Let's say you wish to trade the E-mini S&P futures market. What we want to do is ask, should we utilize a mean reversion strategy, or should we utilize a momentum strategy? So we're going to tackle the E-mini S&P from a very high level, and other retail traders won't even be thinking this way.

How do we define momentum? Let's keep it real simple. These are examples of momentum:

• buying at a 52-week high
• buying it a new 10-day high
• buying when price crosses above a moving average 

So prices are moving forward. It's breaking a new 10-day high, new 52-week high, or crossing above a moving average. And we're going to buy in hopes of price to continue to move in that direction. So that's momentum.

What is mean reversion? Well, that's where to go against the immediate trend. We're going to locate price extremes and fade those. So, in this case, we see the E-mini S&P going up. We're going to wait for a pullback and buy. That's mean reversion.

So which one is going to be best suited for the E-mini S&P? Well, we can build a simple strategy to test how the markets behave. We're not going to develop a strategy for trading per se. We're going to use this as a test to see which trading style works best. This will give us clear guidance on which path to follow when we actually want to build a real trading system. 

Let's start with momentum, and we're going to use three consecutive higher closes.

Pictured you can see what we're looking for. Three consecutive higher closes. That's our buy signal. You can also see how simple the EasyLanguage code is.

We're not going to get into all the details of EasyLanguage code, but I did want to just show you what this looks like. Very simple.

When do we exit? We're just going to count three bars and then exit. What are we doing here? Well, we're going to determine, okay, when this event happens, three consecutive higher closes, what does the market tend to do? Does it tend to go higher, or does it tend to go lower? This is vital information for building a trading system. We're trying to estimate what the market tends to do when we have three consecutive higher closes.

So we're going to just hold our open trader for three bars and see what the market does. In TradeStation, I create a TradeStation WorkSpace with the daily chart of the E-mini S&P. We have 18 years of history, no commissions, and no slippage. Remember, we're not going to trade this. This is just a task. What will work better mean reversion or momentum? Any ideas?

This is what it looks like.

If you buy three consecutive higher closes, go in and exit three days later, most of that equity curve is below the zero line. Most of the time you're losing money on that concept. Again, this is on a daily chart holding for several days.

What happens if we invert our concept? So, in this case, we're looking for the close less than the close of yesterday. So we're going to reverse the logic. Then we're going to hold for three bars. Let's see what results we get.

Huge difference! What did we learn from our experiment? If we buy into it in the short term, we weren't doing so hot. However, if we wait for a pullback and then go long, you could see a huge difference. So the E-mini S&P has a long bias. And if you buy the SOP and hold for years, it generally goes up typically. But in the short term, you don't necessarily want to buy momentum because if you define short term and on a daily chart as just a couple of days, you're probably going to end up in the red.

Alright. If you want to build a short term trading strategy for the E-mini S&P, you probably should focus on mean reversion. We discovered that right away, and you can use EasyLanguage to apply this to any market on any timeframe, it can point you in the right direction when you want to trade that market.

Here's another situation.

Does this indicator work?

Watch the video on how EasyLanguage can help you determine if a given indicator will work for you or not.

So we're gonna take a look at John Ehler's Laguerre RSI. This indicator was popular about 10 years ago. Below is a graph of this indicator applied to a price chart of Amazon.

And you can clearly see where to go long and where to sell. You can see that there is a red line and a green line on the indicator. When the indicator dips below that green line, we're in a pullback, and we can buy. We can then sell when the price rises above the red line. Simple!

Looking at the chart over, you can easily say to yourself, Wow! Looks great.

But do we really know? Would you trade this without really knowing how well it would work? How do we gauge how well this indicator will work?

We're going to take the indicator, and we're going to buy when the Laguerre RSI is less than 0.1 and then sell it when the Laguerre RSI is greater than 0.9. Very similar to a traditional RSI indicator, right? 

So here's what the EasyLanguage code looks like. The code is available to download anywhere. And it's pretty simple, right? It's a few lines of code. And with this, you can code and test, and see if it works. Let's see what it does with gold futures.

All right. Not too bad. That simple concept seems to hold up reasonably well. Remember this isn't a complete trading system. We're testing. We're being a scientist and figuring out what works. What about the Euro?

It seems to hold up pretty well there too. NASDAQ.

Wow! NASDAQ, like all the stock indices, has a long bias, but this looks pretty good. So what was the conclusion?

This indicator has merit. It's very possible that a trading system could be built from this indicator. Now, of course, you could test all your favorite signs. You could actually create a library of EasyLanguage code and go to your favorite markets such as gold, E-mini S&P, the Euro, or wherever, and rank your indicators, which ones produce the best results. Wouldn't that be great? Maybe eliminate 90% of your indicators and focus on the top 10% or the top 5% of the indicators that work for you.

Knowing EasyLanguage allows you this huge, huge advantage!

Does this Price Pattern work?

There are many price patterns. Double tops, shooting stars, engulfing bears, islands, and key reversals. Well, we're going to pick up something called a reversal bar, and we're going to see if it holds any trading merit. Again, knowing EasyLanguage, we can cut through the noise and see what works and what doesn't work.

So I just went to a website and here's a price action pattern that you may know. It's called a key reversal bar. What is a key reversal bar?

We have a market that's going down and down then Boom! The market changes direction. That is our key reversal bar. Why? Well, it's the lowest low of the last three bars. Also, the high is greater than the high of yesterday. That's all we need now.

There are different versions of the key reversal bar. We picked this one. Why? Just because it's one of the more simpler ones. Let’s test to see how effective it is. Knowing EasyLanguage means you never have to wonder if a price pattern will work or not. So let's put it to the test. 

Here is what we'll do. We're going to exit five days after buying. We want to test the behavior for the market after this price pattern event. What does the market tend to do five days after our key reversal bar? Does it tend to rise, fall, or go sideways? That's what we want to answer.

So the EasyLanguage code looks like this.

I'm not going to get into all the code here, but you can see how few code lines are needed. Once you learn EasyLanguage, this can quickly be constructed.

Alright. Let's take a look at the E-mini S&P. What do you think here? You can probably deduce based on what we saw in the previous example.

We have a failing equity curve. So on a key reversal bar (a sign of strength), if you go along, your trade does not work out so well. After a strong reversal bar, five days later, the market tends to be lower. Wouldn't that be good to know before putting money on the line or attempting to paper trade this? Think of the time we just saved.

Let me show you something you could do. We know buying into weakness in the short term seems to be rewarded when trading the E-mini S&P, right? That's what we've seen. So, what happens if we change our code and look for a weak reversal bar?

Here we made the high lower than yesterday. It's a weak bar. That's just four consecutive lower lows, right? Now let's apply it to our E-mini S&P chart.

Wow! You see that this makes night and day difference. Look at that equity curve. You can't trade that as is, but you're damn close. Right? Look at the difference between the equity curves.

This is incredible information to know. This key reversal pattern does not work on a daily chart of the E-mini S&P futures. However, with slight modification, it may be beneficial.

Does This Strategy Work?

What happens when you locate a trading strategy that looks interesting? How do you know it will work?

Well, I ran into this simple trading system years ago. It's called the first strike trading system, and it only has two rules. It trades the Euro futures. Here is the entry rule. Simultaneously on Monday, wait till the market opens. Then place a buy stop 50 points above the open and a sell short 50 points below that open. Then you just wait for the market to take you in either going to go long or going short. 

When the market takes you in, you simply place a 60-point stop on that trade. Very simple. Just wait for the market to take you in on the long side or the short side. When it does, you simply cancel the other order and place your stop. Then if you don't get stopped by Friday, you close the trade Friday before the close. So you're gonna make one trade a week. How beautiful is that? Here is the equity curve.

But does it really work? What I would do is code it up and put it to the test. This is the actual code to build that trading system.

