Is there a profitable EA on mql or are they all scams?
read the rules:
Rules of Using the Market Service
The Administration of the Market service does not guarantee the profitability of Expert Advisors (EAs, trading robots), as well as the correctness of calculations in custom technical indicators purchased through the Market service.
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The Product must not:
- guarantee, promise or hint at profits through the Product name, logo, screenshots or description;
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Expert Advisors and indicators undergo automatic test in the Strategy Tester on the historical price data. The Product is formally checked for known programming errors. Passing the test successfully does not mean that the results stated in the Product description will be obtained in the future. Neither test results, nor Product description provided by the Seller guarantee profit or error-free Product operation.
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Neither the Seller nor the Administration shall be liable for loss of profits in connection with the use of the Product received through the Market service.
- www.mql5.com
Forum on trading, automated trading systems and testing trading strategies
Recommend your Solutions about Irresponsibility of Some Developers and Sellers.
Sergey Golubev, 2021.01.14 09:18
- If you bought the product from your friend or from your relative or from very active users of this forum so you can fix anything related with the sellers who are responsible about what they are seller (and because you both know each other for the long time).
- But if you bought something from "anyone" just because of have a lot of money so - sorry: it is your risk, and this risk can not be turned to anyone else.
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I am posting this suggestion all the time on the forum. It is related to the Signals, the Market, and to the Freelance as well -
Forum on trading, automated trading systems and testing trading strategies
...
Sergey Golubev, 2020.01.16 06:35
There is one rule which some people follow:
subscribe to the signal or create an order in Freelance or purchase the product from the user/seller/coder/provider you know in person or you know by activity on the forum.
Because if you purchased something so I may ask:
"Do you know the seller in person, or you are familiar with him on this forum?"
If you say: "Not" so it will be very strange case for me ...
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There are a lot of professional and honest users/coders on the forum, and some of them are very active on this forum helping to the other people and replying on the forum posts/requests.
Always choose the person you know in this forum (who is very active here), and you will have much less problems with anything.
Just my opinion sorry (because I am not a coder, and I am using Freelance and Market as well).
read the rules:
Rules of Using the Market Service
The Administration of the Market service does not guarantee the profitability of Expert Advisors (EAs, trading robots), as well as the correctness of calculations in custom technical indicators purchased through the Market service.
------------
The Product must not:
- guarantee, promise or hint at profits through the Product name, logo, screenshots or description;
------------
Expert Advisors and indicators undergo automatic test in the Strategy Tester on the historical price data. The Product is formally checked for known programming errors. Passing the test successfully does not mean that the results stated in the Product description will be obtained in the future. Neither test results, nor Product description provided by the Seller guarantee profit or error-free Product operation.
------------
Neither the Seller nor the Administration shall be liable for loss of profits in connection with the use of the Product received through the Market service.
- guarantee, promise or hint at profits through the Product name, logo, screenshots or description;
That's weird. As every single EA has a fantastic back test SCREENSHOT attached to it as a HINT of PROFITS.
Hello wondering if there is a profitable EA on the MQL market or have they all got a alternative motive.
I mean lets face it, if someone had a EA that was profitable, why would they sell it.
Very basic discussion but funny enough it may raise some concerns.
I have had many EA's from over a period of 5-6 years and if I go back in the account and click on them they are no longer available and nor is the author.
This can only mean 1 of 2 things.
1-They were profitable and the Author took them down and run off with there millions of $
2-They were not profitable and the Author is now nowhere to be seen.
Same questions can be raised for signals as well.
Keen to hear any thoughts of others.
Have a great day.
"I mean lets face it, if someone had a EA that was profitable, why would they sell it. "
Because after the EA creator has solved the puzzle of how to create a profitable EA, they are able to make one after another that is profitable.
1-They were profitable and the Author took them down and run off with there millions of $
2-They were not profitable and the Author is now nowhere to be seen.
