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⚙️Installation & Setup

Complete Step-by-Step Installation Guide

💥 Target Audience: Complete beginners with zero EA trading experience

⚡ Already familiar with MetaTrader 4? Check out our 💻 Installation Guide for a faster, technical installation process.

Reading Time: 15 minutes

This guide will walk you through installing BananaEA on MetaTrader 4 with zero technical experience required. Follow each step carefully and you'll be ready to trade in 15 minutes.

🎯 Before You Start

What You Need

✅ MetaTrader 4 installed and working ✅ Demo trading account with your broker (start here!) ✅ BananaEA files downloaded ✅ 15 minutes of uninterrupted time

What You DON'T Need

❌ Programming knowledge ❌ Previous EA experience ❌ Expensive computer or VPS ❌ Live trading account (demo first!)

📋 Step 1: Prepare MetaTrader 4

Check Your Demo Account

  1. Open MetaTrader 4 from your desktop

  2. Verify you're connected - Look for connection status in bottom-right corner

  3. Ensure demo account is active - Check account number and balance

Verify Chart Display

  1. Look at any currency pair (EUR/USD recommended)

  2. Confirm price updates - Prices should be moving (during market hours)

  3. Check timeframe - Start with M1 (1-minute) charts

Enable Expert Advisors

  1. Look for "AutoTrading" button in MT4 toolbar (top of screen)

  2. Check button status:

  • ✅ GREEN AutoTrading button = EAs can trade

  • ❌ RED AutoTrading button = EAs cannot trade

If button is RED: Click it to turn GREEN

Configure EA Settings

  1. Go to Tools → Options

  2. Click "Expert Advisors" tab

  3. Enable these settings:

☑ Allow automated trading
☑ Allow DLL imports
☑ Confirm DLL function calls
☑ Allow imports of external experts

Click "OK"

📂 Step 2: Locate MetaTrader Data Folder

Method 1: Through MT4 Menu

  1. In MT4: File → Open Data Folder

  2. Data folder opens automatically

Method 2: Manual Location

  • Usually located at: C:\Users\[YourName]\AppData\Roaming\MetaQuotes\Terminal\[BrokerID]\

Navigate to Experts Folder

  1. In the opened folder: Go to MQL4 folder

  2. Open the Experts folder

Copy BananaEA Files

  1. Copy the main EA file to the Experts folder:

    • BananaEA.ex4 (main EA file)

  2. Copy the library file to the Libraries folder:

    • Navigate back to MQL4 folder

    • Open the Libraries folder

    • Copy iTradeAIMSLib.ex4 (required library file - MUST BE INSTALLED)

⚠️ Important: You will only receive compiled .ex4 files for security. Source code is not distributed to protect intellectual property.

⚠️ Critical: Both files are required! The EA will not work without the library file in the Libraries folder.

Restart MetaTrader

  1. Close MetaTrader 4 completely

  2. Wait 5 seconds

  3. Reopen MetaTrader 4

📊 Step 3: Choose Your Trading Pair

Beginner Recommendation: EUR/USD

Why EUR/USD is perfect for beginners:

  • Most liquid currency pair (best execution)

  • Lowest spreads (reduced trading costs)

  • Predictable behavior during European/US sessions

  • Extensive historical data for backtesting

Alternative Options

For more experienced traders:

  • GBP/USD: Higher volatility, bigger moves

  • USD/JPY: Asian session activity

  • EUR/GBP: European pairs correlation

Open Your Chart

  1. File → New Chart → EURUSD

  2. Set timeframe to M1 (1-minute)

  3. Ensure chart is displaying current prices

🤖 Step 4: Attach BananaEA to Chart

Open Expert Advisor Panel

  1. View → Navigator (or press Ctrl+N)

  2. Look for "Expert Advisors" section

  3. Find "BananaEA" in the list

Attach EA to Chart

  1. Drag "BananaEA" from Navigator to your EUR/USD chart

  2. EA Settings window opens automatically

Configure Basic Settings

On "Common" tab:

☑ Allow live trading
☑ Allow DLL imports
☑ Confirm DLL function calls
☑ Allow imports of external experts

On "Inputs" tab: (Start with default settings)

  • Lot Size: 0.01 (micro lots for demo)

  • Max Spread: 3.0 pips

  • Risk Percent: 2% (conservative)

Click "OK"

✅ Step 5: Verify Installation

Check EA is Active

Look for these indicators:

  1. Smiley face icon in top-right corner of chart

  2. EA name "BananaEA" displayed on chart

  3. "Expert Advisors" tab in Terminal window (bottom)

Common Status Messages

✅ Good Messages:

  • "BananaEA initialized successfully"

  • "iTradeAIMSLib loaded successfully"

  • "Ready for trading"

  • "Waiting for signal"

⚠️ Warning Messages:

  • "AutoTrading is disabled" → Click AutoTrading button

  • "Not enough money" → Normal on small demo accounts

  • "Invalid symbol" → Use correct currency pair

❌ Error Messages:

  • "Expert advisor is not allowed to trade" → Check settings

  • "DLL not allowed" → Enable DLL imports in settings

  • "iTradeAIMSLib not found" → Library file missing from Libraries folder

⚠️ Library Check: If you don't see "iTradeAIMSLib loaded successfully", the library file was not installed correctly. Ensure iTradeAIMSLib.ex4 is in the MQL4/Libraries/ folder.

🎮 Step 6: Test With Demo Account

Start Conservative

First Week Settings:

  • Account: Demo only (never live account)

  • Lot Size: 0.01 (smallest possible)

  • Risk: 1-2% maximum

  • Timeframe: Focus on learning, not profit

Monitor Initial Trades

Watch for:

  1. Trade execution - EA places trades automatically

  2. Risk management - Stop losses and take profits set correctly

  3. Account balance - Should not decline rapidly

  4. Trade frequency - Expect 5-15 trades per day

Track Performance

Daily Review:

  • Winning trades vs losing trades

  • Average profit per trade

  • Maximum drawdown

  • EA behavior during news events

🔧 Step 7: Optimization (After 1-2 Weeks)

Fine-Tune Settings

After observing EA performance:

  1. Adjust lot sizes based on comfort level

  2. Modify risk percentage (1-5% range)

  3. Test different timeframes (M1, M5, M15)

  4. Experiment with spread settings

Advanced Configuration

For experienced users:

  • News filter: Disable trading during high-impact news

  • Time filters: Limit trading to specific hours

  • Correlation filters: Avoid trading correlated pairs simultaneously

🚨 Critical Success Tips

Never Skip These Steps

  1. Always start with demo account (minimum 2 weeks)

  2. Test EA thoroughly before any live trading

  3. Start with minimal risk (1-2% per trade maximum)

  4. Keep MT4 running 24/7 for best results

  5. Monitor EA regularly (first few days especially)

Warning Signs to Watch

Stop EA immediately if:

  • Account loses more than 10% in one day

  • EA places trades outside market hours

  • Trades are much larger than expected

  • Error messages appear repeatedly

🎯 Next Steps

Ready to Learn More?

Need Help?

Congratulations! 🎉

You've successfully installed BananaEA. Remember: Start small, learn continuously, and never risk money you can't afford to lose.

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