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Trading Robots

  • #1
  • First Post: Sep 15, 2007 4:46pm Sep 15, 2007 4:46pm
Does anyone know if forex robots are a good way to trade and how useful are they for beginners...any recommended ones...There are many out there which makes any selection process a bit difficult!
  • #2
  • Edited 5:45pm Sep 15, 2007 5:17pm | Edited 5:45pm
Quoting Niyi
Does anyone know if forex robots are a good way to trade and how useful are they for beginners...any recommended ones...There are many out there which makes any selection process a bit difficult!
Very rarely do they work and on the rare occasion that one does it will eventually fail. If you don't know how to trade you won't even know it's failed until your account is down significantly. Take it off line too soon and you lose, take it off line too late and you lose. I would highly suggest you learn how to trade before you begin to shop around for a system. If you don't know what your trading tendancies and habits are how are you going to find a system that suits your style?

Welcome to Forex Factory!
  • #3
  • Sep 15, 2007 6:10pm Sep 15, 2007 6:10pm
Quoting philmcgrew
Very rarely do they work and on the rare occasion that one does it will eventually fail. If you don't know how to trade you won't even know it's failed until your account is down significantly. Take it off line too soon and you lose, take it off line too late and you lose.
This would suggest you have Tested Them All. Is that true Phil?


Quoting philmcgrew
I would highly suggest you learn how to trade before you begin to shop around for a system. If you don't know what your trading tendancies and habits are how are you going to find a system that suits your style?
Welcome to Forex Factory!
Absolutely agreed 110%
  • #4
  • Sep 15, 2007 7:33pm Sep 15, 2007 7:33pm
Quoting Bemac
This would suggest you have Tested Them All. Is that true Phil?
Of course not. I have spent more than a few years studying and developing systems and my experience is it would be rare to find one that stands the test of time especially in inexperienced hands. My point was to discourage the OP from jumping straight into the search for the ultimate trading machine.

If your experience is different I would enjoy hearing about it. Remember, we are talking about black box systems of which you have no control.
  • #5
  • Sep 15, 2007 7:57pm Sep 15, 2007 7:57pm
Quoting Niyi
Does anyone know if forex robots are a good way to trade and how useful are they for beginners...any recommended ones...There are many out there which makes any selection process a bit difficult!
Stay away from them. Learn to trade manually, that's the best way. I'm sure others would disagree with me, but I think the market is way too complex for some simple "trading script."
Binary Options Trader
  • #6
  • Sep 15, 2007 8:12pm Sep 15, 2007 8:12pm
Quoting Yoda_Glenn
I'm sure others would disagree with me, but "
Not Me... Please continue on your present path.
  • #7
  • Sep 15, 2007 10:46pm Sep 15, 2007 10:46pm
I kindof disagree. If you can translate your manual strategy into a robot, then you eliminate emotion.

Why do we repeat these same discussions about robots over and over?

Quoting Yoda_Glenn
Stay away from them. Learn to trade manually, that's the best way. I'm sure others would disagree with me, but I think the market is way too complex for some simple "trading script."
  • #8
  • Sep 16, 2007 6:52am Sep 16, 2007 6:52am
Quoting tdion
I kindof disagree. If you can translate your manual strategy into a robot, then you eliminate emotion.
I suppose it depends on your approach to trading. For me, the fundamentals are my starting point, and then the technicals assist thereafter. With an EA, you are dealing with pure technical analysis, which works for some, but not for me.
Binary Options Trader
  • #9
  • Sep 16, 2007 8:11am Sep 16, 2007 8:11am
Also, I disagree that emotions should not be used with trading. The key is to not be OVER emotional in your trading. An EA doesn't have ANY emotions at all, and that's the problem. As easily as an EA can coldly bring you into profit, it can just as coldly wipe you out, without giving a damn about your emotions. With that said, I am sure that there are some people with EAs that make money, but there are probably far more successful manual traders than there are successful EA traders. The best EAs will do good for a couple of weeks, or even a few months, but eventually they will come back to bite you. And we wont even mention all the snake-oil salesmen that are in the EA game....Newbies should really stay away from EAs, and invest their time and money in a good manual trading system, IMO.
Binary Options Trader
  • #10
  • Sep 18, 2007 2:34am Sep 18, 2007 2:34am
Quoting Yoda_Glenn
.....An EA doesn't have ANY emotions at all, and that's the problem.....
I'm afraid I have to disagree. If a manual system is superior to an automated one, then it's due to the human intellect's more extensive analytical capabilities, e.g. ability to recognize complex patterns, interpret data with lateral vision and 'intelligence', adapt to changing market conditions.

Having said that, I don't see why it's impossible for a robot to simulate all of the (TA-based) decision-making processes of a master trader, at least to the point where the robot is significantly profitable. Of course it might require several hundred lines of complex code.

Anyway, back to the original point..... I have yet to find a situation where emotions serve any useful purpose in either analysis or trading. Even if the markets are driven largely by sentiment, it is an objective analysis of that sentiment, rather than empathy, that is required.

David
  • #11
  • Last Post: Sep 21, 2007 10:44pm Sep 21, 2007 10:44pm
not sure what is meant by robot. I assume that refers to ea.
I know I would not trade unless ea. The time required to be at the right point for a perfect setup is a lot of work --- not only that, even with ea and you know for a fact your on the right side of the market is still risky as the market can keep going. There is always a point where north goes south and vise versa. -- emotion is harsh to handle. I d rather have a computer get beat up.
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