Hello everyone, in this post I want to explain what you receive when you download a Forex robot. The phrase Forex Robot, Forex EA, and Forex system are synonymous. Typically you will receive a code in your email that will allow you to log in to a members area. Here you will usually find some really helpful advice on recommended brokers to use with your robot. You will also obviously be able to download the robot, which is typically 2 files. One file is called XXXX.dll This file has all of the actual strategy code contained within. The .dll file should be placed in the "libraries" folder of your broker choice. When you choose a broker and download their MT4 software, you will see this "libraries" folder where the XXXX.dll file will go. Next you will see a .ex4 file. This file actually attaches to the trading chart in MT4. But first we must move it to the "experts" folder in your brokers folder. Your brokers folder is usually placed under "program files" on your hard drive. So now you should have both files in their proper folders from your broker. Now when you open the MT4 terminal and look under experts, you should see the robot under the expert directory in MT4. Attach the robot to the chart that is required for the robot to trade(a click and drag will work just fine). A window should pop up where you set you trade parameters(all explained in the manual that came with the robot files).
I should mention that some forex systems come with a program installer that performs the above operations for you. In this case it will ask you which MT4 to download the files to and the program installer does the rest.
In order for your MT4 to trade with an EA, it should be set for auto trading. There is an options tab on MT4, click this and you should see a window with trade parameters. The most important one here is "Allow Live Trading". This one must be checked for your Forex system to work as it was intended to. Again all of this will be explained in the manual you receive from the vendor of the Forex EA. Once you have done this a few times it really is not that hard. If you are really good with windows, this will be like second nature.
