Trading in the forex market manually takes a lot of time, effort, and presence. As such, most traders are looking for ways of creating reliable expert advisors, which can consistently make profitable trade decisions without requiring their physical presence.
Since Forex robots are not influenced by human weaknesses, such as fear or greed, they can constantly make profitable trade decisions and enable you to reach your trading goals faster.
In this article, we will talk about some ways of creating trading robots. Basically, a forex robot is a piece of software installed on the MT4 platform to allow for automatic execution of orders. If you want to know more about what is an Expert Advisor in Forex , you can read this article. Importantly, before creating an EA, you should identify a reliable trading strategy. For example, if your strategy relies on making sell orders whenever the market passes certain significant support levels as interpreted by a technical indicator, you can transfer that strategy to a robot.
There is a common saying in the forex world that it does not matter the strategy you choose for trading, what really matters is your ability to trade according to that strategy. If you enter the market blindly without any specific strategy, then you are fit to be a gambler than a trader.
Furthermore, after identifying your strategy, you can test its performance under simulated forex trading conditions. This way, if the strategy seems to be unpredictable, you can make the necessary adjustments risk-free.
This way, you will not need to spend countless hours glaring at the charts looking for suitable trading opportunities. There are several approaches on how to make forex robots. Consequently, trades will be automatically executed in the market without requiring your direct intervention. If you are not a competent programmer or if looking at lines of code scares you, you can hire an MQL4 programmer to make an expert advisor.
However, hiring a programmer does not place the EA creation process in your hands, and he or she could still not do a good work, even after paying for the services. Furthermore, even if programmer completes the job well and EA works exactly according to your strategy, it does not mean your EA will win and make money in the Forex market.
It takes much more work to accomplish this. The second approach is using a forex EA builder to create an expert advisor. An expert advisor builder is a tool that allows you to create trading robots without programming skills.
After identifying your trading strategy, you just input it in the EA builder, and the rest will be completed for you. Most expert advisor builders have powerful tools to assist you to create reliable robots. These tools consist of risk management parameters, trailing stops, stop loss and take profit parameters and many others.
With the risk management parameters, you can decide the maximum risk you can accept for every trade by building a forex robot with stop loss. With an EA builder, you can quickly create several robots to assist you in trading the forex market. Different forex robots with different strategies for trading can increase your chances of making profits. This is usually called a Portfolio.
A single expert advisor for MetaTrader 4 may not comprehensively monitor every market change, and appropriately execute trades. The last approach on how to build a forex robot is by using a forex EA generator. Just like an EA builder, an EA generator produces expert advisors without requiring any programming or other technical skills.
But with the Forex Robot Factory expert advisor generator , you can automate the entire process of creating an EA, and avoid worrying about complicated lines of code. Forex Robot Factory can create automated trading systems that work in seconds. Another good thing about a forex EA generator is that it automatically provides the backtested results of any strategy, something most EA builders cannot provide. This way, you can sufficiently judge the performance of your robot before deploying it for live market conditions.
If you do not know how to edit expert advisor, the EA generator has plenty of easy to use tools to assist you to make the appropriate changes to your trading robot.
But usually, no changes are necessary because EA generator will find the most optimal EA variations itself.
Although, it makes perfect sense to run optimization of the newly created Forex EA to find best parameters for trading. With proper optimization, you can always ensure you have the best forex robot for MT4 to meet your trading needs. A forex EA generator saves you from the hassles of mastering a programming language, hiring a programmer, or relying on an EA builder that does not backtest your strategies. The tool places the whole process of how to create the best forex robot in your hands. Therefore, if you want to create real money-making robots with minimal constraints to yourself, then you better try out a forex EA generator.
Using a forex EA generator is the best technique of building profit-making robots without requiring any programming skills. If you still rely on programming an EA yourself or hiring a programmer, you could be wasting a lot of time and sending a lot of money down the drains. As earlier mentioned, an EA generator allows you to input your trading strategy, define your preferred trading parameters, and safely deploy the robot for live trading on the MT4 platform.
