newbie have questions about robots

[lasrenee]

If i'm new to trading and don't know anything about trading, just now starting out, can i have a robot to do trades or i will still need to know information about trading, i know i will still need to get an understanding of how trading works but just need opinions. I see people in this forumn say they use robots.

[soul786]

Originally Posted by lasrenee

If i'm new to trading and don't know anything about trading, just now starting out, can i have a robot to do trades or i will still need to know information about trading, i know i will still need to get an understanding of how trading works but just need opinions. I see people in this forumn say they use robots.

In my opinion, robots take the fun out of it. At least for me. I like to 'understand' and feel some accomplishment rather than letting someone/something trade for me. I could just as easily put a glob of money into a mutual fund then

Some of the robots out there target pips of 10 -15 however have stop losses quite large, maybe even 10 times the number of profit pips. Some of these robots will only place a trade or two a week!!

Now if I even took one or two trades a week, I think I could do better. Yes it'll take some learning and time, but the results could be much better.

[Naynay]

I started out in forex hoping that one day I could quit my job, buy some robot on the internet, and just let the robot make money for me.

Unfortunately it simply doesn't work like that.

The grand majority of trading bots do not profitable in live trading - even commercial ones.

Most you will come across are overhyped, overmarketed programs written by amateurs who have only just learnt to write a robot. Some of these bots demo test OK, but in real live liquid trading, they fail.
The reason that people sell these EAs is simply because the robot doesn't work on live accounts and that there is more money to be made in selling a useless piece of junk to suckers than actually using that trading program to make a fortune with themselves (in which case they wouldn't need to sell you anything, and go through the hassle of doing so).

It stands to reason:- if anyone had a trading EA that turned $1000 into a million within a year (a holy grail trading bot), they would NOT be sharing it - for any price.

I'm not going to say that such a program is impossible to write - but I will say that if you ever get such a program, it will be because you wrote it yourself.

To sum up... if you want to trade with robots professionally, you WILL need to learn how to trade manually first, and then once you are successful at that, you will need to learn how to program your method -- possibly spending a good deal of time modifying your strategy and optimizing your code -- only then perhaps finding yourself changing strategies and rewriting things over from scratch.

In short.... there is NO easy road in this. There is no free lunch. This is not a get rich quick scheme. It is a lot of hard work, a lot of study, a lot of failure, and a lot of your time -- and THEN you will have to risk money behind your frankenstein creation. However, the rewards are there if you are persistant.

[IrishBarron]

The best robot in the world is (drumroll please)..........yourself.
Find a good trade strategy, and learn to keep your emotions undercontrol, think about if you built a robot that turned €1000k into €1M would you sell it! No of course not, nobody would. And if you did sell it, everyone would be using it and it would become ineffective.
The only good robots out there are used by Central and Commercial banks, and you don't see them flogging them for €200 do you!

Learn to trade for yourself, don't become dependant on someone or something to do it for you.

Happy trading

[CodeMeister]

Originally Posted by IrishBarron

The best robot in the world is (drumroll please)..........yourself.
Find a good trade strategy, and learn to keep your emotions undercontrol, think about if you built a robot that turned €1000k into €1M would you sell it! No of course not, nobody would. And if you did sell it, everyone would be using it and it would become ineffective.
The only good robots out there are used by Central and Commercial banks, and you don't see them flogging them for €200 do you!

Learn to trade for yourself, don't become dependant on someone or something to do it for you.

Happy trading

I wouldn't keep it to myself. What's the point of being the only one in the world to know that you accomplished something no one else could? In fact, I would probably give away for free to anybody who could convince me that they were deserving. I am thinking of anybody whose life has been screwed up in the past year due to the greed and stupidity of a bunch of American financial types.

But the quest will probably be more fun than the achievement, so we all have to be careful what we wish for.

[paralotnik]

Originally Posted by lasrenee

If i'm new to trading and don't know anything about trading, just now starting out, can i have a robot to do trades or i will still need to know information about trading, i know i will still need to get an understanding of how trading works but just need opinions. I see people in this forumn say they use robots.

I'm running 3 EAs, using forex gator signal service and trade manually. Some EAs are good if have a full time job and you would like to make little extra money. Personally I would never trust any EA to make money for my family to live of.
paralotnik

[Naynay]

The problem with forex especially, is that the adage of "Those who can, do. Those who can't, teach" is very applicable.

[paralotnik]

I know the Donna Forex site does live testing...and she tests a lot of EAs!

[david wood]

also check out 4xrobots dot com site, it has a nice graphic interface and test most popular robots.

[Naynay]

Originally Posted by soul786

In my opinion, robots take the fun out of it. At least for me. I like to 'understand' and feel some accomplishment rather than letting someone/something trade for me.
...
Now if I even took one or two trades a week, I think I could do better. Yes it'll take some learning and time, but the results could be much better.

My sentiments are the same, but the search for the forex holy grail won't be found in many of the commercial EAs. In my opinion, the holy grail is amongst the manual trade strategies used by professional traders that have not been coded into EAs (yet). In any case, getting such an EA to run is going to require some manual trading acumen combined with coding skills, a bucketload of persistence and patience, and a small amount of starting captial.

Yes, some EAs will get you trading automatically, with varying degrees of risk... but the "mutual fund" strategy will not get you wealthy quickly.
The REAL get rich quick methods are simply not quick, nor easy, nor something that you can just drop on a chart and hope for the best.