Actually, they do work but in right hands. You know you can’t just give everything up and apply to EAs in order o start trading. Well, of course you can but it will be the most unwisest move i nthe world. Everything because if you want to start trusting EAs youshould own knowledge in trading and experience of course. Novices shouldn’t take the trading with EAs into consideration at all because the main purpose for them should be trading on their own. Only in this case they will be able to learn how to trade and gain enpough experience in order to start trading with EAs and various robots.
Funny thing, all wrote about to looking for qualitative EA’s what is ok, but I didn’t notice this trend in fore example mql5 EA store…
EAs do work but they are programmed so they cannot include some real world factors which contribute to the market like news. They only work according to the algorithms encoded in them. You can modify their programming and use it for automating your trades. This could save you time and remove any human errors. If you can’t program then you can use them as it is but chances of profits will be comparatively less.
I think the best approach is to use an EA (with proven edge) to generate signals/trading ideas, then make the ultimate decision to execute the trade yourself, based on the prevailing Price Action, using Technical Analysis and experience.
EAs work. Better to make one yourself so you understand every aspect of it, including its limitations.
Trader input is important IMO, it would be impossible to describe every aspect of a market in the quantitative models and code used to create EAs. Whereas, a picture (chart) is worth a thousand…lines of code.