In this article, we will talk about whether you can make money with MQL5. We will also talk about 3 different ways that you can make money with MQL5 and how to make money with MQL5 step by step.
Yes, you definitely can make money with MQL5 and there are several ways you can do it. One method is to do algorithmic trading, another is to create your own expert advisors with MQL5 and sell them online. Another great way is to do freelancing where you make custom Expert advisors for clients with MQL5.
Keep reading on to know how to make money with MQL5 in detail. We will also give you a step-by-step plan to make money with each of the 3 methods and help you choose the most suitable method for you. That said, you can also utilize all of these methods to make money with MQL5 online, from anywhere in the world on your own time.
What is MQL5?
First, let’s talk about what MQL5 is. MQL5 is a programming language developed by MetaQuotes based on the popular language C++. It can be used by developers of trading robots and individual traders to build automated trading systems.
There are a variety of MQL5 indicators available, from trend lines to oscillators. The MQL5 language has been on the market for almost 22 years. It is designed for developers of all skill levels.
MQL5 allows users to monitor financial data streams and make informed decisions. It also helps individuals maintain their edge in the market. Traders can create their own expert advisor/indicator or use a pre-designed one.
The MQL5 platform also provides a great community of programmers where you can share knowledge and test new trading solutions. It’s an active forum where traders and experts can work together to improve each other’s work. It also provides a range of auxiliary tools and essential resources for all users.
Why you should learn MQL5?
As discussed previously, there are many things you can do with MQL5. Learning MQL5 can make you a better trader and also if you are interested, it can make you a better programmer. Now, let’s talk about the 3 main ways you can make money with MQL5
3 Ways to Make Money with MQL5
1. Algorithmic Trading
The first method to making money with MQL5 is to do algorithmic trading. Algorithmic trading is a technology that uses computer algorithms to execute trades. It reduces the cost of transactions and improves the speed and accuracy of trades.
A trading algorithm can be purchased ready-made in the MQL5 market or you can build one yourself. Most of these algorithmic trading robots are designed to automatically generate profits at high speed.
To really make money with algorithmic trading you need to have a profitable trading strategy. The algorithms will only follow the rules you give them to follow. If your forex trading strategy is not profitable, your trading robot will not be profitable.
If you are not sure how to trade the forex market profitably, we recommend you first go through our free guide here before learning algorithmic trading. This is extremely crucial. When you have a good understanding of how to trade the forex market profitably then you can move on to learning algorithmic trading and then you can automate your trades.
To start creating your own algorithmic trading robot first you need to learn the basics of C++ programming language such as variables, functions, and enums. As discussed before in the guide, MQL5 is based on C++. If you are already programming you will definitely find it much easier to learn. But, if you don’t have any programming experience it will take some time for you to learn.
It would take roughly 3 months if you commit at least 20 hours per week to learn the MQL5 programming language to a level where you can program your own complete expert advisor.
Now, you might be asking if this is worth your time. Absolutely it is worth your time. If you are not sure where to start learning MQL5 you should check out this article. After you become good at MQL5, you also can start selling your trading robots/indicators online as well.
2. Selling Expert Advisors/Indicators
When it comes to selling Expert Advisors online, there are a lot of factors to consider. The selling price of an EA is not only based on the quality of the program, but also on the workload involved in programming.
The best way to know if an Expert Advisor will give you positive results is to test it. This is a crucial step. Traders call this backtesting. This can be done using past price data and can show you where the strategy is weak. You can also compare it with the test results of your own strategies.
In addition to testing an Expert Advisor, it is also a good idea to maintain it. This is especially important if you or your customers are going to be relying on the program for long-term profitability. It is important to check for software updates and make sure your program is up to date.
Making a profitable expert advisor is not very easy. You have to have a good amount of knowledge about trading and programming in MQL5. The best way for beginners to start making money with an MQL5 is to do freelancing.
3. Freelancing
Freelancing is a form of self-employment, enabling you to choose your schedule and work as many or as few hours as you like. Although it offers a variety of benefits, it also brings its own challenges.
There are numerous reasons why people decide to become freelancers. Some of the most common are flexibility and work-life balance. You can work anywhere with an internet connection.
In addition to being your own boss, you can take advantage of tax deductions. You can set your own schedule, and even charge what you want. However, there are many things you must learn before jumping in. You must also be able to network and find clients.
There are several places you can find clients for your MQL5 freelancing business. Two of the best places to find clients are Fiverr and the MQL5 job board.
That said, freelancing is not for everyone. If you aren’t a fan of the unpredictable nature of working for yourself, you may be better suited for a traditional job. But if you can get into the flow of the freelancing lifestyle, it can lead to greater independence and professional success.
One of the most important parts of running a freelance business is customer service. While there are several resources available to help you make the right impression with your clients, it’s also essential that you provide high-quality service. This can help you retain your clients and scale up your business.
Some of the most effective strategies for charging for services are to create a compelling pitch, use social media to market yourself, and create a personal brand. If you haven’t already done so, you should start building a website for your business and signing up for freelancing websites like fiver and Upwork. Now let’s talk about the steps you need to take.
A Step by Step guide for Making an Income with MQL5
If you are really serious about making an income with MQL5 follow the steps below.
- First, learn about the forex market and how to trade in the forex market profitably. You can learn about this in our completely free guide. This step should take you roughly 1-2 months.
- Then, download the MetaTrader 5 platform. The MQL5 development IDE comes with the Metatrader 5 platform. If you are not sure how to do this check out this article.
- Then you can start learning MQL5. There are plenty of tutorials online (We will also launch a complete guide on learning MQL5 for free soon). Start by learning about variables and data types. Then you can start learning how to use functions in MQL5. If you are already a programmer you will find this lot easier. This step should take you 3 – 6 months.
- Practice making different expert advisors and indicators in MQL5
- Then open an account in a fiver for selling your MQL5 services. You can also make a social media account advertising your MQL5 freelance services. There are also plenty of freelance jobs on the MQL5 job board. You can check it out here. Get as many clients as possible initially so that you can get a lot of practice with MQL5. Then slowly you can stop getting lower-quality clients and start getting higher-quality clients. This step should take you 6 months to 1 year.
- Now, at this stage, you should have a good knowledge of MQL5 and developing expert advisors. Now, it is time for you to create an expert advisor that you can sell in the MQL5 marketplace. You can price your expert advisor anywhere between $100 to $10,000+. Make sure to check out the expert advisors available here to get an idea of the pricing and the quality.
- If you have been following the steps you should now have 2 sources of income. That is freelancing and selling expert advisors on the MQL5 marketplace.
- The final step is to add the 3rd source of income which is trading the forex market with your own expert advisors. This is the most difficult step because you will need a large enough capital to become profitable. Also, for this step, it is important that you get a forex VPS so that you can run your expert advisor 24/7. We recommend you try out ForexVPS.net.
Conclusion
In this article, we talked about how to make money with MQL5 step by step. If you really are serious about making money with MQL5 we recommend you follow these steps and take massive action.
