Frequently Asked Questions & How it works:
Q) Is it possible to self-teach Forex know-how?
A) Yes, there are many brokers and resources that offer free training videos on Youtube in order to improve your trading. Please enquire for further resources if required.
Q) Do I need to be online for my Expert Advisor (EA) to work?
A) Yes, it is crucial that when the EA is running and that the internet is connected.
Q) Do I need to have a lot of money to get started?
A) No, most brokers offer minimum account openings from 100-500 USD.
Q) Is it possible to use an Expert Advisor on Metatrader in the UK with Financial Spread Betting?
A) Yes, several UK brokers now offer this, for example Alpari UK, GKFX and Smartlivemarkets UK.
Q) Why does the Hornet FX2 EA only work with MT4 ?
A) We chose to initially release an EA on the most commonly used platform used by some of the biggest brokers (Citibank, FXCM, Alpari etc).
Q) Why would I purchase historical data from Wasp Trading Systems?
A) The data we provide is complete and of the highest quality. The ''free'' standard data provided for backtesting by the brokers via ''Metaquotes'' is missing a lot of intraday prices (sometimes days and months also) in order to smooth the prices so that back testing results are falsely improved.
Q) Will the Wasp Trading Systems' Expert Advisors survive major news events, like a tsunami or another credit crisis?
A) Yes, all our EA's have tight stops and strong exits so that any open buy positions in volatile markets will be closed. Conversely the systems will continue to look for short sell trading opportunities also (see historical performance).
Q) What other options are there from domestic internet?
A) Buying a Virtual Private Server (VPS) for a more reliable connection.
Q) Is it possible to leave the EA running unattended in the background on a computer for hours or even days?
A) Yes, provided you are confident your internet connection is reliable.
Q) Why is MT4 so popular?
A) MT4 is the most commonly used automated trading platform used by some of the biggest brokers and banks (Citibank, FXCM, Alpari etc).
Q) Will Wasp Trading Sytems be releasing anymore Expert Advisors?
A) For sure, we have more in the pipeline.
Q) Why does Wasp Trading Systems not take part in live statement based websites?
A) Competing against heavily marketed fantasy millions EA's that always use 100% capital with 90-100% drawdown is not realistic.
Q) Does Wasp Trading Systems provide a secure online environment?
A) We provide you a SECURE Online Environment. Unlike many companies on the Internet, we use encryption security technology. Our site employs Secure Sockets Layering (SSL) to encrypt your personal information such as debit/credit card number, name, and address before it travels over the Internet. Your data is encrypted and password-protected, so nobody unauthorised ever sees your information!
Q) How do I get started on the automated Forex trading or spread betting platform Metatrader 4?
A) Download the Metatrader 4 trading platform from a regulated (FSA, SEC, FINMA, BAFIN etc) broker that offers Metatrader 4, for example:
Q) How best to familiarise yourself with Metatrader 4?
A) On a Demo account test with "drag and drop" the indicators to the charts and try some manual buy and sell trades on the charts also with the MT4 platform.
Q) How do I get started trading with the Metatrader 4 ''Hornet FX2'' Expert Advisor?
A) Once the “Hornet FX2” file has been received, place the file into the “experts” folder where the Metatrader 4 platform has been saved.
Q) How to place the EA on to a live or demo account chart after placed into experts folder?
A) In 'Navigator' window, drag and drop EA from Expert Advisors folder to selected chart.
Q) How to replace old bad data from Metaquotes and replace with new high quality data from Wasp Trading Systems for back testing purposes?
A) Under Tools/History Center, remove all old data for chosen symbol, then click the "Import" button to upload the new data. Please note - first time this is done, upload only the M1 data, then exit the history center and use the period converter script under navigator on the M1 chart to update the other timeframes. It is also a good idea that once you have completed this to backup each timeframe via the export button in the history center.
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Questions about Expert Advisors & Programming
Q) How do I pay for your Expert Advisors, Programming and Data services?
A) The payment methods we like to use are Paypal or SWREG, in some circumstances for larger contracts we like to use a wire transfer.
Q) Is it possible to agree to sign a Non Disclosure Agreement?
A) Yes, we can supply you with an NDA or you can submit your own NDA for both parties to sign.
Q) Why should I use your Expert Advisor Programming services?
A) Our business model is based on quality, service and support. Your EA is guaranteed to work exactly as stated in your requirements.
Q) What are the rates for your Expert Advisor Programming services?
A) If your Expert Advisor falls into the 2 to 25 hour range then the rate is 50 USD per hour. If it is a large project the hourly rate will be lowered.
Q) How long will it take to get my Expert Advisor programmed?
A) In most cases the Expert Advisor is programmed in less than 10 business days.
Q) Do you offer a guarantee on your EA Programming work?
A) There is a 100% guarantee that your Expert Advisor will work exactly as stated in your requirements.
Q) What are the exact steps in acquiring your EA Programming services?
A) Here is a break down of the Expert Advisor programming process:
1. A potential client will contact us asking for a quotation. We then ask them to explain the requirements for their EA. The requirements has the complete details as to what they would like programmed.
2. Once we go over the requirements we will determine how much time it will take and give you a quoted price. This price will also include some necessary backtesting to make sure everything is working correctly.
3. After the client agrees to our price, the amount must be paid in full before we proceed with any coding work. In some cases, on large projects, the payment will be broken into several seperate payments.
4. Once the EA is programmed, the Expert Advisor is sent to the client for them to test. Any errors on our part are fixed free of charge and any change requests or new functionality are subject to additional charges.