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Understanding MetaTrader 4 Expert Advisors

The MetaTrader 4 trading platform is probably the most popular of all Forex trading platforms. It is estimated that there are over 400 Forex brokers that offer MetaTrader 4. With an estimated 80% of the retail Forex market trading on meta-trader it's a wonder how and why this trading platform got so popular.

One of the best-known features of MetaTrader 4 are what are known as expert advisors. What is an expert advisor? An expert advisor is really a trading system or the parameters of the trading system in a downloadable file which is also known as an MQL4. Traders around the world are constantly updating and creating new expert advisors based on their trading systems. One of the great things about expert advisors is that it can be installed on any of the MetaTrader 4 platforms. It is as simple as dragging and dropping this into the expert advisors folder in your MT4 platform. Then after the MetaTrader 4 platform is restarted one could drag-and-drop their expert adviser into the chart of their choice. They can then activate their expert adviser for live trading.

The popularity and moreover the accessibility of MetaTrader 4 expert advisors has brought Forex Trading to the masses. Developing and implementing an expert advisor that works can be very challenging.

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