Patrick Ryan the creator of Forex Fury, and owner of 15 year trading site Forex Robot Nation is bringing automated trading to the forefront. With his fast growing YouTube channel adding over 2000 subscribers a month, it’s clear there’s interest in the automated trading space. While automated systems were originally exclusively utilized by banks, Patrick is working to make this type of software more accessible to the masses. He feels that this will help even the playing field between institutional and retail traders in the foreign exchange market.
Pat is an active trader, signal provider, and developer coding in the MQL4/MQL5 language. His services have over 10,000 members with Forex Fury housing the majority of the clients. He believes in technical analysis and fundamental analysis. Combining these approaches in automated trading robots is his passion. Patrick believes that the best thing a robot developer can do is focus on specific elements. While many developers look for strategies that can trade 24 hours a day in all market conditions, Patrick looks for cracks. He often aims to win trades during a 1 hour period every single day. He feels that by narrowing down the trade approach, he can create systems that work at high accuracy rates. Whether that’s through avoiding high impact news events, trading only specific pairs and sometimes trading only specific days for months at a time, there are always angles to be exploited. These angles aren’t always easy to spot even for manual trading experts. Yet, advanced algorithmic strategy testing allows for finding winning edges that often go unnoticed to the untrained eye.
This doesn’t mean that the automated trading market is all roses and sunshine. Patrick attests to the fact that the robot market is much maligned, often seen as a haven for get rich quick schemes. One of the biggest challenges Patrick still faces to this day is having to deal with a market full skepticism. There are traders that want overnight success, and potential clients that have been previously spurned by developers taking advantage of that mentality. Patrick’s been able to overcome a lot of the negativity by utilizing the Myfxbook platform to show verified results. In addition, he doesn’t make promises about future returns, and stays focused on testing. That doesn’t mean that there still aren’t skeptical traders, but Patrick is well on his way to legitimizing the automated trading market.
Patrick wants the community to understand that day trading is a game of paper thin margins, and he teaches that to his members every day. He understands that setting real expectations is incredibly important when it comes to the future of automated trading systems. When traders see the benefits of 2-3% gains on a monthly basis, and stop trying to achieve 20-30% gains they will have a much higher success rate. In the foreign exchange market, traders frequently over leverage, and put their entire accounts at risk. When Pat programs robots, he makes sure to include money management principles so traders can risk a specific percentage of their accounts, or even set their own lot size. This doesn’t full eliminate risk completely, as trading is always a risky endeavor, but it does allow traders to specify how much risk they are willing to accommodate.
Patrick Ryan will be the first trader to tell you that he has a long way to go in legitimizing the automated trading industry, but that doesn’t stop his journey. He has multiple planned updates for his Forex Fury software, but doesn’t believe that he’s on his own in this market. He often discusses the MQL5 community, and points to a lot of new young developers starting to shape this ever-changing industry. While this community isn’t a new one, it really feels like it’s still in the early days, and it will be interesting to see where Patrick is within it, when everything shakes out with web 3.
If you are interested in any of Patrick’s projects, or just want to take a peek into his private life, you can find him at https://forexrobotnation.com to learn more.