Are there any trading robots that really make money?

Hello eveyone! My name is Don and I just signed up here. Im in the research phaze of getting into forex. I am curious to know if there are any EA trading robots that anyone here recommend for me to buy that would make me some extra money on the side. I dont expect to get rich over night but just some extra income on the side is what Im really looking for. Thanks a million in advance!God Bless All here.

From my research on trading bots, they are only good for short periods of time before they need tweaking to continue to be successful…so I wouldn’t be looking to BUY any just yet. Focus on finding free ones and experimenting with those.

I don’t think there is any, but i’m sure that if there is one, it won’t be for sale for 29,99 in some marketing website. So don’t trust the holy grail system websites, really, don’t even waste time with it. Just think of why would a consistently profitable system be for sale… makes no sense.

There are EAs that make tremendous amount of money.
It’s just that almost all of them are for private consumption.
They are not oversold and overhyped and overmarketed
on ClickBank.

And people who say dumb things like EAs are only
good for short-term really have no experience in
trading. If they did, they would never say such
things over and over. Why would it work and
all of a sudden stop working? Because it sucked
from the beginning that’s why. It just got lucky
for couple of weeks. Over sold EAs suck, what makes
you think that free ones are of any value?

Thank yu Jonny for your respopnse! Im gonna keep learning more and more and when Im ready Im gonnas use an EA not for a perfect solution but as an assistant.

I haven�t used the robot myself , I going to check it out today as a close friend told me that it really works, it won�t make you rich overnight but it seems to be the right path to bag few pips daily and meanwhile learn your own strategies. I�m going to check the tradeview forex robot, I�ll let you know how it works

I have been testing quite a few and have posted the results on my site (link is in my profile). From what I have found in the past 3 months, the majority of them are losers. The ones that are winners do good for a while, then suddenly have a major wipe-out (read: your money goes goodbye!). I am not yet at the point where I would trust a live account with an EA.

The biggest problem with a lot of EAs is that they don’t have good money management. That means they don’t set a stop loss! During my testing I’ve had a few times where my test computer shuts down (yay Windows!) and with no SL the account can tank.

The better EAs have a SL that is reasonable.

I checked the tradeviewforex site to see the robot, looks great, nicely designed, I don�t know how worth to use it, but then I found a good educational pack(tutorial) that introduce newbies into forex

I heard that there is a rumor about some company developing some software that will allow you or your robot to trade for you and that it is using proven methods that will promise earning nearly all the time. I say nearly because the robot is programmable and the market does fluctuate constantly.

The only way to know if it works for sure is to put it on a live account and see how it performs.

Personally, I wouldn’t risk more than $250 in a micro account to an EA based off of my research at this point… but I am finding some good ones. My testing had one that went from $5,000 II to $25,000 or so, but then it lost $12,000. It’s still trying to make up for it though. Check my blog for the details.

Actually, a decent EA would have decent trading philosophy and a
decent technial analysis based trading methodologies programmed
in with decent level of parameters that you can set. It is not
upto the EA to set money management and dictate to you what
your stop/loss should be if any. If the parameter is there, it is
your choice to set the parameter. A decent EA is the one that
has decent technical analysis and decent trading methods built
in. And what is a reasonable S/L anyway? Highly subjective
considering everyone has different opinion on it with lots of
traders still pushing for no stop/loss trading which is what I
favor as well. If a risk parameter is on the EA, it is the user’s
choice to input the correct and reasonable parameter setting.
Same goes to their choice of no stop loss or stop loss setting.
Even with a decent EA, a total green newbie will still find ways
to lose money with it while others are continually raking it in.
Often it is not the EA’s fault if it has decent technical analysis
sound programming. And the only way to run and test and
meaningfully run any EA is to run it on a VPS not on your own
personal PC that shuts down without warning.

Unfortunately I don’t know anyone!:confused:

Or maybe get a decent pc, that will shutdown with warning

As we are now seeing with this financial crisis market conditions change.

Us humans are capable of abstract thought and because of it we are capable of adapting to changing conditions. Put simply, robots are not able to analyse and adapt their trading style to changing conditions. Until they are they will never be able to make money on a consistent basis like a trader can.

So in other words robots need to become human to trade this market effectively…

Oh and no, there are no robots that really make money (not consistently anyway).

[B]Completly false statement!!![/B]

Oh and no, there are no robots that really make money (not consistently anyway).

have you traded every robot? what promts you to say that are you regirdgitating somebody eleses opinion???

Here is a site that uses a “grid type” system and there approach is fantastic and there product is also fantastic. Dave and Stella are awesome and there customer support is second to none!!!

PIPforia.com - Forex Hedge Grid Trading Systems - The Best Forex Strategy on the Net!

btw I am in no way affiliated with them so I am not in any way spamming

have you traded every robot? what promts you to say that are you regirdgitating somebody eleses opinion???

6 years of trading the markets and the fact that weekly I talk to hundreds of newbie traders. I have yet to hear of a long term successful robot.

As for your link…

If you’re making 200% per year what are you doing here?

If you’re making 200% per year what are you doing here?

seriously? I miss this place the rest of the forum world is so unfriendly compared to here.
I make plenty of money and I am deversified I only keep a couple grand on my eas the rest of my trading is a system/discretionary.

Last week alone in one of my accounts I made over 300%, im not trying to pick a fight I just wish people around here would realize there is many ways to trade and many of those ways are successfull. Alot of newbies are undercapitalised and frankly can’t afford to trade a good ea the way it should be traded. Having said that I would suggest that yes you are correct an ea will never work long term without at least some optimisation

I pop in here once in awhile coz i like the atmosphere (most of the time) :slight_smile:

Well yes that is what I was saying, no EA can make money consistently. I did not speculate as to what benefits modifying an EA would have. So if you agree why did you need to be hostile?

i wasnt being hostile just correcting what I thought was an erroneuos statement. you said you never heard of an ea making money consistantly. You didnt mention anything about optimization. Alot of people in this world not just forex get trapped into thinking there is only one way to get something done. I am a master electrician and have a very successful contracting business too. The one thing I see in my aprentices is there narrowmindedness in thinking the way they learned to do something is the only way. It shows incredible expereince in anything in life when people begin to realize that there is many ways to get something done and it reflects in there attitude. When people make absolute statements like never it only shows their lack of experience.