Auto Trading Forex
Wouldn’t you agree that the best returns on our money are when we make the highest possible profit on the least amount of money with the smallest amount of work/effort?
One of the great things about the forex market is that enables customers to trade automatically.
Over the past several weeks I’ve dug around to try and find out more about what it takes to create a system that can trade automatically - preferably for the least amount of cost as possible.
Firstly though I had to find out what forex brokers allowed me to trade automatically, as not all forex brokers are created equal.
With some of the more popular brokers I was able to find that the following provided the capacity to allow you to trade your account automatically:
While I realise that there are other forex brokers which offer the ability to trade automatically (such as those that use MetaTrader) I wanted to find out which ones were able to interface/interact with my current backtesting platform Wealth-Lab Developer.
And so the next step began: having the forex broker’s API (which is the techno-speak acronym for allowing users to control the processes (etc) of their forex trading account) interact with the signals of my forex systems.
This left me with two options:
1) I could try and learn how to create the necessary software and write the code myself, or
2) Find a software that already does.
Option 2 sounded waay better, so I set out to try and find such software.
While my journey is still ongoing and incomplete I would like to detail a list of such software providers in case you too are looking for the same thing.
Fabre Factum US$699
Yet to receive a free trial subscription from this mob, but the attraction was the software’s ability to “supports Refco, FXCM, GAIN, Forex.com, FXAdvantage and CMS mini and regular accounts (demo and live accounts)”. Will detail more when I receive a free demo.
Trade Bullet US$35 - US$75 / month
Didn’t support any of the brokers I wanted, but I’ll include this in case some of you are using some of their supported brokers.
Trade Bolt (various costs depending on broker)
Offers trading through Gain Capital, doesn’t seem to support Wealth-Lab Developer.
Trade Robot US$500 - US$750
Supports FXCM only, doesn’t seem to support Wealth-Lab.
HyperOrder FREE!
Supports Interactive Brokers Workstation, Patsystems, MB Trading, FXCM, RefcoFx, MAN FX and MetaTrader. Doesn’t seem to work with Wealth-Lab.
API Trader FXTS US$25 / month (demo accounts) US$50 / month (live accounts)
Supports FXCM only and cross-platform (which could help those on non-Windows OS machines).
SnapDragon (Free?)
They are currently looking for beta testers who wish to trade from TradeStation onto Oanda’s platform.
Anyway, these have been the ones I’ve come across. As you can see not too many were helpful for my individual needs, or maybe they were and I just couldn’t tell.
So I moved on and looked at the first alternative of creating my own forex broker adapter for use in WLD. And to my surprise I found that Microsoft were giving away free Visual Basic, C# and C++ developer environments with their Visual Studio 2005 Express Editions (only until November this year) - which can help immensely with coding the required adapter.
So for now I’ll give it a bash and see how I go. I’ll be sure to report any successes here.
Lastly, I’m testing my crude forex broker adapter on CMS Forex’s API and demo account (all free and no paperwork is needed to sign to grab the API).
If anybody knows of any other forex trading robots or auto execution software that can interface with any of the above add your comments below.
Tags: Forex Trading, Auto Execution
March 27th, 2006 at 10:32 pm
Hi Ryan,
I have been auto trading forex using wealthlab developer.
I use data hq’s forex datafeed, FXCM as my broker and dynaorder for order placement. Sadly, dynaorder is no longer available as the owner of the business.
I had looked at the other things you had recommended for order placement, but I had never been able to make them work. Let me know how you go.
March 27th, 2006 at 10:49 pm
Auto trading is not a lasting tool. If we the users of auto trader make money then them the brokers will loose money. For certain, the brokers will find ways to defeat the auto trading program. Most likely case is that the auto trade program itself will not work over all period of time. There is no such thing as free lunch - i.e. maximum profit for minimum work.
March 27th, 2006 at 11:28 pm
That brokers lose money if we make money is a common misconception. Brokers always make money with the spread. It also depends on the the way the broker is organized. Avoid brokers with a manual dealing desk, which indeed have a built-in mechanism to work against you by delaying orders and requoting, which defeats the purpose of automatic trading.
