Focus On Trading, Not On Your Trading Platform!
Metatrader programming can work in countless ways for the benefit and success of Forex traders. But before signing up for any Metatrader or MQL programming service, it is important to be aware of the common facts and myths which revolve around them.
MetaTrader Programming: The Facts
#1: MetaTrader Programming - Not Just For Automated Trading
This is definitely true. While MetaTrader programming deals largely with expert advisors and the development of fully automated trading systems, it can also be used to help make Forex trading easier, faster, and even more profitable.
#2: MetaTrader Programming Makes Forex Trading Easier
Here are some of the ways in which MetaTrader programming may help you:
- using a MetaTrader script to open, modify, or close orders faster and easier
- building a custom indicator according to your own ideas
- semi-automate or fully automate your trading system
The possibilities are endless! Once you have a profitable idea, automation can be useful in many ways.
#3: Through MetaTrader programming, It is Possible to Fully Convert a Forex Trading Strategy into an Expert Advisor
Yes. With accurate and efficient programming, trading system automation is possible. An expert advisor can be programmed to execute positions, manage the terminal, deal with errors, and perform miscellaneous tasks. Our current technology allows software to accomplish operations that require minimum or no human intervention.
Here are some advantages of programming automated strategies to human traders:
- expert advisors stick to the programmed set of rules and don't have to deal with emotions.
- they are unaffected by fear and greed; stops can be defined prior to order execution.
- an expert advisor can observe the market and trade as long as the market is open
#4: Fully Automated Trading Systems Development Through Programming is For Experienced Traders Only
Let's face it. If manual trading is hard, automated trading is harder. But once you have reached a certain level of confidence in your own strategy, you may then start to let the system work for you, instead of you constantly working for it.
However, Forex programming can also be useful when testing strategies with unforeseen outcomes. The soundness of such systems can be determined faster and with less effort. Back tests and demo tests can be performed with the finished application, instead of having to testing everything manually, which will take far more time and effort. If time is a huge factor to your trading success, consider automating your tasks through one of our programming services - from the simple ones to the most complex.
Unless you're extremely confident about your own trading strategy, remember this.
MetaTrader Programming: The Myths
#1: Expert Advisor Programming Does Not Require Any Input or Strategy And Would Automatically Analyze The Market For Profitable Positions.
Expert advisors follow the rules embedded on their code religiously. Those rules would need to be provided by its author. Therefore, the performance of any automated system in MetaTrader would largely depend on the effectiveness of its strategy.
#2: Formulation and Refinement of Automated Trading Systems Are Easy
The fact that only about 5% of traders succeed in the Forex market proves how difficult it is to make money in the industry. And an even smaller percentage are confident enough to put a profitable manual strategy off their hands and have an expert advisor deal with it.
#3: Disclosure of the Finest Details of the System in Expert Advisor Programming is Not Required
MetaTrader programming, just like programming in any field, deals with computers and software, and as we all know, computers do not function the way humans do. They require explicit instructions embedded into their source code in order to work as they should. Any incomplete or inaccurate requirements may result to unintended results, or no results at all!
Always think of your programmer as an extension of your mind - using his knowledge and skills to enhance your own.
#4: I Don't Need a Strategy - It's My Programmer's Job To Make My Expert Advisor Profitable
Programmers specializing in the development of automated trading systems are knowledgeable about the Forex market. However, the aim of software development is to build the software according to the client's strategy. The task of formulating a strategy rests on the trader's hands.
#5. It is Better To Buy a Commercial Expert Advisor Than To Have One Based On My Own Strategy
Well, it depends on how good your own strategy is. But the bottom line is, would you entrust your hard earned savings to a stranger or strange software? Although there are a lot of commercial systems around, the fact remains that you'll have little or no knowledge of the strategies behind them. You may perform back-tests, forward-tests, try them on demo and live accounts, but most of its internal workings would be hidden from you.
Having your own system programmed, on the other hand, will make you completely aware of the risk involved with the developed software since its algorithm would be based on your ideas. It gives traders complete control over the results of their own trading
This list could go on and on, but it is evident that the number of myths far outlast that of the facts. It takes a responsible and experienced Forex trader to weigh the risks and rewards of automated trading, and employ Forex programming services to suit his own ends.
If you are well aware of the facts and fallacies behind Forex programming and automated trading, and also looking for excellent programing solutions to your Forex business, then we are confident to say that your search is over. Contact us for MetaTrader Programming.