Creating EAs

Beginner Questions
1

Hi all,

I’m interested to - eventually - create my own EA’s. However, forextrading is still relatively new to me. The platform I use is MT4. I know there exist some visual build tools which is simpler or quicker then writing code.

My question is, what would you veteran traders recommend to as my next step in learning. Are there some courses in creating EA’s? Which tools did you use and do you recommend? Is it worth learning a programming language, and if so, which one and what is the added value as opposed to using visual tools?

I look forward to your replies!

2

Hi
I wrote a thread about it a few days ago:

http://forums.babypips.com/newbie-island/75979-my-thoughts-about-eas.html

Hope that helps

Cheers!

3

I think if you’re just starting out and you’re eager to test your strategies, visual tools might be a better option. However, if you’re looking to tweak those settings or add more complicated rules to your strategy then it could be worth studying the nitty-gritty of the programming language.

4

Thanks for your reply gasanvill. I fully understand you don’t want to share your EA, and to be perfectly honest, nor would I were I in that situation, but I still need to get there :wink:

You did say you watched a lot of movies to learn, any particular ones that stood out where you learned more from then others? There is a lot of garbage mixed in with the good stuff out there.

Also thank you PipDiddy. Any tool in particular that you would recommend to start with?

5

I understand you are interested in having your own EA like many others in the world of trading, but since you are new and still haven’t learn trading, which means you don’t have consistent trading strategy than you don’t have any foundation to create your EA on.
Once you educate your self and develop consistent trading strategy than you can start thinking about creating your EA and implementing your strategy.

6

Hey, here are some tips. This are things that worked for me, I am not suggesting that other things don´t work:

  1. Since u are a newbie, stay away from smaller timeframes. Focus on daily charts. Beginers have this wrong idea that the more trades they find, the more money they will make, and that is why they go to trade 1min, and 5 min charts. My advice: open 10 main pairs on daily charts, and you will have a lot of analysis to do there.

  2. Focus more on price action, and not so much on indicators as an entry signal. Read every video, and book about price action, specially support and resistance. This will take a lot of time, maybe a couple of years, but is worthy, trust me. There are a couple of thereas u can read:

http://forums.babypips.com/free-forex-trading-systems/58037-price-action-matters-375.html
http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action-2101.html

  1. Learn money management. A system with positive expetancy can be a losing one if u dont use correct money management.

Hope that helps.

7

There are some online MT4 EA builders which are helpful, especially if you need a more simple EA to be made. Try googling it.

8

I would start by creating a profitable strategy, should keep you busy for a few years. Look at you own EA as the icing on the cake or better the cherry on top of it. Why code an EA with a losing strategy? You said yourself you are new to forex so work on educating yourself, then try to first create a strategy before jumping to an EA. Just my two cents.