How to Start with Trading Bots (Quick & Easy Way)

how to start with galileo fx

In this guide we show you how to get started with automated trading, autotraders and trading bots: how to download a trading bot, how to open a brokerage account and how to get started with trading.

TIP: If don’t want to install a trading bot by yourself, please check our professional installation service. Learn more here.

You may ask yourself: what is a trading bot?

Trading bots are automated trading systems that work on behalf of the investor. They allow you to execute trades automatically when specific conditions for that trade are met. These bots take into account information, like current prices and volatility levels. In short, they simplify the process of investing and make trading easier.

Trading bots are software programs that run on the MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms, used to monitor and trade financial markets using algorithms. They find opportunities to make profits.

A good trading bot simplifies the process of investing and makes trading easier.

You could, for example, use a trading bot to monitor a few key markets. It would alert you when it finds a potential opportunity for profit. Equally, you could let it loose on the markets completely, opening multiple positions each day with little human input.

For most traders, trading bots are primarily used for forex, crypto, stock, index and gold trading. But you can use them to trade any market that’s available on your MT4 and MetaTrader 5.

Let’s get it started.

1. Download Galileo FX or another trading bot (1 minute)

For this guide, we’ll use Galileo FX as an example.

Start by choosing your Galileo FX on our Versions page.

For pricing, order and payment info, please visit our Price Guide. Licenses are lifetime so you don’t need to pay any monthly or recurring fee.

With Galileo FX, you’ll receive an email immediately after payment. The email contains a link to download your Galileo FX, as shown here:

Screenshot of the email with download link to Galileo FX

Click the link to download your Galileo FX and save it to your Desktop.

2. Open a brokerage account (5 minutes)

TIP: You can skip this step by using a “fake” broker like MetaQuotes which works only on demo. In this case, go to MetaTrader5.com and download MT5. When you want to go live, you can open a brokerage account and start trading real money.

Demo account registration screen for Oanda (Link)

To trade you need an account. This is similar to a bank account but easier and quicker to open. It’s called brokerage account.

Most brokers let you open a demo account first

With Galileo FX, we don’t have access to your funds. Instead, you’ll deposit money in your brokerage account, so you need to choose a broker that is trusted, licensed and operates legally in your country.

You’ll need to trust the brokerage firm with your capital, so choose carefully.

Some brokers can block you from withdrawing your own money.

Always double-check or even triple-check that your broker is trusted before opening an account.

Here’s a list of brokerage firms:

  • Oanda
  • Forex.com
  • FP Markets
  • IC Markets
  • FxPro
  • Pepperstone
  • Admiral Markets
  • CMC Markets

If your country is not accepted by the brokers above, don’t give up. There are brokers that can provide you with MetaTrader in almost every country in the world.

Please always make sure to check that the brokerage company is legally operating in your country.

Use Google to find a broker in your country:

How to find a broker that supports MetaTrader 4 using Google
How to find a broker that supports MetaTrader 4 using Google

3. Download Trading Platform (2 minutes)

Brokers provide you with a link to download MetaTrader 4 or MT5. You’re safe with MetaTrader: it’s possibly the most used and trusted trading platform in the world.

Download it, follow the installation wizard and launch MetaTrader.

FP Markets lets you download MetaTrader from their site. Other brokers require you to register before providing you with MetaTrader.

4. Add Galileo FX to MetaTrader (1 minute)

In this example, we are trading BTC/USD using Galileo FX Personal

Galileo FX is ready to trade automatically on your account. Isn’t that amazing?

You need to choose what charts do you want to trade.

Examples:

  • Forex (EUR/USD, GBP/USD, …)
  • Crypto (BTC/USD, ETH/USD, …)
  • Metals (gold, silver, …)
  • Stocks (Tesla, Apple, …)
  • Commodities (coffee, cotton, …)
  • Indexes (US30, …)

For example, you can use Galileo FX on mutiple charts at the same time to multiply your profits.

Now you’re ready to use Galileo FX or other trading bots.

If you have any questions, contact us by email at support@galileofx.com (we are available 9am-5pm CET, Monday to Friday).

Please keep in mind that we are not financial advisors and that this content is provided for educational purposes.

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