I have been reading and reading all of these posts(other sites too) regarding all robots(EA’s). I have observed and experienced a few things. The big problem with all EA’s is DD. Without saying them here there are a lot of good EA’s out there. Free and commercial. I have ran a few of them.
There is a pdf file called 5steps on forex factory that we all should read….very sobering article on Currency Trading. I will ask what step are you? I am step 2.
(just run a search and you will find it.) Please read this article and if you are a step 5 well share with someone who isn’t.
Facts….IMOHO
1. All EA’s would not get in to a trade if the robot knew there would be a 2-300pip DD. The only reason is @#$% luck that you get your money back. Robots are Technical Traders Only!
2. NEWS Happens. If you are on the wrong side of the trade it becomes S@#t Happens!!! NO EA can plan for it and if it could well we all would be stupid rich.
3. To steal a comment from another thread EA’s are to make your Trading Easier not your Life Easier.
4. Losses happen….how you manage them is up to US not the Robot
EA's and indicators to help us trade….Technically of course!
If a trade has gone south on us, as currency traders it is totally up to US! as traders what to do. We can debate forever(and have) about SL’s but in the end it is up to US as currency traders. Shame on (commercial robots builders) telling us to use robots as a “set and forget”. Eventually a robot will crash. But what a robot will do better than an expert or human can is get into a trade based on the trend or counter trend.
When do we blow out of a trade? That is up to us. There is no magic formula. Fundamentals come in play….
1. Is it trending back? All Blue…All Red? Mixed? Other indicators?
2. What do the “Experts” say about your pair that is dieing a slow(or fast) death.
3. Whats the news say? What is the upcoming news? See fxopen or forexfactory.(calenders)
I don’t have the answers….wish I did. I wish I had some of the answers lol
We all have(myself included) have to learn how to trade if we want to stay in this biz. Tools are available. News is available. Knowledge is available. If we share all three we all can make it to step 5.
B-Cat
There is a pdf file called 5steps on forex factory that we all should read….very sobering article on Currency Trading. I will ask what step are you? I am step 2.
(just run a search and you will find it.) Please read this article and if you are a step 5 well share with someone who isn’t.
Facts….IMOHO
1. All EA’s would not get in to a trade if the robot knew there would be a 2-300pip DD. The only reason is @#$% luck that you get your money back. Robots are Technical Traders Only!
2. NEWS Happens. If you are on the wrong side of the trade it becomes S@#t Happens!!! NO EA can plan for it and if it could well we all would be stupid rich.
3. To steal a comment from another thread EA’s are to make your Trading Easier not your Life Easier.
4. Losses happen….how you manage them is up to US not the Robot
EA's and indicators to help us trade….Technically of course!
If a trade has gone south on us, as currency traders it is totally up to US! as traders what to do. We can debate forever(and have) about SL’s but in the end it is up to US as currency traders. Shame on (commercial robots builders) telling us to use robots as a “set and forget”. Eventually a robot will crash. But what a robot will do better than an expert or human can is get into a trade based on the trend or counter trend.
When do we blow out of a trade? That is up to us. There is no magic formula. Fundamentals come in play….
1. Is it trending back? All Blue…All Red? Mixed? Other indicators?
2. What do the “Experts” say about your pair that is dieing a slow(or fast) death.
3. Whats the news say? What is the upcoming news? See fxopen or forexfactory.(calenders)
I don’t have the answers….wish I did. I wish I had some of the answers lol
We all have(myself included) have to learn how to trade if we want to stay in this biz. Tools are available. News is available. Knowledge is available. If we share all three we all can make it to step 5.
B-Cat