Hello Everyone, Newbie here
https://www.mql5.com/en/forum/212020
- 2017.07.25
- goldenoge
- www.mql5.com
Hey everyone I am a noobie here with 0% knowledge in forex, but i have some basic general when it comes to forex as i have been learning as of recent, I was thinking of doing EA bots, and from what i can learn and the process i am thinking of approaching is this,
get a MT4/5 Demo account.
Get a bot, ofc do my research on such as FX books, ensuring it has a history and has been able to preform well, etc etc.
and then get a VPS
After this learn the set up process and try the bot on the demo before doing so with my own money, and as am new i'd prefer to have the setting on low risk (in real and the demo test)
I WOULD appreciate everyone's thoughts and option on this noobie process, if am heading the right or wrong way.
Also i can see that this platform provides Sellers who can help me with EA bot, this is good to know, am glad to have come across this form and community
Good questions and welcome,
1- Basically, you need to start with learning 'RISK MANAGEMENT'.
As a rule of thumb, when you use an expert advisor, you need to adjust your lot size in order that you do not risk more than 5% of your equity.
That is, if you have 1k account balance, your risk should be max 50USD for every position.
This is extremely important.
2- Do not 100% rely on backtest results. Always consider your risk is at least 50% greater than the Max Equity DD. And always test an EA in 3 broker and compare backtest results. Best EA's are usually the ones those are resillient to data fluctuations.
In this road, there are of course more things to learn and expert advisors are much better now comparing those were present 3 years ago. But risk management is the ket start of everything in financial markets :)
Hope this helps.
Good questions and welcome,
1- Basically, you need to start with learning 'RISK MANAGEMENT'.
As a rule of thumb, when you use an expert advisor, you need to adjust your lot size in order that you do not risk more than 5% of your equity.
That is, if you have 1k account balance, your risk should be max 50USD for every position.
This is extremely important.
2- Do not 100% rely on backtest results. Always consider your risk is at least 50% greater than the Max Equity DD. And always test an EA in 3 broker and compare backtest results. Best EA's are usually the ones those are resillient to data fluctuations.
In this road, there are of course more things to learn and expert advisors are much better now comparing those were present 3 years ago. But risk management is the ket start of everything in financial markets :)
Hope this helps.
Hey there, thank you for the information, that's really helpful, especially the risk management factor side, I wanted to ask if you could please expand more on the 2nd.point made, in regards to backtesting and brokers etc
Thank you
Hey there, thank you for the information, that's really helpful, especially the risk management factor side, I wanted to ask if you could please expand more on the 2nd.point made, in regards to backtesting and brokers etc
Thank you
Welcome.
Basically, when you test an expert advisor in meta trader, broker provides you some data. But this data is not unique among brokers. Brokers also store data not as the 'real data' . Therefore, when you test an EA, you actually not testing it with the 'real data'. It is the reason why many EA will perform great on tests but will fail in real trading environment.
Real time data flow is also not unique across brokers. ECN data flow is of course better but even most ECN account is not real ECN. If you run an EA on two different brokers, you may see they may not operate uniquely. Sometime even one candle can create a big difference.
Therefore, you need to learn how to correctly test an expert advisor. I would read the optimization manual from @Enrique Enguix 's page. It will provide you valuable information.
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
Hey everyone I am a noobie here with 0% knowledge in forex, but i have some basic general when it comes to forex as i have been learning as of recent, I was thinking of doing EA bots, and from what i can learn and the process i am thinking of approaching is this,
get a MT4/5 Demo account.
Get a bot, ofc do my research on such as FX books, ensuring it has a history and has been able to preform well, etc etc.
and then get a VPS
After this learn the set up process and try the bot on the demo before doing so with my own money, and as am new i'd prefer to have the setting on low risk (in real and the demo test)
I WOULD appreciate everyone's thoughts and option on this noobie process, if am heading the right or wrong way.
Also i can see that this platform provides Sellers who can help me with EA bot, this is good to know, am glad to have come across this form and community