Not so hot! Maybe this works for someone. I don't know what the author of this strategy was doing. Perhaps he was looking at something else, something different than I was, but it didn't work for me. Now think about all the time I saved by coding that up. Maybe it took me 15 minutes to code it up and test it. How long would it take you to manually test? How many hours would you spend on it? Well, I determined very quickly - it's not worth my time. Knowing EasyLanguage saved me a ton of hassle and potential money. Knowing EasyLanguage is invaluable!

Why You Need To Learn EasyLanguage

So there you have it - some concrete examples of why you need to learn EasyLanguage.

In all these examples, I've created objective evidence. That's the power of EasyLanguage. You can create objective evidence based on your markets and timeframes you use. There's no more guessing. Can you imagine what type of anxiety this clears up? 

With EasyLanguage as part of your skillset, you know how to become an evidence-based trader. You perform experiments to see what works and what does not work. You are a trading scientist, and you are testing and probing the market for market edges.

So knowing EasyLanguage is an incredibly powerful skill to have. In fact, I like saying that EasyLanguage is your trading superpower. And I really don't take that lightly. I mean it. It changed how I trade forever.

If you want me teach you EasyLanguage and how to build strategies, I teach a hands on course where I show you how to use EasyLanguage. It's a very pratical course that will quickly show you how to become an EasyLanguage coder even if you never coded before.

You can also find some free EasyLanguage resoruces here.

By the end of my first year, it was apparent that I was a losing trader. 50% of my capital was gone. I attributed not wholly blowing up my account to risk management. I was naturally risk-averse so I stuck to my stops most of the time, and that's what saved me from completely annihilating my account.

But I pushed forward with trying to learn how to trade.

Yet, each month was a defeat as I saw more money drain from my account. It was disheartening. The year was coming to a close, and all those hours reading, studying, and sitting in front of a computer screen was costing me money and lots of it. The harsh reality of learning to trade was sinking in.

Then I tried understanding trading psychology and becoming more disciplined in my approach. Now, this did work a little bit. Once you understand psychology and try to work at that, you can start to make changes. I did start seeing some improvements.

Bringing discipline to my trade setups and researching some ideas with a little more rigor, I was able to make some money. But the market was not done toying with me. I would maybe be consistent for a week or two and build up a nice little chunk of money. I began to feel hope again. Then my good luck would turn as I made dumb mistakes, and the money would disappear quicker than it appeared. I would lose weeks of profit in a single day. It was totally frustrating, and I would get angry. 

For example, I deviated from my plan by taking trades that were not part of my trading plan. I would also avoid trades that I should have executed. Sometimes losing trades would so enrage me that I would open "revenge" trades to earn back the money I lost. It rarely worked, and I dug myself deeper. Another losing day. Another losing week. Another losing month. I was getting absolutely eaten alive by trading discretionary. I was doing absolutely everything wrong. Those times were miserable.

In short, my psychological issues were getting in the way. I could not pull the trigger when paralyzed with fear of losing more money, and I could not follow a trading plan 100%. Instead, I would exit early, I'd skip trades or make other mistakes that cost me dearly. Furthermore, there was no testing to demonstrate if a trading idea would work. How crazy is that to think about? I found an idea on the web or in a magazine, and I just traded it.

My trading was not rooted in cold, hard facts. 

So, not only was I the weakest link in my trading plan, I'm basing my trading decisions on emotion or on a belief on what I think might work. There were no cold, hard facts backing up my trade setups. My trading was faith-based. I believed a particular setup would work. I thought I could make money. What other industry do you go in with this mindset? If you want to become a doctor, do you simply read a few books and jump in?

It's crazy, right? But that's what I was doing.

I knew something had to change.

The Ah-Ha Moment! Computers & EasyLanguage

I tried leveraging the power of computers to build automated trading systems because a computer is going to execute the plan, right? Just had four losing trades in a row, the computer is going to execute the next trade. No emotion. Just correct execution. It's not going to move the stop. It's not going to exit early. It's not going to miss trades.

There's a learning curve in there, but I put that as the pivotal time when my account started to grow, and things completely changed. So the missing piece was fully embracing automated and quantitative trading.

Again, the critical point was I'm the weakest link in reaching my trading success. To fix this, trading could be automated by a computer, which allows for near-perfect trade execution.

EasyLanguage Allows You To Test Ideas To See What Works

Beyond perfect trade execution, learning code allows you to test ideas and see what works and what doesn't. You're actually able to test ideas to see if they work or not. This can save a massive amount of time, money, and frustration. Learning how to code allows you to cut through the noise and trade effectively with confidence. So evidence-based trading provides a powerful edge, and that's the main thrust here.

Why So Many Traders Fail

Why do most traders fail? Well, as I discovered most trade on emotion without any empirical evidence to back up their trade setups. Another problem is unrealistic expectations. New traders think trading is easy, and they think it's a get-rich-quick game. Outside of a few lucky or extremely talented people, this is not true at all. Expectations are a huge component of why new traders think trading is easy, and they fund their first account with the hopes of getting rich quick.

Here is another reason why so many fail.

When you attempt to make money trading, you're competing against the very best in the world. Think about all the well-capitalized institutions, equipped with the best hardware, and populated with the best minds money can buy. This field is filled with very competitive individuals that are aggressively attacking this problem, and you're going to go up against them. 

Most fail because they rely on emotions and hope to make trading decisions instead of quantifiable evidence. Most fail because they don't realize that while trading is simple in concept (buy low, sell high), the psychological impediments actually make it difficult. Mix these factors in with the fact that you're competing with the very best in the world, and you can see why most traders are doomed to fail right from the start.

How to overcome these problems?

How To Win At Trading

I think you need to leverage the power of computers and become a trading scientist. What does that mean? A trading scientist is a skeptical person who just does not believe in a trade setup or merely accepts a trading truth. Instead, he attempts to gather empirical evidence by performing a little experiment on the market to see what works and what does it.

And that's how you have to approach your trading. You must perform experiments to see what works and EasyLanguage allows me to do that. To become a trading scientist, you'll need one skill that opens the door to the kingdom, and that is coding in EasyLanguage. 

What can you actually do with EasyLanguage? What kind of experiments can you perform, and how will this really help you? We'll go over some great examples in the next article!

Until then you can get a jump start on learning EasyLanguage by getting this free eBook and video series.

These books, designed as a cohesive pair, promise not just to be another set of coding manuals. They are heralded as the complete reference and instructional compendium many traders have longed for. With a promise of hundreds of examples, these books are an experiential journey through programming and trading.

What sets these volumes apart, especially for seasoned blog followers, is their focus on object-oriented EasyLanguage (OOEL). While many traders are familiar with the procedural aspects of EasyLanguage, OOEL is a realm less traversed. 

You can do a lot with TradeStation’s EasyLanguage. I use it all the time. But since its release, the programming world has changed a lot. The growth of a new programming style called object-oriented was becoming the standard way to write code.So, TradeStation introduced object-oriented programming (OOP) capabilities to EasyLanguage with the release of TradeStation 9.0 in early 2009. This significant update expanded the potential of EasyLanguage, which was initially more procedural, by incorporating object-oriented features.

The integration of object-oriented programming into EasyLanguage (often referred to as OOEL) was a pivotal development. It allowed for more sophisticated and flexible coding possibilities, enabling traders and developers to create more complex, modular, and reusable trading strategies and indicators. This change was particularly beneficial for advanced users who wanted to leverage the full power of software development principles in their trading system design.

In this article, I’m not going to talk about object-oriented software and how it’s different from the more traditional in-line programming style. That’s best left for another article. I’ll just say that object-oriented programming is different from in-line or procedural coding. There are new concepts and terms that one must master. When I first started writing object-oriented code, it was a bit of a mystery. I found it confusing, but it made sense over time and with much practice. Rest assured, you can learn it. 

