How to make money from EAs (trading robots)

[sebking1986]

In my experience you still need manual intervention on EAs .
You can't leave them on total autopilot .
Best of luck to you you've certainly put in the work

This was it for me and I felt more confident in the end that just trading manually was better for my risk tolerance.

 

[Akimuro]

It is great that you've made up your mind to try your hand in algotrading. The research is of utmost importance there and you've got to take some time to test your bots and come to the adequate conclusion of which bots really work and which are just a piece of trash. I still think that you'd better learn coding, however, I know that there are not many learning materials about mql language. That is why I think that the best way is to use mt5 platform and learn python.

 

[baddog4x]

the basic indicators will never achieve lasting profit, they will always fail, because they are built using moving averages.

moving averages are simply an average of the past and therefore have no way to predict the future.

backtesting, just fyi, is pure mathematical garbage... it is fools gold for amateur traders.

if you spend money to buy a trading bot that is built upon the basic indicators (such as macd or rsi etc) you might as well flush your money down a toilet.

before you ask, NO, i do not have any software for you.. no exceptions.

i am simply advising you that you CAN NOT design a machine that will spew money at you by using some cheezy off the shelf garbage indicators.

the basic indicators are simply examples of what a proper indicator might maybe look like.

i do enjoy helping newbies with coding issues, but i will NOT discuss strategy.

happy trading.

 

[ForexWarrior2020]

This was it for me and I felt more confident in the end that just trading manually was better for my risk tolerance.

Me too, I felt I could accept the risk so much more as I was able to give valid reasons for entering a trade. I think it is so key to match your personality to your style of trading

 

[Pharaoh]

the basic indicators will never achieve lasting profit, they will always fail, because they are built using moving averages.

moving averages are simply an average of the past and therefore have no way to predict the future.

Incorrect.

Some indicators, especially lagging ones, are built using MAs, but many are not.

Fibs and Pivots are the first two that leap to mind. Just to save myself the effort of recalling the names of some of the better leading indicators, I'll defer to this chapter in Forex Military School:

Chapter 13 Part II. Leading Indicators - Oscillators

So, it's plain for the world to see that there indeed are indicators with no links to MAs.

 

[Vitas]

even after backtesting over a long period, there are some market happenings that the EA might not be able to read well. EAs help to trade without a negative market psychology but many traders still prefer manual trading

 

[fxoday]

EAs, in my experience, still require manual intervention.

I am also running ea but yes sometimes i use manual intervention because based on analysis the major trend will endanger the account if let ea run the active order due against the trend, but sometimes also felt disappointed because after close order but ea make the right way.

 

[pezz55]

I have back tested EA's in the hope of finding one that works however, I have not been that lucky. I could never get the settings right. I prefer trading manually as I feel like I am in more control of the trade.

 

[fxoday]

I have back tested EA's in the hope of finding one that works however, I have not been that lucky. I could never get the settings right. I prefer trading manually as I feel like I am in more control of the trade.

Yes manual trading we can control all our decision, but actually depending on the ea, not all ea work aggressively, understand how ea works maybe help to visually system trading.

 

[Nasabayan]

Algotrading is a really difficult thing to implement on practice. I mean that the whole idea sounds great but the reality is absolutely different from the theoretical concpet in our heads. Trading bots may give some misleading results especially in dmo trading. They may work perfectly well and bring awesome profits, however, when it comes about live trading, the situation can change dramatically. More than that, more often than not trading bots begin with great profits but with the passage of time something happens to them and they start bringing losses. It is not the fault of the robots, of course, it is connected with the fact that the market is constantly changing. That is why I really think that it is better to make the trading bots on your own in order to have the opportunity to modify them when it is needed, otherwise, your robots will fall behind the market and they are likely to blow your account.