Day Traders Autoamted Trading Strategies
This type of Forex trader holds on to their trades for a few hours but not more than a day. With the objective of making quite a number of pips in profit, 30 to 70 pips.
The day trader makes 2 or 5 transactions in one day, participating during the busiest times of the market and they do not hold their orders overnight.
These Forex traders use the 15 minutes Forex charts to put their orders. They use 1 hour chart to determine the market trend, if it going up or down and to decide their entry and exit.
Day Trader 1 Hour time frame strategy
A Forex day trader using 15 minutes forex chart wants to go long, checks 1 hour time frame, it looks like the example below, since it shows the market trend is going up, they will then decide it's okay to buy the currency pair.
Types of Forex Market Traders - Day Traders
Automated Day Trading Software for Day Traders
About Automated Day Trading Software and Forex Robots Used for Day Trading
You can go to the codebase website and get MT4 Automated EA Programming Tutorial and learn how to automate forex trading and write an Expert Advisor. But because most people may not want to learn a programming language or take on the task of building automated trading systems and may want to use their time for trading currencies and making profits, for those who don't want to learn programming they can directly access the Forex robots listed on this market; where programmers using EA Forex Robots that are profitable sell their automated systems, others can then buy from them or order one to be coded for them from this codebase.
This codebase is also a good place for experienced currency traders, it allows those who can demonstrate that they have a profitable Forex trading robots to get additional earnings by selling their EA Forex Robots, these are also made available directly From the MetaTrader 4 software, where potential buyers of EA Forex Robots can access them. The screenshot below shows how a trader can access these MT4 automated trading Expert Advisors on their platform.
Access Automated Trading Softwares From the MT4 Automated Trading Platform
EA Library - for Traders Wanting to Automate Trading
From the above screenshot one can access the Codebase Market directly from their platform. One can then automatically install the EA onto their MT4 platform and start trading with it. The Market contains free Expert Advisors as well the paid ones. A trader can also try out any of the above automated forex Expert Advisors by downloading their demo version after registering in this Community.
As a trader wanting to get professional automated trading programs and strategies this is the place to start.
How to Get a Robot
Once you have downloaded the MT4 Software and installed it on your computer. You will then have to open the MetaTrader 4 Toolbox; The Toolbox can be accessed by pressing the CTRL+T keyboard shortcut keys. After launching the toolbox select " Market " tab as shown on the screenshot below.
A list of the available EA Forex Robots will appear as shown below. You can also select a forex trading robot from the different categories as shown below.
Library of Forex Trading EA Forex Robots
You can then select the one that is suited for your trading style. Every item on this list has a detailed description of how it operates and you can use this information to choose one that suits your methods based on this description.
There are different applications which one can use, among the ones you can purchase are:
- Expert Advisors
- Custom Indicators
- Panels
- Libraries
- Analyzers
- Utilities
You can select any of these based on categories as shown on the image above. If you need to learn what is an EA, custom indicators, panels, libraries, analyzers and utilities are you need to visit the Codebase Community.
Once you have visited and decided which type of application you require, the next step is to register and become part of this coding community. After registering you will then get an account and you can interact with other forum members and have access to multiple EA Forex Robots. To register - go to the Registration Page on their website.
After registering in the community you will then need to obtain credits. Credits is the currency which is used in order to obtain the automated trading systems available. To get credits you will first need to deposit some money into your MQL5 account.
You will then use this account and the password that you obtain to set up the Forex trading automation on your MT4 platform as shown below. These settings will be set on your MetaTrader 4 platform that is installed on your computer, and not on the MQL5 website - but you will first get them from MQL5 website then set them on your MT4.
Setting Up An Account to Use for Automated Trade on MetaTrader 4
Login to MQL5 Account from MT4 Platform
To get to the above window, Go to " Tools", Next to " File, View " at the top left corner of the MT4 platform. Click Tools >> Click Options, the above window will popup.
Select the " Community " as shown above, and then type your Login details; Your Login and Password.
Once this is complete you will now have complete access to the Market, and you can setup any of the Forex robots on your platform and start automated trading.
