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MetaTrader 4 EA (Expoert Advisors)

Discussion in 'Forex Trading Systems and Strategies' started by GallantFX, Oct 9, 2007.

  1. GallantFX

    GallantFX Recruit

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    Anyone have any Interesting experiences using Expert Advisors ONLY on their accounts?
     
  2. Ron

    Ron Recruit

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    If you trust in it, you can throw your money anywhere! I tried a lot like Winning Solution, Dolly, Brain Trend and so on. All of them not worth a single cent. Use your brain instead.

    Greetings Ron
     
  3. Pharaoh

    Pharaoh Colonel

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    The advantage of EAs is that they completely take all emotion out of the act of trading. Breaking the rules of a trading system "just this one time" can quickly lead to disaster. They are also a great way to quickly backtest a strategy.

    The problem with EAs and other purely mechanical trading systems is that they tend to lack common sense in (at least) 2 ways.

    1. Most EAs would be happy to place a technical trade with a 50 pip stoploss 10 minutes before the NFP numbers are released. If the report goes your way, great! If not, you get slaughtered.

    Some of the more advanced EAs are designed to avoid major news releases.

    2. EAs are optimized based on prior market conditions. Market conditions can and do change. Currently, we've got the dollar setting quite a few record lows, and there isn't a lot of historical data to create a system to deal with this.

    I also did read a description of one automated mechanical trading system that was profitable most of the time, but failed ever year during the month of April. Something about the way that certain large movements of money around that year interacted with the algorithms


    Personally, I think that profitable EAs can be written, but they would have to be designed to avoid the news (or be manually shut down beforehand). Additionally, they would need to be carefully monitored and adjusted to adapt to changing market conditions.
     
  4. Dutchie

    Dutchie Recruit

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    Auto Trading Solutions

    Hi, just downloaded the FXDD Metatrader. Therefore very interested in useful expert advisors.

    Does anybody have experience with Auto Trading Solutions?
    (autotradingsolutions.com). They claim to have turned $ 10,000.-
    into $ 590,000.- in ONE year. I asked the guy (Johnathon Fergurton) for a trial which he refused. Didn't get any response after I asked for a 30 day money back guarantee.

    Thanks,

    Peter a.k.a. Dutchie58
     
  5. Pharaoh

    Pharaoh Colonel

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    The problem I've seen with money back guarantees on EAs and other systems is that they want you to trade it live (not demo) for 30-90 days and then submit your account statements. Unless you are trading nanolots, the odds are that a bad EA can lose more in a week or two that the amount of money you would get in a refund.

    Personally, if I had an EA that could safely and reliably turn $10,000 into $590,000 in a year, I wouldn't sell it. I might offer to manage other people's accounts with it for a significant share of their profits. After I made my first $10 billion, then I'd give it away.

    Please don't think I am against EAs. I find the concept fascinating and am sure that good ones can be created. The problem is that it's not too difficult to "prove" how successful one is by optimizing it to be as perfect as possible for one limited set of data. Then when the "sure fire" EA is run under different conditions, things don't go nearly as well.

    The possible solutions to this (as I see them) are to do one or more of the following:
    1. Optimize the EA across several years of data - this would allow an averaging of widely varying market conditions (but newer and stranger things will eventually happen).
    2. Determine what sort of market conditions the EA performs best in and build in indicators that will detect and verify these conditions before allowing the EA to place trades.
    3. Have one or more programmers monitor the EA and make appropriate adjustments as conditions change over time.
     
  6. hUmaN_LiE_DeTECtor

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    The 100% reason why there has never been an Expert Adviser that has made profits consistently over a long period of time on MetaTrader is because the broker changes little pieces of past data and it affects future outcomes.
    If you go back through your logs you will see little adding of bars removing of bars etc old tick and the like this is the broker messing with your data.
    This is not the broker fixing up your data to make your Indicator's and Experts work better believe me.
    If you run an expert adviser on a modified platform which costs you about $2000 to get made, you can run e-signal data into the charts, and execute the trades through an ECN like MBtrading.
    The advantages of this are obvious in that the data your using you are paying for and is 100% complete historical data not modified to make things happen and to make you lose and the broker keep your money.
    Also the pip spread remains consistent and doesn't get constant reqoutes and doesn't stop you opening and closing trades.
    Although through an ECN you don't get re quotes with market orders you just get filled at next available price which means if it gaps 200 pips you should be careful and have some price/gap watch script built into the EA.
    Tradestation has EA's and has had them longer than Metaquotes and it seems its a little more versatile to connect to different brokers and data providers as you can just rent the platform from TS and setup your own data and clearing.
    What makes MetaTrader so popular is its so easy to get pre made ready made indicators and EA's which for Tradestation seems a little less as people make there own and keep them to themselves.
    Metatrader is a great program and great software I think but its the brokers that use it that stops people making a profit.
     
  7. Chrissy

    Chrissy Recruit

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    how to run an EA

    Hello, from reading the above posts, Expert Advisors sound complicated. However, i would like to try one. I have attached one to a chart and the symbol is on the chart, I have clicked "allow live trading" etc. but nothing happens. Is there something else I need to do to place a trade with it? Thank you for any help.
    Chrissy
    (new)
     
  8. markbrockhurst

    markbrockhurst Recruit

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    Answer?

    Hi,

    On the toolbar at the top of MT4 there is a 'expert advisors' button - which needs to have a green 'play' symbol on it to activate the EA - click it to see the differences and start your EA

    hope this helps
     

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