Automated Forex System: How to Set It Up
by Ryan Lee
CEO of TradeFXplus.com
All you need to know to set up and run an Automated
Forex Trading System
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© by Ryan Lee, www.tradefxplus.com

Legal Note
The author and publisher, Ryan Lee and www.tradefxplus.com, made every
effort to produce a high quality, informative and helpful book. However, they
make no representation or warranties of any kind with regard to the
completeness or accuracy of the contents of the book. They accept no liability of
any kind for any losses or damages caused or alleged to caused, directly or
indirectly, from using the information contained in this book.
All product names and/or logos are copyrights and trademarks of their respective
owners. None of these owners has authorized, sponsored, endorsed, or
approved this publication.
"Automated Forex System: How to Set it Up" is Copyright © 2008
www.tradefxplus.com. All rights reserved worldwide.
© by Ryan Lee, www.tradefxplus.com

Table of Contents
Legal Note 2
Introduction 4
■ Chapter 1
How to Choose Your Forex Broker 5
■ Chapter 2
What to Look For In a Trading Platform 8
■ Chapter 3
Metatrader 4 and Automated Forex Systems 11
■ Chapter 4
Top Metatrader 4 Forex Brokers 13
■ Chapter 5
How to Install, Load & Run Expert Advisers in Metatrader 4 15
■ Chapter 6
Use of Virtual Private Server (Optional) 19
Did You Find This Manuscript Useful? 20
Appendix: Metatrader 4 Video Tutorials 21
© by Ryan Lee, www.tradefxplus.com

Introduction
Over the last couple of years we have put in thousands of hours of research and
development to refine our trading systems. Our trading strategies and systems
have been tried and function in real life successfully.
There are many forex trading systems available in the market, most of them are
based only on a combination of lagging indicators, and don't take into
consideration dynamic money management and price action.
We believe in simple rules and all of our systems have only five rules or less.
This way the trading systems we offer reflect the reality of the markets and do not
contain any complicated or sophisticated lagging indicators and algorithms.
I provide you in this manuscript, all the tools you need in order to set an
automated forex trading system (hopefully ours) on your trading platform so you
can see how your forex account grow each month without the need for any
intervention, i.e. to trade the forex market 100% automatically.
© by Ryan Lee, www.tradefxplus.com

Chapter 1
How to Choose Your Forex Broker
If you read this manuscript you know a thing or two about forex, and now you
want to trade and make some money. But first, if you haven't done so, you must
choose a good forex broker to execute your trading orders and give you access
to the foreign exchange market.
In this Forex broker guide, I will emphasize the main factors to be considered
when choosing a broker for currency trading activity. For beginners, it is very
important to choose a forex broker who will provide training and phone or online
assistance and other things, such as:
1. Low Spreads
In forex, spread is the equivalent to the commission you pay on each trade.
Check if the broker's spread is variable or fixed. Find out how much slippage
can be expected in both fast and normal moving markets.
2. Execution of Orders
How fast is the broker's order executed? Do they offset client trades - market
maker or brokers?
In general, forex brokers who offer fixed currency spread have a dealing desk
and theoretically, can open trade position against you.
© by Ryan Lee, www.tradefxplus.com

3. Institution and Regulations
The quality of the institution associated with the forex broker, i.e. a good forex
broker should also be registered with the Commodity Futures Trading
Commission. Don't forget to check if your funds are insured.
You can download financial data from the Futures commission merchants
(FCMs) website and check your broker liquidity (column d - excess net capital) in
order to insure financial strength.
4. Forex Trading Tools
The tools and information the broker makes available to you as a trader,
such as:
• Technical analysis review
• Fundamental and news analysis
• Web-based and mobile trading
• Support hours / methods
• Etc. (more is better)
5. Trading Platform
Each leading broker has his own trading platform (the software provided for
making the trades). The trading platform is very important, as you will use it for all
your trading activity. [See chapter 2]
© by Ryan Lee, www.tradefxplus.com

6. Leverage /Margin
Leverage can build or destroy your trading account. It's my advice to use
maximum of 1:100 leverage and to allocate no more than 5% of your free
account margin for each trade.
Know what the leverage choices and account type are. Find out what the
minimum trade size is, also whether you can adjust the standard lot traded.
7. Reputation
The length of time the broker has been in business and his word of mouth
reputation.
By finding out what others have to say about their experiences with particular
brokers, you'll have a better idea about overall customer service and support
response time.
VERY IMPORTANT
I suggest you use our brokers comparison table (or make one yourself) in order
to get a quick answer to the points mentioned above.
© by Ryan Lee, www.tradefxplus.com

Chapter 2
What to Look For In a Trading Platform
The most important aspect when choosing a trading platform is YOU! If you can't
execute trades easily it's not worth it.
If you skipped chapter 1, please go back and read first on how to choose your
forex broker (usually, each broker has a different trading platform), then
download a few free demo software and try it until you fill comfortable to carry out
trades.
What to look for in a trading platform
Accurate price feeds and more than 99% system uptime
Interbank quality rates, true market values and complete transparency
The ability to set up stops and limits on a trade (include trailing stop-loss)
Fast execution and guaranteed fills in normal market conditions
Multiple charting options, technical indicators and trading tools
Mobile/Wireless trading complementary software (optional)
© by Ryan Lee, www.tradefxplus.com

