How to Start with Forex Robot? BUY, CODE or BUILD
How to Start with Forex Robot? BUY, CODE, or BUILD is a free lecture from Forex Strategy Course + 12 EAs I Trade Live. Enroll in the whole course today: https://eaforexacademy.com/courses/algorithmic-trading/forex-strategy-course/.
How to Start with Forex Robot?
When traders start looking into algorithmic trading, there are 4 possible ways to get started with an Expert Advisor.
0:10 1. Buy it from the market
1:02 2. To hire a developer
2:07 3. To code it by yourself
3:02 4. Strategy builders
The easiest way is to Buy it from the market. And although that might sound easy, it could actually turn out to be the hardest. You never know what is behind that.
You do not know what the trading rules behind the strategy are. You didn't create it yourself.
So when traders Buy Robots, there is a reason to be very skeptical, and you should be cautious.
The market is full of scammers that simply want to take your money. That's not to say there are ain't good Robots available on the market. But I have tested many, and none of them worked as a state that or promise.
That was in the past before I decided to switch from manual into algorithmic trading.
The 2nd option is to hire a developer.
I have a lot of experience with that, and I can share it with you. It would be best if you had a manual strategy because if you do not, you have nothing to order from him, right?
Now here is the interesting part.
When you have a manual strategy, you cannot perform a backtest because you do not have the Robot yet, which means there is no way to know if that manual strategy is profitable.
Do you get the dilemma?
You want to get the developer to code a profitable manual strategy for you, but there is no way to know if the manual strategy is profitable until you have the Robot to backtest it.
So what usually happens is that the trader realizes that the manual strategies are not really profitable after they automate them.
It happened to me, and I have wasted a lot of money and time doing that.
Here comes the 3rd option to code it by yourself.
Now, that is possible, especially if you are a developer, but it could help if you were a trader as well.
You need to have a lot of fundamental knowledge on how the Indicators work, the formulas behind them, and how to code in the MQL language used in Meta Editor.
And if you are not a developer but a trader, I guess it will take you a minimum of 2 years before you learn to code.
But even if you manage to do both, you cannot understand if the strategy is profitable until you have the Expert Advisor ready.
And do you know someone that is a good doctor and a lawyer at the same time?
I don't know a developer who is a good trader or the opposite. You must choose one.
The last option is strategy builders.
You've already seen what the backtest on EA Studio looks like.
And it is not only EA Studio, there are many out there, the Forex Strategy Builder Professional, the Strategy Quant, the Strategy Tester, the EA Builder, the PRO Quant, and many others, and all have different features and options.
I have tested them all.
The main idea behind that is that you do not need to have programming skills to automate a strategy. You build it or generate it, and you can immediately see if it is profitable or not, and the results you could expect from that.
But you have to understand that these are professional programs for traders. That is why some are costly.
And of course, if you trade with a 4, 5, 6 figure account, you would probably be prepared to pay for the right tools.
And because this is my job, I always want to use the best software for algorithmic trading because it saves me a lot of time and money.
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