Exactly… Learning to program an EA seems quite hard!
The term automated trading is ironic in my opinion. I’ve probably doubled my time in front of my computer since moving towards “automated” trading. It’s definitely not auto-cruise, contrary to popular belief.
I’ve heard people say similar things before… What’s the point then…? 
It’s a personal preference. I enjoy programming, playing with numbers (statistics/math). machine learning, etc. and finding statistically significant exploits in the market to gain an advantage.
I like the idea of automation, although I don’t think it will ever be 100% automated; maybe 90% at best.
Materialistic benefits? (All my opinion)
I think there’s potential to gain more compared to manually trading. Although I do work a lot on my computer, I am not staring at the charts waiting for setups and placing orders. As a result, I can work during normal work hours and leave the algorithms trading through the night/day. So in that regard it does save some time and gives me an opportunity to sleep. 
Most of my work consists of writing programs, and then waiting for test results, so I can load up another set of tests and wait some more. 15 seconds of clicking buttons, wait for 2 hours; go have a cigarette, watch a movie…, rinse and repeat all day, everyday
Yeah, my life is pretty exciting. I mean, it might sound nerdy or boring, but I guess this is what I find enjoyable. From the first stage that I have a concept, to planning it out, then developing the test, collecting the data, formatting the data, running the tests and seeing the results for the first time, to eventually implementation, I find it all very interesting.
Sorry, just saw this post.
Yes, of course. I know quite a few, myself included. I trade full time.
That does sound pretty cool! But, how would one go about learing how to program an EA, if you have NO programming experience what so ever…?
The MT4 website has a tutorial for beginners who are looking to learn to program their own indicators, EAs, scripts, etc. Most of all, practise! Reading is one thing, being able to apply is what matters! Start coding little things alongside your readings.
MQL4 (the language MT4 uses) is based off of C, so learning a bit of C would help lots too. General knowledge of some other programming languages will help you as well, and also get you in the right mindset. I would recommend C#, C++, C, Java, and perhaps Python. Maybe even some HTML if you ever want to parse websites in your programs for your analysis such as sentiment analysis or simply retrieving news updates and having your EA/algorithm incorporate news trading.
One should also learn how trading algorithms calculate, per tick, per bar, etc.
Another good idea is to look at other tools and platforms out there besides MT4. ie) NinjaTrader, Tradestation, Amibroker, ToS, MultiCharts, cAlgo just to name a few.
They all have their own methods and language(s). Each have their pros and cons, so some investigation and research would be useful.
Experience with Excel or another analysis software (R, MATLAB, Octave, etc) would help as well.
The above is your foundation, it’s what you’ll need to begin. Look at system testing/optimisation and development in general. As well as trading system analysis and risk management. Things like portfolio correlation and asset allocation should be your main concerns when managing trading systems.
Start slow, don’t try to do everything at once. I know it sounds like a lot, but take it one day at a time. A good book I know is “Trading Systems - A new approach to system development, and portfolio optimisation” by Urban Jaekle and Emilio Tomasini. If you Google for it, you’ll most likely find it online.
Edit: You can tell I’m currently waiting for test results, when I reply almost immediately. Haha 
And suppose you already understand the basics of programming, heck, lets say you have umpteen years experience in it, but what you lack is the trading experience and know-how? Are there any principles of developing EA’s that are generally acknowledged? I’m not talking how to cut a piece of code, because that can be done in any language. I mean business knowledge.
Thank you very much Clark! That was very helpfull, but it seems like A LOT to learn!
Then I would look at how would you get that trading experience and the “know-how”. Trading models generally are looking to find temporary inefficiencies in the market or price. If one could find these moments that can be exploited with a proven statistical edge, that’s where the money is. How you get there is 100% up to the individual and whichever route he or she chooses.
I would say that if one cannot trade profitable manually, one probably couldn’t make an automated system. Now, if one says that it’s not their strategy that’s flawed, but their emotions are getting in the way then they should ask themselves if they have the confidence and trust to let a couple lines to text trade their money. It’s the same thing. Psychology is just as important in automated trading than it is in discretionary trading.
Trust me haha, I was very overwhelmed when I first started. I came from a web design background (HTML, CSS, JScript) and basic high school math/stats. Just takes a little time.
Hi,
I am somewhat new to the field of forex trading and wanted to ask a couple of questions. I have read a little bit on backtesting and I was wondering how effective the results are when applied to different systems. Does it mean that if my broker has less backtesting data as compared to others I will be at a disadvantage when trading??
Thanks
You might find this thread useful:
It’s a long read, but worth it if you are dedicated
I want to throw this in there Clark, SPREAD
When backtesting EA’s, especially on the weekends, Like Oanda MT4, the spread WILL be off…
There is a way to get a fixed spread while testing tho…
Fixed Spread for Backtesting Forex EA with MT4 Strategy Tester
I use this, and it works Perfect…
If you have any problems, just drop me a PM…
MT4 uses a fixed spread when backtesting already; which I suspect is the platform the majority of individuals use.
Unless you’re backtesting 1-5 minute time frame systems, the spread won’t be to much of a problem. The higher time frame the less effect spreads will play. Of course, I’ve heard Oanda has some pretty crazy spreads on the weekends, and in that case, I would just say to open up a demo just for testing purposes with someone else.
Yeah, its wild high… its 8.4 right now…
So If you have Oanda, you cant test EA’s, unless of course, you have the software I posted a link too…
[QUOTE=“MoneyNVRSleeps;488746”]
Yeah, its wild high… its 8.4 right now…
So If you have Oanda, you cant test EA’s, unless of course, you have the software I posted a link too…[/QUOTE]
Why would you want to trade on the weekends?
Who’s on First?
[QUOTE=“MoneyNVRSleeps;488758”]
Who’s on First?[/QUOTE]
Huh…?