Automatic trading is not unusual in itself. There are those that make money using it. Finding a profitable strategy is the hardest part IMHO.
March 28th, 2006 at 1:29 am
Hi Ryan,
I too am using Data HQ for a forex realtime data feed for WL however I have no broker API… The people over at ForexSystemBuilders have an API built for MT… I believe they are trying to interface to Oanda… There is a programmer there that designed the interface… Maybe he could be talked into designing something along the WL trial…
Joe
March 28th, 2006 at 3:34 am
Hi Ryan,
why don’t you all out there switch to MT4,it is free,plenty of indicators and strategies also free.Problem is litle harder programming language but wealthlab is not easier much.
Bad thing in MT4 autotrading is that the system runs from your PC so there can be trading problems if connection is lost.I heard that Tradestation systems can be autotrade at fxcm on brokers paltform.
Also prosignal is not so bad and Amibroker is maybe strongest system developing and testing platform together with Tradestation and MT4.
Dont trust to much in backtesting,forex quotes difers from broker to broker and backtest results should be treated with 5-10 % mistake.
March 28th, 2006 at 6:48 am
I also have been looking to automate. While I am with OANDA, I have been looking at Interactive Brokers who also has an automation API. I trade ForEx only. Does anyone have an experience with Interactive Brokers as regards automation and as regards ForEx trading itself?
There are also two portions of the automation that I am looking at: (1) the actual data feed coming from the broker, and (2) the actual trades to be placed. Right now, I am doing models with data coming from eSignal and the models would be more accurate if I used the actual data from the broker. I think it is not enough that I am able to trade on their API. I would like to model using their historical data also. I think the fees for having both are separate. With OANDA, I think you can grab historical data with their API, but with Interactive Brokers, I think you have to subscribe to another service. Does anyone know?
Ryan, thanks for the heads-up on Visual Studio. As you probably know, OANDA has a beta Visual Basic version of the API now. It should be easier to program than the other languages.
Thanks for this timely topic.
April 2nd, 2006 at 3:03 pm
saw a universal data adpater concept at http://www.wldaddon.spb.ru/
April 2nd, 2006 at 10:08 pm
Thanks guys for the comments.
I’m purely doing this is an educative process for myself as it’s something I’ve never attempted yet have always been interested in accomplishing - and this is why I am making the details of how I am going about it free.
If I fail then I will check out other avenues such as MT4 and TS, but as I have been using WLD for several years now I feel comfortable with their platform and would rather put in the effort to make something work rather than learn a new language.
However, if MT4 were to interface with OANDA I would become VERY interested in their platform, although (as Ted mentioned) OANDA do provide a VB API now… just don’t know about the US$600 / month.
It should be an interesting journey don’t you think?
April 7th, 2006 at 3:40 am
Yeah Oanda does 1.5 pips for EURUSD, but EFXGroup = MBTrading are doing 1 PIP on the same contract. ie. 10$ in $10 out per 100,000 trade.
Not sure if they do accounts in currency of your choice, if they have legal footprint in country of your choice.
But there is an API. http://www.efxgroup.com/developers.asp
Perhaps the Vttrading data is good enough to generate signals for an MBTrading/EFXGroup automated trade after doing a test to see if price is approx the same.
Is a test like that enough to limit the risk of trying to mix two systems.
Would any of you trade with two systems ?
June 25th, 2006 at 12:55 am
Dang the previous comment is a spam!
Metatrader 3/4 has built-in script engine that allows automation. It’s reliable to some extend, as some of my experts are working off and on, and getting much worse when trading real-money account. You might wanna say it’s bug in my experts, but nothing is wrong there since it’s very ok in debugging. Now I suspect that there’re severe bugs in the scripting engine or even the terminal and server.
Oh, if only metatrader 4 had low-level api like metatrader 3.
June 26th, 2006 at 3:24 am
Thanks for the heads up with the spam comment Scorpion.
Their comment has now been removed.
