You use software named Meta Trader 4 at FX system trade. Meta Trader 4 is the most standard FX system trade software in the world. It's high-quality and well-tested; besides it's a free software.
I will introduce how to set up Meta Trader 4 and start system trade.
First, download and install Meta Trader 4. You can download it at securities transaction account web sites that support MT4.
How to log in for the first time
When you boot MT4 up, you will see the demo account application page. It's an application page for people who use a demo account, but you have already opened a real account, so you don't need to anything here. Click "cancel".
Then, you will see the correspondent account log in page. Use the ID and password that you received when / after you applied an account.
MT4 starts up. The first log in task is completed.
I recommend examining and regulating the EA by backtesting when you get a new EA.
Backtesting is the way to check the performance of system trade program by past chart data.
You can also change parameters and optimize the performance.
Inclusion of EA
You can see a folder named "MT4" in the folder of Meta Trader 4. MT4 \ experts is an included folder in system trade EA.
After you set up the EA, boot up Meta Trader.
Obtain history data
Obtain history data and use it. Click "Tool" and "History Center".
You can see the past data download page. Select currency pairs you will use for the EA and time zone, and then click "Download". After download, you can use the data.
It's a bit difficult to understand it, so please watch this video.
How to do backtesting
Click "Display" and "Strategy Tester". You can see the backtesting page at the bottom of the page.
To put EA in an "expert" folder, as shown here. Select an EA you will use.
Select currency pairs you will use.
Select a term of the chart.
If you use my program, "Open prices only" is fine. If you use a program that you got at another web site, select "Every tick" just in case. Open prices only: Use a last chart and decide to buy and sell Every tick: Use all of price movements and decide to buy and sell My program was set to make the same result at any setting in order to not have disparity between backtesting and practical use. If you use another program, be careful.
[Use the date and time]
If you want to set up a term, check and put a date. If you don't specify a date, all data in the history data is used for backtesting.
Click "Start" and then backtesting starts.
Backtesting is completed when the green bar reaches end on the right side. You can see the equity curve at the "Graph" tab, the detail at the "Report" tab.
I will show you typical detail data. Basically, I think it's enough to check following parameters.
Initial deposit for backtesting.
[Total net profit]
Loss by backtesting. It shows as the currency unit and it is an indicator for evaluation.
Profit / loss. If it is over 1.0, it means it's in black; if it's less than 1.0, it's in the red.
The number of trade.
Maximal drawdown. The less it is, the safer and more stable the program is.
The ratio of successful trades.
The numbers are showed as the currency unit. For example, if you use US dollars, 100 means 100 dollars. The numbers of profit can change by amount of currency, so you should check pips. When amount of currency is 0.1, 1 pips = approx. 1 dollar. So when amount of currency is 0.1, 100 means 100 dollars and 100 pips.
4 charts that are displayed by default from the beginning are unnecessary,
so please close them. Open a chart of currency pair you want to use at
File \ New chart Select a time chart for system trade and regulate the
chart at the bar on the top of the page. Click "+" on the left
of "Expert Advisor" on the navigator menu.
You can see the system trade program here, so drag and drop a program you want to use on the chart.
You can see the system trade confirmation screen. Check "Allow Live trading" to start system trade.
You can change each parameter if you select a enter tag of a parameter. Click OK and ready to start system trade.
Every time you click "Expert Advisor" on the middle of the menu, system trade start and stop. Blue is carry on, red is suspension. You can check the condition of system trade on the upper right of the chart, too. Smiley is carry on, X is suspension here.
See this video as well.
When trade carries on, you can check it on the terminal window on the bottom
of the screen. Basically, you use "transaction" tag and "account
You can check a position you own at "transaction" tag. You can confirm your profit and loss history at "account history" tag.
I think it's enough that you check only "profit and loss" on the right and "balance" on the bottom.
As mentioned before, many EA show you a disparity between backtesting and practical use because of backtesting condition and curve fitting.
FX beginners should try with a small amount of currency first.