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The most misconception of expert advisor MT4/MT5

Updated: Nov 23, 2022

The use of Metaquotes continues to be high with the educational guidance of various groups. But a lot of the misinformation comes from overselling by those groups. For example, words such as fully automatic and passive income. Let's talk about common misconceptions.

Use different EAs on the same account.

The concept of "automatic" influences this. Most trading programs are not fully automatic; at least, the installation involves manual work. How the author of the trading program writes the strategy often depends on how the author uses the program. Some systems do not use magic numbers but use the data of the entire MT terminal for calculation.


Let's take one more example: If the stop-loss mechanism used by EA-A is to close all loss orders when the floating loss of the overall account reaches 10%, it happens that EA-B makes a profit and the strategy is to complete the order at a profit of 10%, while the floating loss was 5% at that time. In the loss state, when EA-B closes the order, the remaining floating loss has exceeded 10%, triggering the 10% floating loss stop loss of EA-A, so when EA-B completes the order, it will close the order together with EA-A.


Run too many EA in the same account: The best way to use it is only to run one EA product on one account. If the strategy allows, you can hang multiple charts. But if the strategy designed by the author is only for one currency, then I suggest not running too many currencies. This will only lead to excessive use of account margins and failure of risk management. For example, if you run a martingale EA with two pairs in the same account when some reverse trend situation happens, both pairs do not have enough margin to open the next level order. This concept might make the account dangerous. Otherwise, if only run one pair, the orders may close earlier as they can. Cash is king.


Never be greedy, thinking that the more you run, the more you will earn will make you bankrupt faster. In this market, you will always only hear that you are too greedy and go bankrupt, but you have never heard of being too patient and going bankrupt. To a certain extent, EA is just a semi-automatic vacuum cleaner. It won’t help you wash your clothes. Don’t be misled into thinking you are invincible if you have an EA operation. I have been in the EA industry since eight years ago and am busier than in manual operation. Luckily, after many years of investigating different strategies, our database version products can be 99.9% full auto. No parameters and no need to worry about high-impact news.

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