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Is anyone out there really making profit from their EA?

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ChrisYang
11
ChrisYang 2013.06.30 10:49 

I have read the championship site, seems none of previous years` top players made to the next year final.

I think that means they all fail, and obviously some of the top plays won the championship by luck.

So it make me wonder is there anyone who is making money from forex market?

Pat Butler
226
Pat Butler 2013.06.30 10:57  

I have tried some of the free EAs but haven't found one that makes money consistently.

I have yet to try paying but I feel it will be much the same end result.

Perhaps someone could suggest a good one ? 

Simon Gniadkowski
Moderator
17998
Simon Gniadkowski 2013.06.30 11:01  
Pat494:

I have tried some of the free EAs but haven't found one that makes money consistently.

I have yet to try paying but I feel it will be much the same end result.

Perhaps someone could suggest a good one ? 

No,  they cannot,  advertising is not allowed on this Forum.  DYOR
Aaronsebaronse
563
Aaronsebaronse 2013.06.30 12:51  
ChrisYang:

I have read the championship site, seems none of previous years` top players made to the next year final.

I think that means they all fail, and obviously some of the top plays won the championship by luck.

So it make me wonder is there anyone who is making money from forex market?

 

The quick answer is that very few people make money because the level of dedication and professionalism required is well outside of the remit of anything they have previously attempted in their lives. When they get a sniff of what it really takes, they bolt. Its a sobering process that requires a big stomach.

No rich quick!! Infact the further along the track you proceed, you slowly start to realise the opposite as gospel; i.e. less and less money for more and more effort. Of course if you have upwards of £250 k in spare change to play with, then you can make decent pocket money safely. But ~2-3% a week from 10k is not the way to make a living.

In my opinion the delusional potency of FX  can be so toxic that people become instant gamblers and forget about the huge demands of the job, that's if they were ever made aware of them in the first place;  gamblers are notorious bullshitters, i.e. they wont tell you how much they lose, to put it mildly. Charts and EA's also make it very alluring, people look at charts and convince themselves that they could make a lot of money, but its equivalent to looking at a video of fish swimming down a river and convincing yourself you could have caught them all, when you weren't even there... post-mortem trading is financial masturbation. The disconnect between convincing yourself of what you could have made, and the reality of what you are physically and mentally capable of, is a vast one; the gulf between acting in the moment and acting in hindsight is just absurd, two totally different animals. And its a double edged sword, not only is there personal temptation to dream about easy money, but you have others who try to convince you that they can make big money for you too! Look at some of the FX programmers on this site; some of them are working for $5 a day, yet have posted  EA's that make 10000% a year! You don't need to be Sherlock Holmes to work it out buddy...its dripping from the ceiling.

Its a VERY dangerous thing, the subtleties between gambling and trading are philosophically well hidden, the quicker you get real about matters the less chance you have of being seriously hurt. And trust me, if you are harbouring any misconceptions about easy money, you WILL be hurt.

If risking lots of money makes you sick and unstable, go and do something else, otherwise prepare for a process that will take you down a very tricky path. If its financial stability you want and you choose FX as a career, you have just shot yourself in the face.  

ChrisYang
11
ChrisYang 2013.06.30 12:58  
Pat494:

I have tried some of the free EAs but haven't found one that makes money consistently.

I have yet to try paying but I feel it will be much the same end result.

Perhaps someone could suggest a good one ? 

I have never seen one in real life, one of my friend is working in a forex company, he told me 100% of the clients failed.

I  like to see one in reality too.

ChrisYang
11
ChrisYang 2013.06.30 13:10  
Aaronsebaronse:

 

The quick answer is that very few people make money because the level of dedication and professionalism required is well outside of the remit of anything they have previously attempted in their lives. When they get a sniff of what it really takes, they bolt. Its a sobering process that requires a big stomach.

No rich quick!! Infact the further along the track you proceed, you slowly start to realise the opposite as gospel; i.e. less and less money for more and more effort. Of course if you have upwards of £250 k in spare change to play with, then you can make decent pocket money safely. But ~2-3% a week from 10k is not the way to make a living.

In my opinion the delusional potency of FX  can be so toxic that people become instant gamblers and forget about the huge demands of the job, that's if they were ever made aware of them in the first place;  gamblers are notorious bullshitters, i.e. they wont tell you how much they lose, to put it mildly. Charts and EA's also make it very alluring, people look at charts and convince themselves that they could make a lot of money, but its equivalent to looking at a video of fish swimming down a river and convincing yourself you could have caught them all, when you weren't even there... post-mortem trading is financial masturbation. The disconnect between convincing yourself of what you could have made, and the reality of what you are physically and mentally capable of, is a vast one; the gulf between acting in the moment and acting in hindsight is just absurd, two totally different animals. And its a double edged sword, not only is there personal temptation to dream about easy money, but you have others who try to convince you that they can make big money for you too! Look at some of the FX programmers on this site; some of them are working for $5 a day, yet have posted  EA's that make 10000% a year! You don't need to be Sherlock Holmes to work it out buddy...its dripping from the ceiling.

Its a VERY dangerous thing, the subtleties between gambling and trading are philosophically well hidden, the quicker you get real about matters the less chance you have of being seriously hurt. And trust me, if you are harbouring any misconceptions about easy money, you WILL be hurt.

If risking lots of money makes you sick and unstable, go and do something else, otherwise prepare for a process that will take you down a very tricky path. If its financial stability you want and you choose FX as a career, you have just shot yourself in the face.  

  Thanks for your reply that`s the answer which I`m waiting for, I`m little bit upset it seems like the forex is really a "day dream" or "bubble" that attract people. I will stop imagine one day could be a millionaire by doing trading, and come back to reality.

  I will continue to learning MQL5 and Matlab in spare time, I love programming as well and the market is really a mission to solve, so interesting.

 But I will never put on real money into the market or consider making a profit out of it.

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