Hello, I need some help in understanding the world of automated trading. I have very noob questions…
I want to create my own automated trading system, a system that trades my strategy.
What is the best way of going about this; does it have to be a MT4 expert adviser.
Is there various kinds of software i can create my EA with? this is probably the part i’m most lost in.
What kind of coding would I need to learn to create a automated trading ea/system?
What about keeping my automated system completely private and undetectable to my broker?
If you’re using MT4, then you will have to program your strategy into an expert advisor.
Best to learn how to program yourself, rather than depend on software.
Expert advisors use their own C-based language called MQL4. You can learn more about it in the MQL4 documentation.
Brokers don’t care about your strategy and even if they did, they couldn’t take your code from your VPS/computer. You don’t have to worry about this one.
Yes to all of your questions. You can contract a programmer to do this, such as through MQL5, or you can purchase software to find and develop strategies for you, or just get software to develop the EA from the parameters you want. You don’t need to be a programmer either.
Thanks for your answers. I’m seeing mention of MQL4 & 5. I guess MQL5 is a later version, but MQL4 is still used?! Also, if excel is used as timestwo22 prefers, what sort of commands are sent through to the trader platform - does it need some sort of plugin?
I learn from a friend who show me how he manage to rank out of top 5 of ironfx competition with over 2000% in 3 months.
His pips per entry is around 100+ pips. So it is his stop-loss.
He had this criteria for setup.
Where is the market going? Usually base on one time frame.
Is it doing a good job getting there? Is there divergence? Or alot of doji or spinning top.
If yes. Has price breaks any recent support or resistance.
If so is there a new low? If so is there a lower high?
If a resistance has been broken. Is it a new high. If so is there a higher low?
Whenever a new high or new low has been form. Many get fake out and jump in. He would just place his orders below the new low or above the new high and wait for price to come and claim it.
Many wouldn’t forfeit the what if. And thus prone to getting fake. He is waiting for market momentum after retracement to carry on its newer low or newer high.
Stop-loss? At the central of previous low or high.
MQL5 is just a more advanced version of MQL4, but MQL4 is probably more commonly used and a lot of indicators and EAs were developed for the MQL4 version so that is the most commonly used version. If you contract a developer through the MQL5 website you will simply need to tell them what parameters you want (RSI above 60, ATR above .15, sell at the close, etc.) and they will do everything else from there. They will create an EA for you to use. It’s really easy, but the highest priced option. The other option is to use an EA Builder software. You don’t need to code anything, you just input parameters and the software creates the code for you and gives you an EA to trade. But you will need to still learn a lot about trading and indicators and the software, just no coding is required.
I’m not aware of the Excel method or writing code too much. I have software do it, and developers do that for me.
I recommend you build your ea by yourself, because you will probably have to make lots of modifications to it. Paying for 1 ea is expensive, but paying for 50 changes to it is even more expensive.
I work and am currently completing the school of Pipsology on here. Working means I cant be at the computer as often as I need for my Donchain Strategy to really be tested as im missing trading opportunities so I have decided I need to automate and back test quickly, therefore I have started MQL4 training.
I am the worst programmer in the world so its not going to be easy but I have started watching these videos: YouTube
On the playlist scroll to the bottom and there 30+ lessons / videos all numbered. He also has a wesbsite. Im still using the free youtube videos at the moment and only on lesson 5 and have so far only coded “hello universe”.
Ive also found this resource online but its a bit to academically written and intelligent for me so im struggling to follow. MQL4 Tutorial
Someone mentioned earlier its best to code your own, i couldn’t agree more, surely if you learn how to program little tweeks ongoing are quicker, free and more effective.
Learning how to program from scratch ain’t easy nor quick, I learned MQL4 in one month just because I already used other languages and the basic of programming.
Also consider that to apply your system you will need to work a lot with loops and mathematical comparisons.
I agree Shaneharpe16 and I’ve seen some of his vids. The problem is for us newbies, is that there are no comments to his code. I read somewhere all good programmers stick comments in, unless they don’t want anyone to understand their code? Sometimes even the original author can’t remember why they coded the way they did.
I’m new here so I don’t know much, but I heard about this on The Traders Podcast the other week. It might be an alternative, look up Trader Bot Marketplace.
