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| Automated Expert Advisors (EAs) Are They Worth Considering? |
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| Written by Ash Naeck |
| Monday, 19 October 2009 07:05 |
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This is an important question that has had so many mixed opinions and no real consensus. My trading career begun when, Expert Advisors were becoming popular among the retail traders. The hype and results surrounding those systems were so mind-blowing that I believed Forex would be an easy trading game. I wasted a lot of time and money in search of the best Expert Advisor out there. I bought literally every EA that hit the market. They all promised the sky but in the end I was left with nothing. It took me a while to come to terms that most of those systems were no definite solution to currency trading. What makes Expert Advisors so attractive? Here are some of the benefits of Expert Advisors to the everyday trader: - No stress - No thinking involved - Stress free - Easy to install and use - Easy to install - No experience required - Improve trading system 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 have done your home-work, you would know by now that there are numerous automated Forex providers on the net. They all claim the same thing, to make insane money in no time. Some of their famous selling pitches include: - Make a killing trading with this robot - No experience needed- start making money in minutes - Make $1000 on autopilot every day - Quit your job and make a killing with this robot. All those sound great to the new comers looking for a mean to make some quick and easy cash, but sadly the reality is that many of them end up losing their hard earned money in the process. Those systems that supposedly can make you thousands of dollars in no time are more than likely going to help you lose money in a relatively short amount of time. If you have stumbled across this article before making any purchase consider yourself as being lucky. I am among the few people out there that will tell you the truth about Expert Advisors. Most expert advisors are just a waste of money. They don't and will never work. If they did, all the major Banks and Hedge Funds would sack their entire FX department and use those robots instead. Well, the truth is that Banks and the other major institutions rely solely on their experience FX traders to make money on the Forex market. Compared to FX Traders, automated robots do not take into account the changes in market conditions, they simply follow a set of rules whatever the market throws as them. The Forex market is so unpredictable and volatile that trading heuristics do not apply most of the time. You must have heard of those mathematicians and engineers coming forward and voicing out the fact that they have cracked the code to Forex trading. This is simply B.S. Most, if not all of their data are collected through back-testing or demo testing. I will make this short and simple for you to remember; a system cannot be built on the basis of back-testing only. The following are some of the major points you need to clear out if you are thinking of purchasing a Forex robot: - The back ground of the developer (make sure the developer is a successful Forex trader and not another engineer or mathematician claiming they have cracked the Forex code) - Live account results of the system (very important as the basis of your decision will rely heavily on that point) - Live track record of the system (no back testing only live accounts) Potential monthly return - The risk to reward ratio. 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. Ashkan Bolour is a highly successful professional Forex trader and a money manager who has featured in well-known trading magazines and books. I started looking around to learn more about Ashkan and his automated trading system. Well the results were quite amazing. It was not a system making 500% or even 100% return each month but it was making some very consistent profits with small draw-downs. If ever you are looking for a proven system backed by consistent profit made on live accounts, Ashkan Bolour's system, the FXprofit Mountain is a must. About the Author: To learn more about this amazing Forex robot go to the Forex Expert Advisors section of ForexTradingDomain.com for a review of all the Forex Systems out there. Kindly provided by MoneyHunter.org You are welcome to use this article on your own website, if you include the link just before this text. |
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