Do EA's really work?
I hear so much negative things about them and that is better not to even bother and just learn to trade on your own.
Although I am learning to trade I am no professional, and would still like to earn some consistent income with EA's if possible during my journey. Now I know that EA's need to be monitored and nothing is "Market Proof" when it comes to earning, basically what works today might not work tomorrow and understanding how to trade yourself will help in determining how to manage your EA's, but I would still like to use them.
Are there any even on MLQ5 that actually work without doing a lot of reprogramming?
And I view MQL5 as a trusted place where traders have come to share knowledge and help one another, why would such a place have "Scam Bots" in their Market Place for sale if this is in fact the case? Not that I'm blaming MQL5 for the acts of an individual, but one would think such things would be verified first before posting on their site for money.
Promotion (positive promotion or negative one) of the Market products is prohibited on the forum. But you can look at the Signals to see how EAs works.
Just some links/articles/threads about the Signal service:
This is the information about where to start to.
Forum on trading, automated trading systems and testing trading strategies
Eleni Anna Branou, 2017.11.02 21:08
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:
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.
First you have to understand how an EA acts on the markets.
A trader would buy/sell when these two MA cross. Right ?
But a trader is human being, it's very difficult to monitor many charts, during many hours and some may be surprise by what happened during the night session.
That's where the EA is useful.
A EA could be programmed to buy/sell when these two MA cross, just like you would have do it. That's what is called a strategy.
But a EA isn't human being, it won't do more than what it's educated for, if you didn't teach it to adapt to certain situations, it won't. It applies very coldly what you have taught it. Sometime the process for educating a EA is long, but advantages are obvious, it can be run on many charts, 24/24, 7/7.
So to answer to your question, do expert advisor really works ? It works as well as the strategy implemented do works, very simply.