Is there an EA that works? | Forex Factory

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Is there an EA that works?

  • #1
  • First Post: Sep 17, 2010 2:23pm Sep 17, 2010 2:23pm
Is there any such thing as an EA that actually works and doesn't wipe your account, that is profitable enough to make good money with? If so, could someone please tell me what it is???!!!
  • #2
  • Sep 17, 2010 2:36pm Sep 17, 2010 2:36pm
Hmmm, I've heard tell of a few obsessive, insecure, greedy, lazy, unbalanced people working on such things...wish 'em luck!
Open to new approaches.
  • #3
  • Sep 17, 2010 2:57pm Sep 17, 2010 2:57pm
The kind I want is where I wake up every morning and look to see how much money my EA made overnight. Then I'd drink my coffee.

Can ya code that up for me?
You are in a maze of twisty little passages, all alike.
  • #4
  • Sep 17, 2010 4:05pm Sep 17, 2010 4:05pm
Quoting sevenjones
Is there any such thing as an EA that actually works and doesn't wipe your account, that is profitable enough to make good money with? If so, could someone please tell me what it is???!!!
Yes : No
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #5
  • Sep 17, 2010 5:48pm Sep 17, 2010 5:48pm
Do a search for blessing EA, try it on demo until you are comfortable - that means months at least.

Avoid major news events and keep lot size small and who knows it might work out.
  • #6
  • Sep 17, 2010 5:59pm Sep 17, 2010 5:59pm
Quoting pipernet
Do a search for blessing EA, try it on demo until you are comfortable - that means months at least.

Avoid major news events and keep lot size small and who knows it might work out.
'
watch out this is martingale, blessing makes you money... than wipes your account... so I don't think fits the description from the first post....
  • #7
  • Sep 17, 2010 6:55pm Sep 17, 2010 6:55pm
Quoting sevenjones
Is there any such thing as an EA that actually works and doesn't wipe your account, that is profitable enough to make good money with? If so, could someone please tell me what it is???!!!
There are plenty of EA's that will work for a week, month, or slightly longer if you are lucky, but then for the vast majority of EA's failure seems inevitable. My humble view on this is that it is because of the massive assumptions built into the "EA process" (see more below). Automated trading simply lacks the discretionary and learning ability of the human brain - an no this cannot be programmed. For example, last night I took a trade that met my rules - however, something unusual had occured 2 days before in a futures contract (showing signs of an "unsettled" market which caused me to intervene in this trade and plan to exit the trade earlier if the desired profit was not reached quickly). So I exited with a neutral outcome, but had I held the trade (as per the plan) I would have had a loss, slightly larger than average. Just a sample of one, and I do not intervene in such a way too often, but the point is clear - an EA would not have had the capability to do that.

So.. under some circumstances, automating part of a trading method may be useful, for a highly experienced and knowledgeable trader, who is already consistently profitable, but this is a rookie forum, so the advice for rookies is to stay way from EA's - they will eventually shaft you, and aside from loosing money, you will also loose the opportunity to gain the knowledge and experience that is required for sustainable trading - no fixed EA can ever give you that sustainability.

http://www.forexfactory.com/showpost...70&postcount=3

End of story.
  • #8
  • Sep 17, 2010 9:17pm Sep 17, 2010 9:17pm
  •  Czech
  • | Joined Feb 2010 | Status: You Don't Know What You Don't Know | 111 Posts
Quoting sevenjones
Is there any such thing as an EA that actually works and doesn't wipe your account, that is profitable enough to make good money with? If so, could someone please tell me what it is???!!!
Yes there is but we all choose to struggle.
  • #9
  • Sep 17, 2010 10:41pm Sep 17, 2010 10:41pm
What you want, no one will ever "give" you. The goose that lays golden eggs comes at a cost and that is likely a cost that you either could not afford or are simply not willing to pay.

The EA's that work the way you want are out there, and some can be found for free, but it will cost you your time to learn how to use it, when to use it, when the settings need to be changed etc, etc... and so on.

Looking back at your previous posting history suggests that you are not willing to work to find these things out, you just rely on someone to tell you everything.

Well, here is my advice, take your money to a true manager because all you are going to do is lose it all simply because you are not willing to do the work that is required to be successful in this field.
  • #10
  • Sep 18, 2010 12:22am Sep 18, 2010 12:22am
Quoting traderjai_inhi
What you want, no one will ever "give" you. The goose that lays golden eggs comes at a cost and that is likely a cost that you either could not afford or are simply not willing to pay.

