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Quick Installation Guide - ForexTrader EA

Prerequisites

  • MetaTrader 5 platform installed
  • Active trading account (demo or live)
  • Basic understanding of forex trading

Installation Steps

Step 1: Locate Your MT5 Data Folder

  1. Open MetaTrader 5
  2. Click File → Open Data Folder
  3. A Windows Explorer window will open

Step 2: Copy the EA File

  1. Navigate to MQL5 → Experts folder
  2. Copy ForexTrader_EA.mq5 into this folder
  3. Keep the folder open for the next step

Step 3: Compile the EA

  1. In MetaTrader 5, press F4 to open MetaEditor
  2. In the Navigator panel (left side), expand Experts
  3. Double-click ForexTrader_EA.mq5 to open it
  4. Click the Compile button (or press F7)
  5. Check the "Toolbox" panel at the bottom:
    • ✅ Success: "0 error(s), 0 warning(s)"
    • ❌ Failed: Review error messages

Step 4: Enable Auto Trading

  1. Return to MetaTrader 5 main window
  2. Click the Algo Trading button in the toolbar
    • It should turn green when enabled
    • If red, click it to enable automated trading

Step 5: Attach EA to Chart

  1. Open a chart for your desired instrument (e.g., EUR/USD)
  2. Set your preferred timeframe (H1 or H4 recommended)
  3. In the Navigator panel, expand Expert Advisors
  4. Drag and drop ForexTrader_EA onto the chart
  5. A settings window will appear

Step 6: Configure Parameters

Recommended Settings for Beginners:

Trading Strategy:

  • Fast MA Period: 10
  • Slow MA Period: 70
  • MA Method: Simple

Risk Management:

  • Risk Percent: 1.0 (1% - conservative)
  • Stop Loss Pips: 50
  • Take Profit Pips: 100
  • Use Trailing Stop: Yes

Money Management:

  • Use Fixed Lot: No (uses risk-based sizing)

Click OK to apply settings.

Step 7: Verify EA is Running

  1. Look at the top-right corner of your chart

  2. You should see a smiling face icon 😊

    • 😊 = EA is active and working
    • 😐 = EA is loaded but auto trading disabled
    • ❌ = EA error or not loaded

  3. Check the Experts tab (Toolbox panel at bottom)

    • You should see initialization messages
    • "ForexTrader EA initialized successfully"

Testing Before Live Trading

Demo Account Testing (REQUIRED)

  1. Open a demo account if you don't have one
  2. Run the EA for at least 2 weeks
  3. Monitor performance daily
  4. Verify all features work correctly:
    • Trades open at MA crossovers
    • Stop loss and take profit are set
    • Trailing stop activates when in profit

Strategy Tester (Backtesting)

  1. In MT5, press Ctrl + R to open Strategy Tester
  2. Select ForexTrader_EA from the Expert Advisor dropdown
  3. Choose your symbol (e.g., EUR/USD)
  4. Select timeframe (H1 or H4)
  5. Set test period (at least 6 months)
  6. Click Start to run backtest
  7. Review results and equity curve

Monitoring Your EA

What to Watch

  • Open positions: Check trade direction and lot sizes
  • Journal tab: Look for any error messages
  • Account balance: Monitor for unexpected changes
  • Experts tab: Review EA's log messages

Warning Signs

⚠️ Stop the EA immediately if:

  • Lot sizes are unexpectedly large
  • Multiple positions open simultaneously (EA only opens 1)
  • Stop losses are not being set
  • Error messages appear repeatedly

Troubleshooting

EA Not Opening Trades

Check:

  • ✅ Auto Trading is enabled (green button)
  • ✅ Chart timeframe matches your strategy
  • ✅ Market is open (not weekend)
  • ✅ Account has sufficient free margin
  • ✅ No MA crossover has occurred recently

Compilation Errors

Solutions:

  • Update MetaTrader 5 to latest version
  • Verify you're using MT5 (not MT4)
  • Check file encoding is UTF-8
  • Restart MetaEditor

Wrong Position Sizes

Verify:

  • Risk Percent is reasonable (1-5%)
  • Min/Max Lot Size settings
  • Account balance is sufficient
  • Broker's minimum lot size requirements

Common Settings Adjustments

More Conservative (Lower Risk)

Risk Percent: 0.5 - 1.0%
Stop Loss: 60-80 pips

More Aggressive (Higher Risk)

Risk Percent: 3.0 - 5.0%
Stop Loss: 30-40 pips
Take Profit: 60-80 pips

Different Timeframes

For H4 timeframe:

Fast MA: 10
Slow MA: 70
Stop Loss: 80 pips
Take Profit: 160 pips

For M15 timeframe:

Fast MA: 10
Slow MA: 70
Stop Loss: 20 pips
Take Profit: 40 pips

Safety Reminders

  1. ⚠️ Always test on demo first
  2. ⚠️ Start with minimum risk (1% or less)
  3. ⚠️ Never risk more than you can afford to lose
  4. ⚠️ Monitor the EA regularly
  5. ⚠️ Keep MetaTrader running when EA is active

Getting Help

Check These First:

  1. EA_DOCUMENTATION.md - Comprehensive guide
  2. Experts tab - EA log messages
  3. Journal tab - MetaTrader system messages

Common Questions:

Q: Why isn't the EA trading? A: The EA only trades when a MA crossover occurs. This might take hours or days depending on market conditions.

Q: Can I run multiple EAs? A: Yes, but use different Magic Numbers for each EA.

Q: Does my computer need to stay on? A: Yes, MT5 must be running for the EA to trade. Consider using a VPS for 24/7 operation.

Q: What happens during weekends? A: The forex market is closed. The EA will not trade but will resume Monday when markets open.

Next Steps

After successful installation:

  1. ✅ Read EA_DOCUMENTATION.md for detailed parameter explanations
  2. ✅ Backtest the EA on historical data
  3. ✅ Run on demo for at least 2 weeks
  4. ✅ Study the forex materials included in the repository
  5. ✅ Start with small position sizes when going live

Remember: This EA is a tool to assist your trading. Always maintain proper risk management and never invest more than you can afford to lose.

Good luck with your automated trading! 📈