No programmer should just wake up blindly and start programming a trading robot. There is a time-tested approach to building a trading robot. The approach to building a trading robot is to:
- Design
- Program
- Backtest
- Execute
In performing this four-step approach to trading a forex robot, the trader must consider the platform to be used, the tools to be used, the platform infrastructure, and how the robot can be analyzed in the future to assess its trading performance.
Designing an EA is where the trader looks at the strategy to be used, the money management parameters, and the conditions for buying or selling a currency pair. After the design, the programming aspect comes to play. This is where the design of the robot is translated into a programming code. When the code is all done, the EA must then be tested and optimized, before it is finally executed for use.
It is essential to get a skilled programmer to do the job of coding. However, building a good EA is usually a multi-disciplinary approach. It requires input from various fields such as statistics, mathematics, programming, and a little common sense.
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At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
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Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
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There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
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