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Forex Forum to Share, Discuss, Communicate and Trade Forex • Secrets of becoming a successful forex trader
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Re: Secrets of becoming a successful forex trader

PostPosted: Thu Jul 09, 2015 10:08 am
by NikNik
Notes of a Stingy Trader

Many will definitely remember how Alice fell through the rabbit hole and found herself in a new world, full of new and hitherto unknown possibilities.
Talking about the possibilities of the MT4 and MT5 platforms, these platforms possess a whole host of such holes: one just has to look at the bookmarks at the bottom of the terminal. One of them is called ‘Market’, which perfectly reflects its function, since it leads to a shopping centre, in which the shelves are full of hundreds of products, all of which are very useful for those calling themselves “traders”.
To be more precise, the on line store on the mql5.com portal currently offers more than 5000 products, amongst which there are more than 700 indicators, 400 robot-advisers, scripts and other programs, as well as dozens of specialized books and journals on various financial topics.
The official opening of the MetaTrader Market occurred in the start of 2012 and by the middle of last year more than 6300 ‘products’ had already been sold on that market, with their cumulative value exceeding half a million dollars. The amount of sellers offering products on this market is approaching one thousand, whilst the number of buyers has already far exceeded 25000. In my opinion, these rather commanding figures make obvious that this hypermarket possesses truthfully useful and essential tools for any trader.
To be honest, I am not a big fan of paying money for anything, and prefer downloading various advisers free from the internet. On the other hand, I would like to stress that not even one – not one! - of my free advisers has delivered me so much as a penny of profit. Moreover, having seen two or three deposits go down the drain I realized that it is time to put a stop on experiments with my own wallet, and decided to take an introductory tour of the MetaQuotes ‘Market’.

Why did I like it?

1. Because it is quite easy to sort products by categories. For example, ‘MT4-advisers- popular, new, free, paid’ (notice, the market also offers free advisers!). Having gone through this chain of filters you can easily find what interests you personally.

2. Because there is a substantial amount of information on every product, which is not limited just to ‘sample’ fragments of statements or authors’ descriptions, but includes also full data on online-monitoring and comments from traders who have either already purchased or simply tested a given adviser or indicator. Such information is vastly more objective than promotional texts, which aim simply to praise the product of the seller.

3. Because prior to purchasing an advisor or an indicator you can test them absolutely for free. This also provides us with two numbers that enable us to evaluate the quality of a given product: the count of how many demo-versions have been downloaded as opposed to how many actual purchases have been made (activations). Let’s assume, for example, that 1000 demo-versions have been downloaded, after which 1000 actual purchases have been made we can safely say that the given product has satisfied the needs of traders by 100%, both in terms of quality and in terms of price. If, on the other hand there have been 0 purchases then one should definitely decide against acquiring this adviser or indicator.

4. As has already been mentioned, I am quite stingy (or greedy) and dislike throwing around my money. For this reason “Market” has become quite attractive to me since one can, instead of purchasing, can… rent the products offered for a month, half a year or a year. Rent-test-like-buy. Do not like-forget: the loss is not big at all!
5. One more relatively minor, but extremely pleasant feature is the ability to dispel myths. Amongst traders there exists a legend that if you buy an adviser priced at 10, 20 or 30 thousand dollars it will definitely end up being the ‘Holy Grail’ that will grant you multiple millions. Here it is apt to remember Alice and the Wonderland in which she found herself in at one point in her life. So that you do not find your mind wondering off to Wonderland and that it stays, instead, in reality ‘Market’ allows you to satisfy your curiosity by testing advisers priced at tens of thousands of dollars absolutely for free. I am not going to berate them, nor am I going to praise them. Simply test them and decide for yourself on whether they are worth your money or not.

Finally, allow me to poor a couple of spoons of tar into this barrel of honey (what can we do without them!)
Spoon #1: The average purchase price on “Market” is around 85 USD. This is, of course, not several hundred or even several thousand, but it is still a hefty sum. Therefore, prior to completing a purchase I strongly recommend making use of all the services ‘Market’ offers for the evaluation of a product’s quality.
Now, Spoon #2: As claim the makers of this service, the key concept in ‘Market’ is Activation. In other words, buying a product, you are not buying a product (with apologies for the mediocre rhyme) but instead you are (quote): “acquiring the right to use it an unlimited number of times, but on a limited number of computers (devices?). One activation means that you can use a product on one computer without any constraints. You will be unable to download a copy of the product onto another computer, and manually copying the file onto another machine will similarly result in it not opening.”
What can one say? I think that those who are familiar with the term ‘copyist’ can now give a sly smile. Especially since those ‘copyists’ can also be purchased on ‘Market’ without any problems whatsoever.
Believe me: I am not calling anyone to do anything. I am merely trying to compare the arguments ‘for’ and the arguments ‘against’ from the perspective of a stingy trader. The truth, as per usual, lies somewhere in the middle, and when we find it we certainly be able to save (and possibly earn) quite a large amount of money.

