• Registered: 2021-09-20
  • Posts: 1

Topic: New from Algo trading

Hey guys

I've been trading for over 5 years, and I want to get into algorithmic trading.

I'm a total newbie, I don't know how to code... I developed with a friend a super-profitable binary options bot, which is been holding for years, and I also developed with this friend and another coder a bot for forex and crypto..

But I want to do my own thing and be self-sufficient...

I'm Italian, and here in Italy, we have the world champion, Andrea Unger...

But his courses are incredibly expensive (7000 euro without counting the software and gear costs!!! so I would need around 10,000 euro to get started.)

I decided to stop trading with my own capital and start a serious trading business by trading other peoples/institutions money,

I'm taking a challenge at FTMO and other prop firms, whilst I build a track record from automated trading and then look for external investors.

Passing those challenges usually requires making a 10% within 30 days, without breaching the 10% rule.

So what I want to do is to develop a bot specialized for this, and other bots for the regular trading.

So what do you suggest me to do to master this automated thing?

List of courses that I should take? what software should I begin with that can do the job?

I heard the EA studio DOES NOT allow custom money/ risk manamagenemt...

But that's not a big problem cause I can ask a coder to make a few tweaks.

For example, I need to implement an asymmetric compounding for the money management to pass the challenges faster.

But I don't want to be 100% reliant on a coder, that's why I'm considering a software to delegate such tasks.

Let me know what is the best course of action for me guys and thanks.

  • Popov
  • Popov
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  • From: Bulgaria
  • Registered: 2006-11-30
  • Posts: 7,976

Re: New from Algo trading

Hello,

You can start with registering a trial account.

Then generate several strategies, export experts and see how they work.
Change the settings, generate new experts and see them also.
You will see what works best for you with the time.

Popov's Website

3 Reply by hannahis (edited by hannahis 2021-09-20 15:46:32)

  • Registered: 2010-11-18
  • Posts: 1,179

Re: New from Algo trading

Asymmetric compounding basically means you put what you have earned into trading.

so if you can't code it, you can manage it with lot sizes.

Eg. if you have $10k account and your risk per lot is 500 points or 50 pips = $500

So for every $500 profit you make, you increase 1 lot size.

Or if you usually take 2% risk per trade and so for every 2% gain to your account, you put it back to your next trade, ie. 4% risk.  And you keep puting back what you earned into your next trade.  But keep in mind not to break the prop firm's daily DD, usually it's 4% to 5% DD per day.


FTMO Challenges

Remember it has a number of restrictions and keep yourself updated.  They have restrictions such as no weekend and no news trading and hence, you need to do the settings in the tool tab (in EA Studio) to limted your trading sessions and close all positions on Friday close etc (which I don't like)


BlueEdge, https://blueedgefinancial.com/

Claimed that their clients, using the company's bot has helped more people get funded.  The company itself provides funding to successful traders.  If what it claimed about their bot is true, then honestly, it's the fastest and easiest way to start earning money through forex, coding your own EA take so much time and resources.  I'm not endosing the product, I'm just curious whether it's EA is really that good and if I'm a newbie I would definitely give it a try, there is a free mth anyway, no harm testing out it's claim.  Though I prefer to use my own EA (but that's because I've already spent so much time on it and I'm happy with my own EA).  Do let us know if you managed to test out their EA.  For just $147 per mth, if it is profitable (as it claimed) that would spare you lots of years of having to develop your own successful EA.

If you have already developed a bot for forex (as you claimed with another coder), why do you still need to re develop new ones just for this challenge?

You can use your present profitable bot and apply the right risk and money management to it.

Use your current profitable EA in a demo account and copy trade it using Fxblue trade copier (free of charge) https://www.fxblue.com/appstore/2/mt4-p … ade-copier and use the settings to control when you want to cope trade (trading sessions) and how much risk or lot sizes you want to use.  The copier even for account safety features such as stop trading if equity reached certain low level and this would help you to prevent having to break the 5% daily DD rules, such as close all trades when hit 4% daily DD.  You can even specify how much you will to lose per day and make trades each day etc.

You don't have to reinvent the wheels just for FTMO challenges.  Some prop funding firms have certain restrictions on the use of EA, some even request traders to submit the sources code (ridiculous).  So do be mindful if you are using EA to trade.

4 Reply by Grif (edited by Grif 2022-10-25 04:40:02)

  • Grif
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Re: New from Algo trading

I'd recommend using FSB Pro for this rather than EA studio. There is so much more customization you can do within FSB, it's far superior IMO.  Most of those challenges require you to take trades with a hard stop-loss. FSB pro can use an ATR stop loss or close position based on % of account risk. Personally I don't really like a hard stop loss in the EA's i try to create, most of the ones i create have different exit strategies or close/reverse. Just go over the rules of the challenge and include as many of them as you can in your acceptance criteria, % DD, Win/Loss ratio, Position size based on available equity, ect and generate a strategy. It's good to have a rough idea of the kind of strategy to create so I'd start by selecting whatever instrument you want to trade, then decide your opening logic (I personally like Ross Hook as an opening condition) and clicking to either "link" or "lock" in the generating tab and let FSB do the work. Then just sort through whatever strategies it creates that pass your acceptance criteria. Watch it trade in visual mode or review the trading journal in FSB, try to further refine it if need be, run it on a demo acct for a week or 2 till you're confident it works in real world trading settings and that's pretty much it.

You can try searching "Darwinex" on youtube, the guy goes over a lot of different indicators, and trading ideas directly linked to algo trading. "Trade ATS" and "Secret Mindset" are both also very good but aren't talking directly about algo trading but they both go over many different trading strategies that are explained in great detail and can be applied directly to EA's