New trader needs advice on a EA

Hi guys,

I'm new to Forex trading, started reading about it just a couple of weeks ago and getting more confused by the minute.

I guess like many new traders, I started looking at EA's for the all elusive Holy Grail. I believe with all my heart that such a thing does not exist but I keep getting drawn to it. I guess I'll only be convinced when I actually lose some money with it...

Anyway, I found an EA on a Russian! forum. Back-testing looks great and demo trading looks promising.

I was wondering if some experienced members could take a look at it and tell me what you think.

I've attached a zip file with the EA and the set file I've been using.

I don't think this EA is sold commercially, I can't find any reference to it anywhere else on the Web and there's a link to a website in the code but that domain is for sale. If you think this breaks any rules of the forum, please delete the file.

Thanks,

b.

It does not break rules as you can double check the.
Backtesting is not exact, it has warped data.
Most reliable is forward testing.
Nobody can tell you anything sure unless forward tested.
If your forward testing is good, PM me if you need some improvements,
I can do it for free.

Well it's decompiled code so somebody's copyright has been infringed.

Lux

This EA doesn't support Market Execution, only Instant. If I'm not mistaken, only NDD/STP/ECN brokers offer Market Execution, right? I would like to test it on a NDD/STP broker, is that hard to change in the code?

Also, can you recommend a reliable MM broker with low spreads? I've been testing on Alpari UK but their demo spreads are lower than their live spreads...

It is decompiled code, should I delete the attachment?

b.

It does not have much for entry parameters. No market disipline. Matter of time before this blows out...maybe immediately.

From what I can tell, the EA opens a position when there is a sudden movement in the market. It places a Take Profit and a Stop Loss and immediately changes the Stop Loss for a Trailing Stop. That's it.

It works so well on the backtests...

Forget EA's and instead put your time into learning about the markets and how to trade properly - if you're a really smart cookie and have a good disposition for trading then it might take you 3 years at best, but it is longer for most. There are no shortcuts to success in this business...

I 100% agree with this. You have to understand why you enter the trade. Script won't do that. I only give you idea.

Script is good for quick look for trending or others..