I am writing this to warn others as I have received a few emails about people’s performance using the Avonko Elite EA -
I learned this the hard way when I first bought the Avonko Elite EA - don’t trade on news days!!!
The system is designed to capture a relatively consistent breakout pattern, but news events inevitably lead to unpredictable directional swings in the price of the GBP-USD - Avonko is not designed to capture these swings.
Take it from me, I have traded the wrong way for a couple weeks and then realized what I was doing wrong. Now my account is skyrocketing since I’m using a little bit of discretion as far as which days I use the system on.
Visit a site like forexfactory.com (excuse the reference please!) in order to figure out which events will affect the GBP-USD pair, and then when reports/data/whatever are scheduled to come out, don’t set the system to trade that day. You will see more losers than winners on news days if you do not follow this advice.
If you follow this golden rule and only use Avonko on days where there is no scheduled news event that will impact the GBP-USD, then I assure you (from my experience) your results will be much much better!
I’m talking 75% - 90% winners this way… use your discretion people!
Are you tryin to inform the masses or what?? I’ve found your exact same post at several other forums? lol
Anyone else tried this Avonko system? or is it a waste of $59.00 (discounted from 499…??) Though it kinda defeats the purpose of trying to learn how to trade i suppose:eek:
I have posted it elsewhere, since someone on the Money Tec forum PMed me and informed me that they have been losing money with it consistently. Looking back at the instructions provided with the system, I don’t think they make it clear enough that you’re NOT supposed to trade news days with this system.
When I was demo testing I learned this the hard way, and looking back over my losing days, they correlated strongly with scheduled economic releases. Once I realized this I started doing even better with the system.
I don’t know how many people in this forum (if any) even use this EA, but I know people are out there using other EAs, and I think they can be dangerous tools if they are not used correctly and prudently. I just wanted to stress that for those who are new to system trading.
Why aren’t you posting this system in the correct thread “free forex trading systems”
In that thread you will find people that want test out your system that have experience in the markets. and give ideas for improvements to it. toss ideas back and forth…
I can’t see where your going to benefit by posting the system in the beginners threads.
Not stepping on you, just feel like this is being posted in the wrong thread…
Yeah it’s not a free system so I don’t want to be accused of “spamming” that thread or diluting it with posts that are irrelevant.
And yes, you could avoid systems altogether and learn how to trade, but I think trading with a system well requires some practice too. You need to learn how to apply risk management and sound judgment if you ever want to see profits with an automated system - it’s not always as simple as ‘plug and play’
Many people (especially newbies) are so caught up in the automated aspect of trading that they forget one important thing:
[B]You need to know how to trade in the first place![/B]
That should be everyone’s first priority, not this “I want my computer to trade for me” mentality that’s so prevalent.
Computers are great for automating certain tasks. But, don’t let them take control of your finances and don’t let them do things without making sure that they’re doing what YOU want them to do.
These comments are not aimed at anyone in particular. I’m just amazed that people hear about Forex trading and immediately want an EA of some sort to do it for them without them having to actually learn how to trade.
I must also emphasize once again that people should never pay for so-called “systems” to trade Forex.
Read through Babypips and Forex Factory and you’ll find all the FREE “systems” and strategies that you’ll ever need to make money, including many FREE EA’s to automate your trading.
Keep in mind that the term “system” doesn’t necessarily mean software. A “system” is simply a set of rules to follow, and that can apply to any trading strategy, although some are more flexible than others with their “rules”.
Just because someone charges you for the “privilege” of using their system, that doesn’t mean that it’s better than the free ones that you can find everywhere.
Why pay for something when you can get something even better for free?
I agree that you should know how to trade first, i.e., have a working understanding of risk management guidelines that correspond to your personal preferences and demands.
I don’t agree with your implication that all commercial EAs are garbage however, to me it seems absurd to suggest that if someone truly came up with a great indicator or system - they should give it away for free or else it is worthless.
I have traded with great results with both commercial and free EAs - I don’t have enough experience to suggest that either is more valuable than the other.
I would like to point out however, that free EAs allow the trader something that most commercial EAs do not - and this is evidenced by the forum here. They allow the open discussion, and continuous improvement of the indicators/system, and this can be invaluable, especially for a newbie who is looking to make money, but also needs to understand how to trade, esp. with the particular system.
As a programmer in general and being new to developing EA’s, I ask myself, if my EA worked, then why would I need to sell it?..it would be making me money hand over fist, and I be more than recompensated for all the time & energy in developing, coding & testing it.
To brand my EA and have it circulated (for free), may find requests from others to create an EA for their system. Then I would charge because it’s not mine, and if it just isn’t suited to being an EA, then at least I would be compensated for my time to find out either way. If it did work, then I’d retain rights to use it… but it wouldn’t be right to resell it.
I could “swing” between a)some “noobs” either get taken by these “get rick quick” schemes because they don’t know yet that it needs to be learned first (and there’s nothing we can do about that), or b) some come here first, but just don’t have the capacity to learn it easily and then wonder if an EA may be easier.
If they are the latter then, perhaps, we can do something because they can be forewarned here by someone else’s experience before they make that descision.
If you take it a step further, What if you got a soso indicator and program it and sell it. And you get it hyped enough that alot of people are using it and also selfpromoting it.
I see the benefit in not just keeping it to yourself, but packaging it and selling it to the masses for one purpose, you will be able to keep the best version of it that would signal the sell, slightly ahead of everyone that has the slightly less effective but still good program, after you already got your short in place.
Kinda creating a pool of traders…
Cough…
Just an idea anyways.
I see no purpuse in using someone else’s program or buy/sell signals but I do see the need to research the in’s and out’s of it to see if you can add or tweak something you are already doing.
I still don’t feel I’d need to “sell” it to the masses though, (I’m not into the marketing tactics one sees all over the internet that suggests “scam” to many) but rather let the masses judge it themselves and if it’s good it will become viral all on it’s own, but if I understand what you are saying correctly, yes I suppose it could create a pool of traders, and behave like Babypips says about the Fibonacci tool…
… since so many traders are watching these levels and placing buy and sell orders to take profits, this tool usually works due to self-fulfilling expectations.
…hmmmm :rolleyes:
I see no purpuse in using someone else’s program or buy/sell signals but I do see the need to research the in’s and out’s of it to see if you can add or tweak something you are already doing.
For me it helps both with the learning curve of how the currency pairs behave (through backtesting using MT4’s Strategy Tester) and how to code EA’s - saves me from starting from scratch (and MT4’s mql user guide is not detailed enough for me:mad:.)