Re: Secrets of becoming a successful forex trader

PostPosted: Sun Jul 26, 2015 7:42 pm
by NikNik
VIRTUAL “ME”
OR HOW I TAMED FOREX

I have been working with Forex for around seven years. I do not remember exactly when this virus infected me, but I surrendered to it quickly and, as it seems, for eternity. Nothing could help cure this illness: neither lost deposits, or a shattered nervous system, or sleepless nights, or fights with my wife. (By the way, if anyone could propose their own treatment options, my spouse would be very grateful).
As for myself, having understood that the disease cannot be beaten, I decided that… I would not take full control of it, as the ancients suggested, but at the very least I would saddle it and tame it slightly.
Therefore, the first thing I did was completely refuse to trade “by hand” and fully immerse myself into the world of advisers. Naturally, there were relapses, but these became rarer and rarer. Moreover, sound logic was on my side: since progress has given me a weapon as powerful as the computer, I convinced myself that it would be foolish not to use it.
As a result, I had much more free time and started sleeping at night, while the amount of money lost began to sharply decrease – this had a most positive impact on the atmosphere in my family.
I studied other people’s advisers, wrote my own algorithms, tested robot after robot… and kept on feeling that something was missing.
And here came the “eureka” moment. When, just five minutes before the life-changing speech of the chairman of Fed, there was a blackout in my area and my computer only came back to life once the markets had already gone through all possible scenarios, it hit me that I needed to seriously upgrade my workplace… and so I bought a UPS (Uninterruptible Power Supplies).
My happiness knew no bounds. However, after half a month, some workers on the street broke the phone cord and I was left stranded without internet.
Soon after I bought a mobile modem, the subject of my pride – my UPS, so heavy, imposing and seemingly infinitely reliable – passed away.
My next purchase was a laptop, onto which I loaded all my advisers and which was working 24/7.
It seemed as if life was getting better, but at some point, unfortunately (or fortunately?), I developed an interest in social trading, that is subscribing to someone else’s trading signals. I immediately realised what ping, delay and slippage are, seeing my wallet go thin – the deposit of the signaller grew steadily, but mine, in the best-case scenario, remained at zero.
The solution turned out to be surprisingly simple and efficient…
I forgot to mention that within social trading, having tried many different services, I finally settled on the mql5.com portal. First and foremost, the thing that caught my eye is that this service belongs to a “brand”, since it is owned by MetaQuotes – the company that developed the platforms MT4 and MT5. Secondly, I could not find such a variety of signals and such detailed information on each of them elsewhere. There was another advantage – mql5 did not tie itself to any single broker, and you could subscribe to signals (or, on the contrary, sell them) while having accounts in even a hundred different broker companies.
So, the solution was found behind the door with the sign “Virtual Hosting”. I think that everyone already knows what VPS is or how to store information in the “cloud” (whoever doesn’t, please check out Wikipedia), and so all I shall say is that virtual hosting from MetaQuotes is the same thing as a normal VPS, but better. It is better because it was developed specifically for MetaTrader and it is not just easy, but very easy to use – a few clicks of the mouse in the settings of your personal terminal on MT4 or MT5 and all your advisers, indicators, scripts and subscriptions to signals along with all your settings will be transferred to the virtual server. From this moment onwards you are provided with uninterrupted trading 24/7. You can now sleep peacefully – blackouts and internet problems will no longer reflect on your deals.
Add to this the minimal delay in the transmission of signals, because you can choose to rent the MetaQuotes server closest to the trading server of your broker.
I will not go into details about how to use virtual hosting (there are detailed instructions regarding this on the mql5 portal, and a whole series of videos on YouTube), and will just add a few words about something that, I believe, should interest every true trader – money. More precisely, the cost of renting a MetaQuotes virtual server. Today, this is only $10 per month (or, with a discount, $100 per year), which is much lower than the cost of renting a normal VPS.
There is a saying – “trust, but verify”. You can check everything I have mentioned absolutely free of charge: you do not pay for the first 24 hours of rent.

