a trading system. The issue arises when you want to create something more unique and would require the coding of conditions on the desired trading signals.
Under the MQL5 documentation’s Standard Library, this would therefore require knowledge and expertise of the five basic classes of the section Base Classes of Expert Advisors (namely, CExpertBase, CExpert, CExpertSignal, CExpertTrailing, and CExpertMoney).
The coverage of programming language and the logic of Object-oriented programming (OOP) are beyond the scope of this writeup. However, there are many available online resources and books written to facilitate the would-be expert programmer in you.
Request for MT5 demo account to start practicing!
Run Your Trading Robots & Signal Subscriptions 24/7
MetaTrader 5 Virtual Hosting service provides round-the-clock operation of the trading platform, even when your computer is turned off (specialised VPS for Forex). The virtual hosting service allows your trades to be executed at any time with minimum delay!
Renting a virtual server straight from the MetaTrader 5 platform is the optimal way to ensure uninterrupted operation of your trading robots and signal subscriptions. Essentially, it is an analogue service as is the VPS, although it is a superior and more suitable service for addressing the needs and challenges that a trader can deal with. The server can be rented directly from your MetaTrader 5 platform.
The procedure takes only a couple of mouse clicks for Experts Advisors, indicators, scripts and Signal subscriptions to be transferred to the virtual server.
Advantages of the Virtual Hosting:
- 24/7 operation of trading robots and signal subscriptions
- Minimum network latency to your broker’s trade server
- Renting a virtual server straight from MetaTrader 5 in a few clicks
- No additional settings or adjustments
- 24 hours’ free trial is provided
How To Rent A Virtual Platform?
Right click on your account in the Navigator Panel & click on “Register a Virtual Server”. This will bring up the Virtual Hosting Wizard.
A list of optimal virtual servers scanned would be presented if there is more than one server available. You should choose a server with minimal latency to your broker. Thereafter, choose the plan to suit the period of time you would like to host your program.
You will then be redirected to login to your MQL Community Account if you haven’t already done so. Once all the information is filled in, you will be redirected to specify what you will be hosting for trading on your virtual platform. To complete migration, you will need to press a separate button “” to complete the Wizard operation.
After migration the deals of the signal provider and trading robot on your local platform will stop automatically as they will be executed on the virtual machine.
MT5 offers algorithmic trading, commonly known as automated trading, through Expert Advisors (EA) or script created by third party. Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading and may under-or-over compensate for certain impacts. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Phillip Futures Pte Ltd will not be liable for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on simulation results provided for by the MT5 platform. You are reminded that if you undertake transactions effected through automated trading, you will be exposed to risks associated with how the program is designed to execute trades and that the result of any program failures may be that your order is either not executed according to your instructions or not executed at all.
The MT5’s services and software do not take into account any particular individual investment or financial needs, objectives and situation. You should not rely on the services and software as a substitute or supplement for financial advice or independent research. You should obtain advice (if required) based on your unique situation before making any investment decision or trade.
Phillip Futures provides execution only service through the platform and you acknowledge that Phillip Futures has not and will not provide investment advice to you in relation to any trading strategies you build or import into MT5, be it directly or through the use of EA or any script created by third party.
Phillip Futures does not recommend or endorse any EA or script created by third party and takes no responsibility for customers’ use of EA and the scripts. In the event of a dispute arising through the use of an EA or a script on the MT5 platform, you should raise this with the author of the EA or script created by third party.
In situations where the automation requests made by you is excessively high and/or of a malicious nature, and as such constitutes unreasonable use in Phillip Future’s sole discretion, Phillip Futures reserves the absolute right to terminate your platform access.
Phillip Futures makes no warranties regarding MT5, the services provided by MetaQuotes or any EA or script created by third party.
Phillip Futures disclaims any responsibility for, and will not be held liable for, any damages that you may suffer, including loss of funds, data or service interruptions, as a result of the use, operation, performance and/or error or malfunction of MT5 and/or any services provided by MetaQuotes or any EA or script created by third party.
This article is kindly contributed by Phillip Futures.
Phillip Futures is one of the region’s top brokerages for the trading of global futures, foreign exchange, energy, metals and commodity futures. It was established in 1983 as a member of PhillipCapital Group, and was one of the founding clearing members of Singapore Exchange Derivatives Trading. It currently holds the Capital Markets Services Licence issued by the Monetary Authority of Singapore (MAS).
Phillip Futures is also the first to launch the powerful MetaTrader 5 (MT5) platform in Singapore. MT5 offers advanced technical analysis tools and allows traders to create their own trading strategies