Traders who use EAs/Robots - Question

[filipesantos]

Hi all,

first of all I'd like to apologize for any dummy question or comment. I'm new in the forex (few months) I know a very little bit (almost nothing in my opinion) about brokers, regulations, technical analysis and EA's... but my question is related to EA.

Also I'd like to forward this question to the people who uses EAs a lot . If you don't like or you don't trust EA's I can respect that but I think this is not the thread objective.

I like so much the FPA performance test where I can go take a comparison about the profits, DD, etc... but I'd like to ask a question:
We see a good quantity of EAs here with reviews, some tests against scammers (AMAZING WORK).... and in there is also the website MQL4: automated forex trading, strategy tester and custom indicators with MetaTrader and in my opinion there's no scammer check or anything like here...it's like a dark market (please advice if you don't agree) but even that I see sometimes some interesting signals... I'd like to hear from you if i should get away from that website or if i can find some good signals there also... I'd like to know your opinions.

I'd like to thanks in advance for your time and comments

best regards

 

[fxstrategist]

I would like to meet someone in person who is currently using an EA and making consistent profits.

 

[filipesantos]

thanks for sharing your opinions..

 

[workitout]

expert advisor, forex robot,EA, auto trade, money printing machine robot, it has so many name and nearly losing it's original identity. an EA are an automatic version of manual trading strategy, it's based on traders research! long run research. for some reason i never like the idea buying an EA, i prefer to made one, bit tiring frustating, but at least i have fully understanding upon the ea works.
one thing you any subsribers taking consider are the DD, Most systems today, such as a Metatrader 4 account statement, express drawdown only in terms of closed trades, so if the trade goes into a huge loss but is never closed and eventually recovers and is closed at a profit, the drawdown is hidden and never expressed. the real one are calculated based on "equity drawdown".
as for FPA performance test page, i cant tell many about it, while i'm still a nosebrat members here. but seem the page designed based on profit and account running weeks. official mql signal page are considerable new in this field, they intend to wipe out any brokers forexcopy,signal service by offer by same service on their official page. you can many profitable system there, but i wouldn't recomend for long term investment plan, too many marty type system swarming around while the signal provider mostly only used cent account!, you may check and surf their high rate signal on first page.
interesting signals surely catch any new traders, but there's few thing you may consider :
- pick a long run account at least 6 months, a year should be good,
- narrowed only for low drawdown, 10% average, 15% max.
- avoid any lot increament trading system, for example martingle system and all it's varian.
- select only account with proper risk management, predefined stop loss for each trade, and limited only at small portion stop loss (200 ++ pips )
- consider the transaction length, a daily trade system are good choice, because you dont want to have a way too long active trade, especially when at negative condition.

would continue the discussion upon your interest , I never good with explaining, but i try my best and hope it helps.
Regards

W

 

[KellyP]

I know trader who use EA, and the performance really good. They trade only with the Robot, but use different settings depending on the broker, pair, initial deposit, etc.
sometimes they trade manually, because robot not always up to date. People knowledge sometimes faster. So, they just check and confirm the results "manually" (visually) to make sure everything is OK.

 

[filipesantos]

KellyP, thanks for sharing that... but Can you give us more details for example: what robots, what settings? your comments were good but too superficial

thanks

 

[workitout]

KellyP, thanks for sharing that... but Can you give us more details for example: what robots, what settings? your comments were good but too superficial

thanks

it refers to many EA, but i believe it would be a private EA one . some commercial ea are shown good result too. but i prefer to use my own developed system, and it's still under development on my last discovery brokers armada markets account, been use several different brokers for average 6 months forward tested. what's kelly means is traders use different EA setting depend on what brokers they use (related to : trading condition), which pair ( :spread,stop/level order), and how much deposit ( :lost size, MM), some EA also adapt to market session, Asia, NY, london session. any manual trade behaviour turn into logic are able to built in EA programing.

 

[filipesantos]

workitout, thanks for sharing that too.... Yes I use commercial EAs but I don't use just one... I have several... according to risk... percentage, etc and I was looking to exchange experience related to that

 

[workitout]

workitout, thanks for sharing that too.... Yes I use commercial EAs but I don't use just one... I have several... according to risk... percentage, etc and I was looking to exchange experience related to that

hi filipesantos,
I never buy any EA before, well, mostly i've got most ea before its become commercial one. once i was involve in many ea development, but not as a coder, more like a 'spectator' with 'bad mouth' activity, analyze, critize and advice any ea logic based on their trading performance.

most commercial EA are 'malfunction' EA, the creator contact some friend who offer him to sold his EA, and then the business come up (let's put it that way). some EA may proven profit, and 80% commercial ea consist of grid type, lot incresament type, scalper type, basket type or combine of scalper grid basket type . which means this kind of ea wouldn't last for long run.
and here's a myth which still exist for decade "holy grail" EA type, shown a profitable result on BT, but now we had a proper social trading website like myfxbook,mql5, to put more proven live statistic instead of BT result. some this holy grail shown a low DD and high result, but if you had a simple logic thinking, said this EA are truly a holy grail why dont all FPA members use this ea at once. let me put a silly example.
Forex Peace Army Forum Statistics Members : 108,600 , all of the use a holy grail with proven profit 50% monthly, let says average deposit used are 1000 USD, means 500 USD profit monthly, of 108600 members, and we've got, 108.600.000 USD monthly profit. question is, which company willing to paid this amount monthly, your brokers my brokers or there's none ?, the truth is any profitable trader system are fully not allowed to exist! not a chance! even there's a truly proven strategies, they always keeping on low profile to ensure their own profit, i do mean at low, even they aim for low monthly target, mostly below 10%! based on my years experience, research, a quest for any possible profitable trading strategies, i came into one conclusion : a profitable trading system should maintain profit both side, for traders and their brokers.
dont get too caught on my words, there's a high possibilty it's only my imagination or perception. while if this help your thought, dont bother, treat me a beer would be enough,

 

[filipesantos]

workitout... I don't have your experience and I can say I'm a dummy for sure... but I totally agree with your opinion and I already did think about it....

i can complement your words saying that you can make some very good profit (little bit more than normal but not 50%) but its just for a while... for example 6 months... so this is why i think its a good shot put part of the investments in good EAs knowning that it will remain just for a couples of months...

what do you think?

I have to say again... what you said is almost impossible to prove but we can "read" that based on the numbers