With that in mind, join me as I unpack these volumes, scrutinize their content, and evaluate their real-world applicability in the demanding and ever-evolving world of algorithmic trading.

Let’s dive in.

What is Object-Oriented Programming

Before diving into the books, it's helpful to understand the critical difference between object-oriented programming and procedural programming, which has traditionally been used in EasyLanguage. 

At the heart of procedural programming lies a step-by-step approach. It's like a recipe where each instruction is executed sequentially to reach a final result. If you are writing code in standard EasyLanguage, this is what you’re doing - writing procedural code. Procedural code, the bedrock of traditional EasyLanguage, is straightforward and efficient for linear, less complex trading algorithms. You define specific operations and execute them in a set sequence. Each line of the code is executed before moving on to the following line of code.

This programming style is great for many situations, and you can build great trading systems. The problem is that the procedural code can get unwieldy as your trading system grows in complexity. Tangled dependencies can make it difficult to reuse functions across systems.

Object-oriented programming (OOP) takes a different approach. Imagine OOP as a shift from a linear recipe to a modular kitchen, where each module (or object) has a specific function yet can interact seamlessly with other modules. OOP in EasyLanguage encapsulates data and functions into objects. These objects represent various trading system elements - indicators, strategies, or individual trades.

The focus is on defining custom objects containing data and the procedures to operate on that data. For example, I could define a TradeObject that contains details like entry price, stop loss, take profit, etc. Encapsulating the data with the procedures makes it easier to reuse across systems.

Object Oriented EasyLanguage also provides other benefits, including new functionality not available in standard EasyLanguage. We'll talk about some my favorit in the next section.

For now, the important takeaway is using object-oriented programming requires a different way of thinking when compared to standard EasyLanguage. The transition from procedural to object-oriented programming in EasyLanguage is not just a shift in coding style but a paradigm shift in how we think about and construct our trading algorithms. It offers modularity, reusability, and a more intuitive way to represent complex trading concepts.

Why Learn OOEL?

You can do a lot with standard EasyLanguage. But OOEL can give you more control and unique features not found in standard EasyLanguage. Here is a brief list of what I consider the main benefits.

1. Sharing Data Between Strategies: You can share values between strategies and indicators. Have you ever wanted to send information from one strategy to another? With OOEL, you can communicate by sending information using GlobalValues or GlobalDictionary classes. These will work even across different TradeStation WorkSpaces.
2. Reading/Writing to Files: Standard EasyLanguage makes writing to a text file easy, but OOEL takes it to a new level. With OOEL, you can easily read and write from a file. There is even a dedicated class for reading/writing from a spreadsheet. 
3. Event-Driven Programming: OOEL is more conducive to event-driven programming. This is particularly beneficial for strategies that respond to real-time market events. 
4. Control Other Applications: By using EasyLanguage you can control other applications such as Charting, Portfolio Maestro, or RadarScreen.
5. Build Form and Create Applications: Create windows and forms that take user input. This allows for the creating of interactive and user-friendly interfaces that can capture user inputs, display information, and facilitate better user interaction with the trading system.

Who Should Read These Books?

 A basic level of programming skill in EasyLanguage is also a prerequisite. In essence, these books are not intended for beginners in EasyLanguage coding. Instead, they serve as an in-depth guide for those ready to embark on and excel in Object-Oriented EasyLanguage (OOEL).

What’s Included?

The scope and depth of these books are substantial. Volume 1 spans 507 pages, while Volume 2 extends to 735 pages. These pages are replete with practical code examples, offering a hands-on approach to learning. A bonus for book owners is the ability to download these code examples. This is facilitated through a complimentary membership to a private website, accessible upon providing contact details. Membership not only grants access to the downloadable code but also entitles members to special offers from the authors. That benefit is the opportunity to contact the authors, Sunny or Sam, directly for EasyLanguage-related queries—a valuable resource for any reader! It's important to note that you can cancel your membership anytime.

However, the process of joining the membership site does have its complexities. I tend to be sensitive to online customer experiences, so that I will be critical here. First, the process involves several steps, including ticking a checkbox, filling out a form that requires your phone number and physical address, and completing a CAPTCHA. Furthermore, members must provide their TradeStation customer numbers to access certain features, such as indicators. This is a lot of info to ask, particularly if I’m interested in just downloading code examples. If I wish to download protected indicators, my TradeStation customer number will be needed, but what if I’m looking just to download code examples? Do I need to turn over all of this information? I recommend that the authors consider streamlining this process to reduce user friction. People will be reluctant to provide all this information and may feel forced just to get the downloadable code they paid for.After completing the registration, access isn't immediate. You have to wait to have your account created or approved. In today’s world, people have become accustomed to instant access to downloadable resources, so a short wait of a few hours may be offputting. I can imagine emails being sent to the author’s already crowded email inbox. My access was granted about six hours after completing the form. Next, after submission, you must also upload proof of purchase. 

Finally, upon logging in, it’s not clear where I go to download the examples. Then, I noticed within the Downloads section of the site, there is a note that the ELD file containing the example code will be emailed. It’s been over a day, and I did not receive such an email. Maybe I missed it? I contacted Sunny, and she promptly sent me the ELD file. Again, I would suggest that people who purchased the book and have become a Member should be taken directly to a page where the downloads are available.

Overall, the customer experience is not the best and has room for improvement. Despite this, the advantages of membership, especially the direct access to the authors for guidance, make it a worthwhile endeavor. 

Volume I: Programming Guide Review

Here, you will learn the explanations of common object-oriented words such as classes, methods, namespaces, and events. Then, it’s on to issues revolving around debugging and error trapping. Chapter six focuses on the topic of methods. In Chapter 7, we start getting practical. This is where I like to start! Here, we find the example of an introductory program we learn to code first: Hello World!

Hello World - Your First Object Oriented Strategy

The book begins its journey into object-oriented programming (OOP) with TradeStation's EasyLanguage by introducing the classic "Hello World" strategy, initially implemented using standard EasyLanguage syntax. This involves a straightforward task: displaying the message "Hello World.”

The initial code for Hello World is simple, as shown here:

From this foundational example, the authors skillfully transition to more intricate scenarios that leverage the object-oriented features of EasyLanguage. A notable instance is "Hello World Example #5," where they employ the StreamWriter and StreamReader methods. These methods, integral to object-oriented EasyLanguage (OOEL), facilitate file reading and writing operations, showcasing OOEL's versatility and power.

Yet, exploring the "Hello World" program doesn't stop there. The authors ingeniously use this basic framework to delve into more advanced concepts such as string manipulation, vectors, chart text display, and utilizing Global Values. This approach effectively demonstrates the robust capabilities of OOEL, all while maintaining the simplicity of the "Hello World" strategy as a constant learning tool. It's a brilliant method to keep the reader's focus squarely on understanding OOEL's nuances.

You may be wondering what “Global Values” are. Good question. This is where the second volume of this collection comes in handy. The second volume is a reference guide. Thus, you can crack open that book and look up Global Values. When I do that, I find that Global Values allow you to share values between strategies and indicators. Very cool! The explanation also provides details on how to use this feature. 

Going back to the Hello World examples, I can see each example is meticulously explained in layman's terms, accompanied by corresponding EasyLanguage code examples. Providing the code within the book is a significant reason behind the book's substantial size. The authors have made a commendable effort to provide complete code examples rather than mere snippets. This is immensely beneficial, as it eliminates the common frustration of consulting external sources or other texts to understand the code in context. Including complete code within the book is a thoughtful and practical choice that significantly enhances the learning experience.

The authors are also very careful with conventions throughout the book. For example, all namecases and classes are in bold Arial Narrow type. Reserved Words are in bold Times New Roman type. Important notes are called out in blue boxes. All of this does help to clarify what I’m looking at. Abbreviations, file extensions, and acronyms are also conveniently located at the beginning of the book. These conventions help keep concepts clear in your head as you work your way through the book.