Re: Secrets of becoming a successful forex trader

PostPosted: Sat Aug 15, 2015 5:45 pm
by NikNik
MY TONGUE IS MY PROFIT

“My tongue is my enemy”, the ancients once said. They could not have even imagined that after just two millennia, the meaning of this phrase would flip 180 degrees. Of course, if you only consider human language, everything has remained the same. “Silentium est aurum” (Silence is gold), “Silentium videtur confession” - we can endlessly recall proverbs and sayings about the need… to talk less. However, let us recall that not too long ago humans developed a need to communicate not just with their own kind, but also with computers, that have proven to be incredibly useful and essential in everyday life. As a result of this evolutionary process a new group of languages has arisen on Earth – programming languages, on which you can talk without even opening your mouth.

I have to admit – I am a complete ignoramus in programming. In the last-century early 80s, when I was studying in university, the portable “computer” in the department of higher mathematics was nothing but a board with holes (ie jacks). By connecting those with wires and plugs, we would force this technological wonder to solve problems such as 2 times 2 and would get really excited when the machine answered with the number 4.
In the lab where I started working once I graduated from university, everything turned out to be much fancier – the “Minsk-32” computer took up a whole room and as far as the number of shelves it occupied it could be compared to the wardrobe of the English Queen or Madonna herself.
This machine benefited us in one and only way – the person in charge of this monster used to be frequently given several litres of alcohol for degreasing the contacts, and, as you can imagine, this alcohol would then be quickly drunk by our friendly team (this was at the time when Gorbachev decided to wage war with drunkenness and no alcohol was to be seen on the shelves of shops across the whole of the USSR).
As time passed, progress was being made, and at one point our lab received the mini-computer “Electronics” that could fit on a desk and consisted of a keyboard and a conventional television that functioned as a screen, while the information carrier was your most common audio cassette. It was fantastic!

You have probably already understood in what circumstances I was introduced to the world of computing, and why I have yet to master even the basics of programming. However, regarding Forex, I have become a fervent supporter of algorithmic trading and I enjoy constantly producing my own advisers. This might surprise you, but some of them have been working for several years now on real accounts and are bringing me quite substantial profit.

At first I was convinced that everything genius is simple. As a result, my advisers were very simple, but, as it turned out, not quite genius. Now they have smartened up a bit – their settings include dozens of parameters and (now I’m bragging) they can even fight deposit drawdowns.

I have realised that in Forex, just like in real life, you should not try to grab the biggest piece of the pie. A collective effort is stronger than an individual one, and two minds are definitely better than one (mine).

By this logic, in the same manner as Henry Ford had developed the conveyer belt, I split the process of creating robots into two (!) whole steps: on the first step, I write up an algorithm, and on the second, a programmer brings my “genius” ideas to life.
It really is not difficult to write a detailed algorithm – you just need to clearly know what you want and not forget about Murphy’s law: if anything can go wrong, it will go wrong.
This law, in my opinion, is actually fundamental in Forex and so when, for example, you open a “sell” position, you can be certain that with a probability of 99.99% the price will move in the opposite direction. This axiom should lie in the foundation of every good working adviser.

So, we have sorted out the algorithms. Now it is step number two – writing the programme. There is no need to mention that the majority of indicators, scripts and advisers are written in the MQL languages for working on the MT4 and MT5 platforms. In my opinion, these are the very best and the simplest trading platforms, which are convenient and well harnessed for Forex languages (and this now is the opinion of professionals).
Since both the platforms and the languages are the babies of the same artisans from MetaQuotes, it is pretty easy to take full advantage of them.
Firstly, by opening the “Help” tab at the top of your private terminal, not only do you get instant access to the mega-portal mql5, but also textbooks on programming on both the MQL4 and MQL5 languages.
(By the way, a very close friend of mine, having lost his job, quickly mastered the intricacies of programming and is now working for one of the respected broker companies).
Furthermore, in the Code Base section of the mql5 portal you can find a multitude of ready programmes for the MetaTrader client terminal – take these as examples and they will help you in the creation of your own indicators and advisers.
By following this route, you will have to spend a certain amount of time studying the intricacies of programming, but you will save the money you would have spent on hiring programmers. Then, before you know it, you yourselves will be able to make certain profit by sculpting programmes for “dummies” like me.

