The Complete Guide from Scratch

Unveil the Secrets of Our Software: Gain the Skills, Insights, and Confidence to Navigate the Markets.

What you'll learn

Guide Content

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Go to the GinaLabs website and navigate to the plans section. Choose your preferred new plan and complete the payment process.

  1. Copy the .ex4 file of your GinaLabs Expert.
  2. Navigate to the installation folder of your MetaTrader 4/5 platform.
  3. Open the MQL4 (or MQL5) folder, and then the Experts folder. Paste the Expert's file here. Note: Auxiliary files should not go in this folder.
  4. For auxiliary files (if any):
    • .set files go in the Presets folder.
    • .dll files go in the Libraries folder.
    • Indicator files (also .ex4 or .ex5) go in the Indicators folder.
  5. Ensure all files are placed in the correct folders.
  6. Restart MetaTrader 4/5 if it was open before.
  7. In the terminal, go to Tools > Options, and then to the Experts tab. Enable permissions for the robot to operate.
  8. Assign trading permissions for the robot:
    • Open the chart of the instrument you want to trade with.
    • From File, select New Chart, or right-click an instrument in the Market Watch window and choose Open Chart.
  9. Open the Navigator window:
    • If not visible, enable it via the View menu and select Navigator.
  10. Locate your robot under Experts in the Navigator window. Drag and drop it onto the desired chart.
  11. A settings window for the robot will appear. Set the parameters as needed:
    • Use Load to apply a provided settings template (.set).
    • Save custom settings using Save.
  12. After setup, click OK. Ensure the "smiley icon" appears on the chart, signaling the robot is active. The AutoTrading button should also be green. If red, click it to activate.
  13. To stop the robot, click AutoTrading again, turning it red. This disables automated trading.

Lastly, remember that basic parameters like lot size and risk settings should align with your trading strategy. Testing the Expert with standard settings is recommended before live trading.

Let Us know if you'd like further clarification or help with anything!

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are both widely-used trading platforms, but they cater to slightly different needs. Here's a comparison to help you decide which suits your requirements better:

MetaTrader 4 (MT4)

Pros:

  • Focused on Forex trading, making it ideal if you're primarily trading currency pairs.
  • Extremely user-friendly with a simpler, more intuitive interface.
  • A wide range of custom indicators and expert advisors (EAs) available, as it's been around longer.
  • Supports hedging (opening multiple positions on the same instrument in opposite directions).
  • Lower system requirements, so it can run smoothly on older devices.

Cons:

  • Lacks support for broad range of financial instruments.
  • Older technology, with updates becoming less frequent compared to MT5.

 

MetaTrader 5 (MT5)

Pros:

  • Designed for multi-asset trading, including Forex, stocks, commodities, and futures.
  • More advanced features like an economic calendar and a wider range of order types.
  • Faster trade execution and improved performance for backtesting trading strategies.
  • Offers both hedging and netting (unifying positions on the same instrument).
  • More flexibility with timeframes (21 available versus MT4's 9).

Cons:

  • Less user-friendly for beginners compared to MT4.
  • Limited compatibility with MT4 custom tools and indicators (they don't transfer directly).
  • Higher system requirements, which might not suit older devices.
  • Netting accounts can limit flexibility by disallowing hedging strategies, as they automatically consolidate opposing positions into a single net position. This restriction may not suit traders relying on advanced techniques like grid trading or arbitrage.
 

Summary

  • If you're a Forex trader looking for simplicity, MT4 is a great choice.
  • If you're trading multiple asset classes or need more advanced tools, MT5 allowing hedging might be better.

Let us know which one you're leaning towards and share your opinion.

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