Automated Expert Advisors (EAs) Are They Worth Considering?
This is an important question that has had so many mixed opinions and no real consensus.
At the start of my trading career, I spent countless hours looking for what I believe would be a perfect Expert Advisor. One with small draw-downs, good returns and that could make consistent profit in any market conditions. To cut this story short I had set myself for a never ending quest. The word "holy-grail" simply does not exist in the Forex world and it took me a lot of time and a large amount of wasted cash to realize this fact.
What makes Expert Advisors so attractive?
These are the main points why traders use EA's:
- System is on autopilot
- Less emotion
- More time to relax
- Easy to install and use
- Easy to install
- No experience required
- No experience required
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:
- Make a killing trading with this robot
- No losing Forex Robot that can turn $500 into $5000 in less than a month
- 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 are reading this article then consider yourself as one of the lucky ones. Do not get me wrong and am definitely not bragging here, I am simply sharing with you the experience I have had, personally, over those 5 years of trading. I am one of the few who will tell you that 98%+ of the Expert Advisors available on the net simply do not work. If they did work don't you think those major financial corporations would use those systems instead of relying on their FX traders?
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.
You must have heard of those mathematicians and engineers coming forward and voicing out the fact that they have cracked the code to Forex trading. This is simply B.S. Most, if not all of their data are collected through back-testing or demo testing. I will make this short and simple for you to remember; a system cannot be built on the basis of back-testing only.
Here are some of the points to take into account when investing in a Forex Robot:
- Who developed the system? (make sure he/she is a well-known Forex trader with substantial experience in Forex trading)
- Has the system been tested on a live account? If yes what are the monthly returns.
- How long has the system been in operation?(2+ years)
- What is the maximum risk exposure?
- Maximum draw-down.
If all the above questions are ticked then the product may be worth your time and money.
In my early days, I spent a considerable amount of money searching for the right expert advisor. To cut a long story short I ended up with less money than what was promised by the people selling those robots. I hit rock bottom at that stage and nearly gave up on those so called Expert Advisors when a veteran trader I knew advised me to try a product designed by a guy named Ashkan bolour.
I knew nothing about Ashkan Bolour at this point. I researched the net for more information and learnt that he was a highly successful money manager who was well respected in the Forex world. He had featured in many trading books and had become quite an authority in the foreign exchange arena. I decided to try his product after seeing the nice monthly returns he had on his live accounts.
Well the results were quite amazing. It was not a system making 500% or even 100% return each month but it was making some very consistent profits with small draw-downs. If ever you are looking for a proven system backed by consistent profit made on live accounts, Ashkan Bolour's system, the FXprofit Mountain is a must. - 23208
At the start of my trading career, I spent countless hours looking for what I believe would be a perfect Expert Advisor. One with small draw-downs, good returns and that could make consistent profit in any market conditions. To cut this story short I had set myself for a never ending quest. The word "holy-grail" simply does not exist in the Forex world and it took me a lot of time and a large amount of wasted cash to realize this fact.
What makes Expert Advisors so attractive?
These are the main points why traders use EA's:
- System is on autopilot
- Less emotion
- More time to relax
- Easy to install and use
- Easy to install
- No experience required
- No experience required
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:
- Make a killing trading with this robot
- No losing Forex Robot that can turn $500 into $5000 in less than a month
- 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 are reading this article then consider yourself as one of the lucky ones. Do not get me wrong and am definitely not bragging here, I am simply sharing with you the experience I have had, personally, over those 5 years of trading. I am one of the few who will tell you that 98%+ of the Expert Advisors available on the net simply do not work. If they did work don't you think those major financial corporations would use those systems instead of relying on their FX traders?
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.
You must have heard of those mathematicians and engineers coming forward and voicing out the fact that they have cracked the code to Forex trading. This is simply B.S. Most, if not all of their data are collected through back-testing or demo testing. I will make this short and simple for you to remember; a system cannot be built on the basis of back-testing only.
Here are some of the points to take into account when investing in a Forex Robot:
- Who developed the system? (make sure he/she is a well-known Forex trader with substantial experience in Forex trading)
- Has the system been tested on a live account? If yes what are the monthly returns.
- How long has the system been in operation?(2+ years)
- What is the maximum risk exposure?
- Maximum draw-down.
If all the above questions are ticked then the product may be worth your time and money.
In my early days, I spent a considerable amount of money searching for the right expert advisor. To cut a long story short I ended up with less money than what was promised by the people selling those robots. I hit rock bottom at that stage and nearly gave up on those so called Expert Advisors when a veteran trader I knew advised me to try a product designed by a guy named Ashkan bolour.
I knew nothing about Ashkan Bolour at this point. I researched the net for more information and learnt that he was a highly successful money manager who was well respected in the Forex world. He had featured in many trading books and had become quite an authority in the foreign exchange arena. I decided to try his product after seeing the nice monthly returns he had on his live accounts.
Well the results were quite amazing. It was not a system making 500% or even 100% return each month but it was making some very consistent profits with small draw-downs. If ever you are looking for a proven system backed by consistent profit made on live accounts, Ashkan Bolour's system, the FXprofit Mountain is a must. - 23208
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 @ 3:49 AM
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