those bots work for a very short period but in the end ,they all lose money and so will you. Take your time and learn how to trade instead of shortcuts.
Hello, I am myself the author of several EA running under MT4. Feel free to contact me for any information. Cheers. Thibaut
I've not seen any "forex system" that has been consistent enough. I don't think Forex is really meant for the little guy day trading or in forex case.. second trading..
Yes.. I don't know much about forex, could anyone recommend some good reading material for beginners?
Many EAs (Expert Advisor aka bots) have demonstrated good results in their sales page etc. The data were based on backtesting and I would say not to rely so much on this info.. We should not judge present market with past data. What some of the members mentioned above are true: It is difficult to find an EA that can produce consistent results. Most EAs promise you high returns together with significant draw downs. This mean that you will have a lot of floating loss at a given time. Draw down could be as huge as 50%, hence, you will encounter margin call if market is really going against you.. or your EA. In addition, most strategies just couldn't be coded into EA. Most traders determine the market tendency (trend, range) before entry using their trading plans. This is where EA has difficulty finding out automatically.. Being said this, I have several trading partners that have pretty good marginal results (consistency) using EAs. However, if you really want to take trading seriously and earn some good money, learn the hard and manual way. Happy pips
You can find about nine different popular ones here: http://low-money.com/forex/forex-systems-directory.html
Nothing wrong with EA. It is the system itself. No single system works forever, because the environment of forex is rapidly changing. So do not count on Past Results.
Thanks for the useful information, Just to update The bot was really working well.. with the initial budget of 5000$ it made a profit of about 1500$+ , so At the highest point my balance was 6500$, however... In the past few hours, the bot made some bad decision, losing over 1300$ over a few transcations, now my balance is 5180$
never leave it to the bot alone to make your decision... always check with your trading rules... dnt have trading rules? develop some, each person that is successfull with forex has a unique plan / set of rules that they follow to the T. the rules / plan come from your own experience and developing your own strategy from all the strategies out there... give the bot a go, but do not give it the final say in wether you trade or not...
Great thread.."RIPPED" Please let us know how you are doing? Please also can you confirm which BOT you were testing? Many thanks...Regards Carl
The bot will work for only few days, if it works at all. If you want to earn money trading, you need serious knowledge. Bots rely on technical indicators. They work only in short-term consolidations or short trends. If there is a longer trend the bot will start trading against it untill it loses all. Did you ask yourself why there is no technical analyses course in any university around the world. Because it does not make money. Macroeconomic factors move the market. If bots can make money, banks would use them, and you would never know of their existance. Happy trading
To add, the bot is lucky that volatility is low. If it was higher, he would have been bankrupt already.
Hi, Interesting post. I also have been trying to find information about FOREX bots but I only could find positive feedback. It is just a bit hard to believe that you could just set up some automated script and earn tons of money just by doing that. I would like to know if anyone has tried this system for real and if you guys know a link or something to start learning FOREX. Thanks
You only read positive things because it is only the forex affiliates that are posting anything about forex. Not many people are actually stupid enough to give forex a try with real amounts of money that is why forex affiliate payouts are so high and why we have so many forex affiliates here spamming about forex. Here is some free advice from a CPA with over 30 years of investment experience: Forex is not a real investment, it is a highly volatile gamble in which you are almost certain to lose everything you have at risk. Don't waste your time with forex, it's a long term loser. Good luck.