The truth about EA's
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Old 11-22-2008, 12:09 PM
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Default The truth about EA's

Hello,

This is the opinion of one of the most expirienced and succesfull EA makers:

hello every1
this is the trendchaser

i have some news that will be bad

but before i tell u the bad, iml tell you the begginning
\

im a honest person, i thought i had made a true grail, so i posted it on forex factory

my ea passed all backtest, in fact, it was so good, not one person had anything bad to say

as trhe developement progressed, the ea got even better
soon i made this site, my own forum, cause ff gave me some problems

now that were here, super ea continued to live up to its nbame

even untril this day, every1 that followed the rules, has never lost

i have made a new ea, iu have spenbt over 10,000 hrs in tester
i must say im very disapointed

what i found, is that someday you will lose
id advise every1 to stop using the ea

i know its winning, it has been all year
but trust me, i made it, and i know, 1 day it will lose

its inevitable

when i opened this forum, i thought i had a ea that coulkdnt be beaten

now i know diferent, after much testing, sad to say, it can be beaten

even betting 1 cent on a 1mil account, it can be beat


im here to help ppl, and thats why im telling you ahead of time, super ea is doomed

im the creator, i made this thing from myt own blood, and i know it personally

it can be beat

there is hope at the end of the tunnel, though most of you wont like it

this forum is going to undergo alot of changes soon
this isa in your best ibnterest, not mine

my best interest would be to sell super ea
im here to help you ppl
not sell stuff

hard as the truth is, i dont recomend running suoper ea, or super ema, or super breakout

i dont recomend any ea';s

all ea's are a illusioon

what i do recommend, is learning to trade

i suggest we do this together

any1 experienced, i incouragew you to help us

please see the learning to trade thread
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Old 01-07-2009, 12:47 PM
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The above is absolute truth.

Along my scalping system ,I have tested numerous eas and I am continue to do so.

Nothing is profitable for long term.

I havent found anything except some bits and pieces to add in my manual trading.

Dont start your forex journey with EA'S.

You will be disapointed.

Learn how to trade manually.This is the correct way.

