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Especially in automated forex trading one question comes up very often: What if? https://s3-eu-west-1.amazonaws.com/mql4tutorialenglish/What+if.mp4 What if one could find a system that would be trading dependable and automated? What if one could reveal a working trade logic without future prediction?   The one thing that I am most excited about in MQL4 is the opportunity to do a backtest again and again – with the exact same historical data – changing one little thing in the settings each time.   That makes it possible to find out if and what changes in a short time span. And you can make the right adjustments in your system afterwards.   Let’s assume for example we would train our automated trading system to close a trade when the profit is equal or higher than $2.   How would it change or improve the end result on a yearly basis if we change that take profit goal to $5?   What would happen if we chose 50 Cent instead of $2?  Would we have the same profits in a shorter time span or would we only achieve 25 percent in the same time?   What takes months in real live can be calculated in MQL4 within minutes.   There is a saying, time is money and in this case both is true, because we can save lots of time to get those insights and that will save us lots of money in the long run.   Discretionary traders do not have this advantage. They have to trade many years to get the same insights that an MQL4 system can spit out within an afternoon.   A lot of ordinary traders might not trust automated trading systems, but every successful trader must admit that one fact is true: Nothing can replace own experience!   And that is true for lots of other areas. In our daily life we value people with lots of experience in their field.   Nobody wants a doctor to perform a surgery if he never did one before. We want  an expert!   And we are willingly paying good money for experts, that can achieve good results and save us time due to their experience.   So why should one willingly give up the biggest advantage in trading – the chance to gain valuable trading experience in a fraction of the time needed otherwise?   Yes, it takes some time to learn MQL4. But that is also true for reading and writing. Or driving.   If you start today, it might take you a year before you know it. But how much time is going to pass while you don’t learn it? Probably exact the same time span, don’t you think?   There is another fact that no successful trader will argue about: A profitable trading system needs reproducible rules and disciplined execution.   And what is the core part of a rule? It is following a logic law, a formular that is checked and reviewed by a trader again and again.   And every trader does it with computer calculated bars on computer calculated charts and he might use computer calculated indicators anyway – to check them manually. Why not letting the computer do this last part.   So MQL4 is only the last missing puzzle piece you need if you want the valuable answer to the question: What if?

When I started with trading, I was told to create a trading plan and a trading diary. The diary was neccesary to write down the reasons for a trade, the open price and the closing price. https://s3-eu-west-1.amazonaws.com/mql4tutorialenglish/How+to+create+automated+Screenshots+in+Metatrader4.mp4 With automated trading systems for Metatrader4 we do have all these data in the journal – and we can even get a little more insight without much effort. MQL4 comes with predefined methods for a lot of useful things. One of these things is the ability to create a screenshot. This is very easy to do, the only thing you need to do it is a name and the resolution of your screen. For example my netbook screen resolution is 1024 * 600. So that was easy. The name can be any kind of text. To create your screenshot, you can now call the function WindowScreenShot() that is already integrated into MQL4. The description in the MQL4 language reference is very detailed, but we will make it very easy. Now we have to tell the MQL4 System what it should do and when it should do it. To do this we start with the Word WindowScreenShot followed by a round opening bracket. This is a function, so it is case sensitive. Please do not forget the capital letters. The first parameter is the file name. So after the round opening bracket we put in the name we want for our screenshot file followed by the extension “.gif”. That gif extension will tell Windows that it is an image file. You can use any kind of text in quotation marks for the file name. Even calculated values are possible if you convert them to a string value first. The next parameter is the width of the screen. For my netbook that is 1024. And the third parameter is the height of 600 pixels. If you use a bigger screen, you can use your screen settings for a better resolution, but that will result in a bigger file. To separate the filename, the width and the height, we use a comma. And to tell the compiler that we are finished, we put a closing round bracket and a semicolon at the end of the line. So our complete command would be a single line of code. WindowScreenShot (“Screenshotname”,1024,600); If you want to see the example, you will find it in the show notes. Okay, now we have told Metatrader what to do. The next question is: when to do it? To keep things