Building a forex trading robot can be a difficult thing, especially when you don’t have the necessary trading and coding experience. This explains why many people prefer to trade manually. Others prefer buying ready-made expert advisors.
Fortunately, there are several free expert advisor (EA) builders that can help you build robots even when you don’t have any coding experience. In this article, we will compare EA Builder Pro and fxDreema and find the best option.
What is an Expert Advisor?
An EA is a tool that incorporates technical indicators that can send you signals or even execute trades for you. These robots are highly sophisticated tools that are used by both retail traders and institutional investors. For example, they are widely used by high-frequency traders (HFT) to analyze and execute trades.
There are several benefits of using an expert advisor. First, they can simplify your trading since they can do analysis and execute trades even when you are not available.
Second, expert advisors can send you good signals of currency pairs that you were not looking at. For example, if you are focusing on majors, it is not uncommon for the robot to send you a signal of an exotic pair that you were not looking at.
Third, an advisor can make it easy for you to trade the forex market. For example, if you are a beginner, you can buy a robot that works and use it well.
What is an Expert Advisor builder?
Building an EA is a relatively difficult and time-consuming activity since you need experience in both trading and programming. Trading experience is important since an EA simply executes what you use in a manual system. For example, if you depend on a Double Exponential Moving Average (DEMA) crossover, you will build an EA that incorporates this concept.
At the same time, you need to have coding experience since a robot is a piece of software. Therefore, since very few people have programming skills, an EA builder makes it simple for anybody. It does this by providing a drag and drop feature to build the robot.
What is the EA Builder Pro?
The EA Builder Pro is a leading platform that enables people with no experience in coding to build a good robot that you can integrate into your MetaTrader 4 (MT4) or MetaTrader 5 (MT5). The platform is relatively easy to use and cheap to use.
EA Builder Pro uses a freemium model. This is where it offers basic products for free and then offers other premium ones if you want more features. The premium feature goes for about $4.17 per month or $47 per year. If you are a monthly subscriber, you will need to pay about $8. In my experience, I have found that the free version is adequate for most basic traders.
There are some features that are not available in the free version. For example, it does not give you unlimited export advisors and exports to the MT4 and 5. Also, you cannot export the MQL source code.
The EA Builder Pro platform is relatively easy to use. When you sign in, you will see a simple dashboard that has several panels.
First, you will see a panel that shows indicators. This is where you select inbuilt indicators like fractals, Moving Averages, envelopes, and the Relative Strength Index (RSI), among others. You can even add your own custom indicator.
Second, you will see the signals panel. This is where you enter the key parameters of the robot. The third panel is the strategy. It involves things like modules for opening and closing. These ones include stop-loss, stop-loss trailing, and take-profit. It also has modules for preventing opening. Finally, it has a risk manager dashboard. The screenshot below shows what the dashboard looks like.
After creating the robot, you can use EA Builder Pro’s strategy tester to see how effective it is. Experts in algorithmic trading recommend that you should test the robot for several weeks or months before you use it in a live account.
What is fxDreema?
fxDreema is an expert advisor builder that is similar to EA Builder Pro. It is a tool that enables traders with or without experience to build robots for MT4 and MT5.
Unlike EA Builder Pro, fxDreema does not have a free version. It has packages that range between $23 and $114. A month of use costs $23, while three months go for $40. A 6-month package costs $65, while the 9-month plan costs $89. These are not automatic subscriptions, meaning that you need to buy a new package when the other one expires.
fxDreema is also different from using EA Builder Pro. For one, it uses a logical tree to build an expert advisor. Every block in the tool can be seen as a module that is designed to do something. Each of these blocks has an input and at least an output.
A good example of this is shown in the chart above. This chart shows that there are two conditions. This means that the advisor will open a trade when the price moves above the indicator.
fxDreema vs. EA Builder Pro: which is better?
In my experience, I have found that EA Builder Pro is a better tool to use for most beginner traders since it does not involve any logical tree. You just select the indicator and set the conditions to follow. It is also relatively cheaper than fxDreema since its free version has all the necessary features. Most importantly, using it is cheaper than the latter, and it has an inbuilt strategy tester.
On the other hand, fxDreema is more complicated, making it more useful for advanced traders. You need to ensure that you know how to use logical flows.
An EA builder is an important tool that will help you become a better algorithmic trader. In this article, we have looked at some of the best EA builders and seen the better option. For beginners, we recommend that you start using EA Builder Pro and then shift to fxDreema as you gain more experience.