Hi @forexprofittrader I am new to Forex, but I have a degree in computer science and have been programming about 10 years now. What I can say is that a robot/software application is not more accurate than the human eye. A robot or piece of software must be programmed by a another human. This means that there are inevitably going to be mistakes and the robot can only be as intelligent as the person who programmed it.
An application is basically just a set of instructions and computers follow instructions, extremely well. They can’t read between the lines and interpret what you may have been thinking when you wrote a specific instruction, they will just execute it exactly as you have written it.
With a human eye for example we can see patterns, such as triangles, head and shoulders, etc…, but a computer cannot see these patterns, they don’t see a graph, they just see numbers. You’d have to figure out a way to program your bot so that it just doesn’t appear to look like a random set of numbers, but that it actually forms some pattern. This is much more difficult than one may think. Let’s say I feed it all the numbers from a triangle pattern and tell it that if it ever see’s these numbers again and in this order to perform some strategy. It will only perform it, if those exact numbers fall in the same exact pattern at the same exact location. Problem is that will rarely if ever happen. A triangle may form again, but the numbers will be different and in a different location.
You’d have to develop some kind of machine learning algorithm and feed it hundreds or even thousands of triangles and teach it to calculate the slight variations in patterns. It’s not impossible, but it’s a lot of work and very time consuming.
This next statement is my opinion, but I’m willing to bet that a developer that has been able to put in a lot of time, effort and money into developing a successful EA is not going to sell it on the open market, but use it for him/herself. People that sell EA’s are people looking to make money off of simple EA’s that were easy to develop and were successful over a short period of back test. My guess is the ones that tend to fail over time haven’t been tested well enough and haven’t been optimized with each variation of back test.