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An Expert Advisor (EA) is a program coded in MQL4 and called by the client terminal to be executed at every tick. The main purpose of EAs is the programmed control over trades. EAs are coded by users. There are no built-in EAs in the client terminal.

A custom indicator is a program coded in MQL4 and called by the client terminal to be executed at every tick. It is basically intended for graphical displaying of preliminarily calculated data, such as lines. Indicators cannot trade. There are two types of indicators: technical (built-in) indicators and custom indicators.

I Wish You Happy Trading

To me choosing the best out of MT4 and MT5 depends on you....

If you believe that “less is more” and you’d rather stick to the essentials of straight up forex trading, then you might be better off using the more straightforward MT4 platform. On the other hand, if you like the flashy new features and a jam-packed menu of options, MT5 might have just what you need.

And you must know that EA compatibility is a major key when comparing the 2 platforms

One very important factor to keep in mind if you’re using an EA and considering switching from one platform to another is that systems coded using MQL4 are not compatible with MQL5 or MT5. There’s just no shortcut to converting those custom indicators and functions (.ex4 and .mq4 files) so you’d have to rewrite the entire code in C++ if you want those executed on an MT5 platform!

So it all depends on what you want....

I Wish You Happy Trading....

teacherjagan wrote:

we should be very careful in using sportan bolt v6 ea the total account gets crashed within two hrs. on the whole using ea in vps is not advisable in real accounts use demo accounts and get good result and the proceed wish you happy trading

yes i agree, it can win a lot but also lose a lot
there is no strategy behind the EA (i looked at the code) for opening orders, it just opens orders hoping that the price will come back if it went in the wrong direction. Of course it works sometimes, but 1% of the time it will crash... too bad...

54

(414 replies, posted in ► Upload & Download FREE Forex Robots)

we should be very careful in using sportan bolt v6 ea the total account gets crashed within two hrs. on the whole using ea in vps is not advisable in real accounts use demo accounts and get good result and the proceed wish you happy trading

55

(6 replies, posted in ► Upload & Download FREE Forex Robots)

To avoid scams, don't pick an Expert Advisor that isn't tested by an independent website. It is best to filter offers for EAs by looking at stats on independent sites such as myfxbook or forexpeacearmy.

Robots don't perform well in all types of markets (trending, volatile, range-trading). To obtain good results, it is not enough to simply choose the best robot. You also need to understand how it works in order to change the settings according to the type of market you're interested in and your risk tolerance. If your objective is to buy a robot to let it run on its own without any supervision, you will probably lose your money after a while. The perfect robot that runs well in all types of markets does not exist!

I Wish You Happy Trading

Why Guessing Stop Losses and Take Profits is a Plan for Failure

A trading position will normally exit at one of two points. After entering the trade, either:

The price reaches the take profit (TP), and the trade finishes in profit
The price reaches the stop loss (SL), and the trade winds up with a loss
When deciding trade exits, it is sometimes tempting to make an educated guess. Some traders use technical features such as chart candles, trends, resistances and supports. Others simply choose a fixed ratio of profit target to stop loss.

While this is very common, there are several drawbacks:

It is error prone. When you guess the exit levels for a trade it is very easy to either overestimate or underestimate price movements.
It is not repeatable and that makes it very difficult to analyze or improve performance. When there is no logic or methodology behind placements of exit points, you never know if a failure was due to a miscalculated TP/SL combination or because your strategy is not working.
Traders will often move stops up or down on subsequent trades based on trial and error trying to find a “sweet spot”.
It is very difficult to automate methods that rely on gut instinct or other subjective decisions.
There is nothing wrong with using technical analysis as a guide for timing the trade entry, nor for judging how far the price might move. 
My advice you must a pre defined reasons for setting your SL and TP.

I Wish You Happy Trading

57

(2 replies, posted in ► Upload & Download FREE Forex Robots)

You can’t predict the future.
The list of unforeseen market moving catalysts is infinite and when they happen, they can rock the markets and your forex trading system.
Understand that this is part of trading and the best you can do is be prepared to limit your losses if they occur.
Be ready to have your world rocked. And we don’t mean that in the way you think it means.
Data doesn’t move the market. Humans do.
I Wish You Happy Trading

58

(5 replies, posted in Forex Tutorials.)

The following economic news releases are generally the most important for any country. Depending on the current state of the economy, the relative importance of these releases may change; therefore, they are not in order of significance here (they are actually in alphabetical order). For example, unemployment may be more important this month than inflation or interest rate decisions.

1. Business sentiment surveys
2. Consumer confidence surveys
3. Gross Domestic Product (GDP)
4. Industrial production
5. Inflation (consumer price or producer price)
6. Interest rate decision
7. Manufacturing sector surveys
8. Retail sales
9. Trade balance
10. Employment / Unemployment (Non-Farm Payrolls)

Global economic variables are the catalysts that cause all financial markets to move. 
However, it is not the actual news events themselves that we should be concerned with, instead we need to be concerned with the final result of economic news events; price movement. 
The easiest and most effective way to trade the Forex market is by learning to take advantage of simple, effective, and repetitive price action patterns that form in the markets as the end result of these global economic price catalysts.

My Conclusion:
Forex news has its place as a catalyst that causes price to move. But, if you don’t understand how to read the natural price action on a plain vanilla price chart, all the time-consuming fundamental analysis in the world will not mean a thing.

I Wish You Happy Trading

To Me Technical Indicators dont work :

Technical indicators don’t work as most traders use them: as a trigger signal.

From moving averages crossovers to RSI or stochastics, all of them were created to represent  “certain” market condition on the last n-periods, and not as a buy or sell signal.

The truth about technical indicators according to stockcharts:

They are nothing more than a “series of data points derived by applying a formula to the price data of a security” 
(or any other instrument such as currency pairs).

On other words, in order to get the indicator reading, a mathematical formula needs to be applied to the last N periods.

Right, we are talking about how the market behaved on the last N periods, not how the market will behave in the next N periods.

My Conclusion:

On both cases (and all indicator cases), the indicator is pointing up (or down) because price went up (or down) not the other way around. On other words, the indicator doesn’t make the market go up or down, it’s the market that makes the indicator point up (or down).


I Wish You Happy Trading

60

(5 replies, posted in Forex Tutorials.)

Pivot Points, one of the basic and most important technical tools and the important one, is in the was used long before the era of computerized trading. The mathematical calculation of various support and resistance levels, based on the high, the low and the closing prices of the previous period, was initially used by floor traders in order to trade efficiently.

Contrary to the popular perception, pivot points don’t only calculate various support and resistance levels, but also offer some valuable trading strategies. 

Furthermore, various types of PPs help traders in capitalizing on the movement of different currency pairs.
Moreover, using only Pivot Points for confirmation is not enough for making a wise trading decision. 
It should also be backed by other things.

I Wish You Happy Trading

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