Automated Forex Trading System

Wouldn’t you agree 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 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 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 back-testing platform Wealth-Lab Developer.

So the next step began: integrating with the forex broker’s API which allows users to control the processes of their forex trading account.

This left me with two options:

  1. I could try to learn how to create the necessary software and write the code myself, or
  2. Find software that already does this.

Option 2 sounded way better, so I set out to try to 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 company, but the attraction was the software’s ability to support Refco, FXCM, GAIN,, FXAdvantage and CMS mini and regular accounts (demo and live accounts). I 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. 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 needed to use the API).

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