Before MetaTrader 4 is allowed to trade automatically you must set up some options
We will do it by clicking on Tools → Options or hitting control and O, and there is a lot of options we could set up but we will not need all of them. First of all you could change your password with the change button here just type in the current password and then new password you would need but it still would need to match with the password from your broker. This option you can choose if you want to change the master password or the password for the investor. An investor password is just basically a user who has the right to see everything but who cannot open any trades. So if you want to check out my systems that are life treading on myfxbook.com, simply drop me a mail and I will give you the investor password. I will disable the news here because I don’t need them in automated trading and afterwards I will click on charts. This is way too much and will consume a lot of calculation power for the PC; 5000 bars are enough for our purpose. We won’t change anything in the objects section and we also won’t touch the default settings in the trade section.
Please click on the Expert Advisors tab where you must allow automated trading before you can set up any Expert Advisor to trade for you. I usually uncheck these two options because they could be the cause that I accidentally disable my automated trading if I change an account or a profile. On the notifications tab you could enable push notifications to your mobile device. You can also download the mobile version here for iPhone or Android. Would you like MetaTrader 4 to send you mails, then you can set up a mail account here on this tab. The same is possible for FTP servers here.
The last option to change is the Events Tab. I will disable all the annoying sounds because I don’t need them. I don’t use an MQL 5 community account and I also don’t need any external signals. Please confirm your changes with the OK button and that’s about it.
In the next video we are going to change the chart settings.