I’d like to discuss why so many traders are hating on Expert Advisors. You can make your manual trading system a expert advisor in most cases. Unless you use a complicated trading system. I have ran across several people downing expert advisors.
I try to keep a trading journal. I mainly write in this journal why I took a trade. 9 times out of 10, my losing trades resulted in me entering early. Example: It looked like the rsi was moving to overbought, etc.
So if a EA has to follow the exact rules you give it. Why not use one? All of my losing trades are due to me breaking my rules.
So who uses an EA when trading a Live account? Why do you or why don’t you? I’d like to hear from people who trade on live accounts. Thanks.
The idea behind EA’s is that they allow you to trade without emotions. That sounds good in theory, but in actual practice Forex traders need to use some discretion.
A computer can only “make” yes and no decisions. It can’t figure out why things are happening they way they are, so it can’t use discretion. Therefore, an EA can only follow the rules that are programmed into it. If the programmer hasn’t accounted for outside factors – which is where discretion comes in – then the EA can’t account for it and you can lose a lot of money very quickly.
From the posts I’ve read in various forums, a lot of people looking for EA’s are newbies who want an automated “system” that will do the trading for them without them having to take the necessary time to actually learn how to trade the Forex market. That’s a recipe for disaster. It’s the same as that 1-2-3 green light system advertised on TV. It’s for people who want “instant” results without having to learn anything.
Personally, while a computer is great for automating some tasks, I would never allow it to control my finances like that. I use it to help ME decide what to do, and would never allow it to make decisions “on its own” that will affect my money.
