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Expert Advisors Reviews

Forex Strategy Builder Review: Build FX EA without coding skills?

Forex Strategy Builder is a professional software for building Expert Advisors. It is the alternative of coding the strategies on MQL language. With Forex Strategy Builder it is possible to create FX EA (stands for Forex Expert Advisor) without programming skills.

 

Using the Forex Strategy Builder has advantages over manual coding.

 

With the software the Trader is capable of backtesting the strategies, performing robustness testing and running optimization before actual trading with the strategy.

 

Coding a simple FX EA might take the developer a couple of weeks. Just when the Expert Advisor is ready a backtest should be performed. While using Forex Strategy Builder the backtest is displayed while the strategy is built:

 

 

When the Trader changes any of the entry or exit conditions he sees the backtest immediately. This saves a lot of time because normally what traders do is to test the strategy with different parameters manually or to perform backtest after the strategy is coded.

 

Forex strategy builder is suitable for traders who have manual strategies and long to build them in FX EA. After the parameters are set the trader can export the strategy as an Expert Advisor with one click. No coding skills are needed.

 

How to start with Forex Strategy Builder?

 

The software comes with 15-days free trial and during this period everyone can export an unlimited number of strategies.

 

Also, there are three educational videos that will help you start. And if you have any questions you can always use the support forum.

 

The most important first step is to import properly the historical data from your broker. This you will learn from the educational videos. It is essentially important to use the historical data of the broker you're going to trade with. Most brokers provide different quotes for the prices daily which form different historical data.

 

Is it possible to use Forex Strategy Builder without trading experience?

 

There is the feature Generator. It works over the historical data of the broker which the trader has selected to use. With predefined rules and acceptance criteria, the generator produces hundreds of strategies from which the trader can choose. The generated strategies are stored in collections:

 

 

It is easy to choose which strategy to export as FX EA because we see the Backtest output for the tested period. Also, we see the Net Profit of each strategy, System quality number, Profit Factor and many other parameters. On the right side, we see the entry and exit conditions for each strategy.

 

How do we know if these strategies are real?

 

The way the traders can test the strategies is to export them as Expert Advisors and place them on Metatrader for a backtest. The results will match.

 

Another test could be done if the Expert Advisors are placed on a Demo account or live account, and left to trade for a couple of orders. Then the fresh historical data could be imported in Forex Strategy Builder and the trades could be compared.

 

How do we choose which strategies to use?

 

Before exporting any strategy as FX EA there are different robustness tools in Forex Strategy Builder. One is the Monte Carlo validation:

 

 

It performs a variety of tests with different indicator parameters, spread variations, execution problems like skip positions and randomly closed positions and it shows the results on one graph. This way we can see if a strategy is over optimized or not.

 

If all tests are validated this means that the strategy is suitable for trading and we can rely on it for future trading.

 

What is over-optimization with FX EA:

- A strategy that was fit to the tested period 

- All optimized strategies with a step of 1 

- Expert Advisors that are sold on the market

 

With Monte Carlo, we can avoid over-optimization because it performs different tests with different values for each indicator and this way we can recognize the over-optimized strategies. Simply, they will not pass the test.

 

The other robustness tool is Multi-Market.

 

 

It shows immediately what are the results for the other markets or currency pairs. If the strategy fails on all markets this gives us the sign that the strategy is over-optimized for the selected currency pair.

 

Using the Multi Market we can see which strategies are profitable on the other markets. This way we save time to generate strategies for the different markets.

 

What are the alternatives of Forex Strategy Builder?

 

The other Strategy Builder which you can find on the market is called EA Studio. It is web-based software and it works faster just because uses only the MetaTrader indicators. While Forex Strategy Builder uses MetaTrader indicators and custom indicators. Also, the EA studio could be used on different browsers. This means we can run a couple of generators together for the different assets.

 

How Forex Strategy Builder is better than buying a single FX EA?

 

Single FX EA might work for some time but not long. The market changes all the time and the traders need to be flexible especially in algorithmic trading. What people did by expert advisors from the market say that the Expert stopped working. Every FX EA opens trades on predefined rules and if it is connected to the MetaTrader platform it will work continuously. So the experts don't stop to work. What happens is the market changes.

 

Having a lifetime license for Forex Strategy Builder allows the trader to generate an unlimited number of Expert Advisors for a lifetime. More, one can trade with many Expert Advisors simultaneously and build a whole portfolio of strategies. This way that a better diversification is achieved and more stable results.

 

Every professional trader depends on many strategies and not on a single one.

 

If one starts to lose the others compensate for the loss. Using professional software as Forex Strategy Builder gives the freedom to the traders to use many strategies in one trading account. Having a good portfolio of Expert Advisors for different assets and time frames is the key to success.

 

 

TAGS: Forex Strategy Builder  Forex Strategy Builder Review  EA  coding 
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
UK, Bulgaria FCA, FSC Web €29 Review Website
Australia, Cyprus ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

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