Ea-programming

Quoting wauyu

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Dear forex expert,

Hi..I am a new person in this forex line. I just started my trading 4 days ago. I just discovered that one can use Expert Advisor to automate its trading for profit. This is very surprise and amazing for me. Could someone here please show me step by step on how to use it in Metatrader version 4 platform.

I am very thankful for anyone who can response my help. I have just lost 1000 usd in just few minutes. I need it to recovered back all my losses.

Regards,

Wau yun

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Quoting dswk

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Welcome to this new world Newbie...
First lesson : Use STOP LOSS...
Second lesson : play first in DEMO mode.
Third lesson : Read more about FOREX

Courage and good luck

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Quoting ra300z

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On the topic of Expert Advisors...

My experience is that a stop loss is a good way to blow your account. Some brokers go stop loss hunting. But that's not why. Most traders use a low stop loss (50-100) and when they think they have a good trade, more often than not, it goes the wrong way but eventually goes the right way. Knocks out a lot of good trades.

Fourth lesson: EA's are not easy. The vast majority of them fail. I bet that 99% of the EAs devised lose money. They aren't easy to program a successful one. Respect that!

Fifth lesson: MetaTrader backtesting cannot be trusted. I've got two installations of MT, one from FXDD on one computer. Interbank on another. Both build 201. I downloaded the Metaquotes historical data using build 200/201. That's data from 1999/01/03 thru 2006/09/29. On my desktop using FXDD, my EA turns a profit of $95813 with a PF of 2.87 and 71.58% of my trades as profitable ones. On my laptop using the Interbank FX Metatrader, using the exact same code, parameters, timeframe, dates of 1999/01/03-2006/09/29, my profit is only $29572 with a PF of 1.34 and 66.19% of my trades as profitable ones. There's got to be a difference, but I've checked absolutely everything. Even running a EA I have (a research EA purely to find out daily pip variance, and # of ticks), both computers show (nearly) the same tick info and the exact same number of daily bars. The moral of the story: don't trust metatrader on back tests.

Sixth lesson: Make sure you buy the ask, and sell the bid. There's been a lot of EAs posted that had enormous profits, but they bought the bid and sold the ask!

Seventh lesson: Don't think you're going to be Warren Buffet. You can't beat the market. Do not expect you can turn $1000 to $10000 or even $2000 in one year. Keep your expectations reasonable. I target 40%, and would be delighted with a 10-20% return.

A few more pieces of advice:
One can make the strategy tester show whatever the results they want. Don't buy one based on any results except a live account over YEARS of results. Don't ever buy an EA on Ebay.

Scalping... many successfuly EAs are protifable because they scalp. Would a broker allow that? Think about it. Can your EA handle slippages during news time? Is that reflected in the strategy tester?

Also, again, my personal opinion, but you'll have more success with large stop losses and higher time frames. My EA works on H4 and it requires at least a 300 pip stop loss. Setting it lower turns many profitable trades into losing ones. If you can't withstand that risk, re-think an EA because they are not easy to find a profitable one.

Saying all that, keep in mind, I don't trade live. I don't trust brokers. And my EA has too much risk. I do this because I find it fun to program advisors. I just wish the strategy tester could be trusted! Plus, I promised myself I wouldn't go live unless:
(1) I could consistently beat the S&P 500.
(2) My PF was at least 3.00 on 90% modelling quality in the strategy tester.
(3) Forward testing was successful for at least 3 months
(4) I could find a broker I could trust.
(5) I could avert as much risk as possible including computer failure, disasters, network connections, broker outages, power failures.

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Quoting wauyu

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Dear forex expert,

Hi..I am a new person in this forex line. I just started my trading 4 days ago. I just discovered that one can use Expert Advisor to automate its trading for profit. This is very surprise and amazing for me. Could someone here please show me step by step on how to use it in Metatrader version 4 platform.

I am very thankful for anyone who can response my help. I have just lost 1000 usd in just few minutes. I need it to recovered back all my losses.

Regards,

Wau yun

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Quoting ra300z

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{quote} On the topic of Expert Advisors... My experience is that a stop loss is a good way to blow your account. Some brokers go stop loss hunting. But that's not why. Most traders use a low stop loss (50-100) and when they think they have a good trade, more often than not, it goes the wrong way but eventually goes the right way. Knocks out a lot of good trades. Fourth lesson: EA's are not easy. The vast majority of them fail. I bet that 99% of the EAs devised lose money. They aren't easy to program a successful one. Respect that! Fifth lesson:...

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