“We’ll take the roads less travelled”, Lenin once said. So I decided that you “better go about than fall into a ditch”, and, bypassing other sections of the portal, I reached the absolutely wonderful section "Freelance". This is a real auction, a heaven for the client, where anyone can order practically any programme for MetaTrader – on very favourable terms at that, since 400 programmers (just think about this number!) compete with each other to fulfil your order.
This really is a cool tender! I was not just pleasantly surprised – I was literally shocked, when, having published my first order, I got almost 20 offers from programmers willing to fulfil my order the same day. Moreover, I specified in the comments that I was willing to pay up to 100 dollars for the work under the condition that it is completed within a week. In the end, I got my “money-making machine” not in seven days, but in three, and not for 100, but for 55 dollars.

For those who have decided to independently master this fantastic means of communication between human and computer, the MQL language textbooks can be freely downloaded on the portal of MetaQuotes, available in nine different languages. And what next? Next, we will recall the words of the Nobel prize winner and member of the Académie Française Anatole France:
« In order to digest the knowledge it is necessary to absorb it with gusto».
Bon appétit, ladies and gentlemen!

Re: Secrets of becoming a successful forex trader

PostPosted: Mon Sep 21, 2015 10:43 am
by Lil Lilly
Learn to love losses

hahaha i like this one))
thx man) i will) i promiss i will

Re: Secrets of becoming a successful forex trader

PostPosted: Mon Sep 21, 2015 1:52 pm
by pipabode
I think one thing you've forgot is the fact that, "patience" plays a key to success. In fact, according to the latest newsletter by FreshForex, 96% of those who loose money in forex are as a consequence of lack of patience, patience is everything!!

Re: Secrets of becoming a successful forex trader

PostPosted: Sat Sep 26, 2015 1:02 pm
by NikNik
FOREX WITHOUT RISK
How to earn money on Forex without risking losing your deposit.

Can you earn money on Forex?
Surprisingly, any answer to this question is correct. Whatever it is – a lot, a little, nothing, a million or two, you can lose everything – every one of these options can become reality. For each individual trader, this reality depends, above all, on his or her knowledge and skills; and on the ability to use at least 50% (or better all 100%) of the opportunities provided by the MT4 and MT5 trading platforms.
At this point – I am sure! – most of the readers exclaim: “What’s hard about that? Just some graphs, indicators, advisers, a tester. Open a deal, close it and…”. And… look above for the possible options. Surveys clearly indicate that a significant number of users of these platforms cannot even imagine that through them you can earn a good amount of money… without even making any trades on Forex, in other words without risking anything.
A host of bookmarks on the terminals MT4 and MT5 («Help-Community», «Help», «Market», «Signals», «Code Base») will bring you to the portal mql5.com, on which you can:
- sell your own indicators and advisers on the “Market”,
- fulfil orders as programmer in the “Freelance” section,
- become a provider of trading signals, registering them in the section of the same name,
- become a participant of the partner programme, advertising the products of other developers and traders,
- and, finally, publish your own articles, blog, comment and socialise on the forum,
and for all of that earn real money!
If you allow, let us quickly go over each of the aforementioned ways of earning money.
1. The "Market" section is good in that thousands of buyers visit it daily, because it is that easy – just click on the corresponding bookmark at the bottom of your terminal, and you are there. Thus, as a seller, you can rest assured that you have received a very good market place free of charge. As a confirmation of this, we will just say that by the middle of last year over 6,300 products were sold on “Market” with a total worth of over $522,000, and over 24,500 buyers had used this service.
Of course, the success of your trading depends, above all, on the quality and the price of the goods you are selling – the script, the indicator or the adviser. Note that not only can you sell, you can also rent your products for very different periods of time. To make it easier for you to choose the right price, we advise you to not only study the price tags of other sellers, but also the number of sales of each of their products (the “Activations” indicator).
2. The "Freelance" section – this is a job market of sorts for programmers. It is widely known that among millions of traders, only a few are fluent in the programming languages of MQL4 and MQL5, but many want to either create their own robots, or modernise the robots of others. Such a person, who has come up with an algorithm for the automation of their own trading, posts an announcement indicating what, for what money and in what timeframe they would like to get. You then answer them by offering your services as a programmer for fulfilling the specified task.
Statistics show that the majority of such requests are fulfilled, depending on difficulty, for the price of $15 to $100 within 5 days, and a programmer working actively in “Freelance” can fulfil on average 500 to 1000 orders, and so earn $50,000 and $100,000.
3. "Signals". Becoming a provider of your own (one or several) signals is quite easy – all you need to do is to register your trading account in the corresponding section. Note that you do not need to open a new account at some or other specific broker. You can continue working on the same account as you worked on previously, and all the information on your trading (including your trading history) will be automatically fed to your page in this section and will be available to potential subscribers.
Usually the price of a subscription is $20 per month, so, for example, if 100 people copy your signals, your monthly revenue will be $2,000 (although you would have to give 20% to the portal as commission). We just need to note that the best signal providers can have more than 500 subscribers.
4. Things are quite simple with the partners programme too – in the “Market”, choose one or several products and post links to them, for example, on your website. The same applies for subscriptions to signals. The size of your commission reward can be 10%, 20%, or sometimes even more.
5. And, finally, the monetisation of your activities as an author of articles, a blogger or simply an active person who likes commenting on other peoples’ ideas, voicing your own ideas or socialising on the forum. You may think of it as a big brother, but these and all your other actions on the mql5 portal will be strictly recorded online in the “Achievements” section, and each step will bring you bonus points, which will then add up to a very precise amount of $1 for every 50 points. Personally, I have only been able to earn a bit so far – around $40 – but it is still pleasing. And what is doubly pleasing, is that in order to withdraw this money you do not need to trade for half a year to gain a certain number of trades, as is sometimes required by other brokers.
The only slight issue, in my opinion, is that it would have been nice to have a wider range of payment systems available, but the developer of the portal – the company MetaQuotes – has promised to resolve this (admittedly not really significant) concern.

