Is this your preferred method of setting stops? Sorry to hijack the thread!
Any good resources on how to go about backtesting? Donāt think you can do this with broker platform software, right?
Luckily, broker platform is enough, especially if it is MT4. There is strategy backtester in it which basically simulates trading activity according your EA on past price feed. The lower is timeframe, the longer will be the process. For more advanced trading strategy which are spread or execution sensitive backtesting can be problematic since correct transaction costs are not incorporated (you have only tick data from Metaquotes, not history of broker spreads and execution). Thatās why final results should be adjusted for transaction costs and usually their size is unknown and can vary.
Ah thanks. Iām using my brokerās web platform. Or more like skin on top of tradingview charts. I couldnāt remember seeing anything that screamed backtesting, but it appears that Oanda has something called the Algo Lab, where you can backtest on tick data going back to 2004 I think it said.
But it looks like you need to know C#, Python or F#, whatever that is. Hmmmm, Iāll check this out further, and then maybe try to fire up my account on Oandaās MT4. Thanks!
For MT4 yes, itās internal programming space is based on C language. But if you go with Python or R then probably you have to buy tick data or download somewhere for free. The problem is that finding quotes for forex pairs (CFD data) will eventually bring you to the choice among FX brokers since they hold a kind of exclusive rights for offering trading services to retail traders.
Iāve heard of R, but not applied to forex. Interesting. Did you mention who your broker was that you backrest with and get that data? Or is it possible to get a tick data provider AND a separate broker? Or are they one and the same?
I am a little bit old-fashioned, so I prefer using indicators and charts to define my entry and exit points. With time and experience, trader could be able just to spot these points on any chart, but still, I would like to be precise and know exactly what am I doing
