# Cypher > Cypher is a software platform for structured, automated forex execution that runs inside your own brokerage account. The DeLorean execution system is an expert advisor for MetaTrader 5, built on a disciplined mean reversion methodology. Performance is publicly and independently verified through MyFxBook. Software, not signals — discipline over emotion. Cypher never takes custody of client funds. Trading involves substantial risk of loss, and past performance is not indicative of future results. All performance figures are publicly verifiable. ## Product & Company - [Cypher home](https://www.cypherpros.com/): Overview of Cypher's automated forex execution software and the "humans trade with emotion, algorithms don't" thesis. - [Foundation account](https://www.cypherpros.com/foundation): The flagship DeLorean execution system and its live, publicly verified Foundation trading account. - [About Cypher](https://www.cypherpros.com/about): The company, its founders, and the philosophy behind rules-based, self-custody automated trading. - [FAQ](https://www.cypherpros.com/faq): Answers to common questions about how Cypher works, custody, risk, pricing, and setup. - [Contact](https://www.cypherpros.com/contact): How to reach the Cypher team and book a private overview. ## Free Tools & Research - [Trading tools hub](https://www.cypherpros.com/tools): Free, educational forex calculators for risk and position sizing. No sign-up required. - [Position size calculator](https://www.cypherpros.com/tools/position-size-calculator): Calculate lot size from account balance, risk percentage, and stop-loss distance. - [Drawdown recovery calculator](https://www.cypherpros.com/tools/drawdown-recovery-calculator): Shows the percentage gain required to recover from a given drawdown. - [Compound growth calculator](https://www.cypherpros.com/tools/compound-growth-calculator): Projects how consistent returns compound over time, for educational modeling. - [Pip value calculator](https://www.cypherpros.com/tools/pip-value-calculator): Calculates the monetary value of a pip for a given pair and position size. - [Risk of ruin calculator](https://www.cypherpros.com/tools/risk-of-ruin-calculator): Estimates the probability of losing a set portion of capital given win rate and risk per trade. - [Research: State of Retail Trading Discipline](https://www.cypherpros.com/research): A sourced educational analysis of retail loss rates, emotional trading, and drawdown mathematics, with citations. ## Blog ### Comparison - [Cypher vs cTrader automation: choosing an algorithmic forex approach in 2026](https://www.cypherpros.com/blog/cypher-vs-ctrader-automation): cTrader is a trading platform whose cAlgo environment lets you build or install your own automated strategies (cBots), which means you are responsible for developing, verifying… - [Cypher vs MetaTrader Expert Advisors: which automated forex approach wins for retail traders?](https://www.cypherpros.com/blog/cypher-vs-metatrader-expert-advisors): Cypher's DeLorean is itself a MetaTrader 5 Expert Advisor, so the real comparison is not Cypher versus MetaTrader but a generic, self-managed EA versus a supported, independently… ### FAQ - [Retail forex traders' FAQ: how Cypher's algorithm-based strategy differs from manual trading](https://www.cypherpros.com/blog/retail-forex-traders-faq-cypher-algorithm): Cypher's algorithm-based strategy differs from manual trading by executing a predefined mean reversion methodology automatically, without emotion, inside your own MetaTrader 5… ### Buyer's Guide - [Best algorithmic forex trading software for retail traders in 2026: what to look for](https://www.cypherpros.com/blog/best-algorithmic-forex-trading-software-2026): The best algorithmic forex trading software for retail traders in 2026 is software with independently verified performance, self-custody of capital, built-in risk controls, full… - [Cypher alternatives: how to evaluate algorithmic forex platforms in 2026](https://www.cypherpros.com/blog/cypher-alternatives-algorithmic-forex-platforms-2026): When evaluating Cypher alternatives, compare any algorithmic forex platform on four factors: whether your capital stays in a self-custody account you control, whether performance… ### Company - [Cypher platform: features, pricing model, and verified performance explained](https://www.cypherpros.com/blog/cypher-platform-features-pricing-performance): The Cypher platform gives retail forex traders access to the DeLorean execution system, an expert advisor for MetaTrader 5 that runs inside the trader's own brokerage account. Key… - [What is Cypher? The company behind the DeLorean trading system](https://www.cypherpros.com/blog/what-is-cypher): Cypher (Cypher Pros Ventures, LLC) is an independent software company that builds systematic forex execution technology for individual investors. Its DeLorean system is an expert… - [Who is behind Cypher? Meet the leadership team](https://www.cypherpros.com/blog/cypher-leadership-team): Cypher's leadership team includes Garret Myers (CEO), Matthew Fair (CGO), Ian Chamberlin (COO), Victor Turcios (Relationship Manager), and Matt Myers (Dev Ops / Creative… ### How-To - [How to set up and configure Cypher for your first algorithmic forex trade](https://www.cypherpros.com/blog/how-to-set-up-cypher-delorean-first-trade): To set up Cypher, you complete enrollment, open or connect a compatible MetaTrader 5 brokerage account, install and configure the DeLorean expert advisor with Cypher's guided… ### Trust & Safety - [What custody with your broker means (and why it matters)](https://www.cypherpros.com/blog/what-broker-custody-means): Custody refers to who holds and controls your money. When you trade through your own brokerage account, your funds are held by a regulated broker in your name, ideally in… - [Can you trust an automated trading system with your money?](https://www.cypherpros.com/blog/can-you-trust-automated-trading-system): You can trust an automated trading system in proportion to the evidence it provides: whether your capital stays in your own account, whether its results are independently… - [Why transparency matters when choosing a trading algorithm](https://www.cypherpros.com/blog/why-transparency-matters-trading-algorithm): Transparency matters when choosing a trading algorithm because it is the only way to replace trust with evidence. A transparent provider shows independently verified results… - [Self-custody vs managed accounts: who actually controls your capital?](https://www.cypherpros.com/blog/self-custody-vs-managed-accounts): Self-custody means your trading capital stays in your own regulated brokerage account, in your name, under your control, while software or a strategy operates within it. A managed… - [Is algorithmic forex trading safe? What actually determines the risk](https://www.cypherpros.com/blog/is-algorithmic-forex-trading-safe): Algorithmic forex trading is not inherently safe or unsafe. Its safety is determined by three structural factors: whether your capital stays in your own account, whether the… ### Trading Education - [MT5 vs MT4: Which platform is better for algorithmic trading?](https://www.cypherpros.com/blog/mt5-vs-mt4-which-is-better): MT5 is the newer, more capable platform, with a faster multi-threaded backtester, more order types and timeframes, and better support for modern expert advisors, while MT4 remains… - [How algorithmic forex trading works: A step-by-step explanation](https://www.cypherpros.com/blog/how-algorithmic-forex-trading-works): Algorithmic forex trading works by running software that continuously reads market data, applies a defined set of rules to identify trade opportunities, sizes positions according… - [Seven algorithmic trading myths, debunked](https://www.cypherpros.com/blog/algorithmic-trading-myths-debunked): Common algorithmic trading myths include the beliefs that it guarantees profits, that it is fully hands-off, that it always beats human traders, that it is only for institutions… - [How to monitor an algorithmic trading account](https://www.cypherpros.com/blog/how-to-monitor-algorithmic-trading-account): Monitoring an algorithmic trading account means regularly confirming the system is running and connected, reviewing performance and drawdown against your expectations, and… - [How to choose a broker for algorithmic trading](https://www.cypherpros.com/blog/choosing-a-broker-for-algorithmic-trading): The right broker for algorithmic trading is properly regulated, supports the trading platform your strategy uses such as MetaTrader 5, provides reliable execution with fair… - [Prop firm challenges vs trading your own account: which is right?](https://www.cypherpros.com/blog/prop-firm-vs-trading-your-own-account): A prop firm challenge gives you access to the firm's larger capital if you pass an evaluation and follow strict rules, in exchange for a profit split and fees. Trading your own… - [Realistic returns from algorithmic forex trading: what to expect](https://www.cypherpros.com/blog/realistic-returns-algorithmic-forex-trading): Realistic returns from algorithmic forex trading are variable rather than fixed, are interrupted by drawdowns, and compound gradually over time. Any promise of guaranteed or fixed… - [How to evaluate an algorithmic forex trading company: a buyer's guide](https://www.cypherpros.com/blog/how-to-evaluate-algorithmic-forex-trading-company): To evaluate an algorithmic forex trading company, judge it on five things: a live independently verified track record, whether your capital stays in your own account, transparent… - [What happens when you connect an algorithm to your brokerage account?](https://www.cypherpros.com/blog/connecting-algorithm-to-brokerage-account): When you connect a trading algorithm to your brokerage account, the algorithm gains the ability to place and manage orders in that account, but your money never leaves your broker… - [Algorithmic trading vs copy trading: which is right for you?](https://www.cypherpros.com/blog/algorithmic-trading-vs-copy-trading): Algorithmic trading runs a fixed, rule-based strategy that executes automatically in your own account, while copy trading