Re: Secrets of becoming a successful forex trader

PostPosted: Sun Sep 27, 2015 9:17 pm
by NikNik
PPP: Programmers Proof Program
How to get a quality advisor at a reasonable price


It is well known that the MT4 and MT5 terminals contain quite a lot of useful functions, and one of those is acting as a bridge between a trader wishing to develop their own advisor and a programmer who is able to do just that. All you need to do is press the “Help” tab in the top part of the terminal, then “MQL5 community” and “MQL5 Jobs”, after which you will be redirected to a world called "Freelance", which is inhabited by approximately 500 programmers, who are specialists in the automation of trade on financial markets.

“Freelance” is essential a labour exchange for programmers competing for the right to bring a trader’s wishes to life. All you need to do is post your order with a description of what you want to get and specify an approximate price and timeframe. As an example: “An advisor that trades based on the “Alligator” and MACD signals with a resizable lot needed. Price – from $40 to $50. To be completed within 10 days”. After this, you just observe how the list of programmers willing to take on this job grows and choose the one who will write the code for your “grail”.
It must be noted that, when applying to complete your order, programmers may simply accept your terms or offer their own. These can even be better than the initial terms – for example $30 instead of $40. And the time frame – not ten days, but a week.
“But cheap and quick does not always mean well-done and of good quality!” a hard-headed trader would rightly claim. So how should a novice customer who knows nothing about programming choose a qualified specialist capable of completing the set task in a professional manner?
Here you just want to exclaim: “MetaQuotes, you think about us!”, because the employees of this company have already offered traders a whole set of instruments that can help make the correct decision.
Thus, having studied all the applications, you already have three criteria for selecting a programmer: the price, time frame and… language. To be clear, “Freelance” works on five languages (English, Russian, Chinese, Spanish and Portuguese) and, naturally, it is very important that there is a mutual understanding between you and the programmer.
Moving on. There is a detailed dossier on each programmer, in which all their completed works are listed, as well as reviews of customers and their ratings. For example, we can see that programmer A has completed 155 projects, of which 148 were “excellent”, 7 were “good” and 0 were “unsatisfactory”. Then we read the reviews of the customers: “Excellent work!”, “Good quality, fast, patient – definitely recommend!”, “Very thoughtful approach, helped compile TOR, completed in time!”, and a few dozen similar reviews, after which you decide that you can trust this specialist, and… you move on to the next dossier – programmer B, from which you can see that he has only completed 3 projects so far – 2 were “good” and 1 “unsatisfactory”. I think that you do not need to be a rocket scientist to realise that you should refrain from working with this person, even if he is willing to do the job practically for free.
If after such a casting not one, but two, three or even more contenders make it to the final, you can make the ultimate choice by, for example, the most time-tested method – write down all the names on pieces of paper, mix those in a hat and, with closed eyes, pull one out. The objectivity of this method is beyond any doubt.
Apart from the aforementioned way of posting your order, you can approach a specific programmer and discuss with them personally whether they will take on your task and under what terms. For this purpose, there is information available about all the programmers in “Freelance”, as well as a TOP-10 rating compiled by the MetaQuotes company.

