How Many Forex EAs Have You Used?? - page 3
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That's very true, some EAs will earn you really good profits then one day boom your account is basically wiped out, you have to be really careful
Many EA on the market simple do the same thing. The first rule when it come to investing or trading is to not spend what you can't afford to lose.
I am looking for an EA that will do as follows:-
1. First based on my analysis, I will open a post 1 lot, say a buy.
2. Then only I will insert or make active the EA.
3. The EA then will set the TP (take profit) say at 30 pips.
4. Instead of goes up the price drop. At 30 pips drop the EA will open 2nd buy post of 2 lots. For this 2nd post the EA will set 30 pips TP. The EA will also move the 1st post TP to the 2nd post TP. That means if price later move up 30 pips, 1st post will be BE but 2nd post closed at 30 pips profit at 2 lots.
5. Instead of goes up the price again drop. At next 30 pips drop the EA will open 3rd buy post of 4 lots. For this 3rd lot the EA will set 30 pips TP. The EA will also move the 1st and 2nd posts TP to the 3rd post TP. That means if price later move up 30 pips, 1st lot will be closed at lost, 2nd lot will be BE but 3rd lot closed at 30 pips profit at 4 lots.
6. Again instead of goes up the price drop further. At next 30 pips drop the EA will open 4th buy post of 8 lots. For this 4th lot the EA will set 30 pips TP. The EA will also move the 1st, 2nd and 3rd posts TP to the 4th post TP. That means if price later move up 30 pips, 1st and 2nd lot will be closed at lost, 3rd lot will be BE but 4th lot closed at 30 pips profit at 8 lots.
7. This process continue to the 5th and 6th posts. By opening of 6th post the price has drop 150 pips.
8. The EA also should has an option to close all posts when price finally reverse and the combination result in BE or little profit. This can be done either at 4th or 5th or 6th post as set by the user.
9. After closing all posts, the EA will not function until I open another post.
Thank you for those who willing to share this type of EA.
Kadir
I have used many EA's, many of them work only for 2-3 weeks. Some advisors have periods of profit and periods of drawdown. For instance, EA works for some time with great profit, and then market changes and EA looses, then this cycle repeats again. You should be very careful choosing auto advisor, especially when developers says about great profit and no losses at all
I've used 2 EA-s, the Fapturbo and the Megadroid. Both 2 were scams...
Now I am using the Forex Money Manager EA from the ProForexServices guys only, but it is not a regular EA, but a trade manager EA.
I would stay away from any EA that adds to a losing position. This is how most EAs trade.
Find your own system and then create an EA from that if I were you.
At least that way you will know what you are trading.
The money management used on most ea's are either cost average or martingale.
These eas use a simple strategy and if the market will go against this strategy it will compensate by using math opening positions at 1,2,4,8,1.6,3.2, and so on every 10 or 20 pips until///
A.either the market reverses in your favor or B.equity and free margin are used up resulting in a margin call.
When a ea is fine tuned to work in a current market it is call optimization.
So we can say that ea is optimised and the backtest report is great.
The problem with all the ea's are that markets change and what was "optimised" to work in one market now that we are in a new market the strategy is no longer valid.
Seems the ea worked just long enough to get your payment for the program.
In order for the ea to continue to work it needs to be "reoptimised" every month or few weeks.
This is why there are so many versions of Fapturbo. The author understands this and continues to optimise and release new version of the same strategy.
So Kevinator are you saying you are for margtingale EAs or not?
There are a lot of advisors with good trade logic.If you can re adjust the strategy to work in the current market I would say yes that would be ok.
Since most people have no idea what the hard logic of the ea is from the start and cannot adjust the ea as they are not aware of the problem which is the market will change or how to adjust the ea ( they are not coders or input settings are limited).I would say no as a martingale will blow your account up eventually.
There is no way around this.Some have tried to spread out their risk by adding more pairs to the martingale.This will only get the account margin called faster.
Some have tried multiple eas and called it their "portfolio" or investment tools.This will not work either unless you address the original problem.
After news releases or real events like japan earthquake or australia high interest rates or the swiss holding more gold then before because the price of gold is high.
These factors make banks and traders more interested or less interested in a currency then they were yesterday or last year.If the same number of people are no longer interested or now there are more people interested.
More or less interest created a new market conditions meaning it is now faster or slower so you must adjust the ea to be faster or slower.So what worked in the past market needs to be adjusted to work in the new market after all it is just a program the for example will buy or sell at macd cross which was fine when euro was docile last summer.
Now that more countries in europe got rid of their money and adopted the euro it is now a raging beast with choppy highs and lows.You have to adjust the ea for those conditions.
interesting