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What is a Forex Expert Advisor, and How Does it Work?
If you want to create and use your own EA, here some tips on what to do to make it work properly, outside of using a Forex Expert Advisor generator (this is a tool where you enter the parameters of your preferred trades, and the tool generates the EA program for you).
The importance of data
The first tip is to be wary of the reliability of backtesting results. You might think that great backtesting results are proof of your system being ready to prosper - unfortunately it's not that simple.
These results are dependent on the quality of the data applied in the backtest, implying that poor data can lead to unreliable outcomes. The default data in MT4 and MT5 can only reach a modelling quality of up to 99%. While this seems good, this can cause considerable differences in backtesting and the live experience, particularly on smaller time frames.
Fortunately, there are sources of freely accessible historical data and instructions on how to prepare the needed data for MetaTrader.
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Ultimate guide to algorithmic trading
Did you know that more than 80% of the moves in the US stock market and Forex market are done by machine-based, algorithmic trading robots? Fortunately, with significant advances in technology, algorithmic trading strategies are now accessible for all types of traders across nearly all major markets and is just one reason this form of trading is becoming increasingly popular.