Common mistakes in Metatrader 4

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

Error 3 “Invalid Trade Parameters”

It means that one or more of the trading parameters of your most recent order were not acceptable to the broker. If the order was submitted by a human trader, check the lot size, stoploss and takeprofit values ​​and see if they meet your broker’s requirements. If it is 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 pending order expiration. Some brokers disable this feature and would only accept a zero value for the variable.

Error 6 “No connection to trading server”

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

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 has problems using the Internet. Restart Metatrader immediately. This doesn’t happen often, but it could be an alarming problem if not noticed.

Error 8 “Requests too frequent”

Human traders can also encounter this error, but Expert Advisors are more likely to experience it. Each broker has a limit on the number of applications he can accept for a given account. This error appears when an account has reached that limit. This is usually a sign of bad Expert Advisor programming or bad EA logic. Reconsider the rules on the EA.

Error 65 “Invalid account”

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

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

Error 129 “Invalid price”

For Expert Advisors, if it is consistently found a lot, it is a sign of bad programming. For human traders, it is a sign that the market that is currently being traded is very volatile. It could be caused purely by market factors such as trading news.

Error 130 “Invalid stops”

Invalid stops 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 setting SL and TP levels for market orders (buy and sell) at the time of execution. They require trades to be entered first and then stops to be changed. If found by an Expert Advisor, the EA may need to be updated.

Error 133 “Trading is disabled”

This means that MT4 cannot trade with Expert Advisors and scripts. Please refer to the document on how to enable expert advisors and scripts in Metatrader.

Error 133 “Trading is disabled”

This means that MT4 cannot trade with Expert Advisors and scripts. Please refer to the document on how to enable expert advisors and scripts in Metatrader.

Error 134 “Not enough money”

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

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

Error 148 “Too many orders”

This error occurs when there are a number of active orders on the account that exceed the limit set by the broker. The count also includes pending orders. Chorus from executing new positions to reducing the number of orders. Brokers often set really big limits, which is why automated trading systems often encounter this bug. 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 they do, so all you have to do is ask them to transfer your account to that server. Asking them could save you the time of switching to another broker. Please note that it has nothing to do with the server, but rather 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 FIFO rule”

FIFO stands for “first in, first out”. The same goes for error 149, if this rule greatly affects your strategy, you may want to switch brokers/hosts, 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 identifying errors is critical to your strategy, you can ask your programmer to program your software to alert you whenever an error is found.

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