To design a system for yourself, you will need a thorough understanding of the forex market and technical analysis. If you are not able to code yourself, you will need to hire a developer to do it for you.
It generally takes about six months to design, build and test an automated trading system, so you should be prepared to put in the time and effort required. If you decide that you are able to design an automated trading strategy yourself, there are several steps that you will need to take:.
What Types of Automation Are Available?
Before designing an automated system, you need to have a detailed plan for how you are going to trade. Clearly defining your trading aims and how your automated system will help you achieve them is crucial for creating a robot that works.
The best way to come up with an effective plan is to trade manually on the live market over a number of months. Try to keep your plan as simple as possible or it will become very difficult to programme your forex robot. Trading rules will be at the core of your automated system, so you must make sure you have considered all those that may apply.
If you are using a developer to code your system you will also need to be able to explain these to them in detail. Rules to think about include:. Again, you must be very specific about the risk management tools you will use.
Multi-Asset Trading Platform #1
If you decide to sell your automated system, buyers will look at its risk settings before its profits. Different platforms use different coding languages, so you will need to consider that when designing. In this case, you will need to be able to explain your strategy and design to them very clearly. Once your automated trading system is complete, you should backtest it using historical data. This should give you a good idea of how well your system will perform and allow you to make any refinements.
While backtesting is very useful, it does not take into account all the variables of a live trading situation.
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So, once you are happy with your backtesting, you should try your automated strategy out on the live market. When you have tested your system thoroughly, you are ready to put your automated trading strategy into action. No other FX data providers offer the breadth and accuracy that QuoteCenter does. Simply You can easily unsubscribe at any time.
The Forex Mindset: The Skills and Winning Attitude You Need for More Profitable Forex Trading
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