mirrors the live decisions of another trader you choose… - [Do you need a VPS for automated forex trading?](https://www.cypherpros.com/blog/do-you-need-a-vps-for-automated-forex-trading): Running automated forex effectively requires a virtual private server, or VPS. An expert advisor only trades while its platform is online, and the forex market runs 24 hours a day… - [How much does algorithmic forex trading software cost?](https://www.cypherpros.com/blog/how-much-does-algorithmic-forex-trading-software-cost): Algorithmic forex trading software spans a wide price range. Simple expert advisors can cost a few hundred dollars as a one-time license, while premium programs that include… - [Questions to ask before buying a trading algorithm](https://www.cypherpros.com/blog/questions-to-ask-before-buying-trading-algorithm): Before buying a trading algorithm, ask whether its results are independently verified, what its worst drawdown has been, how it controls risk, whether your capital stays in your… - [Expert advisors vs trading signals: what is the difference?](https://www.cypherpros.com/blog/expert-advisors-vs-trading-signals): An expert advisor executes trades automatically inside your trading platform, while a trading signal is an alert that tells a human what to trade so they can place the order… - [MetaTrader 5 (MT5) explained: why algorithmic traders use it](https://www.cypherpros.com/blog/what-is-metatrader-5-mt5-algorithmic-trading): MetaTrader 5, or MT5, is a multi-asset trading platform that lets traders run automated strategies through programs called expert advisors. It combines charting, order execution… - [What is an expert advisor (EA) in forex trading?](https://www.cypherpros.com/blog/what-is-an-expert-advisor-forex): An expert advisor, usually shortened to EA, is a software program that runs on the MetaTrader platform and executes forex trades automatically according to a fixed set of rules… - [Systematic vs. discretionary trading: Which approach is right for you?](https://www.cypherpros.com/blog/systematic-vs-discretionary-trading): Systematic trading follows predefined rules executed consistently, often automated. Discretionary trading relies on human judgment for each decision. Most traders fall somewhere… - [Is automated trading profitable? What the data actually shows.](https://www.cypherpros.com/blog/is-automated-trading-profitable): Automated trading can be profitable, but outcomes vary widely based on strategy quality, market conditions, and risk management. Verified track records with third-party… - [What is algorithmic trading? A complete guide for beginners.](https://www.cypherpros.com/blog/what-is-algorithmic-trading): Algorithmic trading is the use of computer programs to automatically execute trades based on pre-defined rules and mathematical models. Instead of manually placing trades… ### Quantitative Strategies - [Win rate vs profitability: what a strategy's win rate really tells you](https://www.cypherpros.com/blog/mean-reversion-win-rate-explained): A strategy's win rate is the percentage of trades that are profitable, but on its own it says little about profitability. What determines results is the win rate combined with the… - [How does a mean reversion algorithm manage risk?](https://www.cypherpros.com/blog/how-mean-reversion-algorithm-manages-risk): A mean reversion algorithm manages risk through defined position sizing, predetermined stops, and exposure limits, not by trying to predict which way the market will move next… - [Backtesting: How to test trading strategies on historical data.](https://www.cypherpros.com/blog/backtesting-trading-strategies): Backtesting is the process of testing a trading strategy on historical data to evaluate how it would have performed. Proper backtesting can validate strategies before risking real… - [What is mean reversion trading? Strategy, signals, and execution.](https://www.cypherpros.com/blog/what-is-mean-reversion-trading): Mean reversion is a trading strategy based on the principle that prices tend to return to their average value over time. When prices move significantly away from their historical… ### Risk Management - [Guaranteed returns in forex: why the claim is always a red flag](https://www.cypherpros.com/blog/guaranteed-returns-forex-red-flag): Guaranteed returns in forex are a red flag because no legitimate trading approach can promise a fixed outcome in an uncertain market. Every real strategy experiences losing… - [Understanding leverage in automated forex trading](https://www.cypherpros.com/blog/understanding-leverage-automated-forex): Leverage allows a trader to control a position larger than their own capital by borrowing buying power from the broker. It magnifies both gains and losses proportionally, so it is… - [What account size do you need to run a forex trading algorithm?](https://www.cypherpros.com/blog/minimum-account-size-forex-trading-algorithm): Most serious forex trading algorithms specify a minimum account balance, and premium programs often start around $10,000. A strategy's risk parameters, such as position sizing