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Is anyone out there really making profit from their EA?

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ChrisYang
22
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?

Pat Butler
336
Pat Butler  

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
18056
Simon Gniadkowski  
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
569
Aaronsebaronse  
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
22
ChrisYang  
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
22
ChrisYang  
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.

jackbgm
5
jackbgm  

can anyone tell me  trading with meta trader 4 as I have made 325$ in contest/bonus account, so now can I go for real account by depositing 37.28$ initially.

Sergey Golubev
Moderator
101579
Sergey Golubev  
jackbgm:

can anyone tell me  trading with meta trader 4 as I have made 325$ in contest/bonus account, so now can I go for real account by depositing 37.28$ initially.


You can ask the broker because there is no any real accounts here (MetaQuotes company is not a broker).

Sergey Golubev
Moderator
101579
Sergey Golubev  

Forum on trading, automated trading systems and testing trading strategies

How to Start with Metatrader 5

Sergey Golubev, 2017.03.28 08:27

As many people are asking about "How to open account with MT5" and "How to add the broker to MT5" so I want to remind the following links:

MetaTrader 5 HelpOpen an Account

MetaTrader 5 Android OS HelpOpening a Demo Account 

MetaTrader 5 iPhone/iPad Help - Connecting to an Account and Opening a Demo Account

Verona Cook
20
Verona Cook  
Simon Gniadkowski:
No,  they cannot,  advertising is not allowed on this Forum.  DYOR

I had tried too these but doesn't make any profit.

Most trading systems on popular Forex forums are created by inexperienced traders. The systems may work well for a few weeks, or even for a few months, but they fail in the long run.

This is especially true of indicator based systems. Indicators are sensitive to changes in market conditions. Some indicator based systems give amazing signals in trending markets but fail in ranging markets. The problem is that most indicator based systems are not adaptable to changing market conditions. So a system that works this week might not work next week. If a trading system has not been forward tested for over a year you cannot trust its effectiveness.

If you go down the path of hunting for Forex Signal systems you have already failed. You will embark on a long, fruitless search and find nothing.

Sergey Golubev
Moderator
101579
Sergey Golubev  
Verona Cook:

I had tried too these but doesn't make any profit.

Most trading systems on popular Forex forums are created by inexperienced traders. The systems may work well for a few weeks, or even for a few months, but they fail in the long run.

This is especially true of indicator based systems. Indicators are sensitive to changes in market conditions. Some indicator based systems give amazing signals in trending markets but fail in ranging markets. The problem is that most indicator based systems are not adaptable to changing market conditions. So a system that works this week might not work next week. If a trading system has not been forward tested for over a year you cannot trust its effectiveness.

If you go down the path of hunting for Forex Signal systems you have already failed. You will embark on a long, fruitless search and find nothing.


He made a post in June 2013 but you replied to him now only ... 4 years ... he was waiting so long for reply :)

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Signal service is very successful service especially for traders: there are a lot of good signals trading by EAs created by very experienced traders and coders.
Traders are qwriting the articles, coding the EAs, trading by EAs and by manual way so as a result - there are very experienced traders and coders on this forum.

As to the signals so you should select by your self because no one will take responsibility for your risk (and your money).

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Tips for Selecting a Trading Signal to Subscribe. Step-By-Step Guide - the article 

Forum on trading, automated trading systems and testing trading strategies

How to Subscribe to a MT4 Signal (new instructions, after 1065 version upgrade)

Eleni Anna Branou, 2017.11.02 21:06

Below are step by step instructions, of how to subscribe to a MΤ4 signal:

1. Register a MQL5 account: https://www.mql5.com/en/auth_register 

2. Open your MT4 platform and go to Menu >> Tools >> Optios and click on the Community tab. There you put your Login and Password of your MQL5 account and click OK.



3. Go to the search area of your MT4 platform, on the upper right corner (where the magnifying glass is), type in the name of the signal you want to subscribe and click Enter.

 


 

4. You will see lower, in the Terminal Window of your MT4 platform, the results of your search. Click on the name of the signal you want to subscribe. 

 


 

5. Click on the green Subscribe for $$ USD button on the right side of your MT4's Terminal Window.

 


 

6. Select the payment method and complete payment for your subscription.

7. In the Options >> Signals window that opens, tick the following options:

 


 

  • Agree to the terms of use of the signals service
  • Enable real time signal subscription
  • Copy Stop Loss and Take Profit levels
  • Synchronise positions without confirmations

8. In the Use no more than: ...... of your deposit (95% maximum) field below, put the percentage of your capital, you want to participate in signal's copying.

9. In the Stop if equity is less than: ...... field, put the amount of your capital, you want to preserve, or leave it empty. 

10. In the Deviation/Slippage field, select an option and click OK in the Options window to close it.

11. Now you have completed the subscription process and the only thing you need is a VPS (Virtual Hosting) in order to copy the signal 24/7 without having your MT4 platform open all day long. 

12. Go to your account details in the Navigator window of your MT4 platform, right click in your account number or name and select the option Register a Virtual Server.

13. In the Virtual Hosting Wizard window that opens, the VPS with the lower Ping, ms value is presented automatically.

 


 

14. Select your payment plan for 1, 3, 6 or 12 months and click Next.

15. Tick the: I agree to the virtual hosting service rules and the auto renewal option below (if you want) and click Next. 




16. Complete your payment for the VPS Service

17. In the next window, tick the Migrate signal: account and settings option, click End and you are done.


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