Are all EAs Scams?

OK - I think Forex might be my calling in life but I have one of those annoying time-consuming things called jobs. Therefore, I was hoping to find an EA that might do some of the work for me during the day. I can't seem to find one that works. Forex Autopilot didn't work, Forex Killer didn't work, and the ones that came with the IBFX MetaTrader didn't work. Does anything work or is it all pure luck?

I'm discouraged.
:-(

are you really surprised? You thought maybe that for a small outlay you could become rich beyond your wildest dreams with no work???? Think about it, if someone has an ea that genuinely makes even a small profit without major drawdowns why would they give it away? They could be hugely rich in no time at all through compounding their investment.

I think it is possible to make an ea that works but unlikely for most people.

In order to succeed at forex you are going to need to study and learn and put in the hours. For you with a job you are best of on the daily charts. Have a look around the forum, especially at the price action threads and take your time.

I honestly believe this is my future, and I will work my arse of until it is!

Max

Where is tdion?

What the above poster said, no free lunch here, prepare to work your arse off.

You found your calling in life and you want a computer to do it for you?!?!?!?

Yea that makes sense

Laff, there are some mechanical systems that have an edge and do rather well, but I doubt any are for sale. You're going to have to work harder than you've ever worked before, study harder and develop a mental toughness and rigid method of testing and developing systems. Then, after all of that, you might run into a core concept that works. Then, after years of development, you might finally have a mechanical system that's profitable.

Rosieposie,

Go on Amazon or whatever book store you like. Get Trading in the Zone by Mark Douglas (ISBN 0-7352-0144-7).

I work a job too and this book helped immensely.

So read that book. Then read Bemac's thread at http://www.forexfactory.com/showthread.php?t=56907

Peter Crown's expertise on that thread is worth a ton of gold. Read it, re-read it and then just when you think it's all starting to sink in, read it again.

Alternatively, you could not do that and then yes, it will all be pure luck. Might as well go and put your money on black at the roulette table. At least you'll get an occasional free drink

Yep. That's why I love it. It tests your character.

There are EA's out there, that make money consistently.

You just won't find it lying about in a forum.

Billions of dollars are traded each day in forex by mechanical systems alone. The only way to get a profitable EA is to code one yourself ( or maybe steal somebody's server if you know where it is working ). If somebody is selling an EA on the internet for 100 bucks or so, it obviously means the EA does not work. Nobody or no fund in its right mind would sell, share or donate a consistently profitable EA. If a company/fund has been making lots of money from a mechanical system and is now willing to sell it, it means the EA which was very good all this time, does not work anymore or the fund has lost confidence in it.

I remember seeing one on here where the guy claimed with a 'chart' to prove it $10k to $10 mil in 14 days. He was trying to sell it for $100 or so.

Maybe he is just being very helpful

Max