Forex strategy builder and MT4?

thanks pete, i have come across this EA in my searches and have played around with it although im looking to use fibonnaci and macd as a strategy and it doesnt seem to have these as an option?

is it just me being a noob here or have they not put them in for a reason?

I would avoid fib as a strategy as it is quite subjective and is bound to cause you headaches. IMHO

thanks for the advice blaiserboy, in what instances would fibs be useful? as i understand it, fibs represent fairly good identification of sup/resistance levels?

what would you suggest as possible combinations to explore when using indicators? im looking at maybe 3-4 indicators max, ideally maybe 2 leading and 1 lagging indicator for confirmation of trend in continuation trend strategy?

i've also just posted a link on the formulation of strategies as i have the set ups in place but not enuff ways to go about getting some trading ideas together!

Fibs are great on a chart, not so great in a robot.

I suggest you take an indicator and learn all about it.... learn its application and then attempt to use it in a robot.

To use many indicators in a robot is bad news..... it will result in you donating your account to the broker.

Keep in mind that the indicators are based on the price bars.. and perhaps you have to accentuate price action in your robot, not indicators

The systems that have lasted the longest are based on moving averages and channels, you may want to research those applications.

I hope that helps.

that helps a lot, altho im a little confused by the above 2. using too many indicators is bad news? in what way?

my understanding of indicators thus far i limited to what they taught me at babypips
when you say accentuate price action in the robots, would you be able to elaborate on methods and meaning?

sorry to seem like a total newbie..wait...i am a total newbie

Babypips is a great place to get feet wet, however regarding the construction of robots, there is a lot lacking.

I suggest that you fire up your google machine and start looking for trading systems, money management, price action for a start.. look for those in T2W also. there are many good threads in this forum...

There is no short and simple way to learn how to construct a decent automated system, there is a lot of trial and error and frustration associated with it.

Using too many variables causes a tendency to over optimize...., best to keep the number of variables very small.

I think you have a lot of research to do...

I suggest that you lay out a chart with whatever criteria you want to use and trade that chart until you can do well with it and then attempt to automate it, keep the chart simple....

thanks blaiserboy for your useful input.

to date, i'm still at strategy formulation stage and am slowly getting ideas about the approach and methodology involved to create a strategy. i was planning to use the Mcginley dynamic indicator as well as MACD/STOC to identify trade setups but have yet to determine the full parameters.

i have much research to do but i do feel that you and other posters have gone some way to helping me on my journey!

thanks

This is going to be a time of trial and error...... probably some frustration and disappointment.

I spend a lot of time doing system development.... and with all the experience I have and all the reading I have done..... I am actually to the point of knowing that I have a lot more to learn to be really good at it.

Good luck with your research.!!