Quickly Store and Retreve Data: Chapter 8 

Here, we discover the many ways to store data using EasyLanguage objects. OOEL allows you to organize information such as prices or calculations. They also allow you to share information between Strategies, Indacorts, Paitbars, and Showme studies. If you want two Strategies to talk to each other or have RadarScreen display values from a chart, you can do that! You can even share data across different TradeStation WorkSpaces.

Easiliy Drawing Objects: Chapter 9

This chapter is about programmatically drawing objects and text on your chart. This includes horizontal and vertical lines, trendlines, text,  rectangles, and ellipses.  OOEL can offer event handling capabilities, where drawing objects can respond to events like mouse clicks or hovers. This opens up possibilities for creating more interactive and user-friendly charting tools.

This chapter also includes the alerts. This allows you to set alarms on particular drawing objects. You to define specific conditions under which alerts should be triggered. You can tailor alerts to specific market scenarios, indicator values, or conditions within your trading strategy. Alerts can be visual (on-screen), auditory (sound), and email notifications. This flexibility ensures that you can be notified of significant events in the most suitable way for your trading setup.

Alerts can be seamlessly integrated into your trading strategies. This means the alerts are not just passive notifications but can be an active part of your strategy, triggering at critical moments based on predefined conditions. You can programmatically enable, disable, or modify alerts based on changing market conditions or the state of your trading system. You can enhance your risk management by setting alerts for certain market conditions. For example, you can set alerts for unexpected market movements, reaching certain profit or loss thresholds, or other risk-related events.

Control Other Applications: Chapter 10

A chapter is dedicated to using OOEL to programmatically control various apps (such as Charting, Portfolio Maestro, or RadarScreen). What I find interesting is the ability to access much of the information from dialog boxes used to customize Strategies. In summary, OOEL provides a robust framework for not just developing trading strategies but also for extending the functionality and automation capabilities within the TradeStation platform.

Build Graphical Interfaces: Chapter 11

This chapter explains how to create interfaces (UI) for trading applications. You can create windows and forms that take user input. This is particularly useful for traders who want to design interfaces for trading strategies or tools beyond what is available by default in TradeStation. You can include various interactive elements like buttons, text boxes, labels, and other controls. This allows for the creating of interactive and user-friendly interfaces that can capture user inputs, display information, and facilitate better user interaction with the trading system. Users can input parameters, settings, or other information the trading system can process. 

Conversely, the system can output data, alerts, or other information to the user. User Interfaces give traders more direct and intuitive control over their trading strategies. Parameters can be adjusted on the fly, and strategies can be turned on, off, or modified through the interface.

Access Price Data And Account Information: Chapter 12

With OOEL, you can interact with requesting data from TradeStation servers. You can also access specific user account information such as Account Equity, Maintenance Margin, and Trade Equity.

Making Trades: Chapter 13

OOEL allows you to send detailed instructions that tell your broker what trades to make. These detailed instructions are coded in an Order Ticket. The Order Ticket Class allows you to specify detailed aspects of a trade order, like the type of order (buy or sell), the order size, price levels, and other conditions. It's like filling out a detailed form for exactly how and when you want your trades executed. Different trading strategies require different orders, like market orders, limit orders, or stop orders. The Order Ticket Class supports these various order types, allowing you to implement diverse trading strategies. Once an order is placed, it resident on the TradeStation servers, so an internet disconnect does not impact it. With clever programming, you can trade multiple strategies on the same symbol in the same account, keeping everything separate.

Better Research By Utilizing Excel: Chapter 14

OOEL facilitates smooth data transfer between your trading platform and Microsoft Excel. This capability allows you to export or import data between TradeStation and Excel easily. You can utilize Excel’s robust data analysis tools in real time by integrating with Excel. This feature is essential for conducting complex calculations or custom analyses that are more conveniently executed in Excel. Send data to Excel. Perform your calculations. Then, read those results back into your EasyLanguage code. You can automate the generation of reports. Trading data can be sent to Excel, where it can be automatically formatted and transformed into detailed reports, charts, or graphs. 

Build Systems That Access Fundamental Data: Chapter 15

Do you wish to incorporate fundamental analysis into your trading strategies? OOEL is designed to access and utilize fundamental data, which includes various financial metrics and indicators about a company or an asset.  Key financial metrics like earnings per share (EPS), price-to-earnings (P/E) ratio, dividend yields, and more can be accessed in EasyLanguage. You can use it to create rules or conditions in your trading strategy that depend on fundamental metrics. For example, you might create a strategy that only buys stocks with a P/E ratio below a certain threshold. You can even build strategies that combine technical and fundamental analysis. You can use it to ensure your trades align with the assets’ technical patterns and fundamental strengths.

That's a good summary of what you get in Volume I. Let's move on to the second book.

Volume II: Reference Guide Review

Spanning over 700 pages, this volume is a testament to its thoroughness and depth, making it an indispensable companion to the first volume.

Together, these books form a complete and detailed picture of OOEL, ensuring that novice and experienced programmers have a reliable source to understand and implement OOEL in their trading strategies.

Whether deciphering a particular code snippet or seeking to understand a complex OOEL concept, this second volume stands as a robust, go-to resource.

EasyLanguage, the backbone of TradeStation, is my preferred language for strategy development. However, it has been around for quite a while, and as we know, the world of technology is rapidly evolving. With the introduction of object-oriented programming (OOP) in TradeStation 9.0, EasyLanguage underwent a significant transformation.

OOEL has dramatically enhanced its capabilities, enabling traders to develop more complex, flexible, and reusable trading strategies and indicators.

What truly sets these volumes apart is their focus on OOEL. The procedural approach of standard EasyLanguage is well-known, but OOEL is a less charted territory that offers a more sophisticated coding experience. These books put nearly every object-oriented EasyLanguage feature (may be everything?) at your fingertips.

The books thoroughly explore OOEL, covering foundational concepts to obscure features. These books are more than just coding manuals; they are a comprehensive guide for those ready to dive deep into OOEL. They offer extensive practical examples and a hands-on approach to learning, with the bonus of downloadable code examples for book owners.

Despite the comprehensive content, the customer experience in accessing the downloadable example code can be improved. The registration is somewhat convoluted, which can be a tad inconvenient in today's fast-paced world. But they authors go above the call of duty providing their direct contact information so you may ask your EasyLanguage related questions. 

In conclusion, the authors did a fantastic job bringing the world of object-oriented EasyLanguage into these volumes. It represents a ton of work and a treasure trove for those looking to master OOEL. I applaud both Sam and Sunny. An amazing job! 

Once again, the books are perfect for individuals with a foundational grasp of standard EasyLanguage, aiming to leverage the advanced features of OOEL. The depth and breadth of the content, along with the practical examples, make these books a highly recommended resource. The transition from procedural to object-oriented programming in EasyLanguage is not merely a coding style shift; it's a transformative journey towards more sophisticated algorithmic trading.

The Pro:

• Comprehensive OOEL Coverage: These volumes offer a thorough exploration of Object-Oriented EasyLanguage (OOEL), from basic to advanced concepts, making them invaluable for those looking to delve into OOEL.
• Practical Approach: The inclusion of extensive practical examples and hands-on learning aids significantly enhances the understanding and applicability of concepts in real-world trading scenarios.
• Downloadable Code Examples: Access to downloadable code examples is a significant bonus, providing practical resources to supplement the learning experience.
• Direct Author Contact: The opportunity to directly contact the authors for EasyLanguage-related queries is an exceptional resource, offering personalized guidance.
• In-Depth Guidance for Experienced Users: Tailored for individuals with foundational EasyLanguage knowledge, these books delve into more sophisticated programming aspects, making them ideal for advanced users.

