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Thread: Warning about expert advisors

  1. #1
    Administrator funyoo's Avatar
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    Default Warning about expert advisors

    Most of people are in quest of the grail, the EA that will indefinitly generates money when they will sleep and will go in holidays.

    Regarding to the psychology aspect, we are unconsciously seeking the confort of the maternity when our mom was taking care of us, giving us milk, kinder, toys, etc ... we have at this moment some difficulty to enter in the adult age.

    It's hard to hear, but it's the reality, this is the same thing with manual trading. When we begin, we think that the market will be inevitably advantageous to us and will go in the wanted direction.

    In fact, we have to know that in front of us, there are other traders, tough guys with biger knowledge and larger capital, real sharks that will cut us into pieces before to eat us.

    Expert advisors, as indicators are only tools that we can use to build our trading method.

    When old traders say that markets change, it is not only a sentence, the markets really change. An EA can be exceptional during a certain period and catastrophic the next month / week / day / hour / minute / second.

    We have to monitor EA to close bad trades or to simply desactivate it when the markets take another main direction.

    Expert advisors have currently a fast evolution with artificial intelligence more and more developed than in the past, with neuronal networks, etc... but it will never forecast the market's movements at the perfection. As traders often said, the grail would be a time machine.

  2. #2
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    I have been trading forex for over one year now, and the results are not good at all-terrible in fact. A good friend of mine told me about the concept of the EArobots-not the indicator software, but the software which actually does the trading by itself, and you just have to monitor it. I have been in this forum for a few hours now, but I am lost. How do I distinguish between the EA programs that actually do the trading themselves, from the EA's that are only indicators; and where in this website can I locate them. Do some people sell them, or are they free to download? and do they only work with Metatrader, or other charting software? My friend tells me not to be shy to show my ignorance regarding this subject, as she says that the people on this site are really nice and helpful. I will gladly donate a portion of my future profits to anyone who can direct me to a software that can trade on its own. I understand the risks-I am not expecting perfection-or anything close to it.
    P.S. I hope you don't mind that I will post this message on other threads for hope that anyone can help me.

    Thanks and Sincerely,

    Izzy

  3. #3

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    Izzy I'll try to help...others are more qualified.... The EA (Expert Adviser) is the only thing that will actually trade. Indicators do not...However some EA's use indicators to determine "when" to trade. Some EA's use their own "matching" indicators....while most use indicators already found in the Metatrader Navigator libraries....If the EA has a MQ4 extension it needs to be compiled before it can be used...after it's compiled the extension is .EX4. This must be put in the experts directory of Metatrader in order for it to work. All the stuff here is for Metatrader...and is free...(except we recommend buying Funyoo coffee....he stays up late coding and needs coffee to stay awake I think!!) Hope this helps Good Luck BillR

  4. #4
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    Thanks BillR for shedding more light on this subject. I am a little bit more clear on the difference between software that will use indicators, and the software which will actually trade. How do I get the Expert Adviser-"the thing that will actually trade", as you put it; where can I find it? Is it available on this website somewhere. Thanks for your help BillR.

  5. #5

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    Izzy...One other very important part I forgot to mention....EA's don't really do the trading...Your strategy and market perception...understanding are trading...The EA only does it for you when you're not in front of the computer...You have to have a winning strategy...pair, TF, SL etc etc....in order for any of them to work...YOU have to be the master of the EA not the EA be the master of your account..
    Last edited by BillR; 03-18-2009 at 01:32.

  6. #6

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    Izzy, there are many different EA's on this site...Hundreds...You need to determine which trade successfully using your strategy...then backtest....then forward test.....then...and only then with eyes wide open....live...BillR

  7. #7
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    Thanks a lot BillR, I will continue my search on this site for the EA's

  8. #8
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    which is the basis strategy to follow?

    Free Forex Trading-Learn To Trade Forex

  9. #9

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    Nothing is more dangerous to the goal of lasting trading success than the never-ending journey for the "perfect" EA.

  10. #10
    Junior Member rangkazoo's Avatar
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    Quote Originally Posted by BillR View Post
    Izzy...One other very important part I forgot to mention....EA's don't really do the trading...Your strategy and market perception...understanding are trading...The EA only does it for you when you're not in front of the computer...You have to have a winning strategy...pair, TF, SL etc etc....in order for any of them to work...YOU have to be the master of the EA not the EA be the master of your account..
    I agree with your thought, EA just the soft for making us easy to trade, more fast and easy to trade.
    EA must be programmed with best strategy in order to gain more profits, if not, you won't win in forex.....

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