An important point: the money for paying for the order are set aside on your private account in MQL5 community and are transferred to the programmer only (!) in the case that you accept their work.

So you posted your order, chose a programmer and received a ready advisor. Then you tested its work in a tester of a trading terminal (not forgetting about visualisation), on a demo account, in reality and made sure that everything is working the way it was described in the TOR. In this case, you give an excellent rating to the programmer and leave a laudatory review. The programmer then receives the promised reward and deep moral satisfaction from your praise.
However, if you are not happy with the result, apart from low ratings and angry reviews you have every right to file a complaint, and the MetaQuotes company will act as an independent arbitrator, and will also involve external experts if necessary. This is why I suggest you adhere strictly to the rules and procedures of “Freelance” – they are indeed really well thought out, and will not only protect your money, but also in case of disagreement, will allow for a maximally fair hearing.

Re: Secrets of becoming a successful forex trader

PostPosted: Thu Oct 22, 2015 4:33 pm
by NikNik
HOMEWORK FOR THE TRADER

Service "Freelance" at the MQL5.com portal provides a unique opportunity: by selecting one of the 500 (!) programmers, the trader can use him to create his own trading robot. But for the robot to be successful, high quality Terms of Reference are required.
So how do you make up such Terms of Reference?

There is no need to prove that trading in financial markets, thanks to the development of computer technology and the Internet in recent years, has become a high-tech process. Of course, there is no unanimity as far as automated trading is concerned, but it is obvious that, according to statistics, over 60% of all trading transactions are now carried out using trading robots. And we are talking not only about the private traders, but also large, once very conservative, financial institutions, banks and funds. I don't think I will be wrong if I assume that just in couple of years the called 60% will turn into 80, and then to 99%.
The sixth human feeling called intuition sometimes might help, but in conjunction with a strained nervous system it often interferes with a sober analysis and leads to disastrous results. As far as advisers (robots) for automated trading are concerned, they are able to work tirelessly 24 hours a day all 5 working days a week, devoid of any emotion, and make decisions in a split second according to their inherent algorithm.

And here arises a very important question: how to make the program under which the adviser matches exactly what its creator wanted it to be? We do not mean a higher power by the creator, but the trader who developed the trading system, and the programmer who shifted the system to the MQL5 language .
It is great when the trader is the same person as the programmer. In this case it is quite probable that they will find a common language.
But what if they are two different people? And one of them (the trader) knows absolutely nothing about programming? What is to be done in such a situation?
As practice shows, the only means of communication in this case is the Terms of Reference (TOR), in which the trader (the customer) should be clear and easy to understand as much as possible to describe what he wants to see cast in lines of a computer code.

As they say, as many people, so many opinions. But in our case it is not true. This author has analysed about fifty variants of the requirements that programmers impose to the structure and content of the TOR, and realized that at least four fifths of them are all the same. But the remaining 20% allow - though indirectly - to judge how competent the programmer is and what complicated advisers he can create.
If we talk about the averagely tricked advisers (we do not talk at all about neural network advisers), the requirements for the TOR would look like this:
1. The trading platform, where the adviser will work;
2. Currency pairs and time frames;
3. Indicators used (if non-standard, apply);
4. Full description of the system parameters (optimized and not);
5. The rules of work with the trading system (entries, exits, support positions. Here it is better to make clarifying screen shots);
6. Types of orders: market, deferred. Presence of StopLoss, TakeProfit, TrailingStop and NoLoss (if required);
7. The rules for managing capital (fixed lot or the formula for calculating its size, percentage of deposit, etc.)

There are about 500 experienced programmers in the "Freelance" department at the portal mql5.com (MT4 and MT5 terminal menu tab "Help - MQL5 community - MQL5 Jobs") with the help of which one can fairly quickly, cheaply and, most importantly, with high quality put this technical reference into life, receiving as a result an adviser ready to work.
Here are some useful tips on compiling the TOR:
- remember that the programmer is not responsible for the profitability of the strategy. Therefore, before you begin working with the adviser, test the profitability of trading on a demo or real cent account yourself;
- to avoid misunderstandings, check with the programmer all necessary terms and definitions;
- and know that the program debugging and error detection is always the responsibility of the customer. It is not excluded that after testing the adviser you will have to communicate with the programmer a number of times to make the robot as good as you want it to be.

