To automate or not to automate?
Posted: Mon Feb 11, 2008 4:55 pm
Hello, hoping for some help and advice here on automated trading. I've been looking at a forex strategy documented on a number of forums on the web (3 ducks) and have spent some enough time looking at the charts to be convinced that it is a relatively simple strategy that is reasonably successful.
The problem I have with it is that it's essentially an intraday strategy and I work full time. Although I have time to glance at charts during the day I can't (for obvious reasons) spend a great deal of time on this so essentially I am excluded from the action.
I've done a bit of coding in the past (Java, PHP, & some web stuff) so I'm more than comfortable writing code and wondered whether this strategy could be automated. So I spent quite a while googling automation and it seemed that MetaTrader would fit my bill as a platform enabling automation. Now it doesn't seem the best platform, but it does seem quite widely used and fairly popular ... and while I'm more than happy to pay for automating my trading, I wanted to determine whether it was going to be worth my while first. So with that in mind I downloaded MetaTrader and tried to write my first EA using some free language reference guide I found on another forum. I got something basic working but backtesting showed flaws in the entry/exit/money management strategies etc etc so I'm a long way from getting it right.
So I guess my questions are the following ...
1) Is it worth my while trying to automate aspects of my trading, esp if I have no way of trading some strategies otherwise?
2) If the answer to above is yes, what's the best and most cost-effective platform (not necessarily free) for me to look at? In terms of coding I'm not that bothered about the platform but good documentation with examples would be useful.
3) Any other help or advice welcome ...
Have chosen this site to ask the question as it seems the most professional and knowledgeable of the forums I've looked at in the past.
Many thanks,
Allan
The problem I have with it is that it's essentially an intraday strategy and I work full time. Although I have time to glance at charts during the day I can't (for obvious reasons) spend a great deal of time on this so essentially I am excluded from the action.
I've done a bit of coding in the past (Java, PHP, & some web stuff) so I'm more than comfortable writing code and wondered whether this strategy could be automated. So I spent quite a while googling automation and it seemed that MetaTrader would fit my bill as a platform enabling automation. Now it doesn't seem the best platform, but it does seem quite widely used and fairly popular ... and while I'm more than happy to pay for automating my trading, I wanted to determine whether it was going to be worth my while first. So with that in mind I downloaded MetaTrader and tried to write my first EA using some free language reference guide I found on another forum. I got something basic working but backtesting showed flaws in the entry/exit/money management strategies etc etc so I'm a long way from getting it right.
So I guess my questions are the following ...
1) Is it worth my while trying to automate aspects of my trading, esp if I have no way of trading some strategies otherwise?
2) If the answer to above is yes, what's the best and most cost-effective platform (not necessarily free) for me to look at? In terms of coding I'm not that bothered about the platform but good documentation with examples would be useful.
3) Any other help or advice welcome ...
Have chosen this site to ask the question as it seems the most professional and knowledgeable of the forums I've looked at in the past.
Many thanks,
Allan