What's The Big Deal With Expert Advisors (EAs)?
If you are familiar with Forex, I bet this is one of those questions that got your brain juices running.
My early days of trading were spent searching the net for the best Expert Advisor out there. I got caught up in this never ending search for the "holy-grail" trading system and believe me I wasted a lot of time and money in the process. I wish I could go back in time and change some of the decisions I made but you learn from your mistakes and as long as you do not repeat those same mistakes again you are on the right track.
Why are we so obsessed about Automated Expert Advisors?
Here are some of the benefits of Expert Advisors to the everyday trader:
- No stress
- Less emotion
- More time to relax
- Easy to install and use
- Doesn't require constant monitoring
- No experience required
- Help documents available
These are the main features that attract us to trading on auto-pilot and I have to admit, they are all very tempting in hind sight. However, the trading world is not as perfect as it seems. Many a time things that, "look too good to be true'' turn out to be greatly deceptive.
If you've already done some research I doubt you will be surprised if I told you that there are thousands of automated currency providers on the net. They all seem to perform extremely well when you have a look at their performance page. Here are some of their most common sales pitches:
- Make a killing trading with this robot
- No losing Forex Robot that can turn $500 into $5000 in less than a month
- Make a ton of Money with no experience
- Quit your job and make a killing with this robot.
If half of the above were true I would be sitting on a nice beach as we speak enjoying the sun and sipping on a cocktail, however, here I am sharing with you my experiences about automated expert advisors. Systems that promise to make you thousands overnight or 500%+ return per month are simply B.S. You are more likely to lose than actually make money.
If you are reading this article then consider yourself as one of the lucky ones. Do not get me wrong and am definitely not bragging here, I am simply sharing with you the experience I have had, personally, over those 5 years of trading. I am one of the few who will tell you that 98%+ of the Expert Advisors available on the net simply do not work. If they did work don't you think those major financial corporations would use those systems instead of relying on their FX traders?
The fact is that banks and the big institutions rely heavily on their currency traders to take advantage of the Forex market. They understand that the currency market is way too unpredictable and volatile to allow a robot to be in control. Market conditions change all the time and the only way to adapt to those changes is to have a human mind in control. A robot for instance cannot bend the rules and thus does not cope well if conditions of market changes violently.
No mathematician or engineer can outperform the market with mere Forex robots that do not take into account change in market conditions. Above all, results generated from back testing are not in no means a reliable way to assess how good a system is.
Below are the points to consider when looking for a Forex Robot:
- Who developed the system? (make sure he/she is a well-known Forex trader with substantial experience in Forex trading)
- Live account results of the system (very important as the basis of your decision will rely heavily on that point)
- How long has the system been in operation?(2+ years)
- Monthly ROI
- Maximum draw-downs on each trade.
If all the above questions check out okay then you got yourself a winner.
I have spent a large sum of money over the years trying all sorts of Forex robots. The result was that I lost as much hair as I lost money! Quite frankly, I was quite disgusted with all those Experts advisors until the day I came across a guy named Ashkan Bolour.
At this point I had no clue who this guy was, so after some research I came to know that he was a highly respected and successful Forex trader. He had featured in many trading shows and books and was a veteran money manager. He had an automated system that had good reviews and which seemed fairly priced. So I decided to give it a shot.
All my skepticism was left behind when I started seeing the power of his system. My profits were consistent and my account was growing gradually. The returns were realistic and the draw-downs low. If you are looking for a good system with decent monthly returns, do yourself a favor and try Ashkan Bolour's system, the FXprofit Mountain. You may fall in love with this robot. - 23210
My early days of trading were spent searching the net for the best Expert Advisor out there. I got caught up in this never ending search for the "holy-grail" trading system and believe me I wasted a lot of time and money in the process. I wish I could go back in time and change some of the decisions I made but you learn from your mistakes and as long as you do not repeat those same mistakes again you are on the right track.
Why are we so obsessed about Automated Expert Advisors?
Here are some of the benefits of Expert Advisors to the everyday trader:
- No stress
- Less emotion
- More time to relax
- Easy to install and use
- Doesn't require constant monitoring
- No experience required
- Help documents available
These are the main features that attract us to trading on auto-pilot and I have to admit, they are all very tempting in hind sight. However, the trading world is not as perfect as it seems. Many a time things that, "look too good to be true'' turn out to be greatly deceptive.
If you've already done some research I doubt you will be surprised if I told you that there are thousands of automated currency providers on the net. They all seem to perform extremely well when you have a look at their performance page. Here are some of their most common sales pitches:
- Make a killing trading with this robot
- No losing Forex Robot that can turn $500 into $5000 in less than a month
- Make a ton of Money with no experience
- Quit your job and make a killing with this robot.
If half of the above were true I would be sitting on a nice beach as we speak enjoying the sun and sipping on a cocktail, however, here I am sharing with you my experiences about automated expert advisors. Systems that promise to make you thousands overnight or 500%+ return per month are simply B.S. You are more likely to lose than actually make money.
If you are reading this article then consider yourself as one of the lucky ones. Do not get me wrong and am definitely not bragging here, I am simply sharing with you the experience I have had, personally, over those 5 years of trading. I am one of the few who will tell you that 98%+ of the Expert Advisors available on the net simply do not work. If they did work don't you think those major financial corporations would use those systems instead of relying on their FX traders?
The fact is that banks and the big institutions rely heavily on their currency traders to take advantage of the Forex market. They understand that the currency market is way too unpredictable and volatile to allow a robot to be in control. Market conditions change all the time and the only way to adapt to those changes is to have a human mind in control. A robot for instance cannot bend the rules and thus does not cope well if conditions of market changes violently.
No mathematician or engineer can outperform the market with mere Forex robots that do not take into account change in market conditions. Above all, results generated from back testing are not in no means a reliable way to assess how good a system is.
Below are the points to consider when looking for a Forex Robot:
- Who developed the system? (make sure he/she is a well-known Forex trader with substantial experience in Forex trading)
- Live account results of the system (very important as the basis of your decision will rely heavily on that point)
- How long has the system been in operation?(2+ years)
- Monthly ROI
- Maximum draw-downs on each trade.
If all the above questions check out okay then you got yourself a winner.
I have spent a large sum of money over the years trying all sorts of Forex robots. The result was that I lost as much hair as I lost money! Quite frankly, I was quite disgusted with all those Experts advisors until the day I came across a guy named Ashkan Bolour.
At this point I had no clue who this guy was, so after some research I came to know that he was a highly respected and successful Forex trader. He had featured in many trading shows and books and was a veteran money manager. He had an automated system that had good reviews and which seemed fairly priced. So I decided to give it a shot.
All my skepticism was left behind when I started seeing the power of his system. My profits were consistent and my account was growing gradually. The returns were realistic and the draw-downs low. If you are looking for a good system with decent monthly returns, do yourself a favor and try Ashkan Bolour's system, the FXprofit Mountain. You may fall in love with this robot. - 23210
About the Author:
To learn more about FXprofit Mountain and its amazing results go to the Forex Expert Advisors section of Forex Trading Domain for a review of all the Forex Systems that actually work!
posted by X - Men @ 5:22 AM
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