The EA's that work the way you want are out there, and some can be found for free, but it will cost you your time to learn how to use it, when to use it, when the settings need to be changed etc, etc... and so on.

Looking back at your previous posting history suggests that you are not willing to work to find these things out, you just rely on someone to tell...
Well, you are quite wrong, and I don't want or need your advice. Over the past year I've tried dozens of EAs; I've tweaked, adjusted, manually intervened, babysat, and many other things to try and get just one of them to work, but to no avail. The main reason is that forex is gambling; no one knows what any pair will do. The "experts" often take opposite positions on the same pair at the same time.

The work that is required? How dare you try to intimate that you know how much work I've put into this? For well over a year I've sat in front of my computer 18-20 hours a day, watching EAs, studying all I could, manually and semi-manually trading -- so much so that my already bad health has gotten even worse.

I'd have been better off going to a casino than participating in the glorified gambling that is the forex industry, with it's self-proclaimed experts and know-it-alls who actually know very little.

So you know what you can do with your advice.
  • #11
  • Sep 18, 2010 12:28am Sep 18, 2010 12:28am
Quoting sevenjones
Is there any such thing as an EA that actually works and doesn't wipe your account, that is profitable enough to make good money with? If so, could someone please tell me what it is???!!!
If you agree with the 95%/5% retail trader rule, and that it is physically impossible for someone who cannot manually trade, to write a profitable EA, then I would put the odds at 99.99:.01; escpecially considering many the coders probably don't even trade live.

BTW, I ran an EA virtually 24/7 last year on my live account for an ~45% ROI. But, there's no way in hell I would ever use it again; I was lucky to dodge the bullet.
  • #12
  • Sep 18, 2010 12:34am Sep 18, 2010 12:34am
Quoting sevenjones
Well, you are quite wrong, and I don't want or need your advice. Over the past year I've tried dozens of EAs; I've tweaked, adjusted, manually intervened, babysat, and many other things to try and get just one of them to work, but to no avail. The main reason is that forex is gambling; no one knows what any pair will do. The "experts" often take opposite positions on the same pair at the same time.

The work that is required? How dare you try to intimate that you know how much work I've put into this? For well over a year I've sat in front of...
Don't be so rough... get used to this answers to your thread when you ask this kind of questions. If I ask " Who will give me 1000 dollars for free?" what do you think people are going to reply to me?

However every day I am getting closer to the same conclusion as yours... it looks like forex is a big ripoff, i put all my time in it, don't have time for fun or even for my wife and familly.... I got addicted and it remembers me of a casino.... I used to be the same years ago when I used to gamble. I thought forex is diferent... If I would get only 5 dollars for every hour spend watching the charts.... I look around and see that most forex factory users from years ago, they just dissapiared...
If this is a good business and more than just gamble there suppose to be already hundred of thousands, even millions users on this forum... unless they are all big winners and are enjoying their lives on a privat island....
  • #13
  • Sep 18, 2010 12:49am Sep 18, 2010 12:49am
they work great. I used one that put me -900 in two days. demo of course. LOL no holy grails but fun to play with.
  • #14
  • Sep 18, 2010 5:47am Sep 18, 2010 5:47am
Quoting Hedginghog
There are plenty of EA's that will work for a week, month, or slightly longer if you are lucky, but then for the vast majority of EA's failure seems inevitable.
Flipping a coin and putting on 1:1 risk:reward trades could work for a week, month, etc. I have yet to find an EA that has a long-term statistical edge.
You are in a maze of twisty little passages, all alike.
  • #15
  • Sep 18, 2010 10:07am Sep 18, 2010 10:07am
Quoting sevenjones
Well, you are quite wrong, and I don't want or need your advice. Over the past year I've tried dozens of EAs; I've tweaked, adjusted, manually intervened, babysat, and many other things to try and get just one of them to work, but to no avail. The main reason is that forex is gambling; no one knows what any pair will do. The "experts" often take opposite positions on the same pair at the same time.

The work that is required? How dare you try to intimate that you know how much work I've put into this? For well over a year I've sat in front of...
LMAO, what are you, 15 yrs old?

So you think you have done the work required huh? Part of that is actually learning HOW to trade manually. How are you going to rely on a machine to trade your money if you dont intimately know why it is buying or selling.

