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Technologies Review | April 20, 2018

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The MetaTrader 4 For Beginners: How Expert Advisors Can Empower Your Trading Experience

The MetaTrader 4 For Beginners: How Expert Advisors Can Empower Your Trading Experience
James
  • On December 11, 2013

While many other trading applications may have been designed and utilised since, the MetaTrader 4 remains the most enduringly popular on the existing market. There are numerous reasons for this, although the single most important is the application’s ease of use and its capacity for allowing quick, efficient and real-time trades.

Despite this, however, it has always been necessary for users to have some understanding of the MetaTrader’s core programming language (MQL4). A proprietary scripting language, it enables traders with the required experience to develop their own expert advisors (EA’s) and customised technical indicators.

How the EA Builder Negates the Need for MQL Code

While this successfully taps in to the rising trend of algorithmic trading, however, historically it has been difficult for novice traders to optimise their use of the software. The development the EA Builder is set to changes this dramatically, however, as it enables inexperienced traders to create simple, visual representations of their trading strategies and required signals. Designed specifically for use with the MetaTrader range of applications, it combines intuitive graphics with predetermined programming and enables EA’s to be created in minutes.

The primary advantage of this is that is completely negates the need for coding or any advanced form of programming or MQL knowledge. Instead, traders are tasked with creating visual representations of their preferred indicators and signals, which are then analysed by the EA Builder’s incorporated Molanis’ MQL code generator. In minutes, this translates your graphics into viable and ready to apply expert advisors, turning a complex and time consuming process into something breathtakingly simple.

The Additional Benefits of this Software

By simplifying the process of creating and designing expert advisors, this latest software is continuing a trend that has been prevalent for more than a decade. During this time, innovators have created a host of online trading platforms and accompanying mobile applications, each of which have helped to eradicate many of the traditional barriers to the financial market. As a consequence, the concept of trading various financial products is now more accessible than it has ever been, which in turn is having a positive impact in economically uncertain times.

Additionally, having the capacity to create your own trading signals and customised indicators negates the need to hire a specialist programmer. While this has obvious benefits with regards to managing costs, it also ensures that your unique and carefully conceived trading ideas remain private and free from the clutches of rival traders. On a similar note, the EA Builder reduces the amount of time that it takes to turn an innovative concept into a functional signal or indicator, which may be crucial in time sensitive and volatile markets such as the foreign exchange.

A Note of Caution: Why Knowledge Remains Crucial in the Financial Marketplace

These benefits aside, however, it is important to sound a note of caution when considering the role of technology and expert advisors in trading. While concepts such as online and automated trading may have made it easier than ever to enter the financial market place, for example, there is still a need for traders to learn their trade and develop a core foundation of knowledge before risking their hard earned capital.

The concern is that as financial trading becomes ever more accessible and easier to execute, unprepared investors will enter the markets in the quest for a quick return. This is a flawed strategy, however, as the intricate and volatile nature of the financial market demands a willingness to learn continually. Without this, even ground-breaking innovations such as the EA Builder can do little to generate a sizeable financial return.