Are Automated Expert Advisors (EAs) Worth Considering?
This is an important question that has had so many mixed opinions and no real consensus.
My trading career begun when, Expert Advisors were becoming popular among the retail traders. The hype and results surrounding those systems were so mind-blowing that I believed Forex would be an easy trading game. I wasted a lot of time and money in search of the best Expert Advisor out there. I bought literally every EA that hit the market. They all promised the sky but in the end I was left with nothing. It took me a while to come to terms that most of those systems were no definite solution to currency trading.
What makes Expert Advisors so attractive?
These are the main points why traders use EA's:
- No emotion involved
- No sitting in front of the PC the whole day long looking for the right set-up
- Stress free
- Emotion free
- Easy to install
- No need for experience
- Improve trading system
These are the main features that attract us to trading on auto-pilot and I have to admit, they are all very tempting in hind sight. However, the trading world is not as perfect as it seems. Many a time things that, "look too good to be true'' turn out to be greatly deceptive.
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
- Robot with 100% success rate turns $100 to $1000 in a month
If half of the above were true I would be sitting on a nice beach as we speak enjoying the sun and sipping on a cocktail, however, here I am sharing with you my experiences about automated expert advisors. Systems that promise to make you thousands overnight or 500%+ return per month are simply B.S. You are more likely to lose than actually make money.
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.
The fact is that banks and the big institutions rely heavily on their currency traders to take advantage of the Forex market. They understand that the currency market is way too unpredictable and volatile to allow a robot to be in control. Market conditions change all the time and the only way to adapt to those changes is to have a human mind in control. A robot for instance cannot bend the rules and thus does not cope well if conditions of market changes violently.
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:
- Who developed the system? (make sure he/she is a well-known Forex trader with substantial experience in Forex trading)
- How long has the system been in use? (at least 2 years)
- How long has the system been in operation?(2+ years)
- Monthly ROI
- Maximum draw-down.
If all the above questions check out okay then you got yourself a 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.
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. - 23217
My trading career begun when, Expert Advisors were becoming popular among the retail traders. The hype and results surrounding those systems were so mind-blowing that I believed Forex would be an easy trading game. I wasted a lot of time and money in search of the best Expert Advisor out there. I bought literally every EA that hit the market. They all promised the sky but in the end I was left with nothing. It took me a while to come to terms that most of those systems were no definite solution to currency trading.
What makes Expert Advisors so attractive?
These are the main points why traders use EA's:
- No emotion involved
- No sitting in front of the PC the whole day long looking for the right set-up
- Stress free
- Emotion free
- Easy to install
- No need for experience
- Improve trading system
These are the main features that attract us to trading on auto-pilot and I have to admit, they are all very tempting in hind sight. However, the trading world is not as perfect as it seems. Many a time things that, "look too good to be true'' turn out to be greatly deceptive.
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
- Robot with 100% success rate turns $100 to $1000 in a month
If half of the above were true I would be sitting on a nice beach as we speak enjoying the sun and sipping on a cocktail, however, here I am sharing with you my experiences about automated expert advisors. Systems that promise to make you thousands overnight or 500%+ return per month are simply B.S. You are more likely to lose than actually make money.
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.
The fact is that banks and the big institutions rely heavily on their currency traders to take advantage of the Forex market. They understand that the currency market is way too unpredictable and volatile to allow a robot to be in control. Market conditions change all the time and the only way to adapt to those changes is to have a human mind in control. A robot for instance cannot bend the rules and thus does not cope well if conditions of market changes violently.
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:
- Who developed the system? (make sure he/she is a well-known Forex trader with substantial experience in Forex trading)
- How long has the system been in use? (at least 2 years)
- How long has the system been in operation?(2+ years)
- Monthly ROI
- Maximum draw-down.
If all the above questions check out okay then you got yourself a 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.
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. - 23217
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 @ 11:06 AM
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