Expert Advisor help for a Newbie...

I'm relatively new to FX and I like the idea of Expert Advisors. I saw one online that looks pretty good and I'm hoping to get some of you more experienced traders out there to give me some advice. Would anyone be willing to share their thoughts about the Prophet1 EA?

http://metatraderexpertadvisors.com/prophet1video.htm

Thanks Bunches

The only prophecy is a southern equity curve.

I'm sorry... I don't know what that means. Would you mind explaining?
Thanks

The EA may be great, I personally use an EA that i aided in developing. BUUUUT,, i watched their video and what they are boasting about is a "Backtest". That means that that algorythm that they are using has been ran back and "Optimized" to produce top results for the price action it is being tested over. When optimizing a strategy with Intellicharts, tradestation or MT4 you can literally run 1000's of different scenarios (i.e. move stops and profit targets around) in just a very few minutes to determine what would have worked best for some increment of price action be it weeks or years. For example i can easily take 2 moving average crosses and create a strategy to trade those crosses. I can then optimize that strategy to give me incredible results by optimizing to adjust the stops and profit targets so that very few trades would have gotten stopped out over some period of price action. I will be more than happy to show you what i mean if you wish.

What you do is up to you, here is my 2 cents.

Never trust anyone that shows you amazing backtested results, in foreword price action you do not have an opportunity to optimize, i.e. adjust profit targets or widen your stops.

Before your purchase any type of expert ask for an account statement for a few months of foreword tested results. (Even if its demo results its more realistic than a backtest)

There is no, nor will there ever be, an expert or automated trading system that works well in all market conditions.

The expert i run does not stay in the market all the time. It gets shut down if there are rumors, high impact fundamentals etc... floating around out there. It works wonderful MOST of the time but i foreword tested enough to figure out that the market condition it does not work well for is the large unhindered runs EXACTLY like we have experienced over the last few days with the EURUSD, USDCHF, and USDJPY. My decision to keep it out of the market this week was purely based on the fact that Bernaki talking could cause these moves against the dollar if he didnt come out with somehting amazing. (1/2 been there done that, 1/2 luck)

Hope i helped,, ill quit rambling now. Good luck

The best automated systems will never be for sale anywhere because they are being managed in an office somehwere by a team of people who are using them to generate mass quantities of capital using large sums of other peoples money.

Yes... that would be great... Thanks for the input, I'm beginning to understand more.

Do you mind sharing what EA you are using and how I can try it?
Thanks again

Sure,, ill dig up some of my optimization reports for some really simple systems that did not work well in foreword testing but produced over 95% backtested results every time. Look for them in a few days, im out for the weekend,, peace |||<