About to purchase a EA

 

Hi there

I am brand new here...and to be honest...Im only learning re EA's

I am at the point of buying a very promising EA from a guy - Ive only seen it in the demo version though

Looking for more information on this EA and hoping someone here can maybe tell me more on this on

It really works excellent on US 30 specifically..

This is in a fast/low latency environment via a VPS as well (my own)

Hope that someone can tell me someone positive about this EA

Regards

 
Such recommendations are not allowed in the forum.
 
Jacques Booysen:I am brand new here...and to be honest...Im only learning re EA's. I am at the point of buying a very promising EA from a guy - Ive only seen it in the demo version though. Looking for more information on this EA and hoping someone here can maybe tell me more on this on. It really works excellent on US 30 specifically. This is in a fast/low latency environment via a VPS as well (my own). Hope that someone can tell me someone positive about this EA.

Don't let your naivety be swayed by "shiny" things. First, build up your knowledge and experience so that you can properly evaluate it.

Forum on trading, automated trading systems and testing trading strategies

Tips to avoid being scammed …

Fernando Carreiro, 2022.06.07 14:40

Be it by fake agents, brokers, signals, or EAs, there is one weapon to beat them all — knowledge! Your knowledge is the key to prevent you from being scammed.

Invest and take time to improve your knowledge, to gain experience and improve your skills. Learn to do things for yourself and not to rely on others so much. You don’t have to be a master or even be very good at it, but the more you know and understand, the easier it will be for you to detect when something is not what it seems to be.

Learn how brokers work and how they are licensed and regulated. Learn about the different markets, trading conditions, types of accounts, leverage, and when you don’t understand something, ask first about it and get answers from different sources. Don’t just blindly accept things.

Learn to trade manually, even if you intend to use signals or EAs. You don’t have to be very good at it, but you need to understand all the different concepts of how orders are placed, how they are triggered, how to manage them, how to calculate and manage your risk, and all those pesky little details required to trade manually. Only then can you better evaluate the signals you wish to follow or the EAs you wish to use.

If you are going to hire someone to code your EA for you, then take some time to understand how coding works and some basic knowledge about it. Again, you don’t have to be good at it, but the more you understand, the easier it will be for you to communicate with the developer and provide valid, realistic requirement specifications and to understand how much work is involved as well as its value and how much to budget.

Also, learn to use the Strategy Tester properly and how to interpret the results. The better you understand it, and the more you use it, the easier it will be for you to evaluate the results from EAs you are considering.

So, in conclusion, don’t be a greedy idiot quick to jump onto anything “shiny”. Instead, be wise. Take your time. Invest in your knowledge and skills. Choose carefully.

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