If your general theme is followed to its conclusion there obviously has to be a third reason. The opportunity cost of a genuine small seller is marketing skill development. If a seller is a scammer, they really do not have to spend much time on the creation of a product that is likely to perform and endure for years. Instead they can use that time to hone marketing and scamming skills. They create marketing sales funnels, create YouTube product review channels to funnel traders in the direction of the scam product coupled with the use of other Social Media funnelling techniques. The scam seller organisation works in large teams, some will leave 100s of fake reviews, some will actually purchase their own product to keep it at the top of the charts (this costs 20% of sales price per unit), other team members will purchase the products of promising competing sellers so they can dominate the comments and review section of the competition and - worse still - demand changes to a promising product that will ultimately make it more unattractive or dangerous; if the seller doesn't make the changes the comment and review section is decimated because at that stage all the customers belong to the scam organisation.
Some genuine sellers may discover the market is not a viable location to do legitimate business. Let's ignore the marketing opportunity cost differential highlighted above; a genuine seller may know it is not possible to get below a certain level of drawdown for a particular instrument if traded using a real strategies for the last 18 years at a given level of money management and other parameter settings, let's say 35% drawdown. The genuine seller doesn't have the flexibility to optimize the 35% DD down to 0.35% DD because they know it would simply kill the edge of the strategy, genuine strategies that endure are loosely coupled, always have been and always will be. A loosely coupled strategy will always have a realistic drawdown level. So genuine sellers offering genuine products with realistic drawdown levels have to compete against scam products that can display a 0.0001% drawdown through 9/11, credit crunch, every bad news announcements, COVID etc, risk 5% per trade then report a return of 10000% per year.
So there is a third and probably many other reasons why "if I go back in the account and click on them they are no longer available and nor is the author."
3 - The author works out these type of selling conditions cannot be viable for a genuine seller, consequently the seller disappears to focus on viable avenues. Afterall, what is the point of listing excellent genuine products if there is no budget to be able to buy it to the top of the charts and the barriers to success are so heavily skewed in favour of those who do not have to respect the truth? If a used car salesman was able to get away with an open scam he would be able to sell many more units of an attractive looking car that was an insurance write off vs a genuine car salesman selling the exact same car except it hasn't been involved in a crash. The scam car seller can list it at a much lower price because the cost of their stock is much lower, buying insurance write offs wholesale can be a very low cost affair relatively speaking. The genuine car seller would quickly go out of business; the scam car seller would simply change business name and location frequently to avoid the cost of reputational damage or have 100s of micro car operations underway to minimise the impact of reputational disruption; hell the scam car sales man may even start a YouTube car review channel to highlight the great cars of one operation; they would also heavily criticise their own operations that have generated loads of profit in the past but are now known by the public to be a scam, this criticism will tend to be after it is already known. Under the items highlighted above, the genuine car seller would quickly become "no longer available" it is inevitable. Since MQL5.com is the largest market for retail algos in the world, it follows that sellers dropping out of the market will occur at a much higher rate when compared to a fragmented market, from what I can see most sellers have dropped out of the market effectively even if they haven't removed products and it really cannot be any other way under the current operating condition.
4- the seller may just delist due to a lack of demand
5 - the competition may have killed the comment and review section. TRUST ME: competitors do not buy competing products unless those product have a great deal of promise. After these sections are killed, product sales are also killed and other products on offer are killed. Many genuine sellers are very small operations and do not have the capacity or lack of the ethics necessary to create dozens of alternative MQL5 accounts to mitigate the risk of comment/review decimation by the competition.
6. Basically, there are loads of reasons.
- www.metatrader5.com
Hello wondering if there is a profitable EA on the MQL market or have they all got a alternative motive.
I mean lets face it, if someone had a EA that was profitable, why would they sell it.
Very basic discussion but funny enough it may raise some concerns.
I have had many EA's from over a period of 5-6 years and if I go back in the account and click on them they are no longer available and nor is the author.
This can only mean 1 of 2 things.
1-They were profitable and the Author took them down and run off with there millions of $
2-They were not profitable and the Author is now nowhere to be seen.
Same questions can be raised for signals as well.
Keen to hear any thoughts of others.
Have a great day.
Hi Luke, I have just read your first sentence.
In the past there was already a discussion like that.
Anyway: if you look for a saint Graal probably you will never find it.
ON the market there are good products BUT, you should understand when to use them. Imagine EA not like a Genius lamp but as a tool. You decide when tool should be active and operate.