simple we will use an event, that is already predefined. It is called OnInit(). The event OnInit() is the first thing that happens when you drop your Expert Advisor on a chart. Metatrader will try to do everything that is within the curly brackets and it will tell the rest of the program if that was successful. It does this with the line return(INIT_SUCCEEDED); And all we have to do ist to put our code line after the opening curly bracket and we are done. Now the complete program is finished: int OnInit() { WindowScreenShot ("Screenshotname.gif",1024,600); return(INIT_SUCCEEDED); } Okay, now we have created a 100 percent fully functional Expert Advisor, that will run every time you drop it on the chart. You can find the compiled version and the source code in the show notes. You can drop the ex4 file on any chart in Metatrader4 and it will create a screenshot in the files folder of your Metatrader installation. And you can load the mq4 file in your Metaeditor (simply press F4 in Metatrader) and adjust it to your own needs. Imagine, what you can do with your own modular system and these precoded, ready to use modules. I think, even if you are a discretionary trader, 5 minutes a day is well invested to improve your trading experience with MQL4 and Metatrader. What do you think? https://s3-eu-west-1.amazonaws.com/goldengoosedownloads/CreateScreenShot.ex4 https://s3-eu-west-1.amazonaws.com/goldengoosedownloads/CreateScreenShot.mq4

There are several reasons why you should stop trading today. https://s3-eu-west-1.amazonaws.com/tradingtutorialautomation/5+reasons+why+you+should+stop+trading+today.mp4   What? Why does someone who sells MQL4 trading courses talk about such a topic? Because it’s true. Most people fail in trading. Some say 80 percent, others say 90 percent or higher. Nobody knows exactly, but by far most traders seem to lose their money. Here are 5 reasons, why… 1. Do you know if your trading system really works in your favour? Most people hope, I think. They have decided to trade a system somebody recommended. Or worse, they copy what somebody else does without knowing if and how it works. So they hope for the best. Can you calculate your profit expectancy based on a few thousand trading results? Do you know how your tading system works? If not, you should probably stop trading it. I have thousands of trades in backtesting and real time to backup my belief in my own system and I do know exactly how it works. Tip: You can use MyFxbook.com for free to give you sophisticated insights and statistics for your own trading system. See mine below in the show notes. 2. Do you know exactly what your trading costs are? You know what a daytrader is, right? Why do you think a daytrader closes his trades when the trading day is over? Because of costly swap fees. If your broker charges you fees that are above average, you should probably stop trading there. I have done an extensive research for about three weeks to find the right broker for my needs. Tip: My preferred brokers today are Roboforex and Forextime.com. The site Forexpeacearmy.com is a good start for your broker research. Or just google for zero amanah accounts. 3. Do you know what happens with your money if your broker goes out of business? You know the name Alpari, right? On January 16th 2015 Alpari UK went out of business. The day before the margin requirements were raised like crazy and all open trades were closed within minutes as the Euro Swiss franc currency pair went insane. If all your trading capital is in one basket and your broker is not regulated good enough or has not enough equity, he will make you stop trading very fast. It was under an hour in my case. At 10 am on January 15th everything was fine, about one hour later my (thank god demo account) was history. Tip: I always use several smaller accounts with different brokers. Regulated brokers with MIFID regulation and account insurance are preferred. 4. Are you overtrading with a small trading account? If you open a trade, it might turn out to be a loss. That might be costly if you are using a leverage that is to big or if your LotSize is far to high. Do you know, what leverage you use, what your margin requirements are and how much you can risk with an account size like yours? Your broker will always try to get you to trade bigger amounts with special offers and bonuses. Why do you think, he is doing that? Tip: I believe good trading should be boring. I need 200 Euro trading capital to trade a single Microlot and I would consider everything below that to be risky. I didn’t want to know that first, so I had to pay cash for this insight. 5. Do you feel fear, sorrow, ecstasy and frustration on a regular basis? Trading can be psycho terror. I truely believe 8 out of 10 people shouldn’t trade at all. Have you ever made revenge trades to force the market to give you your money back? If you are too emotional and losses and profits dictate how you feel, trading is probably not for you. You might consider to stop trading at all. Only a tiny fraction of traders survive the first year without killing their first account. Tip: I am glad I found MQL4 and automated trading very early in my trading career and I depend on automated trading 100 percent today. I haven’t made a single trade myself for about a year and I exactly know my numbers. What could help you to sleep better? http://www.myfxbook.

