How To Make Your Own Forex Trading Robot

Filed under: Learn Forex Trading |

One of the most useful functions in Metatrader 4 is the “Strategy Tester”, where you can test your own expert advisors. Expert advisors are automated trading programs which allow you to put trades on and close them automatically based on a set of trading variables. For example, you could make a robot to buy or sell when a certain set of moving averages cross over, or you could make a robot that buys or sells when price moves above a moving average. There are many vendors which sell expert advisor, often with extremely complicated mathematical formulas encoded in them. However, the good news is that you can make your own expert advisors and then test them on historical forex data.

 

A good place to start is at the website at:

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

 

Here, you can create your own expert advisors based upon your own system and use them in MT4. Although there are many variables to choose from, there are limits and it can only create relatively simple systems. I myself have spent many hours fiddling with systems on there, and it is actually quite difficult to come up with profitable systems that work in the long term. The best seem to be trend riding systems, but these tend to only work on the longer timeframes so you need a lot of patience as these kind of trades can sometimes last for months (at least the profitable ones do!). If anything else, it is a good learning process and you can start to get a feel for the charts by working with them. And who knows, you might even come up with a system that makes you some money. But at the very least, you will learn that system making is not so easy, and that a less rigid trading methodology combined with a systematic approach may be the best way to go.

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