EAs are meant to make your life easier. It’s nothing but a bunch of codes that will do some of the hard work and help you at trading. But to use the EAs you must have a very strong base. The use of EAs should start from the intermediate level. If a new trader starts using the EAs, he won’t be able to develop his skills. Most importantly, he will become too dependent on the EAs which will cost them their career.
We are assuming, you have a fair knowledge about the basics of the Forex market. You have a perfect trading method but the process is a little bit complicated and you want to automate a certain portion of the strategy. This is where the fx EA or the expert advisor comes handy. Let’s say, you love to scalp the market in the 30 minute time frame. Due to the volatile nature of the market, you have to constantly draw the support and resistance level after 4 hours. But this problem can be solved by using the simple support and resistance level EA that will draw the new support and resistance once every 4 hours.
Problems associated with fixed coded EAs
Based on your trading method, you have developed a 4-hour pivot point EA that draws the supply and demand zone automatically. All of a sudden the market becomes more volatile due to the massive change in the world economy.
To make a profit using the same trading approach, you have to switch to the lower time frame and the EA will no longer work as it draws the pivot levels every 4 hours. In most cases, the users buy another EA which becomes obsolete after a few months the process continues.
How to solve this issue?
To solve this complex issue in the readymade EAs, you should know the proper way to modify the source code. Some of the most expensive EAs in the market don’t have the option to modify the source code. Usually, the traders have to pay a premium for another upgrade or switch to new EAs. Before the purchase of the EAs, you should ask the developers whether the source code can be adjusted shortly. In some cases, the developers will say, you can bring changes to the EA functions by changing the input settings but this doesn’t work.
Find an EA that can be modified shortly. If necessary, hire a professional developer instead of buying the EAs. You should be very precise about your key requirements when the developer starts working. Let him know that you might have changed the source code shortly and the developer will work keeping this in mind. So, if you feel the urge to change your EA source code shortly, you can do so without spending too much money.
Create a dynamic dashboard
By creating a dynamic dashboard for your EAs, you can create a simple source code modification panel. Let’s say, you want to add different functions to your EAs. Instead of compiling the EAs with newly added source code, you can use the dynamic dashboard to create unique functions. Some of you might not have programming knowledge but the dynamic dashboard can be a very solution. In some cases, smart developers often include a few important adjustment parameters that the users can define.
So, if the users change the input parameters from the dynamic dashboard, the EA starts working different source code and allows you to save a huge amount of money by not forcing you to develop another EAs. You might be wondering how the new source code works just by changing a few parameters. In most cases, the new input calls new functions embedded in the source code of the EAs. But such EAs are usually more expensive and hard to find.
Fine-tune your trading method
By adjusting the source code of the EAs you can implement new rules to your trading strategy. It will help you to avoid the same mistake again and again. In most cases, the trader fails to adjust their trading method since they become emotional and place random trades without following the logic. But by bringing some minor change to the EAs, you can disable your trading after you have executed a few trades for a specific period. No matter what you do, you won’t be able to open a new trade.
Improve your profit factor
The newly added source code can boost your profit factors to a great extent. For instance, the modified version of your EA can scale the lot size by closing a certain portion of the profit based on the condition of the market. But this is a very advanced feature since you have to bring change to EA parameters based on the sentiment of the market. Unless you are pro at market analysis, you should not use this feature.