The Cons:

• Complex Access to Resources: The process for accessing downloadable content is convoluted, involving multiple steps and personal information submission, which may deter some users.
• Not Beginner-Friendly: The books are not designed for EasyLanguage novices, limiting their audience to those with prior experience in standard EasyLanguage.

The Bottom Line:

Highly recommended! If you're an EasyLanguage coder and are interested in Object Oreiented EasyLanguage, you should have these arms reach.

How To Buy

For those interested, the books are available for purchase at Amazon.

Discretionary Trading

Not long ago, most traders were into discretionary trading. Discretionary trading is the old-school style where human intuition, experience, and judgment call the shots. Discretionary traders analyze market conditions, trends, and other factors, then make decisions based on their analysis.

Discretionary trading is like your grandma's secret cooking style—no recipe needed. It’s all about intuition, expertise, and judgment. As a discretionary trader, you analyze market conditions, trends, and other vital factors and then decide based on your findings. It’s an art requiring a refined palette honed over time. And for many, the results can be as satisfying as a well-cooked meal.

With the advent of computer technology and the ability of more and more people to utilize that technology, computers began to be used in trading. First, they were used to draw price charts of the movement of stocks. The technical indicators, like moving averages, were plotted on those charts. Ultimately, these computers evolved to make trades by simply buying and selling programs running on these computers.

Thus, we now have algorithmic trading. 

Algorithmic Trading

Imagine you have a smart kitchen appliance that knows exactly when to add the right ingredients to make your meal perfect every time—that's algorithmic cooking! When it comes to trading, you have a set of pre-programmed instructions, the system analyzes market conditions and makes trades with mathematical precision, all without human intervention.

Algorithmic Trading always hinges on rules. Think of these rules. These rules explicitly tell you when to enter and exit a trade. These rules might seem arbitrary or even chaotic at times, but they are there, steering your trades even if you don't consciously acknowledge them.

Now, let's consider some instances.

• You hear a TV pundit passionately advocating for a stock on CNBC. You jump in and make a purchase. Voila! There's a rule in action: "TV pundit advocates, I invest."
• A YouTube video highlights an interesting setup on gold so you place your oder? Ther rule: "YouTube pundit advocates, I invest."
• Or, perhaps you're utilizing technical indicators? "Sell short if the price exceeds a 20-period average and the RSI value dips below 20."

The beauty of trading is that it accommodates endless permutations of rules. However, in algo trading these these rules are systematically defined, rigidly followed, and immune to whims or personal biases, they pave the way for an algorithm.

What is an Algo?

So, what exactly is an 'algo'? It's simply a set of predetermined rules dictating when to buy, sell, enter, or exit. It can also incorporate guidelines for position sizing, handling bulk orders, risk management, and more. In essence, an algorithm is a well defined trading plan. This trading plan can be given to a computer to execute. The computer will follow this algorithm 100%. No changing the rules, moving the stop or exiting early. 

An algorithm or algo for short, is nothing but a set of instructions telling the computer all the rules needed to buy and sell. That's it. No room for gut feelings or personal judgement – it's all about consistency and precision.

An algorithmic trading strategy can be as simple or complex as you make it. Fancy a straightforward example? Here's a two-line strategy:

1. Go long when the two period RSI falls below 20.
2. Sell when the two period RSI rises above 50.

This is a simple algo that will buy and sell based upon the RSI indicator.

So, what's the secret sauce to successful algorithmic trading? It boils down to two vital ingredients:

1. Testability: Most algorithms can undergo historical testing, also known as backtesting. This provides a huge advantage, which I'll delve into later. This allows the trader to assess the strategy's viability before risking real money. Think how powerful that is! You can test your trading ideas to see if they will work or not before putting money on the line.

2. Consistency: Algorithms are like well-disciplined soldiers. They follow instructions to the letter, every single time. If an algo spots a long setup today, it'll prompt you to go long. If the same setup recurs tomorrow, it'll signal you to go long again. The algorithm doesn't care about market news, Federal Reserve sentiments, or even if Jim Cramer emphatically recommended a stock on his show - unless, of course, you've programmed it to consider such factors. The algorithm remains steadfast, consistently adhering to its rules."

Do I Need To Be A Computer Scientist To Algo Trade?

Contrary to what you might think, you don't need a computer science degree to get started with algorithmic trading. There are user-friendly trading platforms and coding languages designed for this purpose. For example, TradeStation's EasyLanguage is popular due to its simplicity and power. But it's not the only option out there—various platforms cater to different needs and skill levels.

The transition from discretionary to algorithmic trading has been a game-changer in the trading world. I remember the first time I heard about algo trading. It sounded like something out of a futuristic novel. Back when I was getting into trading, I made all the decisions on when to buy and sell. But today, all my active trading is done via computer. Having a computer execute my trades is as commonplace as using my smartphone. The fact that we have this type of technology on our desktops and trust machines to handle our money shows how far we've come.

But don't worry, this doesn't signal an imminent robot uprising. Instead, it shows us a new path to efficient and strategic trading.

Advantages of Algorithmic Trading

Now that we've introduced algorithmic trading, let's talk about what makes it great for active traders like you and me. 

Speed and Efficiency: In the trading world, a few seconds can make a massive difference. Humans bless our hearts, we just can't compete with computers regarding speed. Algorithmic trading systems can respond instantly to market changes and execute trades at the speed of light (well, maybe not literally, but you get the picture). This allows you to seize opportunities that would be impossible to catch manually.

Reduce Psychological Factors: Algorithmic trading helps eliminate those pesky emotional and psychological factors that come with trading. Let's face it, we humans can be a bit... emotional. We panic, we get greedy, we fear missing out. Thus, we have a difficult time sticking to our trading plan. In short, we make dumb mistakes that cost us dearly. But computers? They're as cool as a cucumber. An algorithm won't buy a stock just because it has a fear of missing out. It won't panic and sell everything at the first sign of trouble. It sticks to the plan, no matter what.

Backtest Strategies: Before you run your algorithm in real-time, you can test it with historical market data to see how it would have performed. Think of it as a 'time machine' that lets you see the results of your strategy without risking any actual money. Backtesting gives you confidence in your strategy and helps you refine it before letting it loose on the live market.

Always Ready: We've all had those days when we're just not feeling 100%. Maybe we're a bit under the weather, or perhaps the latest episode of our favorite show left us up all night in suspense. Either way, our trading decisions on those days might not be the best. But an algorithm? It doesn't have days off. It doesn't get tired, sick, or distracted. It consistently follows the trading plan, day in and day out.

Trade in Multiple Markets and Strategies: Now, I don't know about you, but I find it hard enough to keep track of my keys, let alone multiple markets at the same time. But for an algorithm, this is a walk in the park. It can monitor and trade numerous markets and assets concurrently, increasing your opportunities to profit. A computer can trade 20, 40, or even more charts at the same time. Can you do that? In a way, using a computer to trade so many different charts is a way to leverage your time, tallents, and opportunity.

So there you have it, the major advantages of algorithmic trading. But before you rush off to code your first trading algorithm, it's only fair we also talk about the downsides. After all, no system is perfect, and it's better to be aware of the potential pitfalls upfront."

Disadvantages of Algorithmic Trading

I've waxed lyrically about the wonders of algorithmic trading, but like anything in life, it's not without its challenges. I believe in giving you the full picture, so let's explore some disadvantages.

Learning Curve: You have to learn to code to be a good algorithmic trader. At least for now. This may not be easy for some. Spending months learning a programming language may not be fun for some, while others find it a fun and rewarding experience. You also have to become familiar with computers. Most people are, but you may have to dig deeper with backups, power supplies, routers, and other less common computer issues. 

