For as long as automated forex trading systems have been a part of this extremely volatile yet highly profitable financial, people have trusted, relied on, and utilized forex expert advisors to improve their trading skills. Forex EAs are still in fashion and an important part of this market where every single day millions of people participate to trade foreign currencies despite their limited knowledge or experience. Forex EA programming is known as the process by which these EAs and similar automated trading systems are created. Like everything else, it has changed a lot over the past few years.
Developers need to master quite a few skills even before they set out to build a forex EA. Some of these skills are;
- Specializing in MetaQuotes Language 4 (aka MQL4) or the MetaQuotes Language 5 (aka MQL5) to start the process of making a dependable forex trading robot.
- Experience in trading forex as well as utilizing different types of trading strategies/trading conditions and making it work for your advantage is a must-have skill for any forex EA programmers.
- The basic idea of making consistent profits while avoiding market pitfalls and other red flags that occur when trading. Without this, you could be at a disadvantage when trading with the help of an automated trading system or tool.
- Customized programming skills are expected for proper forex EA programming because automated trading robots and EAs are developed to serve a huge number of traders all of which have different trading styles.
Available methods to do forex ea programming at present
Programming a forex EA or robot has become a way more advanced process nowadays making it easier, more convenient, and at times low-cost as well. Here are a few methods of forex EA programming;
1. Writing expert advisor in MT4
The basic approach that still exists for forex EA programming even now is using MT4 to create an expert advisor. Though this process is quite difficult and time-consuming, the results are often unpredictable.
Even an expert forex EA programmer would require anywhere between several weeks to a few months to develop an EA in MT4 and there could be no guarantee that it would give reliable results once the programming is done.
2. Using custom programming
A lot of people do not have any idea that custom programming is achievable and it can produce a forex EA that cannot be duplicated by any EA builder or generator service. Custom programming requires a person to write their own codes so that you can program an EA with the capabilities and features you need.
For custom forex EA programming, you will need expert-level programming skills and a lot of resources as well. Because writing a whole new source code is simply impossible for beginners.
3. Via forex robot source code
Each and every forex robot contains a certain source code which is a detailed list of executable commands that the EA uses whenever it is required. This source code can be deemed as the most vital component of a forex trading robot.
By making calculated modifications and alterations in this source code, you can make your own forex EA without having to buy a new one. But one should remember that these source codes are extremely complicated for a newbie to understand so only use this method if you have knowledge of forex EA programming.
4. Relying on a forex EA generator
In case you wish to develop a forex expert advisor by yourself and for yourself but the only problem is that you do not have the aforementioned skills required for forex EA programming then this method is best suited to you.
Instead of taking the longer route of learning forex EA programming from scratch, you can find a proper forex EA builder, input your preferences in terms of strategies, and wait for the service to work out a specific fx EA made just for you.
Forex EA programming has evolved into a specialized and effective method of developing intricate yet useful forex expert advisors. This means that it has been a lot more difficult to build a forex EA nowadays and only seasoned developers are capable of doing it.