Are Automated Expert Advisors (EAs) Worth Considering?
If you are familiar with Forex, I bet this is one of those questions that got your brain juices running.
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.
Why are we so obsessed about Automated Expert Advisors?
Below are some of the main reasons why traders are attracted to Automated Expert Advisors:
- System is on autopilot
- No thinking involved
- More time to relax
- Emotion free
- Easy to install
- No need for experience
- Improve trading system
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 money on autopilot - No experience required
- No experience needed- start making money in minutes
- Make a daily $500 on autopilot
- Plug in and make money in a matter of minutes
If all these were true we would all be filthy rich by now and I wouldn't have spent thousands of dollars on useless Expert Advisors that do not work. The reality is that most of those expert advisors are in plain English B.S. The chance of you losing money is much higher than you making 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?
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 use?(2 years minimum)
- What is the maximum risk exposure?
- Maximum draw-downs on each trade.
If all the above questions check out okay then you got yourself a winner.
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.
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. - 23204
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.
Why are we so obsessed about Automated Expert Advisors?
Below are some of the main reasons why traders are attracted to Automated Expert Advisors:
- System is on autopilot
- No thinking involved
- More time to relax
- Emotion free
- Easy to install
- No need for experience
- Improve trading system
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 money on autopilot - No experience required
- No experience needed- start making money in minutes
- Make a daily $500 on autopilot
- Plug in and make money in a matter of minutes
If all these were true we would all be filthy rich by now and I wouldn't have spent thousands of dollars on useless Expert Advisors that do not work. The reality is that most of those expert advisors are in plain English B.S. The chance of you losing money is much higher than you making 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?
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 use?(2 years minimum)
- What is the maximum risk exposure?
- Maximum draw-downs on each trade.
If all the above questions check out okay then you got yourself a winner.
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.
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. - 23204
About the Author:
To learn more about this amazing Forex robot go to the Forex Expert Advisors section of ForexTradingDomain.com for a review of all the Forex Systems out there.
posted by X - Men @ 1:25 AM
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