Hello, I am intersted in turning my system into an EA, but have no idea how to go about this, is it best to hire someone as I dont have the time to learn. And can you trust the person or company you employ. Its a very simple system. Thanks
There are a few coders sites listed under Software in the reviews as well as some ads in the Services Offered section of the FPA's classified ads.
Finding reliable help can be difficult. The coder could take your pet ideas and run off with them. Other than trying to find someone with reliable references, I don't know an easy way to avoid this. I suppose one option would be to have the coder work on some other idea you have that doesn't have as much profit potential and see if the job is done correctly or not.
If your system is worth my time then I will program it for you at no cost under the condition that I can test it and use it if it's profitable. If you prefer to keep the EA private then I will not share it anywhere.
Edit: I have just noticed that I only have 2 posts on this forum so it might look a bit suspicious and you might think I am just trying to steal your strategy. But I can assure you that I have 100's of posts on other forums and have filled many requests ranging from EA creation to indicator modification.
Quite a few people here have had ideas for EAs. How about we see who else can post some thoughts in this thread and see if we can "groupthink" an EA concept that you'll code.
Since this is public, I'd recommend against anyone sharing any "Holy Grails" that are in the back of their mainds, but instead think we should aim for something with a modest rate of return and limited drawdowns.
This would give Chris a chance to show off his skills and maybe everyone can learn a little something.
Sorry I am going off the subject, but I am new to forum posting and am not quite sure how to find my way around.
I would like to ask Pharoah a Q tho , as to where one can find a list of reliable brokers.
Back to the topic at hand - For any EA to have a good chance of not blowing an account in the long run, it needs stringent risk management. This must be accomplished through a combination of position sizing and stoploss. The danger is that brokers can see your SL and some will hunt your stops. Not having a hard stop puts the account in extreme danger if there is a loss of connectivity to the broker.
My best idea for a compromise on this. The EA will have 2 stoplosses for each trade. One is an "emergency stop" which is a set SL that the broker can see. This will risk a larger percent of the account, but will only be used if the connection between the EA and broker fails. The emergency stop will be far enough down to be a less tempting target for stop hunting, but not so far that using it will wreck the account. The real SL will be a close command sent from the EA when price reaches the "invisible stop" that the EA has selected.