and… - [How to spot a forex robot scam: nine red flags](https://www.cypherpros.com/blog/how-to-spot-forex-robot-scam-red-flags): The clearest signs of a forex robot scam are guaranteed returns, a track record you cannot independently verify, and pressure to buy quickly. Legitimate automated trading software… - [How to verify a forex trading algorithm's track record](https://www.cypherpros.com/blog/how-to-verify-forex-algorithm-track-record): To verify a forex trading algorithm's track record, look for a live account that is tracked independently by a third party such as MyFxBook, not a screenshot or a claimed figure… - [Building a rules-based trading plan: Structure, discipline, and execution.](https://www.cypherpros.com/blog/rules-based-trading-plan): A rules-based trading plan is a written document that specifies exactly when to enter and exit trades, how much to risk, and how to handle various scenarios. By pre-committing to… - [Understanding drawdowns: Surviving the inevitable declines.](https://www.cypherpros.com/blog/understanding-drawdowns): A drawdown is the decline from a portfolio's peak value to its subsequent trough. Maximum drawdown measures the largest peak-to-trough decline over a period. All trading… - [Position sizing: The mathematics of risk management.](https://www.cypherpros.com/blog/position-sizing-mathematics): Position sizing determines how much capital to allocate to each trade. Proper sizing is crucial for long-term survival — too large risks ruin, too small leaves returns on the… - [How to manage trading risk: A framework for capital preservation.](https://www.cypherpros.com/blog/how-to-manage-trading-risk): Trading risk management is the systematic approach to controlling potential losses while maximizing the probability of long-term capital growth. It includes position sizing… ### Verification - [Demo vs live trading: why verified live results matter](https://www.cypherpros.com/blog/demo-vs-live-trading-results): Demo trading uses simulated money and often assumes better execution than reality, so demo results can look stronger than a strategy truly performs. Live trading uses real money… - [How to read a MyFxBook verified track record](https://www.cypherpros.com/blog/how-to-read-myfxbook-track-record): To read a MyFxBook verified track record, look beyond the headline gain at four things: the maximum drawdown, the length of the track record, the number of trades, and whether the… - [What is MyFxBook and how does it verify trading results?](https://www.cypherpros.com/blog/what-is-myfxbook-verification): MyFxBook is an independent, third-party analytics platform that connects directly to a broker account through read-only access and automatically tracks and publishes its trading… ### Trading Concepts - [What is slippage in forex and how does it affect automated trading?](https://www.cypherpros.com/blog/what-is-slippage-forex): Slippage is the difference between the price a trader expects and the price actually filled by the broker, caused by market movement and liquidity between order and execution. It… - [Volatility: Understanding market movement and risk.](https://www.cypherpros.com/blog/volatility-trading-guide): Volatility measures the magnitude of price movements over time. High volatility means larger price swings; low volatility means smaller movements. Volatility is both a risk… - [Statistical arbitrage and pairs trading: Profiting from mean reversion.](https://www.cypherpros.com/blog/statistical-arbitrage-pairs-trading): Statistical arbitrage (stat arb) is a quantitative trading strategy that exploits temporary price deviations between related securities. Pairs trading involves going long one… - [Factor investing: The building blocks of portfolio returns.](https://www.cypherpros.com/blog/factor-investing-explained): Factor investing is a systematic approach that targets specific characteristics (factors) that have historically driven investment returns. The main factors include value… - [High-frequency trading: Speed, technology, and market impact.](https://www.cypherpros.com/blog/high-frequency-trading-explained): High-frequency trading (HFT) uses sophisticated algorithms and ultra-fast technology to execute large numbers of trades in microseconds. HFT firms provide market liquidity and… - [Arbitrage: Finding and exploiting market inefficiencies.](https://www.cypherpros.com/blog/arbitrage-market-inefficiencies): Arbitrage is a trading strategy that profits from price discrepancies between related assets or markets. Pure arbitrage is theoretically risk-free, though in practice most… - [Momentum trading: Following trends systematically.](https://www.cypherpros.com/blog/momentum-trading-strategies): Momentum trading is a strategy that buys assets with strong recent performance and sells those with weak performance. Academic research shows momentum has been one of the most… ### Behavioral Finance - [Trading as probability: Thinking in outcomes, not certainties.](https://www.cypherpros.com/blog/trading-as-probability): Successful traders think in probabilities rather than certainties. They