When I first started my trading career, one of my earliest online guru straight away giving his ADVICE not to use any kind of EA or Robot... AT ALL...
Yeah surely I had no idea on why he was insisting on that since at that moment, I do have a plan of trading the market with hands-free method by having (of course thru buying) the most expensive robot available in the market... And yeah, I did spend thousands buying some of the top-notch robot available (you name it) at that time.
I do not know about you, but after throwing more and more money experimenting these EA's, the conclusion is only one... NONE of them satisfies me... & NONE performs as advertised... I repeat... NONE...
Though I do not regret discovering the truth by my own real experience, somehow I do have this grudge towards the creators of these EA's who seems to me, selling their EAs without any sense of responsibility, except a few worth to mention like FAPTURBO & EA SHARKS that keeps their promise & after sales service & support...
I do not really intend to elaborate more on this subject as the message is pretty clear...
So I just summarise my opinions as follows:
1. Normally, most EAs could and would perform well only during a steady-trended market, where volatility is low. But in real day-to-day market condition, this is hardly happening, merely 30% of the time only.
2. EA's that are hardly programmed (likely a modified version or copy rather than genuine program) would either open a trade like a thirsty horse (always having a few open positions) or... never open a trade at all for the whole week unless all the written algorithm is met (which is very hard).
3. It is NOT EASY to get the best or correct setting for these EAs. When you email the owner, you normally get these answers as well - check your setting bla bla bla.... until you feel give up using the EA...
4. Just remember that market is made of people... If robot can do it all, I believe all the stock exchanges around the globe and Wall Street will require zero human intervention.
5. Sellers of EA (most if not all) are simply fishing for money from newbies who hardly aware of there is no such thing as Holy Grail in trading. They use the money they got from you for trading the market manually since they themselves do not trust these robots.
6. You will never learn and appreciate the market by using EA in your trading.
7. You will sure lose your money by (first) buying the EA, and (second) leaving your account to autopilot even during turbulence takeoff and/or landing, where the word "crash" is 99.99% likely to happen.. get the point?
The reason I wrote about this subject is of course, as usual some of my new-trader-to-be colleague questioned and enquired information on the reality of these FX EAs... so I just told him to checkout my blog.
I am just giving my opinion here (base on my real experience) so the rest please do your own assessment. Try experience any of these EA and tell me if you make money CONSISTENTLY with it.. I mean real money... I don't want backtest result...
Since for now.. I have totally abandon any kind of EA or Trading Robot application in my forex trading...
It is indeed a good decision since I am now more independent (ie trusting myself better) and of course having more confidence in taking my trade decisions...
Take care & Safe trade Guys... ;)
Many people said they are becomes rich but how ? I do a lot of international business the end nothing due not genuine seller and buyer .The best business if we have strong knowledge was Forex.
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