How it works. This earnings option has two implementation options:
- “Owner-seller.” Professional traders have one or more established trading systems that can be automated and sold.
- “Executor”. It is not necessary to be a professional trader. You need to know the basics, a programming language (for example, MQL for Metatrader) and write expert advisors for the order according to the developed TK.
In the first option, the trader orders (or writes himself) an automatic system according to his unique proven scheme, develops a trading history according to it and then offers it on forums, his website does mailing lists or offers a product on behalf of a broker. The average cost on freelance exchanges for writing scripts is from 10 dollars. USA, indicators – from 30-50 dollars. The USA, advisers – 50-100 dollars. The USA and above. Finalization of one or another indicator (adviser) – from 30-50 dollars USA.
The second option (“Contractor”) can be called indirect since people do not earn directly on Forex and its tools. Nevertheless, in order to understand the customer’s desire, the encoder must be able to read the technical task, therefore knowledge of the work of indicators and advisers is necessary here. You can offer your services on thematic freelance exchanges.
From theory to practice. Writing a robot on your own is not as difficult as it seems at first glance. Professional implementation of a trading system from scratch into an automatic adviser will require in-depth knowledge of the MQL programming language. But you can do without it, for example, using the following ideas:
- Refinement of a ready-made robot template (or so-called script). Parameters of risk management, assignment of Magic number, alerts, opening a position by a signal, auto lot, trailing, error handling of a robot – in MQL, these are all the same commands used in most expert advisors. In the finished template, the trader needs to add indicators directly and indicate the parameters, when they coincide, the transaction is opened. MQL knowledge is also needed here, but working with a template is much easier.
- Using advisor constructors that do not require MQL knowledge. Examples of such programs:
- System creator One of the few professional programs that allows you to create dozens of the most diverse robots, test them and optimize. This is a full-featured program that combines the capabilities of a designer, tester and simulator on one platform. You can write a separate review of the program’s functionality. Probably its only drawback is the difficulty to understand it using the “poke method”, it will take more than one day.
- Strategy Master FX. The paid version of 2018 is considered the most adapted for the current market, although this cannot be confirmed 100%. But even the developers themselves admit that the versions of 2013 and 2016 are already obsolete due to the use of various filters that are already irrelevant today. Opportunities: creating advisers with placing up to 42 orders, setting stops invisible to the broker, it is possible to build your own unique indicator, which is not basic in MT4, you can create scalping, grid strategies, etc.
- Ended COR. Another paid version of the constructor that works with any custom indicators. True, the payment of a subscription to it has so far been temporarily suspended by the developers.
The first option reveals to the developer much more opportunities, allowing you to create a more professional and high-quality product. Using constructors is simpler, but they use trading templates, and the task of the trader is to experimentally select the successful coincidence of several factors. However, in order to understand the principles of creating robots, the designer will do for sure.
- Important! Using constructors allows you only to generate a program that perfectly fulfills itself on historical data. Its launch in the current market situation does not guarantee a profit in the future. If the robot, which has given positive results on history, brings a loss, it needs optimization.
And the second option is to shift the task of writing an adviser to the shoulders of a professional programmer. But here is not so simple:
- It is necessary to be able to draft terms of reference so that it cannot be interpreted in two ways. Otherwise, you will have to pay money for the alteration.
- The adviser needs to be optimized, and this “routine maintenance” also costs money. Moreover, if you turn to another developer for optimization, it is not a fact that it will turn out better.
- The responsibility lies with the customer. The robot will not work – not fate.
Artists are easy to find on freelance exchanges and here I recommend MQL5 again. The platform acts as an intermediary between the customer and the contractor, eliminating the possibility of fraud, and also acts as an arbitrator in disputes. In the statistics of freelancers who are ready to take up an order, you can see information about delays (but in programming, this happens relatively often), the number of completed orders and satisfied customers, etc. Read more about how the order for writing a trading adviser occurs and what are the stages of interaction between the customer, the contractor and the intermediary platform itself.
Pros. Additional income. Whether the trader will sell advisers or not sell it is a rhetorical question. But if the robot is really successful, it can be used for their own purposes. Well, if buyers also appear, it’s wonderful!
- Lack of buyers. The point of buying an adviser, if there are dozens of free ones on the Internet? In addition, there are more frequent cases when the developer takes the free version of the adviser, slightly modifies it (for example, adds an indicator) and gives it out as a paid one.
- Responsibility. A buyer is a simple person. If something does not work (and it doesn’t matter whose fault it is), all information about the seller will be sent to the blacklist. And after a tarnished reputation, selling something new will not be easy.
- Optimization. Whatever the adviser is ideal, it needs to be constantly optimized. An intelligent product of a developer quickly becomes obsolete and instead of making money and developing new strategies, a trader is forced to do optimization.
Writing advisers to order in comparison with their development for sale looks more promising. But, in my opinion, it’s still easier to develop advisers for yourself and make money on trading. At least this is less time-consuming.