Currency trading and what is MQL4 for? - article from

Forex trading have been another alternative to trading stock and shares. Because of the volatility and availability of trading 24/6, it is more popular among traders switching over to Forex trading.

There are many platforms available for trading forex and one of the popular one is metatrader4 from metastock. It is a powerful software platform for trade execution, chart indicator trading and expert advisor software. This expert advisor is programming codes written to automate the trading strategy to allow the computer to trade like a human. MQL4 or MetaQuotes Language is the programming language for programming of trading strategy.

MQL4 Program Structure
Popup DominationThe programming structure and syntax resemble C language. The programming language has similar data types, operation & expressions, operators, function and variables declaration. It comes with preprocessor and predefined variables, init(), deinit() and start() which run your main program codes. Below are some important function that you will be using in your programming

Date & Time Functions

This is a group of functions that provides trader with access to data of the datetime type. It comes with handy selection of available function for quick access to Day, Month, Year, TimeHour, TimeMinute and others. This is particular usefull if you wan to limit your program to run during certain quite hours or only selected weekdays of every week. You can also program block out date for news release that will major impact the currency price.

Technical Indicator Functions

This is a group of functions used specifically for technical chart trading. MQL comes with really to use indicator for more then 30+ custom indicator. The list includes and not limited to Simple Moving Average, Bollinger Bands, Commodity Channel Index, Moving Average Convergence/Divergence, Relative Strength Index, Stochastic, etc

Trade Functions

This group of functions for executing trade related order and management of trade issues. You can execute trade open and trade close, selection of particular trade, retrieve the order history, change order parameters like stop loss, profit take, etc and also check the order status. The most commonly used are OrderSend(), OrderModify() and Orderclose().

Account Functions

This group of function is for management of account information. This is particular important if you are checking and limiting the account information and performing money management. You can create checking statement for account number, name and company. In additional, you can check account balance, equity, margin and leverage for calculating your lot size.

Common Functions

This group of function contains alert, comment and pop out message box to notify trader user of any issue for the program. I personally use it to alert low account balance to ask user to top up their trading account balance and alert user if they are not using the correct trading current for the Expert advisor, require them to double check.

File Functions

Many programs may not use this as this may not be relevant to their trading strategy but I used it to store some account information, date, time and some trades order information. This is usefully if you want your program to pickup from last running state when encounter program crash, hang or power failure. I personally tested and find this very usefull when you running on VPS or dedicated server where power outage may happen at 0.1% (99.9% uptime) or maintenance time (where your server will be off and restart).

You can find my codes in my Best Forex Ranking Cook Book Zip files for working *.MQL4 files. For more information visit my website bestforexranking dot com.


The guide for reading long-term trends in the foreign currency market

To thrive in the marketplace traders must anticipate, enter, and stay with trends in the foreign exchange market.

In this much-needed guide top forex, expert Greg Michalowski clearly explains the attributes of successful traders, and shows how traders can set themselves up for success by drafting an explicit mission statement and game plan. The book also contains the tools and techniques traders need to read the markets and identify when a market is in a trend. Michalowski shows traders how to enter an emerging trend, how to manage the position, and how to exit the position most effectively.
  • Includes the technical tools needed to invest in the foreign exchange market: moving averages, trendlines, and Fibonacci levels
  • Shows how to identify a trend and stick with the trend through its duration
  • Written by Greg Michalowski who was cited by SmartMoney magazine as a "go to" source for making money moves
With this book, Michalowski offers an important resource for identifying and riding out long-term trends in the volatile foreign currency.

Editorial Reviews

From the Inside Flap

Making money while limiting risk is something every good trader strives to do. But in order to achieve this goal you need a firm understanding of financial markets, as well as the tools that will allow you to effectively apply sound trading strategies in them.

