Hi Ladies and Gents
I’ve been doing some research into forex trading. What i notice is that traders work with EA’s. My question is which one is a good one to start trading on a demo Account? I would appreciate your help.
Regards
Victor
I really like the Oanda platform. That is what I am using for demo trading right now. It super clean and easy to use. I can’t compare it to other platforms because this is the only one that I have used before. Hope this helps!
Thank you appreciate it
Welcome to the forum Victor.
Absolutely [B]no[/B] criticism implied, but what you notice depends on where you look.
I see huge numbers of people discussing EA’s in forums and on websites, but I’ve been doing this for about a decade and during that time I’ve [I]never[/I] myself known any successful, profitable trader using an EA. (I’ve seen plenty of people [U]selling/promoting[/U] goods and services to aspiring traders [I]claiming[/I] that they are, but that’s a whole different matter.)
Be aware that the proportion of people who venture into forex trading and end up actually making a living from it, or even steadily making profits from it at all, is very, very small. Sometimes doing what most other people you see are doing really [B]isn’t[/B] a recipe for success at all. :58:
If the overall success-rates at something are really tiny, then the “general consensuses of opinion” about how to do it are always highly likely to be pretty misguided ones, aren’t they?
Just a thought/observation.
It’s not just on a demo account (unless demo trading is all you ever intend to do, but that isn’t so for many people?).
What [U]matters[/U] is to use the demo account [I]in the same place as the one where you plan also to trade with real money[/I], eventually, so that you [B][U]don’t[/U][/B] later have to acclimatise yourself to a new broker’s interface, terms and conditions, policies and procedures and helpdesk at the same time as trading real money for the first time.
Anyway, I agree with the comment above about Oanda: I think they’re a pretty good broker for an aspiring trader, as counterparty market-maker brokers go, and I particularly like their “FxTrade” platform.
Regarding trading platforms in general, with [I]one[/I] exception I don’t think it matters [U]much[/U] which one you use. The exception is that I’d advise you to [B][U]avoid[/U][/B] the one called “Metatrader”, and this thread (among others) explains why: [B]301 Moved Permanently
And good luck!
For Demo - any EA you can find and test. And it’d better if you understand it and try to add some your ideas in it.
For Live - results can vary greatly, especially if execution of orders matters. Many profitable EAs that make millions on demo lead to blow out on real account due to slippage and spread widenings eating up profits.
And don’t amuse you with vain expectations. It is really hard to find or build profitable long-term EA for trading. Most good EA’s work near breakeven level.
Good luck.
I am not an expert but honestly I still haven’t heard of any long-term profitable EA. Even if there are some, I’m sure that they will be quite expensive. You should not rely on EA for profit and success. Yes, you can use the EA for monitoring the market and testing some strategies but better to use for educational purposes rather than expecting a significant profit. From what I’ve heard, many traders are rather disappointed from the EA results, only few of them are happy. But like I said, you should research and test it yourself so you can decide.
Many a trader would guarantee that platform is active and trades daily.
It seems to me, as a “statistician” (or at least as someone who’s studied statistics and probability extensively enough to pretend for the purposes of conversations like this to be more or less a statistician :8: ), that there are three underlying key concepts about EA’s which many aspiring traders don’t quite appreciate …
(i) The [U]better and more reliably[/U] an EA has been proven to be profitable over its backtested data-set, typically the more curve-fitted it will be, the more degrees of freedom its algorithm parameters will involve, and therefore the [B][U]less[/U][/B] predictive and reliable it will be, moving forward, and …
(ii) “EA’s” specifically are add-ons for Metatrader, which is the worst non-web-based platform I’ve ever seen or heard of, the least reliable, and (to put it with my characteristic bluntness, for which please excuse me :8: ) something that [I]almost[/I] [U]no[/U] serious/professional trader would be seen dead having anything to do with, and …
(iii) The entire idea of EA’s as something that “work” is a misleading and misguided perspective in the first place … from the perspective of a retail trader, “automated systems” don’t “work”: [B]traders[/B] “work” (or not).
As a new trader you should not think about EA or Robot. Focus on learning. Trading is a work of professional. You need knowledge and skills to get success here. In School of Pipsology of Babypips you will get best resources to prepare yourself as a trader.