This thread is intended for newbie traders who start their forex adventure dreaming of making a fortune riding robots before even getting a driving license.
No guts, no glory
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These EAs behave as indicators, and provide signals without opening/closing trades, and may allow traders to open/close trades using them, such as dashboard EAs.
These EAs do only a specif job, like closing trades after reaching certain profit or loss, or opening orders at specific time ... etc.
These EAs are supposed to do everything for the trader, opening/closing, position sizing, money management ... etc.
DislikedForex automatic trading using a robot is an alluring, great idea that promises a lot, but mostly delivers little, if any. The success of a specif robot is affected by three main factors: 1- The Trading Strategy 2- The Coding Quality 3- The TraderIgnored
Disliked{quote} hehehe, Perfect..brother Abo..... for full auto I am still learning in terms of coding, and understand the scenario that will appear on the real market ..... you have been long in the making scenario to full auto .... interesting to study full auto, while I was still working with the manual .... hihihihi .....Ignored
Auto trading could be a solution for few issues a trader may experience, but will never be the holy grail of trading.
DislikedFrom my experience on this forum, I noticed that newbies (joined FF recently) are the most attracted category to trade using robots. In my opinion Auto Trading should be a very Advanced level of trading. I mean, the trader should pass several levels before trying auto trading: Good understanding of the forex market (there are many books about the subject) Full understanding of the Trading Platform At least a 1000 hours of charting screen time A good level of understanding of Price Action, primary indicators, position sizing, money management, margin,...Ignored
DislikedThanks for the information, brother. Personally, I'm still wondering to use EA but at the other side I'm still learning how to trade well in forex. Unless If I have an ability to program it, I could make EA with my own trading system...Ignored
Disliked{quote} You are right. But it is in human nature - be willing everything right now and right here. And robots seems like the easiest way to go.Ignored
In my opinion The third case is the only legitimate reason for using a robot to auto trade your strategy on behalf of you.
And still, you will need to check every now and then how the robot is doing, and assess/tweak if required.
Disliked{quote} Thanks dd, Actually this thread will not be about teaching on how to develop full auto robots. It will be about how robots are only tools, when used unwisely, or being in wrong hands, it may kill you.Ignored