Should I Automate My Strategy? | Forex Factory

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Should I Automate My Strategy?

  • #1
  • First Post: Jul 22, 2022 1:22pm Jul 22, 2022 1:22pm
Hello everyone i've been trading for a little over 1 year and have been using a very good EMA crossing strategy to take trades (not to derail main topic but I can explain my strategy if you would like).

I was wondering if you think it is a good idea to pay someone to make my strategy into an EA or possibly at least an indicator with alerts? Do you guys find having this is better or worse?

Also where do you guys go to find developers? I have been looking on fiverr and I narrowed it down to the top 2 that I am considering:
https://www.fiverr.com/forexgenie/bu...r-or-indicator

Please let me know if this is something that would work or if trading manually would be more accurate. Thank you
  • #2
  • Edited 5:57am Jul 23, 2022 3:27am | Edited 5:57am
I haven't found in 20 years an EA that can run fully automated and be profitable in the long run, I would say 70% of the EAs on the market are not fully or correctly optimized. I would only use the EA as an extra tool to run auto-pilot at certain moments.

Depending on how many variables your strategy has you may want to work with a reliable, honest developer. A badly coded EA can affect the performance of your trading platform or create hyperactivity due to unnecessary commands.

I don't think Fiver will be my dev source, however, you never know, maybe you find good value.

Be mindful, there are a lot of script kiddies, cowboys and scammers.

Not sure what's your trading platform but you can find freelancers on the Metaquotes official page:

https://www.mql5.com/en/job
  • #3
  • Jul 23, 2022 3:01pm Jul 23, 2022 3:01pm
Quoting daventime
Hello everyone i've been trading for a little over 1 year and have been using a very good EMA crossing strategy to take trades (not to derail main topic but I can explain my strategy if you would like). I was wondering if you think it is a good idea to pay someone to make my strategy into an EA or possibly at least an indicator with alerts? Do you guys find having this is better or worse? Also where do you guys go to find developers? I have been looking on fiverr and I narrowed it down to the top 2 that I am considering: https://www.fiverr.com/forexgenie/bu...r-or-indicator...
If somebody can create an EA that accurately exhibits your technique then I think it is worth it.
Risk Management is of utmost importance!
  • #4
  • Jul 24, 2022 9:36am Jul 24, 2022 9:36am
Yeah, but trading and placing the trades is half the fun, why let a program, get sub par results on an automated level? ;P

Machine learning, EAs, can only analyze so far, according to their parameters, the granular nature of the live active markets is where good traders will always have the edge.

But hey, YDY! You can always have more than one account and do both.
Love to talk on Discord: DividendGamer#1324
  • #5
  • Aug 6, 2022 6:30am Aug 6, 2022 6:30am
Quoting daventime
Hello everyone i've been trading for a little over 1 year and have been using a very good EMA crossing strategy to take trades (not to derail main topic but I can explain my strategy if you would like). I was wondering if you think it is a good idea to pay someone to make my strategy into an EA or possibly at least an indicator with alerts? Do you guys find having this is better or worse? Also where do you guys go to find developers? I have been looking on fiverr and I narrowed it down to the top 2 that I am considering: https://www.fiverr.com/forexgenie/bu...r-or-indicator...
You can save some time and frustration with some automatism.
Not saying one should not make thing automatic completely.... but it can make life easier if you use some automatism.
  • #6
  • Dec 21, 2022 4:12am Dec 21, 2022 4:12am
I feel we lose control to enjoy our trade with systems of automation. The machine learning does all the analysis which I do not favor much. I feel placing your own trades is much fun.
  • #7
  • Dec 26, 2022 9:12pm Dec 26, 2022 9:12pm
Personally no because even though you have been trading for 1 year, it does not mean this "edge" will continue existing and if your bot runs it instead it might just continue to draw-down when it doesn't work causing you a higher loss than if you were to trade discretionally.

Additionally removing yourself from the trading game will also not help you advance your skills (unless u continue to plan on building your trading skills as well as automate your strategy)
  • #8
  • Jan 24, 2023 9:52pm Jan 24, 2023 9:52pm
It's the inability to adapt to unexpected market conditions that have worried me over this. Personally, I think it is better and more efficient if you can do it by yourself.
  • #9
  • Jan 25, 2023 2:56am Jan 25, 2023 2:56am
In my opinion - automation can help to remove emotions from the trading process, which can reduce the risk of making impulsive or irrational decisions. Automation can also help to ensure that trades are executed in a timely and efficient manner, which can be particularly useful for traders who may not be able to constantly monitor the markets.
Hello.
  • #10
  • Feb 1, 2023 5:22am Feb 1, 2023 5:22am
So far I just haven't had the confidence to place sole reliance on an EA or algo to execute. Part of the reason why is I do use volume spread analysis quite a bit in terms of timing my ideas, which seems difficult to build into an EA. Thus far, I've found volume spread analysis to be a bit too open to relative interpretation. But I would love to be proved wrong! So if anyone has any suggestions on that front I would be really interested.

I am defo not adverse to using EAs and algos. Since the backend of last year I've been using quite a few to automate the rest of my analysis and help with risk management. As a result, I have defo found that using them has reduced my screen time by at least 25%.
  • #11
  • Last Post: Mar 8, 2023 10:50pm Mar 8, 2023 10:50pm
In my opinion, it depends on an individual's choice whether to automate his or her strategy or not. Basically, these are different tactics and methods of trading that an automated system can employ to generate the highest possible profits for the trader.
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