I googled that and found it on the web. How much is the total cost of the system?
I can’t readily convert Euros to dollars. I did read up on the system and it sounded
very interesting. Have you had any experience with any other robots?
Kampschror
I have tried a few EA before, but always with good backtested result, but live performances are always bad. Probably most EA are created based on all historical results, and unlike human they can make decision based on price action?
Good morning everyone,
A little bit about me first. I am an American ex-pat who lives in SE Asia working offshore on a 30/30 rotation for a major oil & gas company, and have been doing alright scalping and day trading while I’m at home. Nothing to write home to momma about, but I haven’t lost my paints, and I want to keep that steam going while I’m away at work.
I’ve been reading up on different EA’s here on Babypips, especially the reviews by johnnykanoo, and also reviews on various other Forex forums and review websites over the last couple of weeks and realized that 90% of the websites I visited only had positive to say about any particular EA in the opening paragraph, then it’s peppered with the obligatory “It’s a scam!!!” comments that really don’t put any facts on the table, but the various commentators would like you to take their word on it. I know some people have both positive and negative things about FAPTurbo, Million Dollar Pips, Forex Morning Trade, etc, etc, the list goes on, but this comes across as very confusing about what to believe in the “EA voodoo” scheme of things especially in this day and age of cyber fraud and digital PDF doctoring, even the reviews on Forex Peace Army are conflicting at best.
So my questions are-
Do EA’s actually work?
Are they really worth the money they charge to earn 20 pips a day when you can make ten times more pips manually trading?
Is there a Ronco “set and forget” EA out there that consistently makes money?
How do you find reliable information with so many corrupted forum columns and fraudulent review websites in operation?
Thanks!
:42::50:
They way I see it, an EA is like (not completely, but in many aspects) any other product out there. There will be rave reviews and there will be the opposite. Whether it is a computer, cell phone, digital camera, etc, you will find people for which the product worked well, and others for which it fell short. Same thing with investments, such as stocks. Some are great, some aren’t. Investment advisers rave about a stock, and then it plummets. Certain investment firms are great, others aren’t. We check reviews online knowing this, and it is up to everyone to do their research. But in the end of the day, you never really know how a product works unless you yourself has tried it.
My point is that there really is no scam. While indeed is it highly likely that there could be more potential for scams in the forex market, and I don’t see a significant reason for the heightened concern. I think the major fault of most EA companies, and the cause for concern, is their advertising, which over embellishes the promises of riches, and independence and freedom, which causes a “too good to be true” reaction in the discerning consumer.
My suggestion is (if you have the money to spare) do the best research you can on an EA and if you like it, then try it and see. If it makes back in money what it cost, then consider yourself at “break even” with regards to it, and don’t worry about it. Ofcourse, as with all products, you can make a better decisions and assess its performance better if you yourself understand for forex market, price action, analysis, money management as well. You also have to learn how to [I]manage EAs[/I], in the same way one would manage investment accounts, which is a topic that that hasn’t been fully addressed in forex forums from what I see.
EAs do work. But as with investments you need to find the ones that will work for you, and then make them work for you.
I think the bad wrap with EAs is in part to our understanding of them. There is no such thing is [I]consistency [/I]when it comes to making money, in a sense that something is good to go and will always been effective. EAs fail. Manual trading systems lose their lustre and need to be reshined. Stocks and investments need rediversifying. Business rise and then plummet. Jobs get cut. And so forth.
- Ian
Hey!! do you have the smartkick EA with you and where can I download it from??
I think a talented trader armed with their own unique EA, who can adjust settings and turn it off or otherwise babysit it, is the best setup. Unfortunately, you will never know of their existence unless the trader sells their signals on the many trade sharing sites out there.
I have tested over ten EA’s with interesting results. I notice that the ones that manage risk by cutting losses quickly are the better ones.
The main reason why most forex robots stop performing well is because they get caught out in one, two or three adverse moves against them. The “trending strategy” robots get out on market reversals and the “volatility strategy” robots get caught out when the market trends fast and does not retrace.
Maybe the solution to the problem is to build a robot with this in mind. And yes, some already have. I notice Primeval EA has multiple strategies included in their system and also notice that Million Dollar Pips EA has an extremely tight stop loss so as to exit bad trades fast. I have only recently started testing MDP but so far it looks pretty good. Take a look at my site under robot reviews or “Robot EA Results” on the left navigation bar.
The only way to find out which EA’s are good is to test them on demo first and then move them onto real money accounts for at least three months. Within that time period, different issues will show up, everything from the quality of the programming to quality of the strategy.
Regards
Fritz
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It changes from each broker, since brokers have different time zones, spreads, types of orders etc. I think that you should find a broker that lets you trade with a robot and then try to understand how to implement your robot on the system. Otherwise, you will always get different results. Good Luck!
Hello again, further to my original post;
From my last post also forgot to mention that it is critical to make sure that your forex broker and Virtual Private Host (VPS) work well with your EA type. For example a very short term scalping robot must have either very low spreads or no spreads if through ECN. (Commissions charged by lot turnaround not marked up on spread). You will see some brokers with 0 spreads. Longer term EA’s may not be affected by spreads as they may gain 60 pips or more per trade.
As for the VPS, once again for the scalper robots, good latency is required for fast processing speed. If there is a slow connection between your VPS and broker then there will be a problem as the robot will not be able to get the orders processed fast enough meaning poorer results. Hence the solution is to have your VPS and broker as close as possible. For example a broker and VPS host in the same city for example may achieve a speed of 19ms compared to 142ms if they are not so close. Your EA developer should be able to guide you what latency speed is required for the robot. There is a way to check your latency speed or your forex broker or VPS host should be able to do it for you. 
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