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

Error 3 “Invalid Trade Parameters”

It means that one or more of the trade parameters of your most recent order was unacceptable to the broker. If the order was sent by a human trader, check the lot size, stoploss, and takeprofit values and see if they meet the requirements of your broker. If it’s an expert advisor, you should also check on the comment variable, as giving a null value or double quotation marks (“”) to the variable are sometimes rejected by the server.

If the last order sent 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 with trade server”

It simply means that the terminal is unable to connect to the server. This could be a server fault, but it’s often a local internet connection problem.

If your internet connection is fine, check the internet connection status at the lower right-hand portion of your Metatrader terminal. If the status says either “No connection” or 0/0, then your terminal experiencing a problem in using your internet. Restart Metatrader immediately. This doesn’t happen often, but could be an alarming issue if left unnoticed.

Error 8 “Too Frequent Requests”

This error can also be encountered by human traders, but expert advisors are more likely to experience it. Each broker has a limit on the number of requests it can take for any given account. This error appears when an account has reached that limit. This is often a sign of bad expert advisor programming or bad EA logic. Reconsider the rules on the EA.

Error 65 “Invalid Account”

This error often happens in demo accounts. Most demo accounts have a date of expiration, and when they reached it, such accounts are considered “invalid.” No one, not even an expert advisor, can trade using an invalid account. Just 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 encountered a lot and consistently, it’s a sign of bad programming. For human traders, it’s a sign that the market currently being traded is highly volatile. It could be purely caused 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 limits to stops to limit their risk. Make sure that your stops are placed at the minimum, or a few pips greater than the minimum (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 time of execution. They require the trades to be entered first, and to modify the stops later. If encountered by an expert advisor, the EA may need to be updated.

Error 133 “Trade is disabled”

This means that MT4 is not allowed to trade with expert advisors and scripts. See the document on how to enable expert advisors and scripts in Metatrader.

Error 133 “Trade is disabled”

This means that MT4 is not allowed to trade with expert advisors and scripts. See the document on how to enable expert advisors and scripts in Metatrader.

Error 134 “Not enough money”

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

This error can also be encountered by human traders, after suffering a huge loss due to margin call, or a losing streak.

Error 148 “Too Many Orders”

This error happens when there number or active orders in the account exceeded the limit set by the broker. The count also includes pending orders. Refrain from executing new positions until the number or orders were reduced. Brokers often set really large limits, so this error is often encountered by automated trading systems. Reconsider the program logic.

Error 149 “Hedge is prohibited”

Ask your broker if they allow hedging. 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, more often than not, they do, and so all you have to do is ask them to transfer your account to that server. Asking them might save you the time for switching to another broker. Note that it has nothing to do with the server, but on the laws and regulation in effect on the state, country, or territory where the server currently operates. If your current server operates in the United States (where hedging is not allowed), ask your broker whether or not you can migrate your account to a server located elsewhere, such as Australia.

Error 149 “Prohibited by FIFO Rule”

FIFO means “First In, First Out.” Same with Error 149, if this rule greatly affects your strategy, you may want to switch brokers/servers, or move on and formulate a different trading strategy.

For orders made by human traders, errors are often found on the terminal, under the journal tab. For expert advisors and other custom software developed for MT4, errors can sometimes be found on the experts tab. If you are using an expert advisor, and the identification of errors is critical to your strategy, you may want to ask your programmer to program your software to alert you whenever an error is encountered.

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

Source by Enrico Lambino