Being new to the Forex market, I have heard rumors of EA bots. I am somewhat tech savvy, and I can tell that most of the products (in terms of their actual coding) are complete garbage.
That being said, a friend of mine (who is a highly successful forex trader) has recommended an EA called EA Shark. The website appears legit, and they programmers claimed the bot has been tested for 9 years on a live account. However, the results of the bot (which are, imo, very good), combined with the lower price tag, has me concerned.
Is anyone familiar with this software? Please let me know what you pros think.
I havn’t tried this either, but checked out the website and it does look interesting. Only $100 for the manual version. If anyone has purchased it please let us know the results. Thanks.
I have just got this EA yesterday and am trying it on a demo account. It says it only does about 2 trades a day. It’s been a no trade since I put it on but I will keep you posted on this.
I’ve been thinking of getting that Shark EA, dont seem to find much about it. I seen some forward testing statments they seem to have pretty good results. I have my eye on right now on pointbreak 5.0 on demo
youre asking “pros” on a site for novices… this is called “babypips” for a reason. why ask advice from strangers when “a friend of mine (who is a highly successful forex trader) has recommended an EA called EA Shark” unless you’re trying to shamelessly advertise it.
also, you gotta love a company who doesnt even post a tel# or address on their site. LOL. to me, personally, that raises a red flag (when someone doesn’t post proper contact information on their site).
never heard of them…but test it properly before you continue. i noticed that their ratio is like 1 winner to 4 losers… so the ratio isnt ideal.
good luck (if youre actually interested in buying this and not just some person pushing their own product). im sure not all EA’s are garbage… but you have to do your due diligence. i used to follow one and it eventually broke down big time. so be careful.
First and foremost, there are experienced traders who know what they are doing on these forums (tymen, Piphacker, etc.). The Babypips education, is for novices.
Secondly, my friend mentioned the product in passing, and mentioned “decent” results.
Thirdly, there is no option to demo the product on the website. Rather than try it, see it fail completely, and then email Clickbank for a refund doesn’t appeal to me. I’d rather pick other people’s brains and/or experiences.
Absolutely agree. Sounds like a potential horror story in customer service.
I’m here to trade, not to affiliate/internet market. Understandably, when individuals see a low post # and a person commenting about a product, doubts arise. I can just ask for a benefit of the doubt.
Of course all EAs are not garbage, but most seem to have the trouble adjusting to changes in the market. Ergo my describing many as “garbage.”
And as for research, that is what this thread is all about.
Believe me, it’s been 7 months that shark is at 0%, I’m in conflict with the guy of the site, he is doing updates, always after the ea is going neutral or negative, he does not answer and keep silent. His test on forexpeacearmy is demonstrative, definitely not conform to what he advertises… This guy is very tricky, when you are a new customer you see this, you buy, you test after buying with a backtest, and it works, of course updates has been done after period of neutral results…either negative
No results are verified on his site, and impossible to get any investor password
Sigma is even working more consistently, and good with higher risk as it always closes position before SL, not liek shark that lose much when it happens…
based on the tester record they shown, sometimes 1 or 2 times a week, sometimes no trade, refer to the trend. [B]per month in year is profit[/B]
be patient:D
I haven’t had any answers to disturbing questions from Alex, conerning long term live account with investor password to see effects of updates…
The main trick used by all ea sellers (99.5%) is on that point … they don’t want to give the absolute proof, meaning they don’t earn money with ea they sell you, and advertise un realistic profits…
There is no doubt that shark have a fall over last 7 months, why being so far from truth and risking capital ??? unacceptable
I too was intrigued by the returns displayed for this system, so I started doing some research. Based on previous poster’s comment about the system not working once they bought it, and based on a video review on youtube (sorry this forum won’t let me post links yet, just search youtube for “3BLJGwghYJs” and you should find the video entitled “EA Shark Forexeasystems.com Unbiased Review”.) I am fairly certain that this EA looks into the future. If you look at time marker 1:00 on the youtube video, you will notice how the EA draws perfect lines from the valleys to the peaks. This is what the zig zag indicator looks like, and I know that the zig zag indicator looks into the future. What this means is that you cannot draw a perfect zig zag until several bars after the zig zag peak or valley has occurred.
