Hi all,
I read posts here and elsewhere about emotions and trading and wonder if you are using ea utilities to remove the emotion from your trading… And if so which ones have you found useful and for what.
I’m a big fan of “trailing by percent of profit” . … Obviously for a trailing stop loss and “Just utility 2” for placing pending orders.
I’m always looking for new utilities and would be really interested in your favorites.
I did for a while, but honestly - it’s a crutch.
I think better to keep practising and refining your strategy till your emotions are no longer a determining factor in your trading capacity.
Yes, I use expert advisors in trading, unfortunately, that is not equal to remove emotions from trading.
Thanks for the replies. I was hoping for a bit more detail about which utilities you use and their functions… A “yes I use them” or “no I don’t” is going to make a very boring thread.
I’m not being disingenuous when I can’t understand why they wouldn’t remove the emotional aspect… I would think that if after your calculations and you have a utility to do a particular job like closing a trade when it hits such and such a level then there should be no suprises.
But I don’t really want a thread about emotions in trading, I’m more interested in the utilities and scripts etc that you are using.
Never actually found a good EA
Hi petezaa,
Me neither… At least not one that works consistently. What I’m after on this thread are not Holy grail EAs but utilities and scripts that assist with a particular function of manual trading; things like basket closing or trailing stops that people actually use and find useful.
Have a look into CTrader platform mate (better than MT4) and have most of these functions already built in.
I’m happy with my set up thanks, I’m just interested in what fellow traders are using.
When you create an EA for a given currency pair, you are relying on a statistical advantage over the long term, so the excitement of trading or streaking 5 or 10 losses in a row doesn’t feel as much as the computer is trading, and you know what you can do, expecting from a strategy. However, the emotions associated with trading are replaced with other emotions such as fear of making a mistake, doubting your ability to create strategy and tests, whether the strategy will trade the way it was designed, there will be no network failure, etc. Emotions can be reduced only to a certain extent, never eliminate completely.
The programs and scripts I use to develop and test the strategy are my trade secret, so I cannot provide specific information.
How do you define “good EA”? Can you more precise?
Not profitable over time, or purely martingale.
There is no strategy that, once built, will be profitable all the time, and it doesn’t matter if it’s automatic or discretionary. To stay profitable, you will still have to make periodic changes to your strategies or trade a portfolio of multiple strategies and trade losing strategies for profitable ones.
Thanks for the replies to my thread but is no one out there using any kind of EA assistance ? Anybody doing any testing ?
Surely I’m not the only one trawling through the codebase in search of a hidden gem.
Hey!
I do use a EA wich just allwo you to open 3 Trades per Day. For me this is important, because then i really have to think about the Trades i take and 3 Trades a Day are really enogh! For me thats really helpful 
Also i created with my Brother a Risk Managment Tool because we searched something simmiliar for MT5 but couldnt find a good one.
I really didnt want to promote my own product in the first Post but maybe you will find a Rsik Management Tool helpful? Easy Calculate your Risk and have some automations to manage your running Trade.
Maybe you would like it my Username is the Website Link.
Hey pipz,
Thanks for your great post and the info… Exactly the sort of thing I spend time looking for and enjoy testing. I’m sure fellow traders will find those apps useful. Did you create the there trades per day yourself too ?
Yes, created by myself But have to test it out first. I will share it for free on the Pipz Website when its tested
I have used Expert advisors for a while but I in no way feel that they eliminate the context of emotions. And since you are looking for some new options, I can say that I have never found a good EA in my decade long career so it is always better to fall on your own instincts and practice trading to make the most of it.
@Barrigan, I know I’m late to the party in this discussion… Busy week…
You’re not!.. I check on a weekly basis the new Algo’s in MT4/5’s Codebase site… It gives me ideas and concepts for developing Indicators and EA’s of my own… I code in C# for Ctrader, so I am not able to use the Metatrader applications which are coded in C++. I have the MT4 and MT5 Platforms on my workstations so I can run the algo’s and see how they perform and what the logic behind them is…
Good Artists Copy… Great Artists Steal…
I code quite a few utilities to help with trading these markets… Volatility alerts, Email, Notification alerts, Correlation Charts, Currency Strength Meters even Instrument strength algo’s that enable me to see at a glance which are ranging or which are trending (See a collection of Indices Below)
The NASDAQ is flying and the USD is weakening and everything in between… XAUUSD, XTIUSD and many of the USD pairs will be reacting to the weakening USD… I don’t have to guess…
If you study the Indicator closely you can see that the USDX dropped under the midpoint (0) back on the 17-18th May… Have a look at Gold, Oil, GBPUSD etc. on these days… They went parabolic…
EA’s or Bots do remove some of the stress of entering and exiting positions… Software doesn’t procrastinate… It opens or closes the position(s) using the criteria you set… If you have back tested the Bot and are confident, then it makes the final instant decision, not you…
Most of my Indicators and Bots contact my phone when a certain pair meets a set criteria… etc…
Superior Risk Management can be applied to the logic… Be it SL, TP, Equity Levels, even loss and profit percentages can be programmed in so you don’t have to be present… OR AWAKE!
Another way to trade just using Price Action and Market Structure…
Incorporate your utilities or Indicators into the platform itself… nice clean, simple charts.
Without the risk of the HODL… Make profits up and down…
Note: Trading all this time and only became aware on Saturday while back testing some software that most of the Crypto’s are open 24/7… Sad… but gotta do something with my Saturday Nights… 
Hi clair,
Thanks for your input.
I don’t think that there is a one size fits all EA , my search is about finding an EA that can replace a particular part of my manual strategy… I put a few together and can create a 'Frankenstein ’ EA.