Cheers

B
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Old 01-19-2009, 09:06 AM
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Forex Robots: The Good, The Bad and The Ugly! - Part 2
Last week I wrote an article called: Forex Robots: The Good, The Bad And The Ugly and I received a mountain of emails in response.
Now before I go any further… As I already stated… LET ME MAKE THIS VERY CLEAR!
I'm not anti-forex robots. but there is a whole lot to know and learn in order to make them work in your favor. Also please note that I am not here to be some industry watch dog to police all the systems and claims made. I am simply trying to open your eyes a bit and help you through the mine field of outrageous claims being made and to help you seperate fact from fiction from just plain wishful thinking. I alI do this through both my personal experiences in buying products over the past 18 years and from the hundreds of conversations I have had from traders around the world. Anyway…
In fact I am a big fan of using a forex robot when they are done right. What I'm not a fan of is these developers that make claims of turning $5000 into 110,000 in 3 months and telling you that it takes no effort or experience and has little risk. Listen, if that was really, really true I would be the first to buy it. Now lets give the developer with the above system the benefit of the doubt and assume they really were able to make the returns they claim.
First off, at that rate of return they are multiplying their account roughly 20 fold. If you keep at that rate you would be up to $40,000,000 in less than a year. Do you honestly believe that the developer would want to release the program for $97. Think about this also … After just 2 years they wouldn't be able to trade at that pace anymore as their positions would be too big for any one brokerage firm.
Now lets still give the developer the benefit of the doubt and assume they want to share their system out of the goodness of their hearts or they are trying to get some good credits in the great "Karmic Bank In The Sky". Anyway… With the above results no one in their right mind wouldn't snap up a copy at $97. Heck, I think most people wouldn't bat an eyelash at paying $1,000, $2,000, even $5000 if the thing really delivered the above results.
Back to the $97… At such a low rate the software would literally sell 10,000, even 20,000 copies in a month. I know that is true based on the sales of some of the well known programs like FAPS TURBO.
What do you think will happen if all of a sudden 20,000 traders from around the world all fire up their forex robot to place trades? The system will quickly implode or start not working as good as it used to because the market can't handle all that volume without moving the market very quickly. It can also create horrendous fills for traders.
Sure the deveopers will tell you how the forex markets are a 2 plus trillion dollar market and it can handle the volume. I'm here to tell you that isn't exactly true. Its one thing if up to 300, 500 even a 1000 traders jump in with a 1 or 2 lot at the same time, but a stampede of 20,000 forex traders placing orders will before long make the system fall apart. Also keep in mind that the 2 plus trillion dollars is made up of all currency pairs so… The fact is when you are looking at just one currency pair there is no where as much trading volume. This is why 20,000 forex traders jumping in can cause some real potential problems.
So I ask you this… Why would the developer risk ruining their own sure-fire cash machine to make $97 per sale? Think about it this… Sure if they sell 20,000 copies they would make $2,000,000 but… That is peanuts compared to making $40,000,000 in a year. Also if they sell 20,000 copies then they can no longer trade their own system as it will eventually break down under the weight of 20,000 traders. In a way they have killed their goose with the golden egg!
Some of you may be thinkng… "Well Jeff, you sell your programs for $97!".
The BIG difference is that I teach a strategy, but it requires a trader to act on their own and decide at what time to pull the trigger and when to get out. Yes I give a set of step by step rules but…. From experience I can tell you that even though all traders have the same set of rules, they don't carry them out the same way.
  • For example some will hesitate to get in because they want more confirmation.
  • Some will get nervous and exit a profitable trade after just a few pips while other traders will hang in there.
  • Some traders will add more indicators which changes my original strategy.
  • Some traders only trade the London session and will miss trades that US trading sessions will produce.
  • Some people are happy making 10 pips and calling it a day while others are shooting for 40 or more.
  • Some will use my system on a 5 minute chart while others us a 30 minute chart. Each time frame will produce a different amount of trades and exit and entry points.
  • The list goes on and on… Because of this there will never be 10,000 traders jumping in or out at one time.
In contrast with a robot everyone will get in and out at the same time. Anyway, moving right along…
There are two sayings that apply to the over hyped "can't fail" forex robots being advertised.
1. If it is too good to be true, then it probably is.
2. You USUALLY get what you pay for. Please understand that just because something is inexpensive doesn't mean its crap. I just think you have to be leary when you are promised the sun, the moon and the stars for $97.
I think you have to ask yourself if you want to risk your hard earned money on a program that thousands and thousands of traders are using?
I know for me personally if I am going to use a robot it needs to meet these criteria;
1. It needs to have steady performance over the past 1 -2 years.
2. It can't have any big drawdowns. To me that is less than 25% - 30%. To some of you that may sound ,like a lot but… The forex markets are very volatile and they need some "room to breath'. Also a lot of the so called "Wonder Systems" have drawdowns as high as 75%.
3. It needs to "Fly under the radar". What I mean is that I don't want thousands of traders taking the same signals at the exact same time as me. A few hundred traders are ok as they won't adversly effect the market.
4. I prefer a system that can run on a private server that will run 24/7. What this means is that the system does not require me to login or keep my computer running. This frees me up from worrying what happens if my computer crashes or losses power. It also is the only truly hands free way to trade. Robots that run on your PC require you to monitor things just to make sure there isn't a power loss or system shut down.
I have recently found a program that meets all the above requirements. Whats really interesting is that it has built in intelligence that helps it learn from its mistakes. This has allowed it to never have more than 2 losses in a row. Anyway, I won't go into anymore detail for the moment as I am first going to throw $5,000 into an account and trade it. As long as it keeps performing as it has, I will share the results with those of you who are interested.
I will also be testing out another robot system on the other end of the spectrum as it sells for $5000. That may sound like a lot to some of you, but if it does what it says then it is worth it. Anyway, I will keep you posted.
You may wonder why I want to trade robots since I have developed my own systems. Two reasons…
1. Diversity.
2. My systems all require me to manually find, execute and monitor my trades. While I don't have a problem with that and actually enjoy the process, but there are times I am just too busy to trade. Running a robot helps me participate in the markets when time is short.
Before I wrap up Part 2 of this series, let me leave you some tips for using the $97 robots.
1. If you see a robot that you like, look for the contact info. If there is no email or phone number then run the other way. There is a reason the vendor doesn't want you to know where they are.
2. Don't put all your eggs in one forex basket. I would try and trade 2, 3 even 4 robots as this will help balance your portfolio out. This way, say one robot falls apart or under performs the others should help keep your head above water. Also risk no more than 1/2% per robot position. You will definitely need to get your math right to ensure you risk the right amount on every trade. If you are trading multiple currency pairs with each robot then you should drop your risk down to about 1/4% per position. What this will do is safeguard you in case the shit hits the fan and all the robots and trades go bad at one time. In this worst case scenario you would walk away with a small roughly 5% overall loss versus blowing out your account.
3. It can create a bit more work, but it would be a good idea to trade with 2 brokers just to spread things out a bit. That way in case their is a broker related meltdown it won't effect all your positions.
4. Don't bet the farm on any one robot. I don't care how good a system performs and even if it has returned 500% for the last 10 years. The bottom-line is that forex systems can and do breakdown so you need to diversify and not throw all your money into one robot. As I just said, I don't care how good a system performs and even if it has returned 500% for the last 10 years. I know it could be tempting to throw all your money into a system especially when you start playing with all the numbers and adding in the power of compounding. Anyway, don't be in a hurry as it could be your downfall.
5. Don't limit yourself to the the $97 forex robots. You need to test out ones in different price ranges so that you have a broad perspective on things.
I have a lot more to say about robots , but the 2 fingers I type with are getting mighty tired so I will say until time… Hope this gives you some valuable food for thought!
Jeff Wilde
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Old 05-29-2012, 10:42 AM
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Tavoul Tavoul is offline
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Learn manual trading through screentime , fundamental and technical analysis.

There is no holy grail EA all are targeted to fail.
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