How to Create Forex Robots

Forex robots have many names — expert adviser (EA), Forex trading bot, algorithmic trading system, etc. But no matter what they are called, their essence and mission remain unchanged — to help the trader perform routine work following the specified algorithms and settings. And just as various people are different from each other, each Forex robot can be unique:

  • On the one hand, the market offers numerous versions of robots. Each group of developers is trying to create a more advanced version of the software to beat their competitors. And to understand these thousands of alternatives, you need to study detailed Forex robots review.
  • On the other hand, you can customize the proposed robots or create your own from scratch.

That is why the population of robots is so numerous and diverse. And if you want to add a couple more characters to it and independently create a reliable assistant who will work for you 24/7, find out how to do it in the fastest and most efficient way.

Features of Forex Robots That Made Them Successful in Trading

Like every phenomenon, Forex robots have something that unites them all into one group and makes them different and suitable only for one or another style of trading. First, it is important to understand what you will get in any case, no matter what robot you buy or create:

  • Analytical abilities that allow them to make a decision to perform an action, such as buying or selling a currency. At the same time, the quality of their intelligence is different depending on the level of software innovativeness and advancement.
  • Ability to work tirelessly 24/7 without human oversight. If you program it to perform a specific task, it will monotonously execute it whenever conditions arise that it recognizes as a positive signal.
  • Ease of management. An expert advisor will obey you impeccably and carry out all orders, even if you have no knowledge of either programming or trading. It is enough to know where the Start/Stop button is located on the monitor screen to launch the most complex of them.
  • Perfect trading logic. Robots are based on proven trading instruments that provide the most reliable signals for fulfilling orders.
  • No erroneous actions. Forex robots do not deviate from the given algorithms and do not perform any other actions occasionally or arbitrarily. But if they were given the wrong algorithm, they would also duplicate it.
  • The presence of a demo version that will show you the full potential of the Forex robot in a short time.
Building and Programming Your Own Forex Robot

By What Criteria Do Forex Robots Differ?

  • The number of trading sessions for different currency pairs that the robot can conduct simultaneously. There are automated assistants that work with only one currency pair, and there are those that offer their services for 28 pairs and even more at once.
  • Technical indicators based on which robots make decisions.
  • Compliance with different trading styles. Each robot is perfect at something and is not suitable for other tasks. Therefore, they are divided into such types as scalpers, griders, intraday bots, etc.
  • Price. You can start with free robots (that you can find in large numbers on the Internet) to learn how to operate them. But later, you will understand that the functionality available in paid versions is much more advanced, sophisticated, and resultative.
  • Licensing of the software means that developers and distributors have a certain responsibility to the buyer. They provide technical support to the robot and can even take it back and refund the money under certain conditions. A robot without a license does not have such protection from the manufacturer, so be prepared to deal with all challenges yourself.

How Many Automated Assistants Are Best to Use?

When trading Forex, you can use the help of an unlimited number of robots, if necessary, for your trading strategy. But remember that they are similar to people in the possibility of coming into conflict with each other. Therefore, before launching them all at once, test their collaboration in safe mode and ask the developers whether their Forex EA is configured to work together with other expert advisors.

Stages of Designing Your Forex Robots

Traders may choose to build their robots for a variety of reasons. For example, they want to experiment with unique strategies for which they cannot find 100% suitable robots. Or they just want to save money by dealing with more Forex EAs. In any case, the development and improvement of robots is an interesting creative process that can produce effective results. But at the same time, it requires certain knowledge in trading and programming. Therefore, it is still better for beginners to start with high-quality ready-made robots that are easy to manage.

The development process of a Forex robot includes several stages:

  1. Find the platform with the widest selection of tools to create your own Forex robot.
  2. Get familiar with the basics of the suitable for this task programming language. Depending on the chosen platform, it can be MQL4, MQL5, or something else.
  3. Decide which trading strategy you will explore and exploit with this robot. You will give commands to your assistant when to enter a trade or, on the contrary, exit it, with the help of programming code but based on certain trading rules and indicators.
  4. Start coding your robot using the built-in editor of the trading platform. If you can’t do it right away, go back to learning a programming language or ask for advice from more experienced professionals.
  5. The finished robot must be tested in different market conditions to be sure that when the market situation changes, it will not start to behave counterproductively, causing huge losses. A good environment for testing robots is the Demo account. But do not rush to apply it in real trading conditions, as experts believe that robots need to be tested for at least several weeks or even several months. Only then will you understand how reliable, stable, and profitable your Forex robot is, you can give it the full freedom of action in real market conditions.
  6. After testing, analyze all the weak points of the finished version of the bot. If it needs optimization, use a special set of optimization tools offered by the trading platform.
  7. After optimization, it is still better to test it again for some time and only then use it for trading in a live trading account. You need to test Forex EA every time you make changes to be sure that the robot will help you without causing any adverse effects.
  8. Once you have reached the ideal version of an expert advisor, deploy it in real conditions and enjoy the increase in trading profitability and the opportunity to take a break from routine work.

Is It Hard to Create Your Own Forex Robot?

If you are ready to master complex algorithms and know some professionals to whom to ask for advice, developing your own Forex robots is quite possible. But in addition to the basics of programming, you will need the following knowledge:

  • Risk management
  • Fundamental analysis
  • Technical analysis

Also, remember that market conditions are frequently changing, so the robot needs to be constantly improved and updated to correspond to new challenges. And any changes to the automatic assistant involve retesting. Software development companies that create Forex EAs are constantly updating old versions and releasing new ones. Therefore, in addition to fundamental or at least basic knowledge in many related areas, you will still need a lot of time. It is much easier and cost-effective to buy ready-made automated assistants. Depending on your needs, you can choose from simple and inexpensive bots to advanced multifunctional assistants.

Where to Look for the Best Forex Trading Robots?

If you want to learn how to understand different types of Forex robots, their differences, advantages, performance, etc., visit the ForexStore platform. Here, you will find a detailed comparison of the top 15 expert advisors, an overview of each of them, a link to the website of the official developer and distributor, and a lot of other useful information:

  • Live statistics period;
  • Charts showing real-life trading results;
  • Stability and success analysis;
  • Backtest results;
  • Drawdown analysis;
  • Currency pairs that the robot works with;
  • User ratings and reviews;
  • Availability of a license;
  • Price and discounts;
  • Minimum deposit to start using a robot, and more.

Experts from ForexStore describe in detail in which style of trading the particular Forex EA gives the best results, for what opportunities it is worth buying, what the refund policy is, etc. Since ForexStore offers only the best Forex robots, which are highly appreciated by both experts and consumers, you can be sure of the quality and effectiveness of their execution.

Creating your robot is a very exciting but very challenging and troublesome task. You can experiment with creating your robots but, at the same time, use ready-made ones. And when the robots designed by you will show impressive results, you can safely switch to exploiting them and even offer your ideas to other traders, both on a commercial and non-commercial basis.