How many of you are using Forex Robots?

Would like to know how generally you think about this...

How many of you are using Forex Robot? (how many of you have converted your successful trading system into an automated trading robot/ea)

i. Are you using forex robot?

ii. If yes, are you using your own trading algorithm or using other people robot?

iii. Are you advocate of robot or are you against it?

Feel free to share other opinion you have also..

Here is my view on this topic:

http://www.forexfactory.com/showpost...0&postcount=16

Yes, I sometimes use an EA to assist with exiting hedged trades when a total equity target is reached, but beyond this I have developed the view (rightly or wrongly - I don't care) that any "system" that can be written fully into a retail EA is most probably a crap system and it will ultimately fail. Others may disagree, but I don't care to enter into debates on this subject - I just use the evidence that is available...

EA's are excellent money-makers.. for the people that market and sell them. To anyone wanting to learn how to trade properly they are just a distraction (at best) and a fast ticket to account explosions (at worst).. the proof is in the pudding. But don't take my word for it - try out some of the EA's posted on this website.. buy some on the internet.. see for yourself... and then when you realise what an idiot you've been you can decide whether you want to start the 3-5 year journey of learning how to trade properly...but that's a whole other story.

Though I've already replied above, I think I can make a useful contribution here by pointing out a practical exercise that could be used before purchasing a trading robot (or copying one from this website I suppose)

OK - so before you go buying or using someone else's trading robot what are all the assumptions you carry that sit behind your belief that this will make money for you. Think about it, and write them ALL down. A couple of examples to get you started:

- That the person/company I am buying/borrowing the robot from has my interests at heart and they really want me to succeed

- That the supplier of the robot makes good money with this themselves. They are charging me money for it, not because they can't make any money trading themselves, but for some other valid reasons

- That the person who programmed the robot is sufficent skilled and experienced in both market trading and also the technical nature of their craft to give a good probability of a quality product

- That it is possible to be consistently profitable using technical indicators and programmable formulas alone. The discretion and decision-making of the human brain is not required

- That the results and testimonials published on their website are completely valid, represent actual past results, and completely free from 'interference' which may skew the results

- That if the previous results have been positive, that the market will continue to conform to the requirements of the robot in the future and/or that I will be supported by the supplier with timely and accurate updates that will continue to reflect the inevitable evolution of the market and behaviour of the market participants

- That both the programmer of the robot and I, are sufficiently skilled and experienced in risk management techniques to ensure that my account will not suffer a significant drawdown WHEN (not if) something unexpected happens in the markets that has not been foreseen

- and there are many other assumptions to list (please add some more if you feel so inclined) but I think you get the picture...

Now - if just ONE of the assumptions in your list is wrong or invalid (a HIGHLY optimistic scenario I would suggest) what will the likely outcome be in 3, 6 or 12 months time with your acquired or purchased retail trading robot?

I was hoping to find a trader in this thread that would say He or She uses forex robots. That is to say the are not trusted.