The results are automatically analyzed for you, providing you with sufficient information to gauge the profitability of your expert advisor.
If the results are not convincing, you can simply adjust your trading parameters to meet your profit goals. Furthermore, if you use the tool to create forex expert advisor without programming , you will be much faster than a programmer who has to spend from several hours to a few weeks coding the robot. As such, you can create dozens or even hundreds of trading robots in one sitting.
And even if you have your own strategies that you need to code into expert advisors, the Forex EA generator will probably save you from wasting your money because you trading ideas will likely not work after all. Trust me, after millions of created Forex EAs I already know how small the number of working strategies is. If only 1 strategy out of has a chance to win in Forex then it does not make sense to even create them manually just to see if they work or not.
Let the Forex Robot Factory do the job and create you , strategies in an hour where at least of them will have profitable and promising backtesting results. Programming is not easy, and not everyone can capably sail its scary waters.
You need to spend several hours learning writing error-free lines of code. If you fail to devote the hours, then you may not be a competent programmer. But, with a Forex EA generator, you will not need any programming skills.
Here is a simple process of how to create expert advisor without programming using the powerful online-based tool from the Forex Robot Academy. To start inputting your strategy, define your different preferences, as provided under the Generator tab.
Thereafter, set your preferred strategy settings. You can define the entry lots, stop loss, as well as other parameters. You can also define the other Generator settings. Next, set for how many minutes you want the EA generator to work. Start with 30 minutes at first and see how many robots it can create for you. It will also automatically test your strategy against historical data and display the results. This will greatly assist you to weigh the profitability of your strategy. All profitable strategies created by the FRF tool will be added into the Collection and you can see them and analyze them anytime.
The section has several statistical parameters to assist you to complete several things, including sorting the generated strategies, filtering the strategies, and exporting the strategies into your computer. When you export strategies into your computer they can be loaded directly to your MT4 or MT5 trading platform for automated trading. Under the Editor section, you can refine your strategies to enhance their performance before deployment for actual trading.
The Editor section has indicators and other tools for reviewing your strategies and editing their performance. A backtested results will also be generated, which gives you the opportunity to assess the performance of your strategies. However, I do not recommend editing strategies manually.
The forex EA generator has several tools that can help you optimize your trading robot to meet your expectations. For instance, with the stress tester tool Monte Carlo or the multi-market tester tool, you can suitably assess the behavior of your trading strategies in various market conditions. On the Report page, you can assess the performance of your strategy when tested against historical data. This will give you an indication of whether the trading robot will likely be profitable or not.
If you are satisfied with the information on the report page, you can then export the robot to your MetaTrader 4 or MetaTrader 5 trading platform. Then, you can start experiencing the advantages of using a robot to make trade decisions on your behalf. Next step is to install Forex EA into MetaTrader and leave it running all the time for fully automated trading.
Many people ask me what is the best expert advisor for MetaTrader. Well, let me answer this question. Nevertheless, the best expert advisor is the one you create yourself, and can capably follow your trading strategy.
You can also perfect your strategy under simulated forex trading conditions, but that is the next step, which is a part of profitable Forex Robot creation process. Demo trading your trading is normally safer than exposing a naked strategy to live trading conditions, which can lead to increased losses. Then, you need to test all created Forex EAs on a demo account for a few months.
Importantly, creating a trading robot by yourself gives you the opportunity to create the best forex robot for MT4. If you rely on hiring a programmer or purchasing an already programmed EA, you may be unable to make any improvements, in case the robot is not producing the desired results. While it is possible to create an expert advisor MT4 by programming it yourself or using an EA builder, both methods tend to be expensive, tedious, and difficult to master.
Expert Advisor programming — The old way The first approach on how to create expert advisor is programming. You can set the EA input parameters to suit your desired risk appetite. Create Expert Advisor Without Programming Using a forex EA generator is the best technique of building profit-making robots without requiring any programming skills.
Spending countless hours writing complicated lines of code is completely unnecessary. You can define the data source, currency pair symbol, as well as the trading period.More...