In my previous article series discussing algorithmic forex trading, I’ve discussed the need for a bit of programming skills to be able to develop one’s own “black box” system. If you’ve always wanted to create your own algo system but coding ain’t your cup of tea, then you might want to consider outsourcing or hiring a third party to do the programming for you.
MQL5 Freelance is a service that allows mechanical system traders to have programmers turn their trading rules into a forex expert advisor that can be executed on MT4. This service was launched around four years ago, garnering about 300 developers and 3,000 customers to date.
As the name suggests, trading programs are developed using the MQL5 language, which is similar to C++ for trading applications. On average, each developer is able to create programs for around 10 traders, spanning codes involving customized technical indicators to actual forex expert advisors.
This infographic reveals that the highest paid developer works under the nickname “Wahoo” and was able to generate at total income of $103,951.47 for a total of 833 orders executed. A closer look at the coding requests fulfilled shows that 42% are created by the Top 10 developers and that 48% of the total payments made through the service also go to them.
I’m sure you’re curious as to how much system development might cost for a regular Joe, and the infographic also reveals that job costs average at $58.90 for top developers while the rest charge an average of $72.50 per job. It takes a developer roughly 150-200 hours to fulfill each job order.
Of course it always helps to do your own homework and try to at least get a basic understanding of basic MQL coding functions so that you are able to check if algo trading programs created by freelancers do adhere to your mechanical system rules.