Where do these EA’s come from? Fapturbo and Megadroid seem to have some sort of connection so there’s got to be some sort of producer entity
The people who typically produce EAs fall into one of the categories:-
*Hobbyists who want to trying playing with trading systems, enjoy honing their coding skills, and would only ever run their EAs on demo… usually releasing them for free for others to critique, offer suggestions, and improve the system.
*Professionals who will write EAs for you, based on your criteria, for a cost.
*Scam artists who find free EAs off the internet, or “borrow” code from other EAs, and sell them as their own.
*Marketing gurus who flesh out a half-hearted, unreliable EAs and sell them to you like crazy – until you realise that they don’t work. Once their forums have filled with bad comments, they try to get you to buy their next creation which will “work better”
*Decent sellers who make decent EAs. Good luck finding the good EAs though…
That about sums it up.
MT4 has built in programing language and there is lots of EA examples in the public domain if you are really interested in learning how to program your own strategy or coding one of the popular strategies on the forums. It’s not that hard, give it a try. With some take profit / stoploss tweaking you can get many strategies to work well backtesting. Whether or not they will profit forward testing live is the real only proof. Am testing my EA strategy live on a VPS this week using .01 microlots. Has a 50 pip stop loss so the worst it can do is loose 5 bux a trade, even if it looses every trade I have had fun giving it a chance. Has attempted to open two positions so far that both would have made 50 pips each but due to a bug in the code rounding off the lot size it got errors instead of trades … proved to me that even if your EA backtests well and demos ok it can have issues that don’t get uncovered until run live.
I have purchased a Forex robot called forex monster. I have back tested the program did not like the results. I keep getting a negative profit was just wondering. Is there a better expert advisor on the market. Hired some bad things about fabturbo on the form was wondering is there a recommended Forex robot??? Thanks for your help!!!
Forex monster is a junk EA.
It appears to be written by a greedy programmer and slick marketers.
The tests it shows that make a lot of money only come from a recent 8 month backtest - and quite frankly, this is a no-brainer because the economic crunch happened in Oct last year and it’s pretty easy to spot trends as to where a certain currency pair has gone IN HINDSIGHT!
Selling trading systems is a lot like the reality of fortune-telling. Fortunate telling is made to feel realistic by clever use of cold-reading (look it up!) and other psychological tricks, usually to make the listener backtest random guesses about aspects of their life and fit them in as if the fortune-teller has specific hindsight!
Really, the EA doesn’t stand up to multiple year backtests, cannot adapt, cannot be made to adapt, and has nowhere to go once the dust settles.