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another newbie

Discussion in 'Beginners Bootcamp' started by Mark O'Connell, May 6, 2010.

  1. Mark O'Connell

    Mark O'Connell Recruit

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    I've been reading EA web news for about 9 months but have taken no action because of al lthe contradictory info available.

    Last summer the hot new EA seemed to be Ivy Bot however the news since Jan-Feb 2010 especially here in Forex Peace is that Ivy Bot has gone bad with Version 5, is a tiny 10K file without much smarts, and is called a waste of money.

    Then there's FAP Turbo, which has earned accolades on many web forums and is advertised everywhere. The Performace Test being perfomed right here in Forex Peace suggests FAP Turbo (see test 2) is earning big equity every week over a two-month test. However the SCAM resolution forum here at Peace contains multiple complaints about FAP as over-sold, non-supported, and an EA that wins a pip 95% of the time but then loses 95 pips 5% of the time thus erasing any short-term gains.

    How much of this is true? Is there a concensus anywhere that EA's a worthwhile? Or not worthwile?

    thanks
     
  2. Cypraea moneta

    Cypraea moneta Recruit

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    I tried letting an EA do my trading and will suggest you skip that step and start trading manually. Even if it is only on a four hour time frame or you could also consider the daily time frame. It might not be the "easy way" but it is better to do it yourself and know it is being done right rather than hoping the EA doesn't run you dry.


    Hope that helps and happy trading!
     
  3. Mark O'Connell

    Mark O'Connell Recruit

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    Thanks Cypraea and Jeremy

    Where does a newbie go to get this training? Can't afford $3000 training class.

    Note that the Forex Peace Army Performance test is showing good results after 2 months on FAP turbo. I wonder if they discovered some way to set the stop-loss so that Fap does not allow the big losses?
     
  4. Eric Alyea

    Eric Alyea Master Sergeant

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    I thought we had a standard newbie intro???

    Some times you guy’s make me want to do the classic bully, head under the arm pit, rap the top of the scull three times and say “HELLO”.
    Why don’t you wipe your rear end with dollar bills and flush it.
    Try this 1st:
    http://www.forexpeacearmy.com/forex-forum/forex-basics-boot-camp/

    This is an example.
    This is how I got your answer: (Pharaoh has to much stuff to sift through but if you "REALLY" want to learn do this with his name)
    1 I found something with cowmadagan‘s (left click on the) name on it.
    2 hit go to profile
    3 hit “Find all threads started by cowmadagan (or who ever):

    http://www.forexpeacearmy.com/forex-forum/beginners-bootcamp/8563-teach-beginners.html#post29578

    darn I still didn’t find it... I have to go to,:
    4 “Find all posts by cowmadagan”, I know it’s there I read it.
    http://www.forexpeacearmy.com/forex...8-please-explain-daily-signals.html#post34207
    that wasn’t it but good.
    http://www.forexpeacearmy.com/forex-forum/hello-welcome/9285-hello-advice-requested.html#post32903
    that wasn’t it either, that was page 2

    Found it:

    http://www.forexpeacearmy.com/forex.../8920-why-do-most-traders-lose.html#post31355.

    http://www.forexpeacearmy.com/forex...ing-advantage-fpa-advice-given.html#post22281

    Maybe I should have looked under “ernest8finger” but I am working on being a ...kinder ... gentler ... Eric
    I’m not the most polite but I get the job done. Take no offence.
    Good trading to you.
     
    #4 Eric Alyea, May 6, 2010
    Last edited: May 6, 2010
  5. Pharaoh

    Pharaoh Colonel

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    Heh heh. As Eric so gently put it, dig around in all the free stuff here.

    Don't spend a cent on any forex product until you've looked at the info that's free at the FPA and other forums. This will give you enough background to decide if you want to spend money on something or not.
     

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