Get started on Tradeworks in 7 simple steps

Tradeworks is all about using cloud-based automation software to help you improve your performance through FX trade-automation. Automating your trading strategy will bring a load of advantages notably putting and end to emotionally-driven trading, avoiding missing great opportunities due to lack of time and applying better money management rules to take profits in time and help you optimize your capital preservation.  

Getting started with automating your FX trading strategy is not difficult. In this article you will find a quick guide showing you 7 easy steps required to automate your first strategy. If at any time you get stuck or have any question, please do not hesitate to get in touch via email or our Support chat which you will find on the website. 


1. Log in
If you haven't done so already, please log in by clicking on the Login link which you will find on the top right corner of the website or simply click here and type in your username and password.

If you are not yet registered as a user, you can do so very quickly right here.


2. My Strategies - the application 'homepage'
The first page you will see when you open the Tradeworks application is My Strategies, which contains the list of all your trading strategies. Initially, the list will only contain the preset template trading strategies. The two tabs next to ‘My Strategies’ contains a list of open positions and trade history. When you enter the application the first time these two will be empty.


You will also find the On/Off switch for activating and deactivating your trading strategies as well as the 'More' button.


3. Duplicate a pre-built Template Trading Strategy
On the right side of the My Strategies page you will find the More column. Click on the blue dots to either duplicate or delete any strategy. Before you start experimenting with a strategy, we strongly recommend that you create a duplicate.

Apart from in the More column, this can also be done by clicking the "Duplicate" button in the Strategy Editor. Once you click Duplicate, the clone will appear in My Strategies as 'Strategy-name_clone'. Click on the strategy name to change this as you wish.


4. Explore your cloned strategy in the Strategy Editor
Clicking on a given strategy in My Strategies, will take you to the Strategy Editor. This is where you can modify existing strategies as well as create brand new ones. To familiarize yourself with how an automated strategy is constructed, we recommend that you dive straight into your cloned strategy.

Let's have a look at an example strategy (Golden Cross) below.


All strategies have 4 essential building-blocks: Indicators, Signal Rules, Trade Timing Rules and Money Management. Let's look at each one in further detail below:

  1. Indicators: is the technical indicator(s) that you wish to use in your strategy.
  2. Signal Rules: are the rules that define when you are bullish or bearish, i.e. when you want to open long or short positions.
  3. Trade Timing Rules (optional): are settings which give you the option to define one or more additional events that also have to happen before opening the position subsequently to the initial Signal Rules. If you choose to send a Instant Market Order when your Entry Signal is triggered then you don't need a separate Trade Timing rule.
  4. Money Management Rules: are the rules which define your risk settings such as your trade size, Take Profit (TP) and Stop Loss (SL) targets, exposure caps and much more.

Try clicking on the individual rules (or modules) to each building block to familiarize yourself with how these work. You can edit, modify, add, delete rules as you wish.

n.b For a strategy to work it must have minimum one rule that opens a long or short position and a trade size rule.


5. Backtest your Strategy
When you have tweaked your strategy to your liking, you can run it through the Tradeworks backtester in order to analyze its performance on a historic data set.  This can help you evaluate your strategy as it indicates how it would have performed historically. The results of the backtest include a wide array of statistical data such as PnL, RoE, Volatility, Win/loose ratios and many more (see illustration below). You can find more information about backtesting here.


n.b. While history is no guide to the future, backtesting a strategy is still very useful as it helps you ensure that there are no unforeseen errors to your strategy. Once you are happy with the results, we recommend that you forward-test the strategy by running it on a demo account for a few days to see how it actually performs.


6. Connect or set up an MT4 Trading Account
Tradeworks runs as an add-on to the MT4 platform and therefore you need to connect your MT4 account with your Tradeworks account prior to starting to trade.

You have two options:

  1. If you don’t have an MT4 account:
    Not a problem – just hit the Create New Trading Account button and we instantly create a new MT4 account for you (no need to fill out any forms!)
  2. If you already have an MT4 account:
    Simply find your broker in the dropdown menu, insert your account details and password. That’s it!


7. Activate your Automated Trading Strategy
You are now ready to activate your automated trading strategy. Just hit the Enable button...that's it!

You can then monitor how your strategy is doing either by logging on to Tradeworks and viewing 'Historical trades' or simply by monitoring your account on MT4.

Happy tradding! 



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