Common mistakes in Metatrader 4

Metatrader has an error identification mechanism built into its terminal. Like most software, detected errors are expressed in numeric codes. Errors can generally be found in the journal or expert tab of your Metatrader terminal window. If you are using custom software for trading, such as an Expert Advisor or a script, you can also ask your programmer to display the errors on the screen. This article lists the most common errors experienced by merchants when using the trading terminal.

Error 3 “Invalid business parameters”

It means that one or more of the trading parameters of your most recent order were unacceptable to the broker. If the order was submitted by a human trader, check the lot size, stop-loss and take-profit values ​​and see if they meet your broker’s requirements. If you are an Expert Advisor, you should also check the comment variable, as the server sometimes refuses to give a null value or double quotes (“”) to the variable.

If the last order submitted was for a pending order, check if your broker allows the pending order to expire. Some runners disable this feature and would only accept a zero value for the variable.

Error 6 “No connection to the trading server”

It just means that the terminal cannot connect to the server. This could be a server failure, but it is often a local internet connection problem.

If your internet connection is fine, check the internet connection status at the bottom right of your Metatrader terminal. If the status says “No connection” or 0/0, then your terminal is experiencing a problem using the Internet. Restart Metatrader immediately. This does not happen often, but it could be an alarming problem if it is not noticed.

Error 8 “Requests too frequent”

Human traders can encounter this error as well, but Expert Advisors are more likely to experience it. Each broker has a limit on the number of requests it can accept for a given account. This error appears when an account has reached that limit. This is often a sign of poor EA programming or EA logic. Rethink the EA rules.

Error 65 “Invalid account”

This error often occurs on demo accounts. Most demo accounts have an expiration date, and when they do, those accounts are considered “invalid.” No one, not even an expert advisor, can trade with an invalid account. Just create a new demo account.

If it is a real account, then you have a real problem. Contact your broker immediately.

Error 129 “Invalid price”

For Expert Advisors, if they are found frequently and consistently, it is a sign of poor programming. For human traders, it is a sign that the market in which it is currently trading is very volatile. It could be solely due to market factors, such as business news.

Error 130 “Invalid stops”

Invalid stop means that the stoploss, or takeprofit, or both, are unacceptable to the broker. Brokers often set stop limits to limit their risk. Make sure your stops are placed at the low, or a few pips above the low (in highly volatile markets).

There are some brokers that do not allow the setting of SL and TP levels for market orders (buy and sell) at the time of execution. They require trades to be entered first and to modify stops later. If found by an Expert Advisor, the EA may need to be updated.

Error 133 “Commerce is disabled”

This means that MT4 cannot trade with scripts and Expert Advisors. See the document on how to enable scripts and EAs in Metatrader.

Error 133 “Commerce is disabled”

This means that MT4 cannot trade with scripts and Expert Advisors. See the document on how to enable scripts and EAs in Metatrader.

Error 134 “Not enough money”

This often happens when backtesting an EA. It simply means that the account does not have sufficient funds to enter the market using the current parameters.

Human traders can also encounter this error after suffering a large loss due to the margin call or a losing streak.

Error 148 “Too many orders”

This error occurs when the number of active orders on the account exceeded the limit set by the broker. The count also includes pending orders. Refrain from executing new positions until the number of orders is reduced. Brokers often set really big limits, which is why automated trading systems often encounter this error. Reconsider the logic of the program.

Error 149 “Coverage is prohibited”

Ask your broker if they allow coverage. If you are using a strategy that involves hedging, ask your broker if they have servers that allow hedging. If your broker is a multinational company, most of the time it does, so all you have to do is ask it to transfer your account to that server. Asking them can save you time to switch to another broker. Note that it has nothing to do with the server, but with the laws and regulations in force in the state, country or territory where the server currently operates. If your current server operates in the United States (where coverage is not allowed), ask your broker whether or not you can migrate your account to a server located elsewhere, such as Australia.

Error 149 “Forbidden by the FIFO rule”

FIFO stands for “First in, first out”. Same with Error 149, if this rule greatly affects your strategy, you may want to switch broker / server, or go ahead and formulate a different trading strategy.

For orders placed by human traders, errors are often found in the terminal, in the journal tab. For Expert Advisors and other custom software developed for MT4, errors can sometimes be found in the Experts tab. If you are using an Expert Advisor and bug identification is critical to your strategy, you may want to ask your programmer to program your software to alert you when a bug is found.

It is important for traders to understand what errors they are experiencing, why they occur, and how the chance of receiving such errors in the future would be reduced. Errors during trading are attributed to human error, but in some cases the trader may need to consult their broker regarding their policies. For traders using custom software for Metatrader, they may need to consult their programmer for troubleshooting or even request software modifications.

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