README Documentation (updated often): https://bit.ly/41FPceY
In this video, we are going through some settings that you need to enable to do automated trading with MetaTrader 5. Let’s get started. This is my own MetaTrader 5 installation, and I’ve already used it. You can see there are demo accounts. This is a MetaQuotes demo account. And if you don’t have one, you can click on the plus sign here to open a new one. There you will find the MetaQuotes Software Corporation, which is the company that created MetaTrader and MQL5, then you can click on the Continue button, open a demo account to trade virtual money without risk. Click on Continue. Now you need to fill out these details here. Please make sure that you set the checkmark for use hedge in trading as we need to use a hedging account. Otherwise, you would not be able to have more than one position at a time. In this case, we are using the MetaQuotes demo server. The account type can be in any currency you prefer. I will stick to euro as I’m from Germany. Here you can change the deposit. I would suggest to at least use 50,000. It’s not actually a requirement because in the first 28 videos I made with the robot trading system for 2024, you will see that I have used a deposit of 10,000 and that also worked.
But the higher the value is, the better is the scalability. Actually, when we will change the account type and go to a cent account, you will find out that actually $100,000 on a cent account only requires a deposit of $1,000. But that is something for a different video. In this one, we want to change the leverage to 1 to 500. This is also one of the reasons I like to use Roboforex Pro because they still offer account types with a high leverage. Now I need to click on agree with the terms and conditions for opening a trading account and I would have to click on continue at this stage. In my case, here is already the activated account. Let’s enable the toolbox here and we see that the account balance is a little below $100,000 and I have also some historical data here. I think in this case I’m going to create a new account and I’m going to use Roboforex. This is my preferred broker. You might prefer other brokers, but I’m doing MetaTrader 4 and MetaTrader 5. I will pick an MT5 Demo Pro account. The leverage of 1,000 is a little bit too high for me.
I prefer 1 to 500, but you could go up to 1 to 2000 here. Now, let’s type in a Pass-Word and another one. Now I will click on confirm and the new account will be created. I forgot to change the deposit. Afterwards let’s click on confirm and here is my new account. They will also send me a link and some details about the server that I’m going to use. Those instructions are also available on their website. By the way, this one is the broker that I also like to use for real accounts because they support several account types and that includes the very interesting cent account type that we are going to use in a few weeks. But for now, we are done with the setup. Now, this is the server that we are going to use. I already have several accounts here. The green ones are demo accounts and the yellow ones are real accounts. Now, let’s try to log into the new trade account. This is the account number. Let’s type in the password and pick the correct server. When we click on OK, we see that we have connected a new account with the correct number, and that is also the one that I have picked here.
The balance is $100,000, so we are good to go. So far, automated trading is disabled. But for this video we are finished. Thank you for watching and I will see you in the next one.