A ‘How to…’ Guide to Creating Your Own EAs

Filed under: Learn Forex Trading |

 

Expert Advisors are trading robots that you can use in the popular forex trading platform – MT4. The robots watch out for particular movements in the markets based upon a strict set of mathematical rules, and they execute trades on your behalf when these rules are met. There are many vendors trying to sell such trading robots – and some of them are profitable. However, the problem is, whenever a robot is made that has a market edge, it is sold in such large volumes that it eventually loses that edge.

 

One thing that you can do is to create your own expert advisor (EA). There are various ways that you can do this, but the most cost effective is to go to:

 

http://sufx.core.t3-ism.net/ExpertAdvisorBuilder/

 

This is a website where you can build your own EA for free. What you do is you enter your trading rules, save the EA, and then test it in the ‘strategy tester’ section of MT4. Here, you can test your EA over years of forex trading data. If your idea is profitable on historical data, you can then do a live test on your demo account.

 

The attractive thing about EAs is that in theory, you can make money without doing any of the work. But be warned, creating a profitable EA is not easy, and you could spend hours and hours coming up with something that is only slightly profitable. This is because EAs have no human element, and they strictly follow a set of rules no matter what.

 

In summary, EAs are an option for traders who are busy and do not have the time to sit at their computer trading. However, it is difficult to create a profitable one, and you will have to initially put some time in to create the EA and test it. However, the good news is, if it is profitable, you can then sit back, relax, and watch your trading bank grow!

 

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