And here, if you do not mind, the author will give you some additional tips based on his own experience.
I. Warn the programmer in advance that your adviser is a Christmas tree which you will decorate later with more and more toys. The toys will be additional indicators and filters that specify terms of entry into a position and exit from it, connecting to the time of different trading sessions, various options for calculating the lot size, the procedure for opening hedging positions ... You never know what other ideas come to mind during the operation and improvement of the adviser!
If you do not provide for the possibility of such modifications in advance, you will have to pay for the new adviser each time (from my experience $50 - $100). If you do, you just pay for its modification, that is about $10 - $15. As they say, feel the difference.
II. This point comes out from p.I. You can never be 100% sure in the beginning which of the Christmas decorations will be of use and which will be useless and even harmful. Therefore, I strongly recommend that you provide a possibility to disable each (!) function in the settings of the adviser (on/off button). This will facilitate the process of optimising the operational parameters of the adviser in the MT4 and MT5 terminals tester.
A simple example: you originally envisaged closing position at TP, and then decided to add the possibility of closing at the crossing of MA as well. As a result, we have four options: closing only at TP, closing only at the MA, closing at the first onset of these events and closing at the onset of both events. The buttons on/off TP and on/off MA are required in order to figure out which one is the best.
III. Finally p.III which supplements the previous two. Do not hesitate to load the programmer and provide a possibility of optimization for every parameter of the adviser. I must say that this wonderful feature built in MT4 and MT5 sometimes gives the most amazing and very unexpected results. And the process of optimization is so fascinating that could replace any life-long hobby of yours.
As for trading in real accounts, I strongly advise against treating it as a hobby: money is a serious thing. Making up proper Terms of Reference is one of the components of the business process.

Re: Secrets of becoming a successful forex trader

PostPosted: Sun Nov 22, 2015 3:34 pm
by NikNik
EXPERTISE FOR EXPERTS
How to Test a Product in Meta Trader Market for Free


Anyone who has read my articles knows that the purpose of these publications is to share extra options provided to traders by MT4 and MT5 platforms. We say extra, as we talk not about transactions, but about access to useful services that allow you to make these transactions more profitable.
Today, I would like to elaborate on just one of these services, as this service is not only useful, but also quite unique among Forex trading services.
We are talking about the service "Market" - a huge shop, in which you can, on the spot, i.e., from the monitor, buy indicators, scripts or advisers (experts), of which there are plenty in the "Market" tab - hundreds, or even thousands. Embarrassment of riches! And for the visitor to be able to lift up his head, the developer offers a number of ways, the most attractive of which should be called "Trust, but verify!". But before you do this test, you must first get to the store.

Access is allowed!
It is very easy to do this - either through the tab at the top of the terminal - "Help - MQL5 Community - MQL5 Market", or through the tab "Market" in the bottom.
Personally, I prefer the second option, simply because this way is shorter. The only small inconvenience in this case is that at least a few charts of currency pairs, a navigator, and perhaps also a strategy tester are normally open in the terminal at the same time, so there is not much space for the "Market" window, and you should clear some. But, as you know, this operation takes only a few seconds, and then there is nothing to stop you to examine the proposed product in a relaxed environment without distracting to quotes and orders.
By clicking on the icon of the proposed product, you can get acquainted with its description, and decide whether to buy the product you liked, or to rent it for a certain period, for example, for a month (which is, of course, cheaper), or .. . to test it absolutely for free!

Trust, but verify!
Selling their products through the "Market", owners and creators themselves set up a price (the trading marketplace will charge a small fee) and for the products to sell better, sellers attach a detailed description, as mentioned above.
Well, who would write anything bad about their own product! Therefore, you will hardly find a list of shortcomings in these descriptions, although there are some for sure. And in order to obtain an objective assessment of the quality of the acquired product, that is an indicator or an advisor, visitors are offered to carry out their own testing for free. And if you wish, you can carry out optimization as well.
So you either buy the products immediately, or rent them, or test them first. To do this, simply click on the "Download Demo", and literally in the blink of an eye there appears a folder "Market" in the Navigator on your terminal, see "Advisors", which will automatically collect all your selected experts.
I should say, you will not be able to see how their paid versions work on demo or real accounts (this does not rely to free advisors - there are plenty of those in the "market"). But you can test and optimize both of them in the strategy tester as much as you want. At the same time you can compare advisors worth $ 5,000 to those that are offered for nothing. Those who know say that the price is not the only difference...
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Re: Secrets of becoming a successful forex trader

PostPosted: Tue Nov 24, 2015 1:00 pm
by NikNik
Meta Trader: Golden Carriage for Binary Options

