Are Automated Expert Advisors (EAs) Worth Considering?
This is an important question that has had so many mixed opinions and no real consensus.
My early days of trading were spent searching the net for the best Expert Advisor out there. I got caught up in this never ending search for the "holy-grail" trading system and believe me I wasted a lot of time and money in the process. I wish I could go back in time and change some of the decisions I made but you learn from your mistakes and as long as you do not repeat those same mistakes again you are on the right track.
What makes Expert Advisors so attractive?
These are the main points why traders use EA's:
- No emotion involved
- No thinking involved
- More time to relax
- Emotion free
- Easy to use
- No thinking required
- Help documents available
The above, outline the main points why traders seek the use of an Automated Expert Advisor. They do look attractive when put that way; however you should also consider the negative aspects as well.
If you have done your home-work, you would know by now that there are numerous automated Forex providers on the net. They all claim the same thing, to make insane money in no time. Some of their famous selling pitches include:
- Robot turns $1000 into $10000 in matter of days
- Robot with a 98% success rate
- Make a ton of Money with no experience
- Quit your job and make a killing with this robot.
All those sound great to the new comers looking for a mean to make some quick and easy cash, but sadly the reality is that many of them end up losing their hard earned money in the process. Those systems that supposedly can make you thousands of dollars in no time are more than likely going to help you lose money in a relatively short amount of time.
If you have stumbled across this article before making any purchase consider yourself as being lucky. I am among the few people out there that will tell you the truth about Expert Advisors. Most expert advisors are just a waste of money. They don't and will never work. If they did, all the major Banks and Hedge Funds would sack their entire FX department and use those robots instead.
Well, the truth is that Banks and the other major institutions rely solely on their experience FX traders to make money on the Forex market. Compared to FX Traders, automated robots do not take into account the changes in market conditions, they simply follow a set of rules whatever the market throws as them. The Forex market is so unpredictable and volatile that trading heuristics do not apply most of the time.
Forex robots are many a time designed my mathematicians or engineers who believe they cracked the code to Forex trading. Well no offence to them but if they have already cracked the code, why am I still not profitable. You see the nature of the Forex market is such that changes in market conditions cannot be predicted. This is due to news, catastrophes, political changes etc Do you believe those robots can take all those changes into account?
The following are some of the major points you need to clear out if you are thinking of purchasing a Forex robot:
- The back ground of the developer (make sure the developer is a successful Forex trader and not another engineer or mathematician claiming they have cracked the Forex code)
- Live account results of the system (very important as the basis of your decision will rely heavily on that point)
- Live track record of the system (no back testing only live accounts)
Potential monthly return
- Maximum draw-down.
If all the above questions are ticked then you got yourself a potential winner.
I spent a lot of money on different Expert Advisors over the many years, and it is fair to say that I lost more money than I made. I nearly gave up on all those worthless expert advisors until the day I was introduced to a product designed by a guy named Ashkan Bolour.
At this point I had no clue who this guy was, so after some research I came to know that he was a highly respected and successful Forex trader. He had featured in many trading shows and books and was a veteran money manager. He had an automated system that had good reviews and which seemed fairly priced. So I decided to give it a shot.
Wellto cut the story short I never looked back. If you are serious about trading and looking to make some consistent and realistic profit every month with minimum draw-down, Ashkan Bolour's system, the FXprofit Mountain, is highly recommended. This is the only Forex Robot you will ever need. - 23229
My early days of trading were spent searching the net for the best Expert Advisor out there. I got caught up in this never ending search for the "holy-grail" trading system and believe me I wasted a lot of time and money in the process. I wish I could go back in time and change some of the decisions I made but you learn from your mistakes and as long as you do not repeat those same mistakes again you are on the right track.
What makes Expert Advisors so attractive?
These are the main points why traders use EA's:
- No emotion involved
- No thinking involved
- More time to relax
- Emotion free
- Easy to use
- No thinking required
- Help documents available
The above, outline the main points why traders seek the use of an Automated Expert Advisor. They do look attractive when put that way; however you should also consider the negative aspects as well.
If you have done your home-work, you would know by now that there are numerous automated Forex providers on the net. They all claim the same thing, to make insane money in no time. Some of their famous selling pitches include:
- Robot turns $1000 into $10000 in matter of days
- Robot with a 98% success rate
- Make a ton of Money with no experience
- Quit your job and make a killing with this robot.
All those sound great to the new comers looking for a mean to make some quick and easy cash, but sadly the reality is that many of them end up losing their hard earned money in the process. Those systems that supposedly can make you thousands of dollars in no time are more than likely going to help you lose money in a relatively short amount of time.
If you have stumbled across this article before making any purchase consider yourself as being lucky. I am among the few people out there that will tell you the truth about Expert Advisors. Most expert advisors are just a waste of money. They don't and will never work. If they did, all the major Banks and Hedge Funds would sack their entire FX department and use those robots instead.
Well, the truth is that Banks and the other major institutions rely solely on their experience FX traders to make money on the Forex market. Compared to FX Traders, automated robots do not take into account the changes in market conditions, they simply follow a set of rules whatever the market throws as them. The Forex market is so unpredictable and volatile that trading heuristics do not apply most of the time.
Forex robots are many a time designed my mathematicians or engineers who believe they cracked the code to Forex trading. Well no offence to them but if they have already cracked the code, why am I still not profitable. You see the nature of the Forex market is such that changes in market conditions cannot be predicted. This is due to news, catastrophes, political changes etc Do you believe those robots can take all those changes into account?
The following are some of the major points you need to clear out if you are thinking of purchasing a Forex robot:
- The back ground of the developer (make sure the developer is a successful Forex trader and not another engineer or mathematician claiming they have cracked the Forex code)
- Live account results of the system (very important as the basis of your decision will rely heavily on that point)
- Live track record of the system (no back testing only live accounts)
Potential monthly return
- Maximum draw-down.
If all the above questions are ticked then you got yourself a potential winner.
I spent a lot of money on different Expert Advisors over the many years, and it is fair to say that I lost more money than I made. I nearly gave up on all those worthless expert advisors until the day I was introduced to a product designed by a guy named Ashkan Bolour.
At this point I had no clue who this guy was, so after some research I came to know that he was a highly respected and successful Forex trader. He had featured in many trading shows and books and was a veteran money manager. He had an automated system that had good reviews and which seemed fairly priced. So I decided to give it a shot.
Wellto cut the story short I never looked back. If you are serious about trading and looking to make some consistent and realistic profit every month with minimum draw-down, Ashkan Bolour's system, the FXprofit Mountain, is highly recommended. This is the only Forex Robot you will ever need. - 23229
About the Author:
To see this system in action go to the Forex Expert Advisors section of Forex Trading Domain for a review of all the Forex Systems.
posted by X - Men @ 4:57 AM
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