The key dynamic of the Forex Strategy Trader is the bridging facility between the system and the metatrader platform. This connection can define the effectiveness of the strategy and when it is executed. When using the Forex Strategy Trader, there are number of factors and steps that must be taken into account to ensure that the system works as required. Outlined below are the specific steps to run a Forex Strategy Builder system on the MT4 platform.
- Save the Strategy in Forex Strategy Builder: Once the xml file is generated, the strategy is then converted into language that is compliant with the Metaquotes system
- Open the Forex Strategy Trader and Choose the Strategy: Click on the File and Open tabs on the top left hand corner of the screen. Once the file is opened, it will then pre fill the page with the necessary strategy parameters (ie take profit, stop loss levels etc).
- Specification of Connection ID: The connection ID allows you to define whether you use single or multiply strategies. Please allocate a number to your strategy (ie 1), and remember this connection ID as you will need to input this number again on the MT4 platform. If you wish to run multiple strategies on different charts on the Mt4 platform, you will need to open multiple Forex Strategy Trader windows, and chose a different connection ID for each strategy.
- Open the MT4 platform and choose the Chart: Once you have opened the chart please drag the MT4-FST Expert Advisor on the chart.
- Configure the MT4-FST Expert: Please ensure that you tick the Allow Live Trading, Allow DLL Imports, and Allow Import of External Imports boxes on the Common Window. In the Inputs section, please define the correct connection ID you used when opening the strategy in the Forex Strategy Trader. Click on Ok.
- Execution of the System: Once you have completed the installation of the expert on the chart, please navigate back to the open Forex Strategy Trader window. It will now show a highlighted “Start Automatic Execution” button. Once you click on this, the system will then bridge the model with the MT4 platform
There are a number of key considerations when using the bridge functionality on the Forex Strategy Trader. Firstly, it is important that the Forex Strategy Builder and the MT4 platforms are kept open at all times, otherwise the system will not execute trades. The second important point to keep in mind is that the Forex Strategy Trader can sometimes not initiate all of the take profit and stop loss parameters. A break in connection due to the internet or a lag in downtime between the MT4 platform and the FST can result in a trade being executed, but stop loss or take profit levels not set. It is recommended that you keep a close eye on the system when it trades, and not to leave it to its own devices. Caution must be taken at all times when using an automated system, as it can result in significant losses.
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