Binary options (BO) trade is a relatively new service in the market of on line services, it appeared only a few years ago, and immediately caused a lively debate. Someone finds them amusing entertainment, such as computer games, someone calls them casino and scams, and someone sees them as an opportunity to significantly improve their financial situation. The discussion in this material will be for the latter and about the latter.
But first of all I should say that, as a form of income, BO are absolutely transparent - you bet $ 100, make a forecast that, say, in five minutes, the Euro will grow against the dollar, and you can go for a smoke break (although better not, smoking is harmful). And after these few minutes, if the rate has really grown up, your $100, as if by magic, turn into $175. Isn't it great? Absolutely, except for the fact that your prediction may be wrong, and then the end will be sadder than even in the Cinderella fairy tale. It is in the fairy tale that at the appointed time (when trading BO it is called expiration time) the carriage turned into a pumpkin, here your hundred will just evaporate without a trace. But, in any case, everything is fair - you know in advance what the prize will be in case of winning, and the correctness of quotes can be easily verified by consulting with quotes from other brokers.
Although all of it looks pretty much the same as a roulette table - red or black, even or odd, with only one, but very serious, exception - all the methods of technical and fundamental analysis are applicable to the BO trade, which strongly unites it with Forex.
Just as is the case with Forex, a lot of different trading platforms are designed for binary options. And now, according to the rumours that I heard, the company MetaQuotes, which has produced the most popular platform Meta Trader, is thinking about enriching their favourite child - the MT5 platform with a function that will allow to trade binary options!
I would not like to do any advertising for anyone, so I'll just focus on the benefits of MT5 (observable and unobservable), which - in my opinion only! - turn the platform into an effective tool for earnings using BO.
The first of them - is the fact that the platform not only allows the use of everything that has been developed in MQL5 language for technical analysis, but also a transfer of binary options trade to a fully automatic mode with the help of robots-advisers, signals copying systems and other joys that have been brought to us by scientific and technical progress.
I heard some criticisms, such as (I quote): «Meta Trader is not well suited for working with binary options, as it was not designed to do this: the quotes there look very much global (large-scaled and stretched over time). And it is a strictly limited time expiration that is important for binary options."
What can I say? Yes, that everything is the same as with Forex. Expiration time (option execution) usually starts from 1 minute, and then 5, 15, 30, 1 hour, 4 hours ... Doesn't this resemble anything to you? These are standard time frames! Therefore the BO trading strategies often resemble the Forex ones from scalping on minutes to thoughtful four-hour chart analysis. And for those who love super-delights and super-precision, MT5 offers about 20 different time frames. There are M2 and M3, M4 and M6, M12, H2, H3, H6 ... I do not know why and who needs it, but if someone does, MT5 has it!
Returning to BO, I can say that, regardless of the time frame, it is possible to make money here times faster than in the Forex market - because your income does not depend on how many points the price will pass,1or 100, its any tiny step brings you a fixed income. The only thing I would not recommend to anyone, is to get involved with super-scalping but to take advantage of technical analysis at intervals of 5 minutes and higher, it will be a winning strategy for binary options .
Another objection to the use of Meta Trader for BO trading, which I had a chance to hear, was the fact that tools list for binary options trading is much broader than the classic set of currencies in these platforms. Indeed, I personally have not seen price quotes for cocoa beans. rubber or tobacco in this platform, but, in all honesty, do you need them? Are not a few dozen other tools sufficient? Moreover, according to statistics, in real life an experienced trader uses a maximum of 4-5 trading tools. The MT5 platform, remember, allows you to trade on multiple markets from a single account: Forex, stock market, deals in futures and contracts for difference. And if the rumours are true, all this will soon be joined by BO!
Now, having discussed criticisms and being a fanatical supporter of algo trading, I would like to remind you of two useful functions that Meta Trader contains:
- Opening the tab "Market" at the bottom of your trading terminal, you get the opportunity to buy or download free advisors and indicators not only for Forex, but for binary options trading;
- And through the window "Help - MQL5 community - MQL5 Jobs" traders who wish to cast their trading ideas and strategies into ready indicators and experts, open the way to more than 500 professional programmers, they will help you quickly and accurately translate these ideas into reality.
If we add about 80 technical analysis tools to the above, I am sure that such arguments will convince most sceptics, and even they will agree that using the Meta Trader is possible to make the golden carriage never turn into a pumpkin, no matter what expiration time is.
In the meantime ...there are still two monitors in front of me. One shows a terminal for BO trading. The other has MT5, giving me signals for opening transactions. What can I say? It is working!
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