I’ve backtested a few that gave good results, but most have a significant drawdown at some point and there’s no reason for me to risk a big drawdown when I only want to have the EA make me a few dollars a day.
I tried an EA today called “Smart Safe Steady”. Its for scalping, but my trades stayed open for over 2 hours. The expected profit from each trade was between $1 and $2. But it made me a $17 profit instead. I’ll try it again from time to time.
If I could find an EA that made me $500-$1,000 a year and run it on 2 or 3 pairs, I’d be very happy. that would still allow me to do my primary manual trading which has been going well of late.
There is nothing that would guarantee you to make a daily profit. Experience would help you in making profits larger than losses over a period of time. This site would help you to learn how to trade properly.
Backtesting is a party trick… a backtest that produces a desirable equity curve only does so because you adjusted the parameters to its indicator or indicators, but the problem is that those parameters will not work for live forward trading.
An EA simply automates the trading of an indicator or indicators. You must define rules that dictate when to remain neutral (no trades open) or when to buy or sell and at which price to close your trades.
In your other thread, you state that the indicator(s) that you use do not clearly define where to open or close trades… these issues are the reasons that you do not trust EA’s.
Hello, yeah I still would have a very hard time sleeping at night with an EA running. I suppose that could certainly change once my account size was big enough to where losing a few thousand here and there was no big deal. Until that day, however, I want to be in control.
One EA that I could let run using micro lots would be the investment Castle EA. Of course I have not tried very many of them but this is one I came across a couple of years ago and you can essentially set it for the best time frame with the highest win rate and let it go. Wins are small and entries don’t happen as often as everybody seems to like.
An EA won’t miss a mechanical trade, won’t be subject to discretion, and trade on favorable probabilities. Risk structure is built in. There’s more than martingale or grid structure.
Countries do trade these on the Interbank Market via Sovern Wealth Funds. (Sovereign Wealth Fund (SWF) Definition | Forexpedia™ by Babypips.com) These funds trade on the behalf of governments & central banks, be it portfolio management or positioning. An example is Saudi Arabia SWP will accumulate USD when selling oil. This USD is sold on the market, buying securities to diversify for economic stability. These also use algorithmic trading. There are economists, developers, engineers working around the clock to minimize risk. The MQL network alone is processing an insane amount of data every minute of every day to analyze scenarios.
The reason there isn’t massive government funds trading to make billions daily via algorithmic trading is liquidity; why the retail forex market was created. There are still market imbalances, which create “support/resistance” but the liquidity is much deeper now that funds are able to trade.
The big banks only employ the most risk-averse, disciplined, experienced traders with a proven track record - these can trade just as good as a robot. If better; they’re worth their commission.
Here’s one of my top EAs (so far). Breakeven in 3 months, then withdraw initial deposit. Using Dark Venus EA https://www.mql5.com/en/market/product/56365?source=External for free from the MT5 store. Not stating this is the end, this is just one tool of many. Combine in a basket of non-correlating EAs will further mitigate risk.
I don’t think that invalidates my point. But its of no consequence. I am only stating my personal concerns about putting all my trust in an EA. There is no doubt that they will have profitable periods. If I am wrong, someone’s EA is going to suck all the liquidity out for everyone else unless it loses some on purpose just to keep the system alive.
Best wishes to your continued success. I hope it continues to work for you and never lets you down.
BTW - I have used Dark Venus a few times back when I started trading (small lot sizes) and its been good. That was nice of you to provide the settings. I see you do not have to worry about FIFO compliancy.
Oh I’m sure this will fail eventually, but as long as you can get back your initial investment (ASAP) and diversify with many others, a basket of EAs can be low-risk. Eventually your account will be too big to trade with a retail broker; then move on to an ECN on the IB market to help provide liquidity for the next bigger fish.
I’m not sure about FIFO. My broker does allow hedging… its a must for risk-aversion.
Yes. That’s the way to do it. Inserting your human element into it. By doing so you decrease your risk further. I would do it the way you are too. Smart.
As long as we look at EAs as a tool we use for our benefit, we are simply being rational.
All free. I can’t upload the .set file, so i took screenshots. Get paid my typing those setting in. ha. btw, that’s for EURUSD 15 MIN. You can easily make EAs for anything else using MT5 Optimization and using MQL5 network for CPU power. Currently 21,000 idle CPU cores to use, for every test takes a core.
Humans are still needed as algo’s can’t position for the future
ie; doesn’t know the Euro will cut rates before US or when their manager wants to decrease exposure in a certain asset.
I’ve seen guys with 99 EAs running at once. Insane low risk, high diversification.
Agreed. I think you have the proper attitude. They are advisors, not something you can just let run and make money.
I don’t need an advisor for that. But there is certainly nothing wrong with that approach. It seems we agree that traders should not expect to just leave the EA’s running and not have to monitor them and adjust them from time to time. Even stopping them with trades open in order to manually try to remediate a loss.
Hello. That here many people want to create a robot according to their own settings. But if I would like to receive an already built robot.
A robot that would also satisfy you as an IT- specialist.
Could be a 75+ win % and for MT4.
Can you offer me something like this?
Greetings,
Alex , Tallinn, Estonia
