Hi traders, I want to use an EA to make me easier to trade. I have found the great performance of EA called MAM-EA on Youtube.
Could you please give me suggestion whether this EA is recommended or not? Thank you
Why you put this post in this thread ? 9 minutes reading - seems a little light 
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Was a real loss, real money, never recovered - and it was his own money, not an employerās like Leeson.
He wasnāt a trader by profession, got caught in the headlights and just kept meeting the margin calls until the money run done.
Wont name him because itās his story, not mine - just underlining the need for a pre-planned exit when the market whispers in your ear āyou are wrong, get outā.
Having said that the notion of tight stops will usually bring ābad luckā where a trader is actually not wrong but loses (i.e. the bookie wins).
I suppose the loss of 3.2 TRILLION is quite a lot really - depending on what the actual currency was lire, pesos, dollars, euros, pounds would all be diiferent, but even so, surprising that I never heard this tale before.
If it was supposed to be 3,2 trillion Dollars, that is bigger than the GDP of a great many Countries ! Amazing he found a āBrokerā willing to deal those amounts.
Yes, that is a very important issue and one of teh real reasons why it is so difficult to trade positive, even though your instincts and analyses may be 80 -90 % correct !
Yeah, all the zeros can be confusing, 1,000,000,000 = 1 billion ( current uk)
Loss was 3.2 bn - used the zeros for emphasis just in case some learners were reading - currency was euro.
A sorry tale that I will not refer to again, itās the lesson that is important.
Having said all that I sympathize because although the numbers were much smaller than 3.2bn I too was once in the headlights, back 18yrs ago - had no exit strategy save listen to so called advisors.
A well thought out SL can be part of such exit plan imo.
In the forex without skill there is nothing to do. Otherwise, the market will consume all your money, if you were counting on luck.
This will be right to say that Forex market is only for risk takers. It canāt be a permanent source of income but it can be a decent source of income if you get the right guidance.
Sometimes I feel there is nobody who can earn permanently from this volatile trading place but reality is lots of successful traders are here who can do this with certainly. if they are not , Forex market would not much popular at all. we just have to maintain our trading discipline with great patience , otherwise there is no chance to earn profit permanently from here.
I heard a quote which seemed relevant - last night ;
āLuck is when opportunity meets preparednessā¦ā
LOL
Why canāt it be ?
i currently earn a very healthy permanent source of income from forex
maybe what you meant to say wasā¦
You assume it canāt be a permanent source of income
but i assure you, FROM MY EXPERIENCE if you learn forex correctly and learn to trade correctly
it can indeed be an income that you can live off
You still think you have controlā¦
Our existence is just a movie by some aliens, they are watching us. We are mere actors/ actresses on a stage. The story is fixed. We can only go with the flow. There is nothing you can do to change whatās going to happen. What we are given is the small range of choice to showcase ourselves beautifully or uglily. Like it or not, you have to follow the plot. Some people are lead characters, some supporting roles, and some just cameo. Either you are a good actor/ actresses on the stage or you are not. Let go, play along ,be the best of what you are meant to do.
Mate, youāre basing your argument on a cartoon Character LOL
do i need to say anymore
You think Control is an illusion
well. Why do the market makers have the name market MAKERS
to MAKE something you have to have control over it
Why do hte market makers cause 95% of traders to loseā¦ do they just get really really lucky every time ? hehe
and if COMPLETE CONTROL is an illusion
RELATIVE CONTROL is not
I enjoyed your Philosophical point, but honestly, hehe itās BS ok
it sounds cool and i am a fan of Kung Fu Panda 100%
But this point has no validity
I knew i had it coming.
Thatās just the way how things work. When the director say āActionā , the sky rain. When the director says āCutā the rain stop. The market makers are bookies. Bookies always win in the long run. They earn from spread, or they can gamble with you if you show them consistent bad records. They may even follow your trade if they think you are good, or hedge against you. They have their edge. As a retail trader. We donāt have their kind of edge. Our edge is way much tougher to obtain. Just click buy or sell. So simple yet consistent profitability seem so unreachable. It is just the DESIGN of this whole Forex trading structure that favors the market maker. Just Like the design of a casino where the odds are against the players. There is no Skill or Luck, more of predestiny. Its meant to happen.
It is his time to rumble! There is nothing anyone can do to stop him.
heheā¦ indeed you did.
but, at least you chose a cool cartoon like Kung fu panda, so i figured iād take it easy on you.
and AT LEAST (and i had a suspicion that you may have) but you didnāt
at least you didnāt argue that kung fu panda was anime hehe and not a cartoon
oh manā¦ i would have skitzed if you did thatā¦ 
anyway
i know what you are saying though
first time i heard it was on DAYS OF THUNDER, Nicole Kidman said it to Tom Cruise
ācontrol is an illusion you infantile maniacā etc etc
and i thought about it , and i am one to think about stuff like this.
and initially i came to your conclusion
later i grew up more and i thought more about it and concluded that FULL CONTROL is not possible
like Master Ugwe said
but just like Master shifu said
Masterā¦ but i can control where it lands, THATā¦ IS NO ILLUSION
soā¦ from the wise lesson of master Ugwe we can conclude that RELATIVE CONTROL is real
FULL CONTROL OVER EVERYTHING IS AN ILLUSION
but, if you create you own little world (as the market makers have done) you have a good degree of control over ALMOST everything
i have never been able to fault the theory of RELATIVE CONTROL OVER MOST THINGS
and i welcome anyone to prove me wrong
but i can always easily fault the concept of FULL CONTROL OVER EVERYTHING
and the discussion of FULL CONTROL over most things, at best is debateable but you can always find some little unforseen thing to pick on
soā¦ thaāts my take on it
i think youāll probably agree
but for putting in the effort
I BOW IN RESPECT TO THIS GREAT MASTER @alphahavoc
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It depends on every other person. You can life living income from it but it is never going to be true for others also.
iāts not that it will NEVER be true for others
Itās that itās UNLIKELY unless they really are committed and learn how to do it.
butā¦ i understand what you are saying
If you can learning Forex accurately of course you will be benefited, itās a common message. And we beginners donāt get motive by means of this as usual suggestion to continue Forex trading. Can you please add advanced level message instead of this ?
@Hadden
this is becoming a lengthy post
what are you referring toā¦ (Refresh my memory)
what do you want me to elaborate on (aka, Advanced level message) instead of WHAT ??
Luck is of course an important factor, but itās really silly to rely on it only. You need good scills, experience and a lot of knowledge to trade properly.āā
+1
YES !
Now that we know that - freedom awaits 