Open a Free Demo-Practice Forex Account
Before opening a demo account you can check our brokers comparison table in
order to compare trial periods per user (you can always open more demo
accounts by filling the registration form).
Opening a demo account enables you:
• At your convenience, to be able to work out how to place, modify and
execute trading orders.
• To be able to study and to understand the technical and fundamental
analysis of the market.
• To be able to test forex trading signals and automated trading system
without risking any of your real funds!
Open a Real-Live Forex Account
After you choose your broker and familiarize yourself with his trading platform,
opening real trading account is quick and easy.
You can open a real forex account within 5 minutes using an on-line registration
procedure. Typically you will need to:
• Send identification ID (with picture)
• Sign up on account application (individual, business, etc.)
• Fill government tax form
© by Ryan Lee, www.tradefxplus.com

Real Trading Account Types
Standard Accounts
Standard accounts are for clients who feel comfortable trading forex and may
have some experience trading online.
Minimum Deposit US: $2,500-$10,000
Contract Size: 100,000 (100k per 1 lot)
Max Leverage (Margin): 1% or 1:100
Mini Accounts
A great way to get started in a live environment is the Forex mini accounts with
smaller contract sizes and higher leverage.
Minimum Deposit US: $250-$2,500
Contract Size: 10,000 (10k per 1 lot)
Max Leverage: 0.5% or 1:200
© by Ryan Lee, www.tradefxplus.com

Chapter 3
Metatrader 4 and Automated Forex Systems
MetaTrader 4 Client Terminal has a user-friendly front-end trading interface. It
provides technical analysis, charting and Expert Advisors (EA's). It is also
distinguished for its wide range of functions which accommodate the demands of
all traders.
Why should you use Metatrader 4 trading platform ?
First, MetaTrader 4 is the most widely-spread platform for forex trading. It
blends perfectly, powerful charting tools, an easy-to-use order console and
automatic trading ability.
Second, it is supported by many different Forex brokers all over the world (more
than 100!), and due to its massive popularity, hundreds of custom technical
indicators are available over the internet, for free.
When you run MT4 for the first time, it will prompt you to open a demo trading
account. Do so, it's free. In fact you can open as many free demo accounts as
you want over and over by simply going to File » Open Account. You can
download and install Metatrader 4 free-of-charge from Metaquotes Corp.
© by Ryan Lee, www.tradefxplus.com

What is an Automated Forex System?
An automated forex system - Expert Advisor (EA) is a mechanical trading system
designed to automate forex trading.
Expert advisor for Metatrader 4 can trade your account automatically, i.e.
sending buy and sell orders directly to your broker's server while automatically
adjusting stop loss, trailing stops and take profit levels.
Add an Automated Trading System to your trader arsenal
An Expert Advisor is a "robot", i.e. a fully automated trading system which has a
specific plan. And guess what, it sticks to it no matter what, no matter how ugly
or uncertain the market looks. It has no greed and will run 24 hours a day for you.
This trading system will watch the market for you, placing trades under certain
parameters (strategies), avoiding the fear, greed, lack of confidence and
inconsistency which cause most traders to lose their money.
I invite you to test tradefxplus.com automated forex trading systems on your
demo account to see for yourself how much you can profit without the need to sit
in front of your computer or to place trading orders manually.
© by Ryan Lee, www.tradefxplus.com

Chapter 4
Top Metatrader 4 Forex Brokers
After intensive research I'm pleased to present my recommended Metatrader 4
forex brokers worldwide. All brokers on this list are regulated, meet the strictest
currency trading demands and give their clients the highest advantages.
Brokerage Firms
Founded
Regulated By
Safety of Funds
Language
Web-base Forex Trading
Platform Features
Mini Account
- Minimum Deposit
- Leverage
- Lot Size
Standard Account
- Minimum Deposit
- Leverage
- Lot Size
Typical Spread on Majors
1999
1999
2001
NFA. CFTC. FSA
HSBC or Bank of
America
Eng, Fre, Ara, Deu, ...
No
FX Trading Station or
Metatrader 4
NFA, CFTC
JPMorgan
Chase Bank
Eng, Chi, Rus
Yes
FOREXTrader or
Metatrader 4
NFA, CFTC
Bank of The West
Eng, Bui, Chi, Fre, ..
No
Metatrader 4
$300
Up to 1:200
10,000 (10k)
$250
Up to 1:200
10,000 (10k)
$250
Up to 1:400
10,000 (10k)
$5,000
Up to 1:100
100,000 (100k)
$2,500
Up to 1:100
100,000 (100k)
$2,500
Up to 1:100
100,000 (100k)
2-4
3-5
2-4
© by Ryan Lee, www.tradefxplus.com

