I personally know a lot of traders that can create their own EA's very well, but somehow they still choose to trade manually, why this phenomenon happens?
There are big disavantages, for example 1 person cannot monitor multiple markets at the same time, or work around the clock
Well, an EA would do whatever you teach it to.
EA can only be created to only trade a certain market structure. If you have to create an EA for every type of market structure, it may take one's life time effort.
Yes it's based on condition and patterns. The more patterns you'll teach it, the more pattern it'll be able to handle, very coldly, where there's no place for "let's imagine", "let's suppose" etc ...
I would add that by trading manually comes a point where you yourself feel like an automate, it's actually the good moment to start to code your own EA.
Most of EA programmers have limitations. It is easy to say that if you can do it manually then you can do it by code. But there are two limitations here, SOme imaginable code is so complex to create, I mean, human mind works a level of complexity, as human perception, and code works on basic levels of logic. The other limitation is in mql language which has very limited possibilities and runs in every tick, so there cannot be too much complexity in the algorithms . They can be quite complex but at a certain amount of variables and conditions it would start lagging the computer or running out of memory. At the moment working with indicators and checking basic parameters is all we can imagine. Some things are easy to imagine but difficult to translate into code. ALso there is a limitation in the knowledge about maths and logic that the coders have like me. I would love to create a robot that learn from mistakes and constantly evolves on certain conditions and that interacts with trades with the market and could be aware of what is happening in the market. But this is far away from my reach at the moment.
Because -- nothing can defeat what God has created :) Eyes, Brain, Mind and Analysis, Feelings, and Hearts, resulting in a unique experience.-- and the experience of every human being can always be different, -- as the difference in the retina of the eye in every human.
To create, test, and maintain a real good adjustable robot that trades, is a task of many human years, maybe hundreds or thousands. and thus it is hard for 1 person with limited free time and a day job. It is a kind of task that a company should do, or a team of programmers. A team of 10 or 20 programmers working in collaboration for a year is equal to 20 human years of work.
*- which is a good idea I think to open here team working requests on projects. It will be a lot faster to collaborate between programmers to achive a good result.
Face recognition, that's how they do it :
Fortunately, charts are less complex than faces, it's not difficult to register for each positions opened numberous differents parameters (vol, price, ma, volatility, whatever ...), analyze order history, reference & classify orders with such characteristics, patternize it, and self adapt based on previous results being more often profitable or unprofitable.
Actually, the more complex task there seems to me to be extracting a rule based on logs to apply for next positions ( key value limits for volatility for example, relative position to a ma etc ...)