Yes, I can custom code a Forex Robot for you based on YOUR trading set of rules but before we go there, it is best we clarify what a Forex Robot is, what it can do, what it cannot do and the risk involved in using one.
A Forex Robot, also known as a Forex Expert Advisor and/or Forex Trading Bot, is a trading software that can enter, manage and exit trades on your behalf based on trading rules you give to it.
A Forex Robot is NOT a get-rich-quick scheme whereas you attach a trading robot to a chart, deposit some money into your broker give your resignation letter to your boss the next day.
Many people fantasize on the idea that with a flawless trading strategy attached to a trading robot, they can be sitting on a fabulous beach drinking Pina Coladas while their trading robot earns them money. While such scenario is possible, it is not a set and forget application nor it is flawless.
NO TRADING STRATEGY IS FLAWLESS!!!
What works today may not work tomorrow. Market dynamics change and so it is the environment in which trades happen. For this reason alone, the automated strategy MUST be watched daily to make sure it is providing the results it is expected to delivered
Yes you MUST know what results a trading strategy is expected to delivered BEFORE you use it with real money in a live account which brings us to the next point to discuss
One of the great benefits of Automated Forex Trading is that you can open a trading account with a broker and begin to test your trading robot without risking a penny from your hard earned money.
Many sites claimed to offer strategies that are profitable, with fancy track record graphics and testimonials, even then I would highly advice against using it with a live account.
Take advantage of DEMO accounts. BE PATIENT. Test, Test and Test some more until you get consistent results with high probabilities of keeping you in the market
Every trading strategy, whether automated or manual, MUST have good risk management parameters in place. At the very least, every trade must have an equal risk percentage of capital setup as stop loss. Meaning no trade should give you a loss more so than any other trade when a stop loss is hit.
Equally important is to have an exit strategy when in profits. Nothing hurts more than seeing your account in the profits, while drinking pina coladas at the beach, excites you to offer drinks on your behalf to those next to you, to then see your trades close at a loss because it didn’t exit soon enough before price went against you.
Automated Strategies carry a different form of risk based on technology more so than rules of trading. It is not uncommon for power outages to cause the internet to go down or for a VPS to become unresponsive during moments of high volatility. Not an ideal situation if price happens to be going against you during such times. Unmitigated loses can easily wipe out your entire account.
One of the many things I have learned from VP from No Non Sense Forex is “We win by NOT loosing”
I cannot emphasize how important that statement is. Although most people dedicate most of their trading research/studies at finding great entries strategies, professional trades know it is equally important to have effective strategy to preserve your entries and preserve your overall trading capital.
FOREX TRADING ROBOT DETAILS FOR MT5 PLATFORM
Now that we covered some of the general nuisance of automated trading, let’s talk about the features your trading robot will have if you choose to work with us. PLEASE keep in mind we only code for MT5. If for some reason your broker of choice doesn’t offer MT5, you can still run the robot on a demo account on any broker that offers MT5 and use a trade copier tool to copied over the trades to your MT4 platform with your broker of choice. I can help you set that up if needed be too.
Position Sizing: Fixed or Dynamic
The robot is able to use a fixed position lot size or calculate your position based on a percentage of your trading account size and the distance of your stop loss. For example if your trading account size is $100,000, your stop loss is 50 pips and your risk per trade is 1% the robot will calculate a position size of 2 lots for EURUSD since pip value for 1 lot of EURUSD is $10.
Stop Loss: Fixed or Dynamic
Stop loss can be fixed at a certain pip count or allow the robot to calculate it based on ATR multiplier, Standard Deviation multiplier From Price or Standard Deviation Multiplier from Mean Average.
Partial Closure: Fixed or Dynamic
This is certainly one of the greatest feature of our algorithm. It can close a certain percentage of your trading position at one or two different targets allowing you to secure profits on trades that are moving your way. Targets can be either a fixed pip count, an ATR multiplier or a Standard Deviation multiplier. For example exit 60% at 1 x ATR, 20% at 2 x ATR and let the remainder 20% loose or with a trail stop or with a fix target or both!
Trail Stop: Fixed or Dynamic
If wanted, your trading Robot can place a trail stop, meaning a stop loss that moves along with price after price has move a certain distance from entry. Trail Stop can be either a fixed pip count, an ATR multiplier or a Standard Deviation multiplier from either Price or Mean Average.
The Trail Stop can be activated once price hits your first target or immediately.
Exit Targets: Fixed, Dynamic or based on an Indicator Rule
Exit targets can either be a fixed pip count, an ATR multiplier, a Standard Deviation multiplier from Price or a rule set from an indicator if you like to use an exit indicator for example.
Number of Indicators
Our trading robots execute trades based on rules set by YOU NOT ME, based on technical analysis indicators. Your trading robot can have up to 6 different indicators!
Please note: We do not code strategies based on news alert, text files, candle patterns, etc. If your strategy is not based solely on indicators, we will not be the right match for you.
Another great feature of your trading robot will be able to enter trades at either any time of the day or at a certain time of the day. Let’s say your strategy benefits from large volatility during London/New York overlap session, you can set that up. Let’s say you want to enter trades at a certain time before the Daily candle closes, you can set that up too! Similarly you can set up a separate time to manage trades. If you don’t want your robot to be active during the first hour of trading when the spread increases dramatically, you can set that up.
Miscellaneous Settings: Other less but equally important settings include:
- Adding a Robot Name to identify trades in mobile platform comments
- Adding a Magic Number to also identify trades from other robots
- Enter Buy or Sell only trades
- Enable / Disable trading per chart
- Slippage in pips
- Maximum Number of Trades in Each Direction
COST AND EXPECTED TIME OF DELIVERY
The cost of the robot is $199. Based on the current demand for our services, you can expect a draft delivery in 5-7 business days. We will provide a link to a demo account where you can monitor the trades placed by your trading robot for 24 hours to make sure everything is working as per your request before we hand over the final code to you. The code provided to you will be the executable code (.ex5). We do not provide you with the source code(mq5).
We encourage you to test your strategy prior to sending your request to code it into an automated robot. Whether the strategy will be profitable or lead to loses it is 100% your responsibility.
If you have any questions, feel free to use our contact form or send us an email directly to email@example.com
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