As a developer of The Alien Wash 1.22 Forex Robot, these are what I consider important push-factors for forex traders to operate Expert Advisors. This piece tackles reasons to pick up a robot subordinate to assist trading while user remains the driver. Technical specifications are not covered.
Forex Robot that needs a driver
Our first Expert Advisor or EA for short which we call 'The Alien Wash' (#TAW) was recently launched. After a training session, a user sent this message to me. I would like to share with you my point of view.
Good morning Binni, thank you for yesterday class.
For me, after attending yesterday class, I feel like I am an auto car driver who only take care 2 gears ( drive, reverse), 3 button ( wiper, signal, hazard light) and now given a very powerful F1 car which has 7 gears and 30+ buttons to drive.
Very overwhelmed, and yet can't wait to try on the EA.
So for driver like me, can I request a licence key for demo account?
( test drive on simulator first, need to figure out those buttons)
- The Alien Wash is a sophisticated Expert Advisor that has many user-defined settings. We didn't create a robot for dummies. We created an 'F1' robot for sophisticated users.
- Our robot is not meant to make forex trading driverless. A driver (You) is still in command - I will write about more of this in a short while.
- It is right to run our robot on a demo account first even though we have tested it. Like our user noted "test drive on simulator first, need to figure out those buttons" - you need to be in control, to master those settings then personalise to your level of use.
Why run a Forex Robot/Expert Advisor? How to integrate a Forex Robot into your trading/lifestyle?
I want to spend less time analysing trades so that I can do many other things.
I am automating most of my trades to #TAW. However I am still a person who wants to be in command. I want to be driver - to control the direction a particular trade is opened. The EA is delegated only to functions such as calculating trade size, order level, stop loss level, target profit level and trade management via a trailing stop.
I OUTSOURCE these tedious functions to my robot. I outsource my trading psychology, my fear, my greed to #TAW. The Alien Wash Robot now monitors my existing trades, look for new setups on a 24/7 basis so that
- Forgetting a trade is no longer an excuse
- Being busy is no longer an excuse
- Missing a trade is no longer an acceptable outcome
#TAW strength is consistency and compliance to trading rules
After #TAW opens trade for me I don't look. I don't attempt to close my trades early because of what I feel. Robot manages my trades according to rules I incorporated into it's robot DNA. I don't override it's trading decision and I don't break my own rules.
Is operating a Forex Robot inconsistent with a discretionary trader?
I wrote that The Alien Wash is not a driverless Expert Advisor. It is one that was created with a user becoming the driver in mind. I still believe that a trader must must be in command of what is going on in the forex market before using an EA. #TAW is a subordinate robot or forex trading tool that takes over some lesser functions.
#TAW The Alien Wash is a good way for the driver to enforce consistency, to be emotionally detached so that sound trading decisions can be met.
So I admit that I had some mental obstacles I had to overcome like these before I build The Alien Wash.
- I was worried that someone would steal my code
- I was worried that users misinterpret what #TAW is meant to be
- I was apprehensive of words such as accuracy, backtesting that users might associate with wrong ideas
Users wrote to me to ask why backtesting results were not profitable for some pairs. Please note:
- Backtesting is always not accurate.
- Even under profitable backtesting results, an EA may still be unprofitable and be condemned by users.
- Forward testing is more accurate but even so, EAs are still having problems and not generating profits after a while.
Keeping these at the back of my mind, I designed The Alien Wash Robot in a different way. In a way that it could address my weaknesses, and probably yours.
My product as it should work for me
It is critical for you to understand that I did not set out to create a product to sell.
If I did so, it's key performance indicators should be 'time to market', 'ease of selling' and so on. Which means a simple product that is not limited to a small group of users, one that can be produced at cheap, sold and forgotten without after-sales support as quick as possible.
However I created a robot that I meant to use for myself. I am a pretty sophisticated trader. I have very specific ideas about the market. There is probably only a small number of individuals who are like-minded. TAW would not be easy to sell. It will require care and maintenance. However I demand it to work. If it doesn't work for me, I will throw it away. If it doesn't work for me it doesn't work for you. I won't want to waste time convincing anyone to use a lemon and I don't want to waste time to do things like upgrading, doing after-sales support for a lemon.