Technical Difficulties and System Failures: Computers are fantastic tools, but they're not infallible. There could be bugs in your code, server issues, or internet connection problems. Imagine your algorithm going rogue right when you've stepped out for a lunch break! Because we’re not perfect, nor is technology, it’s crucial to monitor your systems and have a backup plan in place.

Over-optimization in Backtesting: Remember the backtesting feature I was so excited about earlier? Well, it has a dark side. It's possible to tweak your algorithm so much based on historical data that it becomes too perfect, too specialized. This might sound good, but it can make your strategy ineffective when new unforeseen market conditions arise. It's like training for a marathon by only running in perfect weather on a flat surface and then finding out the race day is stormy on hilly terrain. 

Lack of Adaptive Judgment for Market Changes: Algorithms follow a preset strategy and can lack the ability to adapt to sudden changes in the market. As smart as they are, they can't yet interpret news events, political changes, or sudden market shifts as a human might. For now, they still need us humans to tweak and adjust them in response to such changes. We also have tools at our disposal to help with that, but that’s a more advanced topic for a later day.

Remember, these downsides aren't there to scare you away from algo trading, but rather to prepare you. The key to successful algo trading is creating a sound strategy, backtesting extensively, monitoring your system, and being ready to adapt when necessary. It's like sailing - you need to prepare your ship, know your route, keep an eye on the weather, and always be ready to adjust your course as needed.

Algo Trading Does Not Eliminate Emotions From Trading

Algorithmic trading is often the perfect antidote to the emotional roller coaster that can come with manual trading. By letting pre-set rules dictate your trading decisions, you insulate yourself from the fear, greed, and other emotions that can cloud your judgment. But let's not get too ahead of ourselves. While algorithms help steer the ship steadily through the turbulent market waters, they don't wholly banish human emotion from the equation.

How is that possible? After all, an algorithm doesn't have feelings. It doesn't second-guess its decisions or suffer from a fear of missing out. However, while the algorithm is emotionless, the person behind it isn't. Even the most seasoned algorithmic traders can fall prey to emotional pitfalls.

Firstly, there's the creation and tweaking of the algorithm itself. It requires discipline and objectivity to follow a rigorous development process, to backtest your strategy adequately, and to resist the urge to over-optimize based on past performance. The temptation to tweak the algorithm when it's going through a losing streak can be powerful—an emotional response that could lead to poor decisions.

Then, there's the trust factor. It takes tremendous confidence to trust your algorithm, especially during those inevitable periods of drawdown. Even with a tested and proven algorithm, doubt can creep in when the going gets tough. This can lead to manually overriding the algorithm, usually at the wrong time, and often leading to regrettable outcomes.

Lastly, there's the element of fear. Fear of missing out on a 'sure-win' trade that doesn't fit the algorithm's rules or fear of loss when the algorithm is underperforming. These fears can prompt rash actions, like abandoning your algorithm for manual trades or prematurely shutting down the algorithm.

Remember, while algo trading reduces the influence of human emotion in trading decisions, it doesn't eliminate it entirely. The key to successful algorithmic trading is acknowledging these emotional challenges and developing strategies to manage them effectively. After all, even the best algorithms are only as good as the trader's ability to stick with them.

Algo Trading Is Not “Set And Forget”

If you're new to the world of algorithmic trading, it might be tempting to think of it as a "set it and forget it" operation. You might imagine turning on your algo Monday morning and walking away only to check your account balance at the end of the week. However, issues can come up. Successful algo trading requires an attentive eye and an understanding of the technical issues that may arise.

Algorithmic trading, while heavily automated, is not immune to technical glitches. Machines may not experience fear or greed, but they can and do experience downtime, bugs, and data errors. It's essential to actively monitor your trades to ensure your algorithm is functioning as expected and to troubleshoot any issues that might come up.

Here are some common technical challenges you might encounter in your algo trading journey:

1. Connection Interruptions: In the digital world, steady internet connection is a trader's lifeline. A brief interruption can lead to missed trades or, worse, leaving positions open that should have been closed. Some algo traders opt for Virtual Private Servers (VPS) to maintain a steady, reliable connection.

2. Platform or Software Bugs: Even the best trading platforms are not immune to the occasional software bug. These could lead to errant trades, inaccurate data, or sudden crashes.

3. Data Feed Errors: Algos depend on real-time data feeds to make their decisions. If there's a glitch in this feed, the algorithm could make trades based on faulty data.

4. Hardware Failures: Computers, like any piece of machinery, are subject to failure. A sudden crash could leave your algo in the lurch, which could be catastrophic if it happens at a crucial trading moment.

5. Algorithm Errors: Sometimes, the problem lies within the algorithm itself. A coding error or an unforeseen scenario could lead to unexpected trading behavior.

So, while the automation in algorithmic trading alleviates much of the manual workload, it's not a hands-off approach. Just as a ship's captain keeps an eye on the horizon even in calm waters, an algo trader must monitor their systems, ready to steer through any sudden storms that might arise. After all, the market never sleeps, and while your algo might run like clockwork, it's up to you to keep the gears well-oiled.

I often check my trading algos several times a day. The vast bulk of the time, everything is running fine. But it's exceptions you want to catch!

Backtesting - A Time Machine For The Markets!

Imagine if you could peer into the past, armed with the knowledge you have today. Think of the power it would give you—the ability to see how a particular decision might have played out, to learn from your past mistakes before you even make them. Sounds like a dream, right? Well, in algorithmic trading, it's not a dream but a reality. We call it 'backtesting'.

Backtesting is the process of testing your algorithm's rules against historical market data. It's akin to a simulation, placing you in the thick of past market scenarios and enabling you to observe how your strategy would have performed.

The advantages of backtesting are manifold, but here are a few that really make it shine:

1. Risk Assessment: Backtesting allows you to gauge the level of risk associated with your strategy. You can see the drawdowns, the losing streaks, and the volatility, helping you set appropriate risk parameters.

2. Performance Evaluation: It provides a quantitative measure of your strategy's performance. You can evaluate key metrics like the Sharpe ratio, the win rate, and the average profit per trade.

3. Strategy Refinement: Backtesting shines a light on the strengths and weaknesses of your strategy. This insight allows you to fine-tune your rules, improving your algorithm over time.

4. Confidence Building: Knowing your strategy has weathered the storms of past market scenarios can build confidence in its future performance.

Now, to effectively backtest, you need the right tools. And that's where TradeStation comes in. It's my platform of choice, and not just because it has an impressive array of tools for algorithmic trading. Its backtesting capabilities are exceptional.

TradeStation allows you to backtest using precise historical data across numerous markets and time frames. It also offers an impressive array of performance metrics and customizable reports that let you dive deep into your strategy's performance.

The platform also boasts an intuitive interface that's friendly to beginners, yet powerful enough for seasoned traders. And let's not forget about EasyLanguage, TradeStation's proprietary coding language, which makes algorithm design accessible even to those without extensive coding experience.

In short, backtesting is an incredible tool in an algo trader's arsenal, and with a platform like TradeStation, you can leverage it to its full potential. Just remember, while backtesting offers valuable insights, it's not a guarantee of future success. Use it as one of many tools in your toolbox to navigate the thrilling journey that is algorithmic trading.

A Real-world Example of Algorithmic Trading

Now, let's bring all of this to life with a practical example of algorithmic trading in action. For this, we'll use a simple RSI indicator applied to the E-mini S&P. 

1. Buy Signal: The RSI value falls below 20, our algorithm would automatically place a buy order.

2. Sell Signal: When the RSI value rises above 80, our algorithm would then automatically place a sell order.

3. Filter: We're also going to create a filter. We only want to trade when the market is win a bull market. We'll define a bull market when price is above the 200-day simple moving average. This filter will supersede the Buy and Sell signals. That is, if we're in a bear market, no trading will take place.

4. Stop Loss: We'll also place a stop order $3,500 below our entry price. This will help protect our capital of the markets move against us.

