Forex Strategy that works (User Guide). You can find Expert Advisor Studio on our website: https://eaforexacademy.com/s/qsJpF
As a Forex trader, the most important things that you're going to need to decide are what are the key components going to be of your chosen Forex Strategy that works.
Now, what that means is what are your entry and exit rules going to be.
Now, whether you create a Forex Strategy that works using the generator and then tweak it or keep it as the generator has generated it or whether you trade manually, it's essential to know precisely what are your exit and entry rules going to be.
If we look at the strategy here in the editor on EA Studio, you'll see that in our strategy, we have strategy properties, we have our long entry, and our long exit rules, and the system automatically works out the short entry and short exit rules based on our long entry and long exit positions.
The easiest way to test your strategy is by backtesting it.
There are 2 ways to backtest it. The first is in EA Studio, and you can see
that as you change the indicators or change the parameters of your indicators, you have a balance chart. If you then go to the report, you have many different graphical representations of the statistics and the actual statistics.
As mentioned earlier, and as I'm sure you know by now, once we have a strategy that we are happy with, we can export it as an Expert Advisor to MetaTrader 4 or MetaTrader 5.
And the second is in MetaTrader.
Once we've exported our Expert Advisor, so we'll export it for MetaTrader 4, we can then place it into our platform, and we can run a backtest. And what you'll see is that the results will be virtually identical to the backtest in Expert Advisor Studio as well as the backtest in MetaTrader 4.
So on our platform, we put the Expert Advisor onto our chart. As you can see, my Expert Advisor is on the chart now. And what I'm going to do is I'm going to run a backtest. How we do, that is very quick and very easy.
All we need to do is just right-click anywhere on our chart, click on Expert Advisors and strategy tester. So the first thing that we're going to do is we're going to select our Expert Advisor - here it is.
Just ensure that the symbol and the time period is correct, and then the model must be open prices only.
The next thing is you need to check just the date to make sure that the date that you are comparing the backtest on MetaTrader 4 matches the data in Expert Advisor Studio.
So what we're going to do is let's just quickly go back to our Expert Advisor Studio. From here, we're just going to go to data, data horizon. As you can see, we have a start date and end date from the 10th of July 2020, and our end date is the 15th of September 2020.
So coming back to our platform, which will set this the same, so 07/10, and the end date of it was the 15th, so let's change that to the 15th.
Then we click to start. It runs very quickly. Here are all of our results. As you can see, we have quite a few trades that have opened and closed in that time.
And we're going to look at the graph next, now this is the graph on the backtest from MetaTrader 4. If I open the graph from Expert Advisor Studio, what you'll see is that they are virtually identical.
Let's move it this way, so we can see it better.
There you go. You can see how similar they actually are. You can see that
that's where it climbed the same thing here, same thing here, then we had a drawdown here, same as here then it went up a little bit, then it came down a little bit and then it kind of went steadily up with a few little peaks and troughs.
And it ended up on virtually precisely the same place. So as you can see the backtest, there are 2 ways to do it. Very important to do it that is actually how you can test how your strategy would have performed in the time period that we are testing here, and it is absolutely vital to run backtests on all of your strategies.
Just to check how they would work on market conditions. And remember that any rules you apply in Expert Advisor Studio to your strategy before exporting it as an Expert Advisor will remain in the Expert Advisor when you place it onto your chart in Meta Trader.
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