EA or Expert Advisors are specially designed trading tools that can help you in technical analysis. Nowadays the EAS can also assess the fundamental parameters of the market. The main function of the EAs is to tell you about the state of the market. As the name suggests, it will give you advice regarding your trading opportunity.
The trading personality of retail traders greatly varies. Every trader has a different way to analyze market data. So, if you purchase a traditional forex EA from the reputed companies, you are just using a standard source code that will solve problems of the generalized traders. The EA will not have any special functionalities. For this reason, the elite trader’s love to use the custom-tailored EAs in the Forex market.
In this article, we are going to give you some amazing tips by which you can get your custom-tailored EAs without spending a big sum of money.
Know your requirement
Before you start looking for a professional developer, you have to understand the fact, hiring a developer is an expensive process compared to buying the traditional EAs online. So, you need to be very precise about the functions that EAs will do. Find out the exact requirements so that EA doesn’t end up with too many modules. Cut down the unnecessary calculation as it increases the complexities of the project and cost you more money. After filtering out the key requirement, you should start searching for the developers
Hiring the best developers
Hiring the best developers doesn’t mean you will hire the person who has the highest hourly rate. Instead of looking for the budget, you should look at the portfolio of the developers. Try to find the developers who have done a similar project in the past.
Look at the client’s feedback since it provides a clear insight into the person with whom you will work. Never hire a professional without interviewing three professional coders. You need to give yourself some options so that you know you are hiring the best person for hard-earned money.
During the development phase of your custom-tailored EAs, you must keep in touch with the developers regularly. Based on the developer feedback, you might have brought some slight change to your proposed concept but this should not be significant. Ask your developer why the change is required to the EAs. You should give him liberty so that he can give you a suggestion to improve the project scope.
Dealing with the prototype
Never release the payment in full before you start testing the prototype. In most cases, the prototype has many bugs and the users need to point out those bugs to the developers. When the developer hands over the prototype, make sure you test the EAs extensively.
Never come to a result without taking 100 sample data. The more data you will take, the better feedback you will have for the developers.
Revising the source code
Based on your initial feedback, the developers will revise the EA’s source code and bring the necessary change to its function. Once he is done with the revision, you should again backtest the EAs. If things work perfectly fine, you have your desired EAs well within your budget. But never get biased with your EAs. You have to remember the fact, losing is just a part of your trading career. Even after getting the best EAs in the world, you are bound to lose money. But you can significantly improve the signals generated by the EAs by bringing changes to the source code regularly.
If you feel something is off the track, let the developers know and he will fix the issues. Though it will be subject to an additional cost it can save you from too many false signals. So, never forget to revise the source code once in a year.
The custom-tailored EAs might need minor adjustments depending on the market condition and your trading platform upgrades. In most cases, modification to the source code is not all expensive. You can hire a professional developer and let them know the key issues that you are facing. Most of the time the issue is related to latency and this can be easily solved by tweaking a few lines of codes. But you should notify your developer during the initial development phase that your EA might require minor modification shortly. Unless you do so, the programmer might write the source in a very different way which will make the modification process much more complicated.