Auto traders - where to start

can you explain me how autotraders work
I didn’t understand how it trades for me
do i have to do nothing at all using it?

save your self some time 99.9% are crap that’s with a 0.1% margin of error

start learning how to trade forex kidda, im told the school here has some pretty good stuff to start with.

There is a nice article in Forex Auto Traders: A Scam or A Gold Mine | DailyForex

Trev said it best. Save yourself the trouble and learn how to trade. I recommend you start with “The Joy of Candlestick Trading Part 1” by Tymen. EA’s are a waste of time and money.

frankfrx: look at Sbel post… the article he used is very usefull, and it answers your question. (note… u have to re-edit the URL :slight_smile:

Hi guys, I’Ve asked this question in another thread but got no replies. Do banks use EA’s/robots for their trading? Thanks.

Try viewing the threads at the forum "Expert Advisors and Automated Trading"
there is quite abit of information about automated trading on that forum, and why you should stay away from them. I have spent the last hour or so reading through that forum myself.

There is nothing that i could say that all of the senior members have already said about auto trading and newbies. I am a newbie myself and want to “Keep my money and myself together!”

Just venture over there.

No. They hire traders for that.

some hedge funds use automated trading but the algorithims they use are highly protected and trust me they are not fapturbo ;d

when an algorithm is truly profitable they never sell it for any amount of money.

I read the article recommended, and while I understand they are meant to help me earn more money, I’m still not clear on how exactly Auto Traders do the work. Is there any follow up material that can be read on the subject?

Thanks johnnykanoo. I have never attempted to try them, but lately there’s been a lot of talk about them again. I will continue to stick to my own devices. Cheers.

As the Content Manager for DailyForex, we are looking into the whole phenomenon of auto traders and we have recently begun trading with one of them. We intend to thoroughly review the service and if it is indeed a legitimate one. Once we have drawn our conclusions, we will write a detailed review of the service we used. However, I have to say that so far, it seems like a great option for a new Forex trader. Stay tuned for a review!

A few questions: Please take these comments/questions as they are meant to be taken with all “Due Respect” for your experience. (This is not a flame; I am puzzled at this:confused:)

[/QUOTE]As the Content Manager for DailyForex,!

…Once we have drawn our conclusions, we will write a detailed review of the service we used…

However, I have to say that so far, it seems like a great option for a new Forex trader[/QUOTE]

  1. As your post states you have a vast amount of knowledge in the Forex Market! Are you stating that a person new to the Forex Market should “Jump right in and use an Autotrader” if you say it is ok?

  2. As a newbie to the Forex Market, if i use an Autotrader that starts to malfunction, what then? Don’t i just have a bunch of “Cool Looking Graphs” with
    out the foggiest clue as to what is going on while my money is drawn down?

  3. Should i just “Jump on the Bandwagon” and try to take the easy way out, without doing my “Due Dilligence” and learning the Forex Market as you did?

  4. Would it not be wise to educate oneself here at BP, or wherever, to at least get “Well” grounded in the Forex Market first?

  5. Also, would it not be better to start with a demo account, then using “Strategies” that have been built by Senior Members here at this site to start learning the fundamentals, ie: entry points, exit points, S&R, SL, TP, time frames suitable for your personality, MM, et al?

Also as to the above, at least in this way the Senior Members here who have dilligently guided the “Newbie Island” forum can give specific guidance as to each strategy, whilst the newbie who takes this track,
(here at BP) gains valuable experience slowly and methodically?

  1. With a “Pre-Emptive” statement such as the one above, what happens if the Autotrader fails? What i mean by that is to say, what happens to the newbie here who ventures out, because of your excitement, into Autotrader land and gets wiped out and loses faith in the FX Market, without ever having a chance, what happens to them? There are to many looking to get rich quick. At least if the newbie here listens to the Senior Members, IMHO, they have an honest chance of making it in the FX Market.

Thank you, i just don’t know what you are trying to say. Would you please explain further?:slight_smile:

[/QUOTE]As the Content Manager for DailyForex,!

…Once we have drawn our conclusions, we will write a detailed review of the service we used…

However, I have to say that so far, it seems like a great option for a new Forex trader[/QUOTE]

Meaning, he is asking them for money for a positive review. :smiley:
Conclusion: Stay away from there “Holly Grail” and learn right in this forum

An automated strategy could be good if you don’t have a lot of time to devote to trading. But make sure the strategy developer has a long term interest in your success. If you buy a strategy or EA, then what does the developer care if it doesn’t perform well. They’ve already made their profit off of the purchase.

If someone has a successful strategy, chances are they won’t be selling the strategy.

Food for thought.

Thanks for the feedback. That is very useful.:slight_smile:

Cheers and we look forward to your Forum Favourites selections!

I don’t have the time learning how to trade.
I understnad when using an autotrader i can see statistics of poeple that know how to trade and choose who will trade for me.
a friend of mine told me he made 500$ in 2 weeks doing almost nothing

if you dont have time to learn how to trade my advice would be "DONT TRADE"
we all have freinds that tell us things, but seriously, learn how to trade or dont waste your money, a $100 EA is not going to makes you rich.

also why dont you ask your freind for a copy of the EA, im sure he would give it you anyway,

We have recently started a series of articles on DailyForex, in which we signed up for an auto trader and have been monitoring our profits and losses closely as well as the entire process from beginning to end. Once we complete our review, we will post a detailed article describing every detail of the experience, some tips on how to auto trade, as well as screen shots.