Below is what the EasyLanguage code looks like. Don't worry if you don't understand the code. The point is, it's not a lot of code.

input:
BuyThreshold(20),
SellThreshold(80),
RegimeLookback(200),
StopLoss$(3500);

variable:
Bullmarket(false);

If ( RegimeLookback > 0 ) then
   Bullmarket = Close > average( Close, RegimeLookback )
Else
   Bullmarket = true;

If RSI(close,2) < BuyThreshold and Bullmarket then
   buy next bar at market;
If RSI(close,2) > SellThreshold then
   sell next bar at market;

if ( StopLoss$ > 0 ) then
   Setstoploss( StopLoss$ );

This simple strategy applied to E-mini S&P produces these results, below. That's a $81,750 in profit. It's not super great but it's positive. You can see how a few simple rules can produce good results.

Remember, the devil is in the details. Fine-tuning your strategy, backtesting it thoroughly, and continuously monitoring it is where the real work (and fun) lies!

Why EasyLanguage?

Now, I know what you're thinking. 'Okay, Jeff, this all sounds great, but how do I actually start coding my trading algorithm?' That's where EasyLanguage comes in. It's a programming language developed by TradeStation specifically for designing trading strategies, and as its name suggests, it's... well, easy!

EasyLanguage was designed with traders in mind, not computer scientists. It uses simple, English-like syntax, making it more accessible for beginners than many other programming languages. Imagine being able to tell your computer to buy when the short moving average crosses above the long moving average, and it actually understands you. That's EasyLanguage for you!

What makes EasyLanguage stand out is its simplicity and focus on trading. It's specifically built for creating and testing trading strategies, so it has many built-in functions and features that cater directly to traders. This saves you time and effort as you don't need to code everything from scratch.

For new algo traders, EasyLanguage is a great tool because it allows you to focus on your trading strategy rather than getting lost in complicated programming syntax. But don't let its simplicity fool you. EasyLanguage is powerful and flexible enough to handle complex strategies and indicators. As you become more comfortable with it, it can accommodate the growth and evolution of your trading skills.

EasyLanguage is supported by a robust community of traders and developers who share code, answer questions, and provide resources. So, if you ever feel stuck or need inspiration, there's a whole community ready to lend a hand.

In short, EasyLanguage offers the perfect balance between simplicity for beginners and power for advanced users. It's like a trusty pocket knife - easy to handle, yet capable of getting the job done. So, if you're eager to dive into the world of algo trading, EasyLanguage is a fantastic place to start your journey.

Choosing Your Algo Trading Platform

When I first started looking into algo trading in 2009, TradeStation was about the only platform available. At least the only platform that could backtest and run algos I can remember. In short, it was King.Today you'll see a marketplace buzzing with various high-quality trading platforms. It's a competitive environment driving up standards and bringing better features and lower costs for the retail trader.However, navigating through these choices can feel overwhelming. Which platform is the best? Which offers the features you need? Which one simplifies the process of building algorithms? To help you cut through the noise, let's focus on some essential features that a platform should have for effective algo trading. Here's what you should look out for:1. Charting Capabilities: During the idea creation phase, it's crucial to visualize your concepts in action. A platform with advanced charting capabilities can make this much easier.2. Broker Integration: Platforms differ in their approach to broker integration. Some, like TradeStation, are linked directly to a specific brokerage, while others, like NinjaTrader or Multicharts, offer a wider selection. Consider the trade-off between convenience and options.3. Ease of Programming: An essential feature for algo traders is the ability to easily create custom indicators and strategies. A platform that offers an easy-to-learn programming language will be an asset in the long run.4. Market Data Integration: Ensure your chosen platform connects seamlessly with your required market data.5. Standard Indicators and Studies: Look for platforms offering a broad range of pre-programmed indicators and functions.6. Optimization and Walkforward Analysis: The platform should allow for optimizing your code's parameters and numbers. Additionally, the availability of walk-forward testing can generate more realistic "out-of-sample" results.7. Monte Carlo Testing: The platform should also have Monte Carlo testing to help you plan for possible future profits and drawdowns.

8. Trading Simulator The platform allow you to trade in simulation mode. This allows you to test your trading system on live market data without placing real orders.8. Trader Community: An active trading community can offer valuable insights and solutions. It's a significant plus when choosing a platform.9 Live Trading & Automation: The platform should cater to the entire process from development and testing to live trading and automation.TradeStation emerged as the clear favorite among my traders. Still, depending on your specific needs, any powerful platform might suffice. Here are the top contenders.

Top Choice:

TradeStation - TradeStation is a great platform. It's also my data provider and broker. And with its built-in programming language (EasyLanguage), it's the fastest platform to download and get up and running as an algo trader.

Other Great Platforms:

• MultiCharts
• NinjaTrader
• MetaTrader4/5
• Think Or Swim
• Amibroker 

Remember, the perfect platform aligns with your trading goals and style, making your journey into algo trading as smooth and productive as possible.

Conclusion

And there we have it, folks! We've taken a deep dive into the world of algorithmic trading, compared it with discretionary trading, and explored the potential benefits and challenges of the algo approach. 

Remember, at its core, algorithmic trading is about consistency, speed, and emotionless execution. It's like a diligent worker bee, following your trading instructions to the letter, day in and day out. While it's not without its challenges - technical hiccups, the risk of over-optimization, and a learning curve - the potential advantages are certainly compelling. Faster trades, elimination of emotional decisions, and the ability to backtest are just a few perks that make algo trading appealing to many traders.

As we've discussed, getting started with algo trading doesn't have to be daunting, especially with the help of EasyLanguage. Its user-friendly syntax and robust trading-focused functionality make it a superb entry point for budding algo traders. And remember, there's a whole community out there ready to support you on your journey.

So, I encourage you to roll up your sleeves and delve deeper into algo trading and EasyLanguage. Start simple, take it one step at a time, and don't be afraid to get your hands dirty. The world of algorithmic trading is full of opportunities for those willing to learn.

Before I sign off, here's a fun fact for you to chew on: Did you know that as of my last check, more than 75% of trades on the US stock market are executed by algorithms? Now, isn't that food for thought?

Remember, trading, whether discretionary or algorithmic, is a journey, not a destination. So buckle up, enjoy the ride, and let's master EasyLanguage together!

Next Steps

In my opinion, if you want to become a successful algo trader, your first step is to learn a programming language. I recommend using TradeStation’s EasyLanguage. You can learn more by checking out these articles.

• Easylanguage: The Perfect Language For Beginner Algo Traders
• Why You Need To Learn Easylanguage Now!
• Get Rid of That I Can’t Code In EasyLanguage Problem!
• Why You Shouldn’t Use Python for Algorithmic Trading (And Easylanguage Instead)

You can also find a lot of great EasyLanguage resournces on our Learn EasyLanguage page including, EasyLanguage Resource Page, EasyLanguage Quiz and Free Mini Course.

You can also have me teach you EasyLanguage by joining the Coder Edition of my System Development Master Class. That’s the fastest way to learn EasyLanguage. And time is money!

EasyLanguage is a programming language designed specifically for traders, and it is simple to learn yet powerful enough to create complex trading systems. EasyLanguage is a computer language for trading stocks, EFTs, futures and other similar products. It was developed more than 30 years ago by TradeStation. To this day, EasyLanguage is the standard coding language that comes with TradeStation, one of the most popular platforms based on user statistics.

EasyLanguage provides several advantages. First, EasyLanguage was created for use by traders without specialist computer and programming experience. Put another way, Easylanguage is a simple computer language designed for trading. Thus, the syntax of the language looks familiar to traders. The language's commands are straightforward enough that someone not skilled in computer programming may understand them with little instruction and perhaps just a reference book.

