Many Buyers are disillusioned with the EA's that they buy. The reason why is that the correct results are not shown.
There some Stock Brokers that have 0 spreads but charge per trade. There are some that charge spread but not per trade. The one's that has no spread is always favoured, that is why they are always on the top of the list of Stock Brokers that provide the best exaggerated results.
eg. Total net profits: 14657
Trades done: 3992
Stock broker 1 (0-Spread,$7per trade). 3992*7= 27994
Results" 14657 - 27994 = -13337 *NB. leverage 1:1. To compensate for the loss the leverage has to increased but then the drawdown is massive. That is why trades will be out of money very quickly.
Stock Broker 2: charges spread. So that must be included in the results.
That is why many EA's buyers is disappointed
*NB: The only way for this to be corrected is that it must made compulsory for all EA's to include a file for commissions to be paid. Those must be altered because all stock Brokers have their own commission system.
It extremely important for the Service Desk to provide the possible outcome for Buyers. In such a way the correct performance graphs will be shown on their websites.
Also to test the EA must be done on the Buyers Stock Brokers platform because the demo platforms does not include commissions.
Don't forget these EA's were created in selected markets in the beginning but because it has gone International, the EA's must be accommodated for all markets. To include such a module can't be that difficult. It must be made compulsory
In addition to all that's been said, let's compare EAs with cars.
So I want a new car, and I invest a lot of my free time and some of my money to find a good car for me. I read reviews, I look up reports on the internet, this makes up a lot of free time. I also invest some money in buying car magazines with reviews and test results. This is what you may call up-front costs. Then I buy the car and use it. After some time, say a year, I find myself comfortable with the car. It is doing what I want, driving from A to B at moderate cost, and it's low maintenance. Now, would I recommend that car to others? Answer this for yourself please before reading further. Would you, as a buyer, recommend a well-working car to other people? The answer of course, and I think it's the majority, is yes. Of course I'd recommend my well-working car to other buyers.
Now, let's switch the view. Say I wanted to purchase an EA. So I invested lots of my free time in research and some of my hard-earned money in evaluation, like I'd do for a new car. And finally I bought one of them. Let's assume that this EA worked well for me for, say, a year. What do you think, would I recommend this EA to others like I would recommend my car? Like, hey my car is going 200 mph, I'd say hey my EA is yielding 200 Pips a week! Answer this to yourself. Would you really boast about this loudly? I think in English (not my native language) this is called 'shouting from the rooftops.' Would you really do this?
I came across a post in some thread here in this forum telling this: "Hmmmmhhh I bought a fat factory with forex money..." Now, imagine yourself getting up early for work. Your spouse prepared a box with lunch so that you're not going undersugared on your sour 8-hour shift. Then this happens: You walk through the front-door just to be spotted by your neighbour. And then he shouts over to you: "I just bought a factory with forex money from my EA". Now what would you think?
I cannot really approve what you say.
For ex. I tried the quite famous Grid Hero EA. It had difficulties in February, but when you just kept it going with default settings on a slightly higher balance than what the coder recommends, you were lucky.
I know lot of people using this EA (for ex.), and have quite good experience with it. Contra: You must have a higher balance (+5k), and you must be ready to loose it (its grid > withdraw the gain time after time). Also the average % growth is not very high; 1-2% a month.
I am quite sure there are also other EAs in the market, I just haven't tried them yet [only one 'new' EA, that happened to be one of the false EAs].
If you like to check signals for ex, besides mql5 signals I recommend darwinex.
Btw: I think mql5 does not has a very good algorithm when it comes to rank the EA in the market.
When an EA is not interesting anymore - even though it was performing good - and no one buys it, it will totally disappear, never resume again and no one will know about it.
We are all experts in how NOT to find a profitable EA
haha yeah it's really hurts :D
look hard, nothing is impossible.
That's a little irrational - it's like asking a man who can't find a decent car to build one, regardless of he's mechanical skills -_-
Some people, well intentionned or no, offer their EA on the market, if the customer doesn't have the same result for a reason or another, he cries it's a scam by scammer.
"Swear it didn't make the 100km/h as announced ?! Man, I just sold you the car on the basis of the lab test, how/where you run it isn't my concern."
So yes, I recommend to learn how to build your own car.