If you are interested in forex trading and researched a bit about the best approaches towards making profitable trades then you must have heard about automated trading systems. These are based on algorithms, function using codes, and are developed by professionals programmers who themselves have knowledge regarding forex trading. The reason why automated systems were created was to allow people to trade remotely and even automatically. An automated trading system (ATS) never gets tired and it can keep on running for hours and days at a stretch depending on certain external factors. MQL Programming language owned by MetaQuotes was utilised to write the algorithm used in these ATS.
If you want to create your own automated trading system then you must have complete knowledge about how the forex market works and what does MQL Programming has to offer as assistance. People tend to use automated robots and expert advisors to trade forex pairs efficiently and profitably because a lot of times human emotion and unavailability cause us to miss rewarding opportunities. With an automated service, there is no way that one could miss out on a trading opportunity.
In the following, we have explained a few important things to keep in mind while developing your own ATS with the help of MQL Programming.
Principle of working of an Automated Trading System
Think of the ATS as an algorithm based on MQL Programming language whose function is to open, close, and manage trading positions for a forex trader based on the parameters and settings chosen by the user beforehand. Any forex robot would continue to function unless it is stopped by the user.
It is extremely useful to have an automated system that works on your behalf even when you are away from the computer. This technology is offered by any third-party companies but if you could build your own ATS then it would be a lot safer and easier to use.
Why only MQL Programming language can be used?
The MetaQuotes language or MQL Programming language is unique due to several reasons but a majority uses it for developing and creating forex automated robots. As you might have guessed by now, MetaQuotes is the same company that owns the industry’s most popular forex trading platform named MetaTrader4 and MetaTrader5. These two are famously used for CFD Derivative trading via thousands of global forex brokerage companies.
When you download and install any of the MetaTrader mentioned above, you get MetaEditor as well. MetaEditor is a module required to create and edit the forex automated system. The MetaEditor option utilises MQL which is based on a commonly used and powerful Programming language called C++.
Differences between MQL and MQL4/5
Most of the times people get confused between the products offered by MetaQuotes such as MQL and MQL4/5. You should know before working on creating an automated trading system on your own is that MQL and MetaTrader differ in terms of programming languages. In the beginning, when there was only MetaTrader 4, there was a custom MetaEditor and language used in the development procedure. Only MetaTrader 5 was developed further and is now known to be the upgraded version of its predecessor. Programmers required a language that would allow them to programs some of the programs available in MQL5 and bring them to MetaTrader 4.
But as both of these variants were primarily incompatible, there was a need for a connecting point which came into existence after the MetaQuotes team announced a grand unification. Owing to this, currently, the MQL5 and MQL4 underwent major upgrades that significantly changed the MetaEditor as well. Now it is possible to use MQL5 programs in MQL4 but certain conditions must be met for that to happen. MQL ensures enhanced compatibility with MetaEditor while also maintaining old programs.
How to learn MQL Programming?
Learning how to use MQL Programming language to write algorithms to build your automated forex trading system is easy and rewarding especially now when forex robots and expert advisors are in demand. A detailed online course is one of the best ways to learn MQL Programming. This method would ensure that you learn from an industry expert at your own pace.