An expert advisor has become an integral part of automated trading process nowadays and the cost of implementing it is now included in the overall costs of using an automated trading system for foreign exchanges. The overall cost of an advisor includes cost of developing the tool on a scripting language, testing it under extreme market conditions and implementing it with real time data. A number of expert advisor packages are available in the market, depending upon the purpose served and implementation cost.
It is developed using scripting language and third party tools. The third party tools also add to the cost of designing an expert advisor. The development process is a time consuming and costly process. The total time period of development can extend for as large as 5000 hours as determining the variables and indicators that influence a trader’s portfolio is a very time consuming process. In adverse conditions the cost of hiring software developers can be as high as $70 taking the total cost of development to a whooping $350,000. In addition it also needs testing in diverse market conditions. This can raise the production cost to nearly half a million dollars.
The money involved in developing it is enormous and trading firms cannot afford such large production costs. So a lot of companies started renting their expert advisor and providing advisory services to the traders. With renting costs as low as $50, a trader can easily rent these services. In addition a lot companies also offer free trial period where in a trader can use an advisor for a predefined period and rent the tool on the basis of results achieved. Although the cost of implementing it is high, but the profit booked by this tool covers up for it’s implementing cost.
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