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?
Here are some of the benefits of Expert Advisors to the everyday trader:
- System is on autopilot
- No sitting in front of the PC the whole day long looking for the right set-up
- Stress free
- Easy to install and use
- Easy to use
- No experience required
- 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've already done some research I doubt you will be surprised if I told you that there are thousands of automated currency providers on the net. They all seem to perform extremely well when you have a look at their performance page. Here are some of their most common sales pitches:
- Robot turns $1000 into $10000 in matter of days
- No losing Forex Robot that can turn $500 into $5000 in less than a month
- Make $1000 on autopilot every day
- Plug in and make money in a matter of minutes
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.
However, that is not the case. Banks and major financial institutions rely solely on their human minds (traders) to make money day in and day out on the market, not on the so called Robot traders. Those major institutions understand the fact that market conditions are not always in harmony and that price is highly unpredictable.
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:
- Is the developer a successful Forex Trader (make sure he is well-known and has authority in the Forex arena)
- Live account results of the system (very important as the basis of your decision will rely heavily on that point)
- Live track record of the system (no back testing only live accounts)
Potential monthly return
- Maximum draw-down.
If all the above questions are ticked then you got yourself a potential winner.
I have spent a large sum of money over the years trying all sorts of Forex robots. The result was that I lost as much hair as I lost money! Quite frankly, I was quite disgusted with all those Experts advisors until the day I came across a guy named Ashkan Bolour.
Ashkan Bolour is a highly successful professional Forex trader and a money manager who has featured in well-known trading magazines and books. I started looking around to learn more about Ashkan and his automated trading system.
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. - 23222
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?
Here are some of the benefits of Expert Advisors to the everyday trader:
- System is on autopilot
- No sitting in front of the PC the whole day long looking for the right set-up
- Stress free
- Easy to install and use
- Easy to use
- No experience required
- 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've already done some research I doubt you will be surprised if I told you that there are thousands of automated currency providers on the net. They all seem to perform extremely well when you have a look at their performance page. Here are some of their most common sales pitches:
- Robot turns $1000 into $10000 in matter of days
- No losing Forex Robot that can turn $500 into $5000 in less than a month
- Make $1000 on autopilot every day
- Plug in and make money in a matter of minutes
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.
However, that is not the case. Banks and major financial institutions rely solely on their human minds (traders) to make money day in and day out on the market, not on the so called Robot traders. Those major institutions understand the fact that market conditions are not always in harmony and that price is highly unpredictable.
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:
- Is the developer a successful Forex Trader (make sure he is well-known and has authority in the Forex arena)
- Live account results of the system (very important as the basis of your decision will rely heavily on that point)
- Live track record of the system (no back testing only live accounts)
Potential monthly return
- Maximum draw-down.
If all the above questions are ticked then you got yourself a potential winner.
I have spent a large sum of money over the years trying all sorts of Forex robots. The result was that I lost as much hair as I lost money! Quite frankly, I was quite disgusted with all those Experts advisors until the day I came across a guy named Ashkan Bolour.
Ashkan Bolour is a highly successful professional Forex trader and a money manager who has featured in well-known trading magazines and books. I started looking around to learn more about Ashkan and his automated trading system.
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. - 23222
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 @ 5:16 AM
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