Do forex EA robots ever work?

Aug 5, 2021
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I think there are a few good ones out there but never wanted to take the chance to find out for myself by losing a ton of money so I just stayed away from EAs.
 

Swiss_cheese

Trader
Aug 30, 2021
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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

I've tried many and have not found a 'holly grail', but some are wayyyy better then others. Market conditions change and therefore you can not code to suit all conditions
 

sharabela

Active Trader
Oct 19, 2016
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I personaly do not like using EA. However, I used EA on my demo account. It did not produce good result. Thus, I never tried EA again. I strongly believe it is better to trade on own strategy. It may take time but it works at the end of the day.
 

Dora_WalletInvestor

Active Trader
Aug 17, 2020
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In some situations, they do. But just like when you are trading and profits and losses go hand in hand, the scenario is the same in the case of EAs also. They do eliminate the emotion factor but I believe that many times when you are trading, your emotions can help you save your money as you can judge some situations better than an EA can.
I don't think our emotions are good at judging situations - listening to your emotions can actually be really detrimental, because at that point, you don't make decisions based on probable outcomes. In some cases, if you are a very very experienced trader, you might have gut feelings that work, but this is not realistic for most average traders.
 
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Dutchy86

Trader
Sep 27, 2020
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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
I’ve personally used a few from a trusted group to me and until now have not had much success. I don’t think you can overly rely on them and are never fully hands free. Saying that I use one now that’s survived 6 months with no issues
 
Jul 17, 2020
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Forex EA robots are helpful because unlike humans they can monitor hundreds of markets at a time. They are very quick to react when a trade signal is received whereas hesitancy of a trader to make fast decisions can cause him to miss out on a number of opportunities. The thing is, we can’t just sit back and watch the money rolling in while these automated softwares trade on our behalf. If it was possible then every trader would have been making money. Moreover many traders do believe that by using EAs they would be able to separate emotions from their trade but most of the EAs are not fully automated and require human intervention from time to time. Emotions naturally come to the picture when you have to decide whether you should intervene or not. I think EAs work well when you monitor it regularly and make necessary changes whenever needed and that too needs some programming skills and in-depth knowledge of trading strategies.