I did my EA, I tried them, I did a lot of test...so my idea is what I told you previously.
Backtest...they are important but not fully trustable fomr some reasons:
-it depends of the period you test( of course who sells the product is going to show only when the products works fine)
-it depends of the mode ( OHLC gave to me amazing results :O), tick mode was a disaster :)
and so on...
Hi Luke, I have just read your first sentence.
In the past there was already a discussion like that.
Anyway: if you look for a saint Graal probably you will never find it.
ON the market there are good products BUT, you should understand when to use them. Imagine EA not like a Genius lamp but as a tool. You decide when tool should be active and operate.
I did my EA, I tried them, I did a lot of test...so my idea is what I told you previously.
Backtest...they are important but not fully trustable fomr some reasons:
-it depends of the period you test( of course who sells the product is going to show only when the products works fine)
-it depends of the mode ( OHLC gave to me amazing results :O), tick mode was a disaster :)
and so on...
"ON the market there are good products BUT, you should understand when to use them. Imagine EA not like a Genius lamp but as a tool. You decide when tool should be active and operate"
In that case, flip a coin. Seriously! Or trade manually; if you have to work out the best time to use an EA, it defeats the purpose of using an EA in the first place.
Seek EAs that require no arbitrary decisions and don't be encouraged to do otherwise because that is a road to nowhere except spending more money on EAs that will ultimately disappoint you.
"I mean lets face it, if someone had a EA that was profitable, why would they sell it. "
Because after the EA creator has solved the puzzle of how to create a profitable EA, they are able to make one after another that is profitable.
1-They were profitable and the Author took them down and run off with there millions of $
2-They were not profitable and the Author is now nowhere to be seen.
If your general theme is followed to its conclusion there obviously has to be a third reason. The opportunity cost of a genuine small seller is marketing skill development. If a seller is a scammer, they really do not have to spend much time on the creation of a product that is likely to perform and endure for years. Instead they can use that time to hone marketing and scamming skills. They create marketing sales funnels, create YouTube product review channels to funnel traders in the direction of the scam product coupled with the use of other Social Media funnelling techniques. The scam seller organisation works in large teams, some will leave 100s of fake reviews, some will actually purchase their own product to keep it at the top of the charts (this costs 20% of sales price per unit), other team members will purchase the products of promising competing sellers so they can dominate the comments and review section of the competition and - worse still - demand changes to a promising product that will ultimately make it more unattractive or dangerous; if the seller doesn't make the changes the comment and review section is decimated because at that stage all the customers belong to the scam organisation.
Some genuine sellers may discover the market is not a viable location to do legitimate business. Let's ignore the marketing opportunity cost differential highlighted above; a genuine seller may know it is not possible to get below a certain level of drawdown for a particular instrument if traded using a real strategies for the last 18 years at a given level of money management and other parameter settings, let's say 35% drawdown. The genuine seller doesn't have the flexibility to optimize the 35% DD down to 0.35% DD because they know it would simply kill the edge of the strategy, genuine strategies that endure are loosely coupled, always have been and always will be. A loosely coupled strategy will always have a realistic drawdown level. So genuine sellers offering genuine products with realistic drawdown levels have to compete against scam products that can display a 0.0001% drawdown through 9/11, credit crunch, every bad news announcements, COVID etc, risk 5% per trade then report a return of 10000% per year.
So there is a third and probably many other reasons why "if I go back in the account and click on them they are no longer available and nor is the author."
3 - The author works out these type of selling conditions cannot be viable for a genuine seller, consequently the seller disappears to focus on viable avenues. Afterall, what is the point of listing excellent genuine products if there is no budget to be able to buy it to the top of the charts and the barriers to success are so heavily skewed in favour of those who do not have to respect the truth? If a used car salesman was able to get away with an open scam he would be able to sell many more units of an attractive looking car that was an insurance write off vs a genuine car salesman selling the exact same car except it hasn't been involved in a crash. The scam car seller can list it at a much lower price because the cost of their stock is much lower, buying insurance write offs wholesale can be a very low cost affair relatively speaking. The genuine car seller would quickly go out of business; the scam car seller would simply change business name and location frequently to avoid the cost of reputational damage or have 100s of micro car operations underway to minimise the impact of reputational disruption; hell the scam car sales man may even start a YouTube car review channel to highlight the great cars of one operation; they would also heavily criticise their own operations that have generated loads of profit in the past but are now known by the public to be a scam, this criticism will tend to be after it is already known. Under the items highlighted above, the genuine car seller would quickly become "no longer available" it is inevitable. Since MQL5.com is the largest market for retail algos in the world, it follows that sellers dropping out of the market will occur at a much higher rate when compared to a fragmented market, from what I can see most sellers have dropped out of the market effectively even if they haven't removed products and it really cannot be any other way under the current operating condition.