February 6th, 2007 at 12:51 pm
hi guys. i own a software company that specializes in developing forex related applications.We just finished developing a universal auto trade system that can work on almost all forex brokers. You can execute a single or multiple trades from this platform into various brokers platforms.
The system is now intergrated with over 15 brokers and we are adding one every 2 weeks…soon it would be one a week. It also supports signal providers and signal providers only need to key in data into a single interface and trades are executed accross multiple platforms. It also has super user function where if any of you want to trade for friends but not be “signal providers”…you do so using this system..it will rebate commission according to your arrangements with your friends…
If any of you are keen to explore the possibilities of using this ysytem when we go live…drop me note..also if you have a broker that you want added…let us know and we will do it for you..
February 11th, 2007 at 12:24 pm
Manmohan ,I wish to know more about your FOREX trading software .Please send me details
February 13th, 2007 at 2:30 am
I have an automated system built on Metatrader 4 that has not reached the stage where it is too profitable to run with any broker that is not a true ECN.
Unfortunately, I’m sure there is not a single broker using MT4 that qualifies. We have already experienced hostile tactics in the form of price shading, server down-time etc.
I’m happy to deal with Currenex, FXAll and Hotspot -with OANDA a possibility strictly away from news times. Since none of these are ‘native’ providers of MT4, I’m looking for an application which can take the trade signals generated by the Metatrader Expert, but place and manage orders on with some or all of the above brokers.
Is anyone on this forum aware of existing solutions?
All the best, Mark
February 25th, 2007 at 6:59 pm
Hi Mnamohan
could you send me details of your applications to rjk123@gmail.com
thanks
Robert
February 26th, 2007 at 8:31 pm
Hello Mnamohan
could you send me details of your applications to zicroff_inventor@hotmail.com
Regards,
zicroff
March 2nd, 2007 at 3:19 am
Manmohan,
Can you send me details of your application as well to jonfraun [at] yahoo.com?
Thank you & regards,
JF
March 10th, 2007 at 8:41 am
Manmohan ,
Please send details of you apllication to dmercolds@hotmail.com
March 17th, 2007 at 3:12 am
Do you have a name for your application? Do you have a web site?
Please send details. I have scoured the forex market for resources. No one
seems to be user frienly or up to api par… YET. I paid to have MT4 written. The system works very well, but the platform (of several brokers) drops too many trades (oco-only one half is executed) and makes it very difficult to be profitable.
May 23rd, 2007 at 1:09 pm
manmohan when you wake up from your “universal auto software dream” please post the url to your company/website.
September 25th, 2007 at 4:01 pm
Yes, her mouth. I hugged me and worse. Please. pics of ashanti I.
November 19th, 2007 at 5:29 pm
I would like you to help me find 5 web sites that allow currency (FX) trading which meet the following criteria:
1. The site must be in English.
2. The site must allow the users to write software that can communicate directly with the web site, using an API which stands for Application Programming Interface.
3. The site must provide updates to prices every 30 seconds or less.
4. The site must have a trading game or test area that allows the users to play or trade with fake money.
5. The site must allow the users to test applications they have written that uses the API in the trading game or test area.
6. Where possible I would like you to find sites that are in different regions in the world. E.g. US, UK, China, India, Australia, Japan
November 20th, 2007 at 2:59 pm
Kumar,
You may want to start at FXCM, and then possibly look at other free API’s such as MB Trading and Gain Capital, and then possibly gravitate towards paid API’s such as Oanda and Dukascopy.
Ryan
December 29th, 2007 at 2:03 am
Hi Manmohan, could you please send any info to my address rasaqdayo@yahoo.com
February 18th, 2008 at 1:46 pm
Hello Manmohan, could you please send me your detail of application to avanzayan@gmail.com
March 5th, 2008 at 7:12 pm
wot do u think abt www.avafx.com?
March 16th, 2008 at 4:39 am
Hello Manmohan, could you please send me your detail of application to mjrichards@wiap.co.za
August 2nd, 2008 at 5:34 am
Manmohan, Please send me details - smassel@gmail.com
November 21st, 2008 at 6:30 am
I think the best moneymaker http://www.geocities.com/extradineroya