Bruck ALWAYS TEST ANY BOT WITH DEMO FIRST!!!
ALWAYS TEST ANY MANUAL TRADING STYLE ON DEMO FIRST!!!
Please, don’t go to a live account immediately.
This is unwise.
Following please a post to this thread by JROWE.
Please read this.
Forex is just like blackjack. Bots are like guys who claim they can count cards. Some are like Rain Man, others are like Sloth, from the Goonies. It’s up to you to understand how they work and what exactly they’re doing. The question of whether or not to let them trade on their own depends on what it is exactly that they’re doing.
Hi JK…its so nice to have you here with all your good and positive attitude…
I"ve been observing some winning trade became lost, so some FGB users keep wondering either they will let robot do the job or just close them manually… so do you guys think that we should drive the robot or just let it run autopilot…?
They aren’t magical market readers - there is a specific planned sequence of events that occurs upon each tick of data. The EA analyzes market data, compares it to a set of conditions laid out that trigger market orders, and either waits it out, or performs an order or close.
If you don’t understand how the bot works, then why are you using it? I say this, not from the perspective of a seasoned trader, or from the perspective of someone who dislikes bots, but from a sane desire to see people not hurt their finances. Blind faith is fine when it comes to personal convictions. In the cold, hard reality of Forex trading - blind faith seems a little stupid. Just a little.
So:
- How does this bot work?
- What strategy does it employ?
- Can you understand and execute the strategy on your own?
If you can’t answer those questions satisfactorily, then you need to educate yourself enough so that you’re comfortable with all the answers, or get a refund and hold back from trading until you know what’s happening.
I’m a programmer, and the more I learn, the more I love the idea behind Expert Advisors. They allow the trader to separate strategy from psychology, and give us a powerful tool with which to make money. They aren’t shortcuts to Forex success. If you don’t understand how it works, then you can’t possibly understand how to use it correctly.
If you’re willing to gamble with your investment, then feel free to let loose with a bot that you don’t understand. If you’re interested in investing intelligently and working towards success - sanely, responsibly, and diligently - then do the groundwork and understand both the bot and the market. Answer those three questions, and then double check. Backtest with unadulterated data, forward test on demo accounts (multiple accounts at different brokers.) Try trading the bots strategy on your own to see if they make sense.
To answer the question: Don’t put it on Autopilot. Trust your own judgment unless or until you understand the EA strategy. I have no idea how FGB works, and I’m not saying it’s good or bad - I’m not making any judgment on the bot itself, because I’m hugely not qualified to do so. Hopefully I can insert a little common sense into the discussion, though.
