Do forex EA robots ever work?

[wanorbit]

On starting trading forex some years ago, i was fascinated when i encountered EA robots and learned a good lesson not to ever use them going forward, i have seen an account of a copy trader i was following go from $50,000 to zero in one day, i was astonished! well for me i would never trade using EA robots again, i noticed that its just coding and it cannot predict daily market conditions, economic news etc it just targets the market openings on sunday and tries to fill the spread before it consolidates to a tighter spread, but its not every market openings on sunday that goes in that direction to consolidate spreads, sometimes markets resumes in that direction of that spread gap maybe 10pips + hence the robot sees that gap based on programming and opens a trade "already 10pips in red" to go in the opposite direction of the spread, thats another account balance closed out every sunday market opening.

What are your experiences using EA robots, has it been profitable for your trades as detailed in its back testing?

Let hear your thoughts on this thread..thanks

 

[sunar14]

From my experience, paid EAs don't survive for a long time, if you want to get working stuff you have to create it yourself, from a scratch. You have propose original trading idea and understand every line of its code to be able to modify it and adapt to changing trading environment.

 

[forex.arslan]

There are rarely any EA that works in all market conditions. Few are good in trendy markets; few are good with choppy markets. Human intervention is always required.

 

[vicjon1995]

From my experience, paid EAs don't survive for a long time, if you want to get working stuff you have to create it yourself, from a scratch. You have propose original trading idea and understand every line of its code to be able to modify it and adapt to changing trading environment.

Completely agree with you.

 

[Enivid]

The EAs can be very helpful in Forex if used to automate trade execution. I don't trade with EAs that perform complete trading automation (analysis and entry/exit signal calculation), but rather use the EAs to execute trades on my behalf after I do all the analysis and determine the conditions for entering and exiting this particular trade or a set of trades. My trading strategy wouldn't be feasible without the help from expert advisors because it is impossible for me to monitor the market 24/5.

 

[wanorbit]

The EAs can be very helpful in Forex if used to automate trade execution. I don't trade with EAs that perform complete trading automation (analysis and entry/exit signal calculation), but rather use the EAs to execute trades on my behalf after I do all the analysis and determine the conditions for entering and exiting this particular trade or a set of trades. My trading strategy wouldn't be feasible without the help from expert advisors because it is impossible for me to monitor the market 24/5.

interesting, i see, do you mean EAs such as indicators and oscillators?

 

[wanorbit]

From my experience, paid EAs don't survive for a long time, if you want to get working stuff you have to create it yourself, from a scratch. You have propose original trading idea and understand every line of its code to be able to modify it and adapt to changing trading environment.

the thing is even developing an EA robot from the scratch, how is it possible to code in daily economic news that move markets, i dont think it is fair of EA robot developers to prey on newbie traders that dont have a clue on how robots are very decrimental, some newbie's do deposit there entire savings based on these robots suppliers showing back testing and promising profit features to then get there trading account balance to zero hence why the USA still has forex banned, as well the end of binary options. Forex should not be a conjuring platform whereby used as a ponzi scheme to cheat new coming traders

 

[Enivid]

interesting, i see, do you mean EAs such as indicators and oscillators?

No, EAs I am talking about are neither indicators nor oscillators. Indicators are indicators, and oscillators are a type of indicators. Both are completely different from what an expert advisor (EA) is.

 

[wanorbit]

No, EAs I am talking about are neither indicators nor oscillators. Indicators are indicators, and oscillators are a type of indicators. Both are completely different from what an expert advisor (EA) is.

can you reference an EA that you use? "are you refering to EAs that sends you alerts of a possible trade"

 

[Enivid]

can you reference an EA that you use?

Chart Pattern Helper, News Trader, and Account Protector.

are you refering to EAs that sends you alerts of a possible trade

No, that's like the opposite of what I described.

 

[wanorbit]

Chart Pattern Helper, News Trader, and Account Protector.


No, that's like the opposite of what I described.

have you got referenced examples of the EAs you are describing?

 

[wanorbit]

Hello,

I was back testing EA robots this weekend, and i could tell you that the ones i tested were all rubbish, some had no data of it being used, some made 10 trades in a year making $50 per month profit of a $10k account balance and some had massive losses, my advice to any trader purchasing any EA robot is you should back test "strategy test" it yourself on your MT4 or MT5 to see how hopeless or effective the EA robot is before you purchase.

Dont pay attention to the EA robot own's back testing information provided by the author, its a trap, get the demo EA robot first and back test it on your meta trader for previous and current trading results, if you do not know how to back test "strategy test" ....visit youtube and type show me how to back test EA robot on meta trader, lots of video

"Do not purchase any EA robot until you have back tested it to see the results for your own self!

I would not call out any EA robots name because you can do a back test of the EA robot demo before you purchase, any EA robot author not giving you a free trial to back test the EA robot you should stay clear of that author and EA robot

Example of how an EA robot can cause excessive losses, makes you profit and 1 loss is all the profit it has made you - comment from the EA robot user's chart below - "Small profit, big loss"

Happy trading!

 

[e_abrams]

Robots work only under the very specific conditions they are designed to work under. It takes skill and experience to recognize that the conditions are right, which is why I don't think they are an appropriate tool for newbies.

 

[wanorbit]

Robots work only under the very specific conditions they are designed to work under. It takes skill and experience to recognize that the conditions are right, which is why I don't think they are an appropriate tool for newbies.

why dont you purchase a robot and show us your real account balance after a month, set lot size to 0.20 pls, if you that confident in your words, send us proof of a robot doubling your deposit in within a month. Forex is not to pass away time out of being bored or just making/thinking onesself is in the big leagues, this is real money and it aint easy to come by like handouts

 

[e_abrams]

My whole point was that I am not at all confident in robots, which is why I don't use them.
You need to be very experienced and knowledgeable to use a robot successfully. I am not. Most people are not.

 

[Oswald]

There few eas that work but they dont last for so long too

 

[sunar14]

can you reference an EA that you use? "are you refering to EAs that sends you alerts of a possible trade"

Simply put EA is a bot, i.e. which trades according some set of rules (signal generation + risk management).

 

[RaviTeja]

They do work most of the time, but it is not consistent like manual trading; the profit earned when EA robots can vary from time to time.

 

[e_abrams]

Manual trading is hardly consistent either, depending on the trader.

 

[Dora_WalletInvestor]

Manual trading is hardly consistent either, depending on the trader.

While it is never completely predictable, I think it is possible to achieve consistent results with either manual trading or EA's if used in a smart way, for example the way Enivid described.