4- the seller may just delist due to a lack of demand
5 - the competition may have killed the comment and review section. TRUST ME: competitors do not buy competing products unless those product have a great deal of promise. After these sections are killed, product sales are also killed and other products on offer are killed. Many genuine sellers are very small operations and do not have the capacity or lack of the ethics necessary to create dozens of alternative MQL5 accounts to mitigate the risk of comment/review decimation by the competition.
6. Basically, there are loads of reasons.
Thanks for the time taken here Max. Well said. I guess its hard for many people coming into this industry not to be scammed. As marketing is playing such a massive role in the sales of products here on MQL and other commercial sites as well. I personally think it will get to the point where even beginners know that they are not to buy a EA from MQL or any other commercial site as its all built around marketing.
Thanks for the time taken here Max. Well said. I guess its hard for many people coming into this industry not to be scammed. As marketing is playing such a massive role in the sales of products here on MQL and other commercial sites as well. I personally think it will get to the point where even beginners know that they are not to buy a EA from MQL or any other commercial site as its all built around marketing.
" sales of products here on MQL and other commercial sites as well"
You are right. It is industry wide not just MQL5.com. The impact is greater only because it is the largest market.
I'm not here to make quick money but rather help traders especially the ones that rely on trading as the only means to create an income.
That is almost exactly what I wrote/when I started selling on here. Give it time. ;)
I am here to sell good products for a price that covers all costs plus a fair%. There is nothing wrong with capitalism/being rewarded for value delivered. Forex EA selling and charitable giving to forex traders do not go hand in hand.
create a sustainable EA that I have now published on the market place.
If it is sustainable, publish a live real money signal.
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Luke, thank you for posting a set of interesting questions. Have a great Sunday and much success in the upcoming trading week!!!
- www.mql5.com
Hello wondering if there is a profitable EA on the MQL market or have they all got a alternative motive.
I mean lets face it, if someone had a EA that was profitable, why would they sell it.
Very basic discussion but funny enough it may raise some concerns.
I have had many EA's from over a period of 5-6 years and if I go back in the account and click on them they are no longer available and nor is the author.
This can only mean 1 of 2 things.
1-They were profitable and the Author took them down and run off with there millions of $
2-They were not profitable and the Author is now nowhere to be seen.
Same questions can be raised for signals as well.
Keen to hear any thoughts of others.
Have a great day.
Hello,
Every One wants to make more and more money, some focus on small but consistent profits, while some focus on high return in couple of days,
what I do as a professions,
I try my best to keep safe my capital, and focus on small return of monthly 2% to 10% (depends on market situation).
now I'm making profits from my account, why I should not make more profit by selling the same service to others, as signal/product?
if I took a trade on my account and I make $100 with that trade, so what if 100 account are following me and each account make $100, so I'll receive 30% from all, means, total I earn
$30 x 100 = $3000 + $100 = $3100,
so what is batter, ????? to earn alone or earn with community.
your other scenario, the system is not profitable , yes that can be possible, so we must do deeply research about our purchasing,
Thanks,
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Hello wondering if there is a profitable EA on the MQL market or have they all got a alternative motive.
I mean lets face it, if someone had a EA that was profitable, why would they sell it.
Very basic discussion but funny enough it may raise some concerns.
I have had many EA's from over a period of 5-6 years and if I go back in the account and click on them they are no longer available and nor is the author.
This can only mean 1 of 2 things.
1-They were profitable and the Author took them down and run off with there millions of $
2-They were not profitable and the Author is now nowhere to be seen.
Same questions can be raised for signals as well.
Keen to hear any thoughts of others.
Have a great day.