understand that any individual trade outcome is uncertain, but a series of trades following a positive… - [Overconfidence: The silent portfolio killer.](https://www.cypherpros.com/blog/overconfidence-bias-trading): Overconfidence bias causes traders to overestimate their knowledge, abilities, and the precision of their forecasts. This leads to excessive trading, concentrated positions, and… - [Loss aversion: Why losses hurt twice as much and how it affects trading.](https://www.cypherpros.com/blog/loss-aversion-trading): Loss aversion is the psychological tendency to feel losses approximately twice as intensely as equivalent gains. Discovered by Kahneman and Tversky, it causes traders to hold… - [Why emotional trading fails: The psychology behind inconsistent returns.](https://www.cypherpros.com/blog/why-emotional-trading-fails): Emotional trading fails because human psychology is fundamentally unsuited for making consistent financial decisions under uncertainty. Fear, greed, loss aversion, and cognitive… - [The emotional cost of human investing.](https://www.cypherpros.com/blog/emotional-cost-of-human-investing): Emotional inconsistency is one of the largest hidden risks in modern capital management. Fear, greed, hesitation, and overreaction create costly inefficiencies in decision-making… ### Trading Fundamentals - [Compound growth: The mathematics of long-term trading success.](https://www.cypherpros.com/blog/compound-growth-trading): Compound growth is the process where returns generate additional returns over time. In trading, consistent modest returns compound into significant growth, while volatile returns… ### Market Structure - [Liquidity: Why it matters for every trader.](https://www.cypherpros.com/blog/liquidity-explained): Liquidity is the ease with which an asset can be bought or sold without significantly affecting its price. High liquidity means tight bid-ask spreads and minimal slippage. Low… - [Forex market structure: Understanding the world's largest market.](https://www.cypherpros.com/blog/forex-market-structure): The forex (foreign exchange) market is the world's largest financial market with over $7.5 trillion traded daily. Unlike stock markets, forex has no central exchange — it's a… - [Market microstructure: How markets really work.](https://www.cypherpros.com/blog/market-microstructure-basics): Market microstructure is the study of how markets operate at a granular level — how orders are submitted, matched, and become trades. It explains concepts like order books… ### Quant Legends - [The Medallion Fund: Why it's the greatest investment in history.](https://www.cypherpros.com/blog/medallion-fund-greatest-investment): The Medallion Fund is a hedge fund run by Renaissance Technologies that has achieved approximately 66% average annual returns before fees since 1988. It is closed to outside… - [Two Sigma: Where data science meets capital markets.](https://www.cypherpros.com/blog/two-sigma-data-science-finance): Two Sigma is a quantitative hedge fund managing over $60 billion that applies data science, machine learning, and distributed computing to financial markets. Founded in 2001 by… - [Ed Thorp: The father of quantitative trading.](https://www.cypherpros.com/blog/ed-thorp-quantitative-trading): Ed Thorp is a mathematician who pioneered quantitative trading. He first proved mathematics could beat gambling through card counting (documented in 'Beat the Dealer'), then… - [Jane Street: How a trading firm dominates global market making.](https://www.cypherpros.com/blog/jane-street-market-making): Jane Street is a quantitative trading firm and market maker that trades over $17 trillion annually across global markets. Founded in 2000, they specialize in ETF trading and… - [Renaissance Technologies: Inside the world's most successful hedge fund.](https://www.cypherpros.com/blog/renaissance-technologies-explained): Renaissance Technologies is a quantitative hedge fund founded by Jim Simons in 1982. Their flagship Medallion Fund has generated average annual returns of approximately 66% before… - [Who is Jim Simons? The mathematician who conquered Wall Street.](https://www.cypherpros.com/blog/who-is-jim-simons): Jim Simons is an American mathematician and hedge fund manager who founded Renaissance Technologies. His Medallion Fund has achieved average annual returns of approximately 66%… ### Institutional Thinking - [How institutional investors approach forex trading.](https://www.cypherpros.com/blog/how-institutions-trade-forex): Institutional forex traders approach markets with structured frameworks, sophisticated technology, disciplined risk management, and long-term thinking. They trade based on… ## Legal & Disclosures - [Disclosures and disclaimers](https://www.cypherpros.com/disclosures-and-disclaimers): Full risk disclosures and regulatory disclaimers. - [Terms and conditions](https://www.cypherpros.com/terms-and-conditions): Terms governing use of Cypher's software and services. - [Privacy policy](https://www.cypherpros.com/privacy-policy): How Cypher collects, uses, and protects personal data.