18-20 hours a day for the past year is a lot? If that is true than how have you been supporting yourself. Unemployment checks, welfare? In that case I can see why you expect someone to give you something for nothing.

Lets take a look at some of your "hard work".

You asked this same question 6 months ago and what did it get you then? http://www.forexfactory.com/showpost...56&postcount=1

Oh and here you are on nanningbobs thread "working" again. (this was just 3 whole long weeks ago)

Quoting sevenjones
I need a totally automated system - that is, an EA - because I'm just not good at manual trading, or even semi-manual trading.
Quoting sevenjones
I am trying the Sixth Screen EA V3.3f that newera posted. What are the best pairs to use with this EA, and on which TF? What about bar count?
I really liked these ones too

Quoting sevenjones
When drawing trend lines and SMAs on charts, what is the best time frame to use?
Quoting sevenjones
Which direction is the aud/cad likely to go?
Quoting sevenjones
Is there a consensus here? Will this pair drop like a rock or skyrocket to the moon?
Ha, yes, I can see all the hard work you have put in in your 6 months around here. You see, questions like this show the exact opposite... that you have not put in the time. You can sit there and say how much screen time you have put in, trying this and that but it really does not phase me. Any truly successful trader has put in 10 times more than you and that is why they are successful.

Maybe you should go a review your first post here at FF

http://www.forexfactory.com/showthread.php?p=3449285

Hanovers advice is gold and you didnt figure it out 6 months ago... maybe you will now!
  • #16
  • Sep 18, 2010 10:22am Sep 18, 2010 10:22am
If you've spent 18-20 hours a day for a year working on EAs, then you're clearing not good enough. Try something else.
  • #17
  • Sep 18, 2010 10:42am Sep 18, 2010 10:42am
  •  Czech
  • | Joined Feb 2010 | Status: You Don't Know What You Don't Know | 111 Posts
You're doing it backwards. Don't take an EA and try to turn it into an edge. Take an edge and develop it into an EA.
  • #18
  • Sep 20, 2010 11:50pm Sep 20, 2010 11:50pm
Quoting traderjai_inhi
LMAO, what are you, 15 yrs old?

So you think you have done the work required huh? Part of that is actually learning HOW to trade manually. How are you going to rely on a machine to trade your money if you dont intimately know why it is buying or selling.

18-20 hours a day for the past year is a lot?...
I would say 18-20 hours a day is good for someone who is 55 years old and has chronic and serious health problems. And I've been living off the retirement savings I had accumulated from 15 years of teaching, not unemployment checks or welfare.

Continue to fling your insults. They don't reflect on me, but they show what kind of person you are.
  • #19
  • Sep 21, 2010 12:23am Sep 21, 2010 12:23am
Quoting sevenjones
I would say 18-20 hours a day is good for someone who is 55 years old and has chronic and serious health problems. And I've been living off the retirement savings I had accumulated from 15 years of teaching, not unemployment checks or welfare.

Continue to fling your insults. They don't reflect on me, but they show what kind of person you are.
Sevenjones, speaking as someone who's been through a very long journey into the world of forex trading let me say this: Don't bother with EAs. They aren't worth the time or effort. Things that look good even on demo fail in a real-world environment. Think about this: if someone had created a trading bot that made money consistently, do you really think they would share it or sell it? No. They would keep it for themselves.

Secondly, the logic behind all EAs I have ever played with has been simple to say the least. They don't take into account all the factors that one must to trade profitably.

If you want to become a profitable trader you need to be prepared to learn all you can about price action, support and resistance and all the other important elements of a technical approach. The sooner you stop wasting time on EAs, the closer you'll get to profitability. The follow thread by Sho is great and should help you along the way:

http://www.forexfactory.com/showthread.php?t=217281

You can even see the exploits of one of his students here in this trading journal:

http://www.forexfactory.com/showthread.php?t=241276

Best of luck!
  • #20
  • Sep 21, 2010 6:36am Sep 21, 2010 6:36am
I'm a bit skeptical to let some computer coding, to trade my hard earn money.

Heard lots of those that worked like a golden egged goose, but... yeah, only work for a short term kind of way.

In a long term period, at best most of 'em just break even.

Another thing that I find it weird is that, for how many years will people keep on dreaming about doing nothing while wake up at a flood of money knee deep?

At the very least if not working hard, is working smart.

but we still gotta do something for something in return.

Trade manually is the way that I choose. Come on, long term wise, the market will teaches us lots of life experiences. good or bad.
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