Brokerage Firms
FX Mobile Software
Deposit Method
Trading Hours
Free Demo Account
Open Live Account
More Information
Credit Card, eCheck,
Bank Wire,
Paper Check
24 hour trading
30 day
on-line, chat
www.fxcm.com
Yes
Credit Card,
Bank Wire,
Paper Check
24 hour trading
30 day
on-line, chat
www.forex.com
Yes
Credit Card,
Bank Wire,
Paper Check
24 hour trading
Unlim ited
on-line, chat
www.ibfx.com
© by Ryan Lee, www.tradefxplus.com

Chapter 5
How to Install, Load & Run Expert Advisers
in Metatrader 4
There are hundreds of expert advisers (trading systems) on the internet; most of
them promise you to double your money every month... Ya. sure!
All of them will show you years of back-tested data performance and results, but
guess what? It doesn't tell you anything about future results. So, you pay a
onetime fee of $97, $249, $399, and get stuck with over optimized mechanical
system.
I advise you to test the system on a demo account for ONE MONTH (even if it
costs you money - better than have your account blow up, no?!). See if you fill
comfortable with it, if it's running like it should and most important if you get
support and updates CONSTANTLY.
How to install an expert adviser (EA)
Every file on your computer has a path, i.e. the place you save your files (word,
excel, etc.). Basically, you should place your EA file in the right path.
1. Open Metatrader 4 expert adviser's path:
My computer » Local Disk (C:) » Program Files » [YOUR Forex Broker
Name] » experts
OR... "C:\Program Files\[YOUR Forex Broker Name]\experts\"
© by Ryan Lee, www.tradefxplus.com

2. Install your EA
If you receive your expert adviser (EA) file by email, save it to your
desktop (unzip if necessary).
Now, move EA file (.ex4) from your desktop to Metatrader 4 expert
adviser's path (see step 1).
You can watch a short video here: Expert Adviser Installation
How to Load & Run Your Automated Trading System
In order to load and run an expert adviser for automatic trading purposes, you
must know at least two parameters:
• Currency pair traded by the EA
• Timeframe the EA is designed for
If you don't know these parameters DON'T RUN THIS EA! If you do know,
please follow these steps below:
1. Open Metatrader 4 platform
2. Open specific currency pair chart
Very important: set the right timeframe the EA is designed for, i.e. 15min,
1H, 1 Day, etc. (before step 3).
© by Ryan Lee, www.tradefxplus.com

3. Under Expert Advisers, double click on EA name (in this case "MACD
Sample" which comes with metatrader 4 platform)
4. Check box 'Allow live trading' and other options (see picture below)
Click OK.
© by Ryan Lee, www.tradefxplus.com

5. Activate or deactivate your EA at any time.
EA active - 'expert advisers' icon in play mode (smiley), your trading system is
running and placing orders automatically as long as your computer and internet
are on line.
EA not active - expert advisers icon in stop mode (x mark)
If you encounter any difficulties with this chapter, please see appendix for more
videos on this subject. Also, you can leave us your query at tradefxplus.com
support center.
© by Ryan Lee, www.tradefxplus.com

Chapter 6
Use of Virtual Private Server (Optional)
A virtual private server (VPS) also referred to as Virtual Dedicated Server (VDS)
is like having a small computer 100% hosted online. This way, you can install
your MetaTrader 4 trading platform and your preferred forex system (expert
adviser) on it, so you can have the software running 24/7 taking trades for you
without having to leave your home computer switched on all day long.
What are the benefits with owning a VPS?
• You don't have to rely on your internet or power connection
• You don't have to leave your computer running 24/7
• You can access your "online computer" from anywhere in the world
I have found a great video which will show you how to set your VPS in no time
(video duration: 10:21min).
Please note: I don't encourage you to use hosting companies or trading systems
presented in the video/website.
© by Ryan Lee, www.tradefxplus.com

Did You Find This Manuscript Useful?
I hope you found this manuscript practical and useful. Feel free to pass it on to a
friend or colleague.
I've put a lot of time and effort into writing this free manuscript.
If you'd like to thank me, the nicest way would be to provide a link
somewhere to www.tradefxplus.com. Thank you!
© by Ryan Lee, www.tradefxplus.com

Appendix: Metatrader 4 Video Tutorials
Video 1 - Basic Platform Introduction
• Controlling buttons and toolbars in Metatrader 4
• The Market watch (currency pairs)
• Navigator window (accounts, indicators, expert advisers, etc.)
• Price charts (type, timeframes, properties, etc.)
• Open a demo account (free)
Video 2 - Charting Options
• Icon buttons overview
• Using templates (charting customization)
• Adding a new chart window
• Trendlines and indicators editing
Video 3 -Technical Indicators and Trading Orders
• How to change chart timeframe (bar timeframe)
• Adding different technical indicators
• Adding or removing currency pair symbol
• Order window (types, currency, limits, etc.)
• Trading terminal (managing trading orders)
© by Ryan Lee, www.tradefxplus.com

Video 4 - How to Install an Expert Advisor (EA)
• How to place EA file (.ex4) in "experts" folder
• Changing expert advisers options (live trading)
• Attaching the Expert to currency chart
Video 5 - How to Load & Run an Expert Adviser
• The navigator window (expert advisers section)
• Editing expert adviser options
• Activate and deactivate an expert adviser
© by Ryan Lee, www.tradefxplus.com