An expert advisor is always set up before integrating it with the trading platform and leaving it to deal with the real time data. It's a number of parameters which needs to be adjusted first before using it in the dynamic market conditions. These parameters are optimised with the help of historical data and personal experience. The parameters can either optimise the performance of the portfolio or degrade it depending upon the precision level of parameters. Although, back testing is also done after modifying all the parameters. Still to achieve the best results, in-depth knowledge and deep understanding of the subject area is required.
Almost all the variants have the same input settings under the Expert Advisors tab in the trading platform. The parameters than needs to be checked in the tab are as discussed below:
1. Version: Always check that the application is up to date as compared with the industry standards. Constant upgrades are done by the designing company with the changing market dynamics.
2. TradesID: TradesID is used to track the amount of pending orders in the system. If multiple instances are running one should make sure that the amount of orders in each instance are different as it can lead to unpredictable results.
3. Risk tolerance: It signifies the percentage of total portfolio that's used to bid for an order. A 0.06 value for this parameter implies using the 6% of total portfolio money in the bidding process.