How to make money from EAs (trading robots)

Trading Tech and Tools
1

Some time ago, I was obsessed with the idea to raise my profits using automated strategies. I have been brainstorming for a long time searching for how to perform this in the best way.

Since I am not a programmer, I had 2 options:

  1. Find a tool that will help me to build EAs without the knowledge of mql
  2. Hire mql programmers

I found several tools to develop my own EA without knowledge of mql - I compared features and pricing and decided to use Easy Forex Builder - easyforexbuilder dot com. You know, It was quite an interesting experience - I used drop-down menu to create my EAs - it was quite easy. Of course, if you wanna develop more complex strategies, you can hire pro coders (e.g., from the 4xDev team - 4xdev dot com). It’ll be faster but more expensive.

The further process may seem dreary, but it’s worth your effort.

I tested my ready-made Expert Advisor on the H1 timeframe in MetaTrader4. Then I would like to recheck the results in Forex Tester 5 – forextester dot com. The backtesting process was really fast. Yes, I found a couple of weaknesses in my strategy. But was able to successfully fix them and select the most profitable set of parameters.

After successful backtesting and optimization, It’s time to try to go live. So, I ran my brainchild on the demo acc. To perform this, it’s critical to apply the VPS server, of course.

Then I’ve launched my EA daily on a trend instrument.

After all the steps taken, I created an EA portfolio. Why? To get a more stable profit. It contained robots designed on the trend Indicators or oscillators. I arranged everything in such a way as to overcome the trend and flat market conditions. All my EAs were trading on demo accounts on the VPS servers.

So, I could choose the best strategies after 30 days of trading. I think I’ll apply these 5 top EAs to trade on a final acc. Then I will evaluate the results of my portfolio.

If some of them have bad performance or show too high max drawdown, I’ll replace it with a new EA. Well, they have about 7 months to prove themselves and show positive statistics.

I hope I can go to the live acc with the minimum volume soon. + I would like to use my profitable strategies in Forex Copier – forexcopier dot com to emulate trades successfully and copy in reversal mode to get benefit from consistently losing EAs.

Let my efforts reap benefits. Wish me luck!

3 Likes
2

Best of luck, mate.

3

Good luck bro!!

4

Sounds good. Keep us updated on this. Best of luck.

5

Very interesting - thank you! Why do you use backtesting software instead of a demo account? you will not lose your money as well, but it is free of charge (compared to forex tester or other backtesting software)

1 Like
6

Hi,
The backtesting software is a tool that can be used to determine, by chart analysis, whether trade entries would have been historically net positive (described as demonstrating a positive edge over a large number of trades) for trade entries conforming to a set of fixed rules that you applied to trade entry. Those trade rules would include money management (how much you were prepared to risk on each trade), entry signals or indicators, trade management rules and trade exit rules.

The backtesting does not require you to place any trades. It is an offline exercise of chart analysis, whether manual or automated in an EA (expert advisor), to demonstrate whether your rules lead to a profit or a loss.

When you have found a set of trade plan rules that results in a positive edge, you are then supposed to forward test these rules in a demonstration account to show that the trading plan in future actually behaves the same as it did in the past. If you get that far with your patience, the next step is to apply the same trading plan to a live account where you use real money.

I hope this explains the difference.

5 Likes
7

Best of luck! so basically like a hedging system with EAs. Itll take a while to get the mix right but could be very interesting

8

Best of luck.

9

Was it difficult to create the robot with this tool Easy Forex Builder?

10

Most likely no than yes. Of course, it takes time to delve into the specifics of the program. But I got over it pretty quickly. The process ran like clockwork.

1 Like
11

Not sure I trust EAs personally but as always I like to be open to evidence either way. Good luck!

1 Like
12

me too, i have used a fair few in my time and prefer manual trading. Always happy to have my mind changed though :slight_smile:

15

What backtesting software did you use? What do you recommend for beginner traders?

16

Miser pays twice. I’d rather buy backtesting software and quickly check all my ideas on it, than use a demo account and wait a long time for the results. And having bought the program once, I can use it forever.

17

Hi,
I have always started out with good intent (MT4, TradingView) and ended up manually backtesting. Painful, but a low level of entry knowledge required. I do intend to use an app. Time is limited.

18

Wasn’t it easier to order EAs than to create them yourself (even using a spec constructor)?

19

Yes, it was. However, I wanted to put my head in the lion’s mouth to challenge myself. Otherwise, it would be boring.

20

A trader should first learn how to make money from commercial EAs (trading robots) before they spend their time trying to build one themselves. EAs are not silver bullets that suddenly make a trader a good one. They are just another tool in the arsenal of a successful trader.

21

Best way is to demo one or if it hs a verified myfxbook link .
Run it on a small account then pull your initial investment and let it run taking profit as you go along

22

Please keep us informed! It’d be interesting to find out the results of your crazy “experiment”