Traders Union Answers the Question: How To Write A Trading Robot?

Trading robots can seriously enhance your trading experience or automate the process altogether, but complex trading software can be really expensive. However, you can create a simple bot for trading all by yourself with MT4 and its built-in programming features. Traders Union experts explain how to create your own trading bot in six steps. Read on to get the most important information about what it takes to make a working bot.

Choose a strategy

The first thing you need to define is your trading strategy: it determines how your robot will behave on the market, and you should understand it clearly to make a truly efficient program. And that requires at least some basic understanding of both fundamental and technical analysis methods, so make sure to find educational materials on these topics.

MQL4 or MQL5

MT4 allows you to choose from two built-in coding languages: MQL4 and MQL5. MQL4 is more widely used for trading bots and is easier to learn, so if you don’t know much about programming, it is the most suitable choice for you. MQL5 is more complex yet more powerful, but you can always get to it later.

Learn how it works

If you don’t know where to start, familiarize yourself with the basics of coding first. Read how variables work and make sure you understand how they are used to store data. Then, proceed to functions and learn how they can be triggered and what they can do. There are lots of nice guides on how to write a trading robot on MT4 online, so don’t hesitate to look for them if you find yourself confused.

Implement the strategy

Once you’ve made separate parts of your code work, it’s time to gather them and build the program. It should be easier if your strategy is clear and effective since your code should include all the rules that you want your bot to follow: for example, when to enter and exit trades.

Code optimization

Optimization is an important step before testing. To do it right, select a couple of key metrics and use them to evaluate and analyze how your software performs during tests.

Testing and updating

Finally, put your trading robot to practice. First, test it on historical data to find out whether it would be successful if it were real market circumstances. If necessary, fix all problems and proceed to real-time testing: run your bot on a demo account. According to Traders Union experts, thorough testing raises the probability of making profits with your bot in the future.