Hi my name is mike and i am a newbie to forex. I have been studying it on and off for about 3 years now, and have demo traded with some success. This site seems to be the best info i have found.
I have found that people who think that buying a system or EA or a system that "does everything for you" is one only fooling themselves. An EA or a script is designed to help you make educated trades, not make them for you. Anyone who who thinks they can just let there computer run and get rich will be in for a shock.
I currently work construction, and if i bought the best tools, and spent thousands on them, if i dont know how to use them and use them correctly, i will still lose my shirt. I believe this principal is almost exactly the same in forex trading.
In my opinion you should still follow all the rules of the school of pipsology, and monitor your trades wisely. If the trend is going down and your EA tells you of a signal going up, dont be stupid and make the trade. You still have to study and monitor the volatility of the market, and monitor news releases, as well as which days are better for trading, and which currencies are better to work with. By doing this, you weed out any unprofitable systems, and can possibly make some money.
I am sure there are people who use EA's successfully, but have found that those people dont just let it run and turn a profit. It wont happen. Most people that use EA's tweak it to there own specs and MAKE it work for THEM.
I would like some more opinions and info on the best EA's to use, and which EA is the best to use with a certain broker. By doing this i am weeding out the bad ones and potentially increasing my profit.
I would encourage any comments or arguments regarding this post, and let me know if i am wrong, because i realize i am a newbie, but being successful in anything is possible, with the right research, working smart, and the right tools.