Today, computers are indispensable for everyone in the world. The new technologies have helped in the development of activities, and trading is one of these.
Two decades ago, forex trading was only available to a limited number of people and was difficult for a beginner to make money because of the lack of platforms to trade and knowledge. Today the knowledge is online and accessible with just a click.
Nowadays, traders can easily put ideas into practice with the software. Creating a personal indicator or performing simple operations is possible with Meta Quotes Language (MQL).
The article will help you to understand more in-depth about this language which is used to operate in the Metatrader platform.
What is MQL?
MQL is a MetaTrader programming language that allows us to customize bots, create and edit indicators, make scripts and explore libraries to automate operations in the Forex market. It exists in two variations, MQL4 and MQL5, running on MT4 and MT5 trading platforms, respectively.
In the illustration above, you can see how you can find it in the Metatrader platform.
What can we do with MQL?
A lot of useful things can be done with MQL. Let’s see the main functions we can perform.
- Trading robots
Robots can analyze the market 24 hours per day, seven days a week, and execute trades based on the inputs written by the programmer. For example, it allows you to design them to execute an operation at specific times.
- Custom indicators
You can create indicators or buy them from other programmers who have built and post them in the marketplace.
To access the MQL section in Metatrader, we must select MetaEditor or MetaQUotes Language Editor in the Tools tab or using the F4 key.
Once it is opened, we mark the option ‘New,’ and a small window with the Assistant will appear and then select the option you are interested in.
Advantages and disadvantages of using MQL in your trading
Without a doubt, it has more advantages, and we are going to look into them now.
- You can perform operations 24 hours a day with automated trading bots, illuminating human’s limitation of not being able to always watch the markets.
- Learn one of the most requested skills in the world, which is programming, and specialize in the financial markets.
- You will be able to reinforce your knowledge of trading in general. Create your own forex strategy that can be shared, taught, or sold in the community.
Of course, not everything is rosy. There are also some disadvantages. Check the list of the drawbacks below.
- The learning process can take time due to the complexity of the language. You have to dedicate yourself to be successful in creating new indicators or modifying the existing ones.
- It is not easy to run a profitable bot. It requires a lot of backtesting to find the best ways to transform the effort into money.
- It requires sporadic checks to detect any errors in the programming due to changes that can occur in the Metatrader platform.
Where can we learn MQL?
To learn the subject in-depth, first, we must familiarize ourselves with the MQL products provided by traders’ communities. Visit the MQL4 and MQL5 websites to learn more about them.
The mentioned web pages offer services to MetaTrader users. You will find ready-to-operate bots, indicator databases, and forums where professionals and people with more experience can answer all the doubts you may have.
Exploring the page, you will find a lot of helpful content. For example, in the Market section, there are users who sell indicators, bots, and algorithms. You can buy one and copy, facilitating your initial work to create a successful strategy.
In the Articles section, people can learn the language more in-depth. Hundreds of experts publish their knowledge contributing with those traders who are just at the beginning of their career. This is definitely a gold mine.
In the CodeBase section, you will find basic programs and ways of using indicators created by other traders; many of these are downloadable. You can incorporate them into your Metatrader. This section will also serve as an example for you to start creating indicators in the near future.
It is not necessary to think much when deciding if the use of Meta Quotes Language has any benefits for traders because clearly, it has. When we see all the characteristics, we notice the incredible advantage that we will have when we approach the market using it.
Imagine creating your trading system based on programmed scripts that work 24 hours a day for you. You will considerably reduce anxiety and the doubt of knowing if you are doing things well, unlike when you do it manually.
One of the main problems of traders is psychology. We are emotional human beings, and this works against us in trading.
For many investors, programming languages are the magic pill to stop feeling stressed. Sometimes, the anxiety leads to executing manual operations that do not fit the rules of the strategy.
With all these tools out there, you will always have the possibility of backtesting, watching the results, and then continuing to improve your personalized system to become a profitable trader.