RETAIL e-FX CLIENT
the possibility to automate one’s trading strategy using opportunities among multiple providers, increases says
expert advisors, programs coded and compiled using Serbinenko.
the built-in MetaEditor. The language used for
As to how high frequency and more sophisticatedprogramming is MetaQuotes Language 4 (MQL4).
retail FX traders can take advantage of trading and
“The platform also allows for programming of custom pricing APIs for automated FX, Faust says in order to
indicators and other auxiliary tools that do not successfully run a strategy with a high frequency of
necessarily trade live, but can deliver accurate real updates, asynchronous API should be used.
time calculations, indications, signals and alerts for Asynchronous API allows the sending of trading
successful decision making,” maintains Serbinenko. signals without a delay for the response time. It is
“The most important advantage of this solution is crucial for the traders who use sophisticated
that the trader does not have to be a professional automated strategies, he claims.
developer to program his own strategy, as the MQL4
language can be learned by anyone!” As for the strategies themselves, they are as numerous
and different as are their developers, Serbinenko
MetaTrader 4 has exceptional capability because claims. “A commonly used measure for comparison
traders are able to code any conditions they wish as among strategies is their past performances. It does
well as being able to fully back test them, says Stuart. not however reflect all the crucial parameters. The
Another tool recently available, which some may want same performance can be shown by strategies
to consider, is community, Stuart adds. “The adopting radically different levels of risk. So just as in
MetaTrader community has been growing rapidly classical investment analysis, risk-reward
over the past few years with both novice and considerations are determinant and the answer
experienced MQL 4 programmers frequently depends on the investor’s risk capacity and risk
participating via forums and community sites.” preference.”
MQL 4 has offered a solution for automated trading Lins says decisions about methodologies and technical
which remains popular within the retail FX traders solutions should always be made contingent upon
segment, agrees Faust. He adds: “One of the particular objectives and the conditions
reasons for its popularity is due to the fact that under which the trader will be
for years there was no strong competition on
the market. The situation has recently changed
dramatically. New solutions, such as JForex,
are becoming increasingly popular, offering new
functionality regarding automated strategy
implementation and execution, designed not
only for the retail market but also for FX
professionals.”
More sophisticated traders
The availability of industry
standard interfaces such as FIX
and proprietary APIs supporting
electronic price acquisition, deal
execution and order placement,
have eased the sophisticated retail
trader’s entry into custom
development of black box trading
systems.
As more providers offer APIs, and more traders
connect to multiple services simultaneously, the
potential for alternate strategies, for example, the
discovery and exploitation of arbitrage
|132 october 2009 e -FOREX
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