I am new to algo trading

We completely understand that you’re interested in pursuing a career in trading, given the allure of the potential financial rewards and personal freedom that come with success in this field.

Before diving headfirst into the world of trading, it’s crucial to take a step back. Trading is about making informed decisions in a highly dynamic and competitive environment. So, to be successful as a trader, you need a diverse skill set, the right tools and also know how to operate those tools. We (and our partners) got you covered!

Shortcut your autotrading

If you’re already an experienced trader and MetaTrader user, you won’t have to continue following this page and you can jump straight to building your trading bot to not take any more of your time than necessary. So, if the answers in the Experienced column describe you, we’ll shortcut you and get you started running.

Which describes you?
	Beginner	Experienced
Trading	I don’t know why orders can get closed by SL/ TP if price didn’t touch it. I don’t always set my SL, it depends. I’m constantly thinking about how I can prevent my orders from closing in loss.	I know what spread is. I always set a SL. I’m not thinking about my previous loss, I follow my plan.
Algo Trading	If I run an EA in a backtest and the backtest is profitable I’m probably ready to run it on my live account. I don’t have a VPS, I’ll use one when I’ve found a profitable strategy.	I run a backtest to test ideas. The road to going Live includes stress tests and forward optimization. That is, after I made sure the spreads and commissions are setup correctly in the first place. Before I go live, I’ll make sure I run on Demo first, the RRR adds up and I have a proper VPS.
Trade psychology	I’m feeling alarmed when my order is in drawdown and I keep looking at my phone. When I see a great opportunity I jump in and open an order.	I check my trades at planned times of the day to be consistent. When I see an opportunity I check to see if all the rules are met. If so, I journal why I took the trade. If not, well there’s always going to be a next time even if it takes (many) days.
Markets	I haven’t chosen a broker yet. I don’t know what a margin call is.	I’m using my favourite broker. I’m not at risk of a margin call, I’ve done the math.
MetaTrader	I only traded manually. I’m not familiar with MetaTrader.	I’m familiar with MetaTrader.

Are you in the Experienced column? Great. Just visit our YouTube channel and find our tutorial videos, here are our Support pages and get straight to Building your EA now.

Assessing your (algo) skills

In the image below you’ll (again) see which 5 areas you will need to master to have a real chance to be a successful (algo) trader: Trading, Algo trading, Markets, Trade psychology and MetaTrader. Each skill, or tool proficiency, has a level between 1 and 4. The image below could represent you, however it’s crucial to determine your skill level as it varies from person to person.

EA overview — Assess your current skill level for each area to find your blind spots.

Level 1: Enthusiastic Beginner. At this level you are typically new to a task or skill and lack confidence or experience, however you are very motivated. You require clear direction and close supervision.
Level 2: Disillusioned Learner. You have had not much success and this affects your motivation. At this stage you have some experience with the task, but still need guidance and support. You may feel overwhelmed or unsure, so you benefit from coaching and direction.
Level 3: Capable But Cautious Performer. At this level you have acquired the necessary skills and confidence to perform the task independently, but you may still require occasional support and encouragement. You are competent but may lack full confidence.
Level 4: Self-Reliant Achiever. You are highly skilled and confident in your abilities. You require minimal supervision and can work autonomously. You may even provide guidance and support to others.

To hit your goals consistently, you’ll have to get to Level 4 on all five areas. Have you written down in which areas you’re still a beginner, a learner or a cautious performer? Then we’re going to help you decide which actions you can take today to start moving up to the next level!

Are you ready? Let’s get everything you need now.