Developing an automated trading strategy from scratch is a very challenging task. Unless you have a precise trading strategy, you won’t be able to automate the system. Most importantly you need to hire professional developers who have the basic idea of trading. 

Hiring skilled professionals who don’t have any knowledge of trading won’t help you to achieve your goals. Assume you have access to a professional developer who has the required skills to create Expert Advisors based on your trading strategy. But still, you need to asses some important factors to develop the best EAs.

There four important things you need to consider while developing expert advisors. These are:

Precise trading strategy

Do you know why most of the EAs fail in the Forex market? The majority of the EAs are developed by the high-end professional coders who have basic knowledge of trading. They want to use the technical experience and start promoting their EAs in the online market place. But expecting a professional EAs from the inexperienced traders is a very big mistake. And those who are profitable, never sell their EAs in the online market place since they are making consistent profit based on the automated trading system. 

So, try to create a unique strategy by using the demo trading account. Write down the key steps by which you will execute the trades. Create a simple flow chart so that your developers can understand the logic behind the placement of the trade. Though it might be hard for the retail traders to create the perfect flow chart without having this developer can’t create the perfect EA. You have to show the process by which you want to execute the trades.

Professional developers

The skilled traders often make the mistake by hiring the naïve coders. Even after having the best strategy and the flow chart, the programmer fails to create the perfect EA. Due to miscalculations and poor programming, the EAs fails to keep pace with the dynamic nature of the market. Though the professional developers might charge twice the amount, still it’s worth it. A perfect trading system will become garbage when you covert it into the EA. 

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So, how do hire such professionals who have in-depth knowledge of the trading platform? The best way is to hire the coders who have previous work experience in developing such trading robots. You might think it’s a very hard process to find a developer who has experience in developing unique EAs based on Flow Chart and trader’s instrument. But if you do the math properly, you will find many skilled coders willing to work on your project.

Backtesting your trading strategy

After you get the EA developed, don’t pay to your developers immediately. You need to backtest the EA by connecting it to a demo account. The majority of the traders don’t even know how to backtest the strategy. You need to connect your EA to the demo trading account and test the historic price data. 

Things might seem a little bit different at the initial stage but if you focus on the long term goals, it won’t take much time to develop these skills. During the backtesting process, you can also use Forex simulation software. If you do some research you will find many free simulation software which can easily find the faults in your trading strategy. Note down the faults and come up with a unique idea so that you can solve the problems. You don’t have to learn rocket science to find the fix.

Fixing the faults

Fixing the faults in your EAs depends on hard work both from the trader’s and developers’ end. The majority of the traders think it’s the responsibility of the developers to fix those issues. They give insufficient instruction to the coders and eventually the coders fail to find the perfect fix in the EAs. You need to in line with your developers and discuss the problems related to the EAs. Listen to the developers and try to think from his point of view. 

Being a human being, you can take many decisions basin on sentiment analysis. And this process might not be incorporated into the EAs no matter how well he codes. For this reason, you need to improvise a certain portion of your trading strategy to make the best possible change for your trading robot. Once the developer handover the revised EAs, you need to backtest the EA again. At times, bringing change to the existing EAs often creates new problems. So, without backtesting the revised EA, you should never try to trade the real market. Connect it to the real account when the robot is fully tested in the dynamic trading environment.

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