Nobody understands this better than author Greg Michalowski—a market veteran who has spent the last ten years with retail forex brokerage company FXDD—and now, with Attacking Currency Trends, he shares his experience in this field with you. Following a step-by-step approach and progressing in a logical manner, this practical guide will help swing trading results in your favor by showing you how to better anticipate and attack the trend in currencies.

Divided into two comprehensive parts, this reliable resource opens with a detailed discussion of how to build a solid foundation for your currency trading. Here, you'll become familiar with the attributes of all successful traders and discover the essential characteristics of retail currency traders. Along the way, you'll also be introduced to specific elements that will allow you to excel in attacking forex trends—namely a mission statement, a game plan, and rules.

After explaining how to develop a solid foundation, the book transitions into the technical tools and strategies used to anticipate and manage forex trends, define risk, and control fear. You'll gain valuable insights into three main charting tools—moving averages, trend lines and remembered lines, and Fibonacci retracements—and learn why successful currency traders look at short-, intermediate-, and long-term time periods equally and trade using all three. Relevant examples are also included, highlighting how trading does not always have to be complicated.

Success in currency trading, as in any business, is based on building the right foundation and using the proper tools. Combining his years of trading experience with his knowledge of retail traders and the nuances of the currency market, Greg Michalowski has created an accessible trading guide that will help you minimize risk, keep fear in check, and capture consistent profits in today's dynamic currency market.

From the Back Cover

"Greg has put together a comprehensive road map for traders, constructing a sound,logical trading methodology from start to finish. This book succeeds in getting the reader to think and act like a professional currency trader. Trading is a serious business and requires serious planning—and that's exactly what you'll get with Attacking Currency Trends."—Ed Ponsi, Author of Forex Patterns and Probabilities
"Although Greg admits having a true risk phobia, it's evident he possesses the skills not only to capitalize in the currency market, but to transmit his original and yet simple trading approach. A myriad of illustrated examples and clues throughout the text support his educational forte. A market profile explanation right at the start of a forex book is indeed an excellent conceptual backbone readers will appreciate."—Francesc Riverola, CEO and Founder,

"Attacking Currency Trends provides a simple and logical approach to trading forex that will help any trader make better decisions about when and how to trade. Greg's rules for trading forex trends will be especially helpful to traders looking for a disciplined approachto this massive market. Armed with this information, rookie and veteran traders alike will have the confidence needed to profit from opportunities found on —and off—their charts."—Tim Bourquin,

"Greg Michalowski's Attacking Currency Trends not only provides in-depth coverage of how to anticipate and attack trends in the battle to successfully trade currencies, Greg also empowers traders to be proactive and protect themselves by having a trading game plan with guidelines. This is a must-read for retail traders new to FX and those looking to develop further as successful market players."—Julie Sinha, broadcaster, ForexTV

"I love the down-to-earth simplicity of this book. Attacking Currency Trends puts the truth of effective trading into a format that is executable and understandable. This book will instantly become a must-have reference work for the retail trader."—Scott Cisco, co-founder and President,
"Greg has pulled from his vast experience in currency markets and crafted a book that will lead the retail trader from understanding to successful action. He provides a rich set of tools here and clearly organizes and communicates them. Very nicely done."—Dr. Phil Pearlman, Executive Editor, StockTwits

About the Author

Greg Michalowski is the chief currency and trading analyst for FXDD. Prior to joining FXDD, he was an assistant vice president and trader in the treasury / funding area with Citibank in New York, a vice president and interest rate derivatives trader at Citibank in London, and a vice president and trader in the banks funding department at Credit Suisse First Boston. Michalowski maintains a daily market commentary and currency analysis website at market comments are quoted in the financial pressby, Reuters, and the Wall Street Journal,and he has written for various print and online trading publications, including eForex, Equities magazine,,, and twitter site,, was one of thirteen cited by SmartMoney magazine as a "go to" source for making money moves.

Attacking Currency Trends: How to Anticipate and Trade Big Moves in the Forex Market (Wiley Trading) Click here to read amazon customer reviews and rating

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