EasyLanguage also has tight integration with the TradeStation platform, allowing you to focus on building systems instead of the trading platform's technology. Because of this integration, it's elementary for a new user to get up and running with building strategies and indicators with EasyLanguage. Thus, you can easily access and practice using EasyLanguage once you download the TradeStation platform. I've been using Tradestation and Easylanguge since 2009, and it continues to be the backbone of my strategy research, development, and live trading.

The Benefits Of Learning Easylanguage

Once you learn EasyLanguage, the possibilities are endless. You can create your trading strategies, perform market research and create indicators. EasyLanguage is a powerful tool that gives you complete control over your trading.

I've detailed some of the most important advantages of learning EasyLanguage in this article, Why You Need To Learn Easylanguage Now!

Here is a summary of what you can do with EasyLanguage.

• Discover what trading style will work for any market
• Turn ideas into strategies and backtest them
• Test indicators to see if it works or not
• Test a price pattern to see if it will or not

With EasyLanguage as part of your skillset, you know how to become an evidence-based trader. You perform experiments to see what works and what does not work. You are a trading scientist, and you are testing and probing the market for market edges. In short, you can gather objective evidence on what works and what doesn't. Think how powerful that is! Read more about the benefits here.

How To Get Started Learning Easylanguage

One of the best resources to get started with EasyLanguage is here on EasyLanguage Mastery! We have a variety of articles on EasyLanguage, example code, and even some videos on using EasyLanguage, and it's all free. These resources will get you up-to-speed quickly on EasyLanguage so that you can start leveraging the power of EasyLanguage in your trading.

EasyLanguage Mastery Resource Page -->> CLICK HERE

EasyLanguage is not an overly complex computer language to learn. Learning your first computer language is always tricky if you have never coded before. So, you will have to put some effort into it. 

Why is learning a computer language a bit tricky?

First, you must master the syntax and grasp some of the basic concepts of the language, such as loops, conditions, and logical operators. These concepts are probably new and will take some time to understand.

Next, you have to learn to think clearly and literally. Computers are very literal machines. So when you write a program for the computer to execute, you must explain it in great detail. One skill to master will be the ability to take a problem and break it down into smaller parts, so it's easier to write in EasyLanguage. Converting your ideas into EasyLanguage code takes months (maybe years) of practice.

The bottom line is, EasyLanguage is probably one of the easiest languages to pick up if you're starting from scratch. However, like any language, it takes time and practice to become proficient.

The best way to learn EasyLanguage is by doing. There are plenty of resources to help you get started, but at the end of the day, you must put in the time and effort to learn the language.

Getting Started With EasyLanguage Mini Course!

On EasyLanguage Mastery there is a free video training on the benefits of EasyLanguage and creating your very first strategy code. It's really basic but if you never touch EasyLanguage before you'll find it helpful.

Free EasyLanguage Mini Course -->> CLICK HERE

Take The EasyLanguage Quiz

So you think you're good at EasyLanguage? Why not test your skills by taking this quiz. Most of my students who take my course SDMC course score over 80%. Can you do better?

Test Your Skill Quiz -->> CLICK HERE

Tips For Mastering Easylanguage

The best way to learn EasyLanguage is to write code. Take examples from our blog and write them code. Experiment with them by changing the values and conditions. Don't be afraid to break the code. That's OK. Attempting fix it is a great exercise. In short, experiment with it. I would recommend you spend time writing code every day or as close to every day as possible. Get in 20 minutes in the morning or 30 minutes after work. The more you expose yourself to it, the easier it becomes.

• Signup for the free EasyLanguage mini course
• Start with very simple ideas.
• Use EasyLanguage Mastery resources for ideas
• Locate EasyLanguage code online, download it and change it
• Try converting trading ideas you find into EasyLanguage
• Spend time writing EasyLanguage code every day
• Get in touch with our EasyLanguage community for help and support

An Example of EasyLanguage code

Here is a simple EasyLanguage code example for a moving average crossover trading strategy. This strategy buys when the 50-period moving average crosses above the 200-period moving average and sells when the 50-period moving average crosses below the 200-period moving average.

As you can see, EasyLanguage is a pretty straightforward language. The code above is easy to read and understand, even if you're not a programmer. EasyLanguage is designed to be intuitive and easy to use. This is just a simple example, but EasyLanguage is a clear language that can be used to create complex trading systems.

Object Oriented EasyLanguage

One of the latest advancements of EasyLanguage is Object-oriented programming (OOP). An object-oriented program is a programming paradigm that uses the concept of objects to model the real world. OOP allows you to create classes and objects and then use them to create larger systems. EasyLanguage supports OOP with its Object-Oriented EasyLanguage (OOEL), making it a powerful tool for creating complex trading systems.

OOEL requires a working knowledge of EasyLanguage and a general understanding of object-oriented programming terminology and conventions. It's not a beginner's topic, in my mind. But do you need to use it? I would say no. In particular, if you're new at EasyLanguage, don't even bother with OOEL. Focus on the basics of EasyLanguage. You can go far with just basic EasyLanguage!

Summary

If you're serious about getting started with algorithmic trading, EasyLanguage is a great language that will open up many opportunities for you.

EasyLanguage is a popular computer language that is designed for traders. It is simple to learn yet powerful enough to create complex trading systems. 

EasyLanguage is the perfect language for beginners who want to start algo trading! So what are you waiting for? Get started today!

So that's a great way to get started. And you know, it's absolutely free to spend time building indicators, build simple strategies on different markets and timeframes. 

TIP: Don't Build Intraday System...Not Yet!

Here is a tip: Maybe your heart is on building day trading strategies. But when first starting out, don't do it! It's much easier to build strategies on the daily timeframe. Even if you're never going to trade the daily timeframe, consider it as a practice. If you can't build a profitable system on a daily timeframe you're not going to be able to do it on an intraday timeframe.

Also, watch the tutorials and do the work. Do the work every day. Or at least, every couple of days you should be writing EasyLanguage code. Absolutely!

You Can Learn To Code Too

What I'm talking about isn't theory, this is exactly what I did that turned my trading around, and you can learn to code on your own. I certainly did. I totally learned to code myself. However, I do have a background in computer programming. So I was a little biased on that, right? But you can do it yourself. 

I believe if you're reading this, you can learn to code in EasyLanguage on your own if you can take the initiative and do it, but it will take a lot of time. There is a faster and easier way to learn EasyLanguage. That is to learn EasyLanguage from someone who already knows how to do it. And that someone is me. I can help you learn EasyLanguage!

I developed an exclusive training program to teach you the core, fundamental skills of EasyLanguage. I feel this is a better way of learning EasyLanguage if you want to get up and running ASAP. Nothing is faster than me showing you how to use EasyLanguage.

The course is EasyLanguage Mastery Ignition. Let me talk a little bit more about it because I really don't bring it up a lot.

Within the course, we start by writing a code that's strategy-based. I hate classes that are not practical. They start out teaching you theory that is difficult to apply to real life. I'm a very practical oriented person. I want to see, how does what I'm learning going to impact me? How is this going to improve my trading? With that in mind, I built this course around the idea of practicality for everyday traders. 

So my question is, why do it alone? Let me show you how it's done. 

So precisely what is this course? EasyLanguage Mastery Ignition is a video-based step-by-step implementation program. It's absolutely the fastest way for you to learn EasyLanguage and change your financial destiny. Learning to code is difficult. No question about it, particularly for some people, unless you're computer-oriented already.

I'm going to show you the core techniques to build strategies in EasyLanguage. We learn to take ideas and turn them into strategies. Now, if you've never made a trading strategy before, we're going to change that. If you want to improve your current skill, this will help. We learn the fundamentals of coding and do this by building strategies. We do breakout strategies, mean reversion intermarket analysis, and momentum, among others.

Here are some examples of the strategies that we create in EasyLanguage Mastery Ignition.