How to Create Forex Robot (Old Way vs. New Way)
Trading in the forex market manually takes a lot of time, effort, and presence. If you spend 10+ hours a day analyzing Forex charts you’ll soon get exhausted which lead usually leads to losses due to poor trade decisions. 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.
How to Create Forex Robot
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. I always say that these days it’s best to leave this job to automated trading strategy builder, but if you have your own trading rules already you can use them to build your robot.
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.
So, a robot will just be checking the market 24/7 to see if the preset trading parameters are met, and execute trades as appropriate.
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. In this section, we’ll talk about some few major ones.
Expert Advisor programming – The old way
The first approach on how to create expert advisor is programming.
Expert advisor programming requires knowledge of programming languages, specifically the MetaQuotes Language 4 (MQL4) or the MetaQuotes Language 5 (MQL5).
You’ll also need to have other technical skills to ensure your automated trading system works well.
Once you’ve identified your strategy, you’ll use the programming languages to write lines of code that best represent it.
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.
You’ll need to give the programmer details about your trading strategy and pay him or her the coding fees.
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.
Using Forex Expert Advisor Builder
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.
You can set the EA input parameters to suit your desired risk appetite.
For example, if you want to build a trading robot that exposes not more than 5% of your capital for every trade, you can appropriately define that when creating the expert advisor.
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.
Using Forex Expert Advisor Generator
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.
You don’t need to identify your trading strategy because EA generator will create billions of strategy variations and show the ones that are most likely to work. You’ll just need to input some parameters for the strategy you want to have and the EA generator tool will do the rest completed quickly. 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.
Create Expert Advisor Without Programming
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.
Spending countless hours writing complicated lines of code is completely unnecessary.
The innovative tool will also generate the backtested results of the expert advisor you’ve created.
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.
Instead of worrying about coding errors and the entire process of creating an expert advisor for MT4, the Forex Robot Factory can complete this automatically in little to no time.
As such, you can create dozens or even hundreds of trading robots in one sitting. If you don’t any ideas for trading strategies then using the Forex EA generator will greatly save your time and costs.
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.
That’s why automation in creating process is mandatory. If only 1 strategy out of 1000 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 100,000 strategies in an hour where at least 100 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. Don’t waste your time here.
But, with a Forex EA generator, you will not need any programming skills. It’s the best way of creating robots and sailing the forex waters with massive profits.
Here is a simple process of how to create expert advisor without programming using the powerful online-based tool from the Forex Robot Academy.
Step one: Implant your basic strategy parameters
Once you’ve decided what currency pair and time frame you want to use, you can start embedding it into the expert advisor. Let’s say we choose to create Expert Advisor for EURUSD on a Daily time frame.
To start inputting your strategy, define your different preferences, as provided under the Generator tab.
You can define the data source, currency pair symbol, as well as the trading period.
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.
Step two: Start the EA generator
Click the “Start” button so that the Forex Robot Factory starts creating strategies randomly from billions and billions of different available variations and options.
Then, the Generator will do all the magic, while implanting your strategy in the background.
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.
If complete, click the “Stop” button.
Step three: Do sorting
The Collection section contains all the strategies you’ve generated.
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. You’ll have to create a free Forex Robot Factory trial account or better purchase full access to Forex Robot Academy in order to be able to export strategies in MT4 and MT5 formats.
Step four: Do editing (not recommended)
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. Chances are 1 in a million that you’ll be able to make the strategy better this way. It’s best to open the next tab – Optimizer and let the Forex Robot Factory find the optimal Forex EA parameters.
Step five: Optimize the strategy to find best Forex EA parameters
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.
What’s more, you’ll also be provided with the backtested results to ascertain your optimization efforts.
Step six: Check the report
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.
You’ll access statistical information, an indicator chart, together with other important information to assist you to make informed decisions before exporting and installing the expert advisor for MetaTrader 4.
Step seven: Export the expert advisor to MT4 and MT5
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.
Best Forex Robot For MT4
Many people ask me what is the best expert advisor for MetaTrader. Well, let me answer this question.
There is no ‘best’ forex robot per se. Nevertheless, the best expert advisor is the one you create yourself, and can capably follow your trading strategy.
If you want to learn how to create the best forex robot, you’ll need to learn how to develop a working strategy first.
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. That’s mandatory, especially if you are new to all this.
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.
Therefore, if you create a robot using the forex EA generator, you’ll have the opportunity to build an expert advisor forex that best represents your trading needs and interests.
And, it will be the best forex robot for MT4 because you’ll know exactly how it works and you’ll trust it.
As pointed out in this article, there are several ways of how to build expert advisor MT4.
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.
However, with a forex EA generator, you can confidently create an expert advisor without any programming skills and save a lot of money and time.