It was in our German MQL4 premium course, in study letter 11 when an interesting question came up. https://s3-eu-west-1.amazonaws.com/mql4tutorialenglish/Your+predone+working+MQL4+System+Download.mp4 How much influence has the trading entry when it comes to trading results?   I mean, yes, everybody tries to find the “perfect” entry, the holy grail that will always be perfectly right. But we all know, that we are wrong from time to time, regardless what we do.   And we all want to beat random to get that little advantage and make more than we spend.   Imagine you have a system up and running and you are a trend follower. Wouldn’t you like to know, how much better your system is? I mean if you make 20 percent a year, would that mean that a random entry would make you 10 percent?   If you are like most traders, you don’t believe in random entries and you might think that the entry is the most important part of a trading system.   And for discretionary traders it is hard to find out, because they can only do so many trades at a time and it will take them years to come up with a significant number like say 5000 to 10000 trades.   I have seen systems doing 20000 and more trades in the MQL4 Backtester within a few minutes, following the exact same rules for each and every trade. If you have rules, that could beat random entries, wouldn’t you like to know for sure? How much better would you feel if you could truly believe that your system could constantly beat random entries?   It is not so hard to do in MQL4, because most discretionary systems follow similar rules. You might open a position when some indicator, moving average or oscillator gives you an entry signal. That might be Mac D, Bollinger Bands, a moving average, the RSI or whatever you use.   Two things: First I bet you didn’t calculate these signals for yourself. They are precalculated and made visible on your computer and you might be a discretionary trader that is trading exclusively computer generated entries already.   Second: All these signals are already available in MQL4. So it is not so hard to create automated systems that can trade on autopilot with what you already use. And you can compare your entry signal with other signals and find out if it can beat random entries.   To find out we created that MQL4 Golden Goose SALT system on February 18th 2015. And today on May 28th we have made 529 profitable trades. That is 1197 Euro and yes, it is only on a demo account.   I always do extensive tests on demo accounts before I consider live trading – but this one surprised me! x  SALT is cash flow positive, the balance and the equity are above the deposit and that includes all open positions. That might change in the future, but today I am impressed about the results a random entry can produce.   But I know talk is cheap and you have good reason not to believe me a word of what I am saying. And that exactly is the reason why I decided to give you that SALT system away for free.   You can download it now and start to test it yourself. Metatrader4 is also free for download on Metaquotes.net. I do trade it on 22 currency pairs at the same time on an EEE PC 1000H, so no fancy hardware is required.   All statistics are completely available for everybody on MQL4Tutorial.com/SaltStatistics   That link will send you to the SALT statistics page on MyFxBook.com where you can see each and every trade result the SALT system made so far.   After you have downloaded the EX4-file you have to put it into the MQL4\Experts folder of your Metatrader 4 installation. You need to have a demo account up and running that allows automated MQL4 trading with position sizes as small as a Microlot.   A lot of brokers want you to trade at least 10 Microlot and that won’t work. This version of SALT won’t work on real accounts either, because I only want people to trade live if they know what they are doing. And if you don’t know what you are doing, you can simply become a Golden Goose course member ...

From time to time you might have gotten one of these “special offers” for a Trading Robot. But here is something that you will not believe! A so called “Professory Binary” that does videos for an Expert Advisor that made him money. He has over 35 years experience? No, he is a hired actor from fiverr.com. https://s3-eu-west-1.amazonaws.com/tradingtutorialautomation/TradingRobotScamAreYouInDanger.mp4   See yourself…