I agree with your thoughts. As beginners, most forex traders want to make a kill overnight. So they result to EA's that promise to deliver insane returns but more than often that doesn't happen. What follows is a lot of disappointment. Here is an invaluable piece of advice for beginners, learn and master the basics of forex trading before you plunge into forex trading. Money can be made and money can be lost in forex trading. It takes practice, lots of practice. this is what separates novices from experts. Manual trading is rewarding. I am working on a simple manual trading strategy posted elsewhere in this forum. I hope to provide results when I go live.
T2W Day Trading & Forex-Foren
"Trading With MP6140" ... das Schlimmste, das ich je gemacht habe
Thanks for the very insightful link to the storyteller "Michael Parker" aka mp6140. Such people cause great harm to people who are new to currency trading and are looking for serious tips.
The babblers, the long texts about how great and good they are, should be blocked by the forum administrator. I searched for the person "michael parker" for a short time on the internet and in other forums he seems to have been banned.
Everywhere he writes long texts, how good his knowledge should be. Everyone else should be stupid and have no idea about acting. Only he has the ultimate knowledge, but he will not share it with others.
(Probably because he does not succeed in the markets behind all this talk.)
Writes long texts about what everyone understood after a short while, when someone was informed about Forex via Google. "Michael Parker" believes that he is the ultimate super teacher who has eaten the wisdom with the very big spoon and everyone else is ignorant and go the wrong way.
Such scams are bad and cost many people a lot of money and courage to stay in currency trading.