The use of MQL for successful trading in the Forex market is quite a serious and equally popular topic, both in terms of analysis and in terms of automated trading.
So, what is MQL? MQL is an application programming language for the MetaTrader trading platform. This allows you to facilitate, and in some cases, eliminate the influence of the human factor on the trading process. MQL language allows an ordinary user of the MetaTrader platform to create a specific trading indicator.
If you want to save your time and nerves on trading in Forex, you can create for yourself a unique trading adviser for your personal trading system. On the Internet, you will find many different indicators and trading advisors available for free. But remember the most important rule - do not use the advisor or indicator on a real account until you are sure of its effectiveness, this can your trading account very negatively.
Now, many companies provide an opportunity for traders to practice their skills by using a trading robot. How can we navigate a huge number of ready-made electronic products for the MetaTrader platform?
Indicators
Indicators are application programs for the MetaTrader trading terminal that allow you to read information from the charts of quotations. They provide graphical information that allows the trader to judge certain processes in the market through mathematical and algorithmic calculations.
Trend direction, overbought and oversold zones, pivot points, search for fractals and candlestick analysis models - any trader can get this and many other information by using technical indicators. The default MetaTrader platform is also equipped with two dozens of technical indicators, information about which you can get in the “Help” section - “Analytics” - “Technical Indicators”.
There are two main types of technical indicators:
Trend indicators - aimed at determining the market trend, by smoothing the price range of a moving average or another method of a graphical display. Indicators of this group are able to determine the current phase of the general trend and possible turning points. All indicators of this group are quite informative, but when it comes to smaller fluctuations, for example, within a day, they are sometimes useless. The most popular of the trend indicators: Moving Average (moving average); MACD; ADX.
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Oscillators - advance indicators. Allow predicting the price movement in the near future. This factor puts them of magnitude higher compared to trend indicators that give delayed signals. Such oscillators are very popular: Stochastic, RSI.
Advisors
Advisors are the application programs for the MetaTrader trading terminal, which allow you to read information from the charts of quotations and technical indicators and, based on the data obtained, conduct trading automatically, without the participation of the trader. There are many positive and negative aspects of such trade, some we will consider right now.
The advantages of working with automated trading:
- trading is conducted without the participation of the trader, which protects your deposit from your hasty decisions;
- automated trading follows the tough trading conditions of the application program, without amateur influence;
- it eliminates the trader from the psychological stresses associated with trading in financial markets.
Disadvantages of working with automated trading:
- your computer must always be turned on. The program code of advisors is executed directly on your terminal, and not on the server (the exception is VPS server);
- if the Internet connection is lost or the electricity is turned off, you immediately lose control over the trading and your deposit;
- a really profitable and safe adviser is very hard to find.
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