Questions on EA / Forex robot

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Hi,

I'm quite new to EA and bots and have been quite confused as to how they work.

What i don't seem to grasp is how does the EA/robot
automatically enter Buy and Sell signals?

For instance, say, i have a US$ 2,000 Forex trading account. The brokerage gives a 50:1 or 100:1 leverage (Note that I don't have an account with a broker yet)


So, if everything is automated, how does the robot
manage my $2,000 account and utilizes it to Buy and Sell on my behalf without me doing anything?

How does it know how much of my account to use?

Does an EA/robot automatically Buy/Sell multiple currency pairs OR do i need to have separate EA/robots each for different pairs?

Your help is much appreciated.
Thanks
-- Nick

 

You program the EA using MQL4 to do what you want in terms of strategy . . .

https://book.mql4.com//

 

nlkn5:

I'm quite new to EA and bots and have been quite confused as to how they work.

What i don't seem to grasp is how does the EA/robot
automatically enter Buy and Sell signals? It calls OrderSend() to open a new order.

For instance, say, i have a US$ 2,000 Forex trading account. The brokerage gives a 50:1 or 100:1 leverage (Note that I don't have an account with a broker yet) You can open a demo account - no cost


So, if everything is automated, how does the robot
manage my $2,000 account and utilizes it to Buy and Sell on my behalf without me doing anything? It calls OrderSend() to open a new order when the creator's conditions are satisified.

How does it know how much of my account to use? What the EAs creator determined.

Does an EA/robot automatically Buy/Sell multiple currency pairs OR do i need to have separate EA/robots each for different pairs? Either way. The easiest is for the EA to work only with the current chart. You decide with charts you put it on. One EA - multiple charts.

 
WHRoeder:


Thanks for the feedback. It helps but I still have

some more to ask.

I need a scenario based description, or better a step-by-step guide

using a typical scenario.

Is it possible if you can do that using my example of the US$2000account in

my topic question. How will you create a robot around this scenario?

Or can you please suggest a website/blog that provides detailed steps in

creating robots based on scenarios or examples.

I ccan only better understand the concepts of creating robots

this way.

Thank you for your help.

-- Nick

 
Read the Book. https://book.mql4.com//
 

Strategy first, maybe start here - study these for 3 months or more then look at the Code Base here for EA examples

Most important is to pick one pair, study that pair in depth and find a strategy to suit & decide whether you are scalping, intraday, swing or position trading

If you don't know what these terms mean, hit Google & learn

-BB-

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