I also know from experience developing my own automated trading systems that a system that looks this good, especially with very few or very small drawdowns has some fundamental flaw in it. Looking into the future is the most common mistake and one that is very easy to make when you are using multiple time frames. I once made a system that sent signals based on a bars close before the bar actually closed. I don’t remember my situation exactly, but just imagine using 1 minute bars to determine an entry signal based on candlestick patterns and a 15 minute bar to determine overall trend. If the 1 minute bar that gave you the signal is within a 15 minute bar that hasn’t closed yet, you just looked into the future.
Thanks to the other posters on this thread for helping me save the trouble of buying and testing the system out for myself.
Well, I wouldn’t waste my time with these forex EA systems. Just look at the way the above poster was being treated - no support from the developers. These systems are all scams. Why in the world would anybody sell to the public a sure fire system? If you created such a system, then you could make a lot more money by starting a hedge fund and collecting a percentage of the profits. Usually hedge fund managers collect 20% of profits, but since this is a sure fire system, let’s assume you can demand 40% as Jim Simons does. Looking at forex ea systems’ website, they are claiming around 180% profit per year for the ea shark. If you asked a few friends and family, you could easily gather a measly $1 million to manage and your profit would be $720,000/year and growing exponentially. Not bad! I could retire with that kind of setup! In contrast, forex ea systems has to convince about 2,700 people each year to buy this product at $269 to make the same amount of money. Which option would you choose if you owned that golden goose? Not to mention that the more people who use an automated system, the less effective it becomes over time. Trust me, if I manage to develop a winning system, it will be a closely guarded secret - until it stops working.
Oh yeah, I wonder why that idiot marklarsenreview from youtube deleted my unbiased comment from his youtube promotion of this ea system? I can’t believe he actually states in one of his videos that he is a professional forex trader for over 10 years. Seems like he doesn’t know squat about this stuff, and we are supposed to take his word about these ea systems? Always gotta ask yourself how these people stand to profit from what they do.
Anyway, my advice to you is to study as much as you can about the markets, economics, technical analysis, and even business, law, and politics. The more you learn about all this stuff, the better you will be. Then you have to spend a good amount of time in the trenches, trading with small amounts of money and always using pre-determined stop loss orders so that you don’t loose your house. After several years, you should start becoming profitable.
Sorry mate, but it seems to me that you try to look smart and know in real nothing about currency trading. The zig zag indicator repaints. Thats all, it is not looking into the future because there is no indicator or any other thing what can look into the future. Please do every body a favour and do next time your home work!
Thanks
By the way…if the EA Shark would really look into the future i would buy right now.
I’ll try to explain the concept of looking into the future so that you and other guests may understand it better. When system developers talk about looking into the future, it refers to backtesting, not real time data. However, a system that looks into the future during backtesting is also a system that will not work well in real time. And yes, this means that the indicator repaints itself when applied to a real time chart and a new bar appears.
During backtesting, the backtesting program has a lot of data available to it, and the idea is to traverse the data, bar by bar, from some point in the past to another point in front of the initial point, but both the starting and the ending points are in the past relative to the present. While traversing this data, the trading system will typically calculate some indicators or make some comparison on different data points (i.e. close of this bar > close of previous bar.) The pitfall is that sometimes the trading system takes a peak into a bar that is not supposed to be there yet, according to the simulation (i.e. close of this bar is < close of next bar.) However, since we are working with a bunch of historical data, the program can easily look ahead, into the “future” (future in quotes because all this data is actually historical.)
I would love to hear from people who can actually understand what I just wrote
