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EA beginner help

  • #1
  • First Post: Apr 10, 2008 6:16pm Apr 10, 2008 6:16pm
Dear FF community,

I tried to look around for EA and how to use it, yet I still couldn't get a clear grasp on it. All I know so far is it's an automatic trading where you write and run the script automatically.
What I don't understand is, what is it exactly, and how to use it. Or if someone could point out to a helpful information/sites, that'd be great!

Thanks a lot,

Benni
  • #2
  • Apr 10, 2008 7:59pm Apr 10, 2008 7:59pm
Open up mt4 and hit F1
  • #3
  • Apr 11, 2008 3:35pm Apr 11, 2008 3:35pm
Oh great! Why didn't I think that way.
Do you have any sites/other guide that might help?

Thanks!
  • #4
  • Apr 11, 2008 10:15pm Apr 11, 2008 10:15pm
These are some of my thoghts on Automated trading systems (EA's)

What is automated trading? Automated trading can also be known as expert advisors, EA’s, or Robots. EA’s are most commonly thought of as a system that once turned on will open and close trades by its self and make a fortune in the currency market. The EA will work 24/7 and require little or no trading knowledge to run them. The idea is exciting but the EA’s that do all of the work usually only work part of the time. At least in all my years in brokerage firms and trading the market I have not seen or heard of an EA that works all the time if it is making all the trading decisions.

EA’s are written to work when the market is moving in a certain way. When the market is moving the way the EA is written then it can make some money. The problem is that the market does not always move in the same way. When the market changes then the EA will start to lose on the trades and in many cases wipe out the trading account.

There are EA’s that are written for when the market is trending; others are written when the market is in a channel, and still others work on break out situations. It is my contention that a person would need to be awake all the time and turn the EA on or off depending on which way the market is moving so that the EA would work. If that is the case the trader would need to be a good trader to be able to determine what the market is going to do. This defeats the purpose of a fully automated trading system.

There are a few types of EA’s that work and by no means have I seen all the EA’s because there are thousands of them. In general the EA’s I see that work are those that require you to be involved in the process. For example an EA that will find a closing point once you turn it on at the appropriate time. This requires that you know how to trade and when to set the EA so you do not have to be in front of the computer to close the trade or set a take profit for your best guess as to where the best place is to close a trade. The EA can be set to close the trade when the market indicates that it is changing directions. Another example is an EA that will alert you when the market is setting up to make some kind of a move. The trader will still have to make the decision to take the trade or not. The main advantage of this type of EA is that a trader does not have to always be in front of the computer. More currencies and time frames can be monitored at one time with less effort.

In summary the only EA’s I have seen that work are those where the trader has to be involved in part of the trading process.
  • #5
  • Oct 2, 2008 9:52pm Oct 2, 2008 9:52pm
Metaquotes supports their own forum with EAs and indicators at http://www.codebase.mq4.com
The help file is probably one of the best answers. Codersguru also has a course on programming.
  • #6
  • Jul 29, 2012 1:23pm Jul 29, 2012 1:23pm
Quoting pipwrangler
These are some of my thoghts on Automated trading systems (EA's)

[font=Arial][size=3]What is automated trading? Automated trading can also be known as expert advisors, EA’s, or Robots. EA’s are most commonly thought of as a system that once turned on will open and close trades by its self and make a fortune in the currency market. The EA will work 24/7 and require little or no trading knowledge to run them. The idea is exciting but the EA’s that do all of the work usually only work part of the time. At least...
What a good answer! Expert Advisors are far from expert and, as the writer points out, they are best used in a discretionary way. So, you still must know how to trade.
Gone to a better place
  • #7
  • Jul 29, 2012 3:08pm Jul 29, 2012 3:08pm
Quoting benniardi
Dear FF community,

I tried to look around for EA and how to use it, yet I still couldn't get a clear grasp on it. All I know so far is it's an automatic trading where you write and run the script automatically.
What I don't understand is, what is it exactly, and how to use it. Or if someone could point out to a helpful information/sites, that'd be great!

Thanks a lot,

Benni
It would be better to depend on your skills rather than count on a program to trade effectively for you. Personally do think EA's make money, but for the developer and not the trader who purchases it but that's just my personal take.
There are any number of websites that provide additional info on what automated trading is all about. And the earlier reply provides all the info you need to make an informed decision, good luck!
  • #8
  • Jul 30, 2012 6:57am Jul 30, 2012 6:57am
Good answers everywhere. I'm just going to add that if you do not know how to trade and have been told that an EA is a money making machine that you just need to install and lay back, then pickup the money you were going to spend on that and go play on the casino. It will be a fun night and your odds of getting rich are way higher.
  • #9
  • Jul 31, 2012 11:01am Jul 31, 2012 11:01am
Quoting ladylyn
Good answers everywhere. I'm just going to add that if you do not know how to trade and have been told that an EA is a money making machine that you just need to install and lay back, then pickup the money you were going to spend on that and go play on the casino. It will be a fun night and your odds of getting rich are way higher.
Now that's a message every EA developer would be posting on his/her sales page..smh, thanks for the laughs!
  • #10
  • Oct 9, 2020 6:49am Oct 9, 2020 6:49am
Quoting pipwrangler
These are some of my thoghts on Automated trading systems (EA's) What is automated trading? Automated trading can also be known as expert advisors, EA’s, or Robots. EA’s are most commonly thought of as a system that once turned on will open and close trades by its self and make a fortune in the currency market. The EA will work 24/7 and require little or no trading knowledge to run them. The idea is exciting but the EA’s that do all of the work usually only work part of the time. At least in all my years in brokerage firms and trading the market...
That is very informative post. It will help many newbies to know something new.
  • #11
  • Oct 11, 2020 12:57pm Oct 11, 2020 12:57pm
Every new trader should get proper knowledge about trading before entering into this risky and volatile market.
  • #12
  • Dec 15, 2020 5:35am Dec 15, 2020 5:35am
I do not think there is any EA that works for long. It works for few days because EA is made of different strategies. It needs constant modify to work for long. EA could be very good for trading if you can make it of your own with your own strategy. Using an EA is following someone blindly.
  • #13
  • Dec 21, 2020 6:39am Dec 21, 2020 6:39am
Every new trader should make a good trading plan to become successful in the forex market.
  • #14
  • Jan 22, 2021 7:41am Jan 22, 2021 7:41am
From my trading experience, I would suggest building an EA using your own strategy because EA from various company needs constant modification to work for long and using that kind of EA is like following someone blindly.
  • #15
  • Last Post: Jan 22, 2021 11:26am Jan 22, 2021 11:26am
Quoting ladylyn
Good answers everywhere. I'm just going to add that if you do not know how to trade and have been told that an EA is a money making machine that you just need to install and lay back, then pickup the money you were going to spend on that and go play on the casino. It will be a fun night and your odds of getting rich are way higher.
True. I also agree with you although I prefer manual trading rather than EA trading.
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