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EA user's opinion and suggestion

  • #1
  • First Post: Nov 18, 2014 11:58am Nov 18, 2014 11:58am
Hello To All, I am new in this market. First of all I will sincerely appreciate if any one can guide me into the right direction, my query is that EXPERT ADVISER is a instrument to make money in the Forex market or does it upset someone after paying money for buying and losing money while using it?

For me, your suggestion being expert will be very valuable.

If it is wrong what I am thinking, then my first request is if any one can help me also in making money by sharing free EA, which is giving good profits. I will be very grateful.

Second option is if anybody is using the professionals (commercial and paid) EA can facilitate the name of the EA and its provider.

Thanks in Advance,
Moti
  • #2
  • Nov 18, 2014 5:41pm Nov 18, 2014 5:41pm
If you are here, that means that you want to be a trader.

So the very first thing would be that you forget about EAs and you start to learn trading. A good idea would be to begin here : http://www.babypips.com
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Nov 18, 2014 6:02pm Nov 18, 2014 6:02pm
Quoting FerruFx
If you are here, that means that you want to be a trader.
FerruFx, yes you are 100% correct about it.
Quoting FerruFx
So the very first thing would be that you forget about EAs and you start to learn trading. A good idea would be to begin here : http://www.babypips.com
FerruFx, I appreciate you, for giving me a right way to start, I will start my first steps from your suggested approach.
Thank you once again for your kind assist.
Regards,
Moti
  • #4
  • Nov 18, 2014 6:13pm Nov 18, 2014 6:13pm
You're welcome.
MT4/MT5 EAs/Indicators/Alerts coder
  • #5
  • Nov 19, 2014 5:19am Nov 19, 2014 5:19am
Quoting FerruFx
You're welcome.
As always, The Good Samaritan - Wikipedia, the free encyclopedia.

Regards,
B.R.
Master Your Setup, Master Your self. (NQoos)
  • #6
  • Nov 19, 2014 5:51am Nov 19, 2014 5:51am
here are some EA's,
some free some others not
some profitable some others not.
some good some bad

donnaforex.com
stevehopwoodforex.com
  • #7
  • Nov 19, 2014 6:12am Nov 19, 2014 6:12am
Quoting bassramy
{quote} As always, The Good Samaritan - Wikipedia, the free encyclopedia. Regards, B.R.
MT4/MT5 EAs/Indicators/Alerts coder
  • #8
  • Nov 19, 2014 6:52am Nov 19, 2014 6:52am
Quoting FerruFx
If you are here, that means that you want to be a trader. So the very first thing would be that you forget about EAs and you start to learn trading. A good idea would be to begin here : http://www.babypips.com
FerruFx is absolutely right but I just want to add only one thing that when you think that you have learn enough and ready to trade then practice on demo. Now you can use EA to manage your trades not to make profit.
Love for all; Hatred for none.
  • #9
  • Nov 19, 2014 8:37am Nov 19, 2014 8:37am
Quoting aahmad29
... you can use EA to manage your trades not to make profit.
MT4/MT5 EAs/Indicators/Alerts coder
  • #10
  • Nov 19, 2014 8:47am Nov 19, 2014 8:47am
Quoting FerruFx
You're welcome.
Ferru, in your long history in coding and trying out ideas, havent you find some relatively strong win percentage system which plays it good in any kind of environment?
No need to be specific about it but only to see where we stand atm
  • #11
  • Nov 19, 2014 8:54am Nov 19, 2014 8:54am
Quoting 21vs7
{quote} Ferru, in your long history in coding and trying out ideas, havent you find some relatively strong win percentage system which plays it good in any kind of environment? No need to be specific about it but only to see where we stand atm
Strong win % doesn't mean that an EA is profitable. There's another part of the equation that most traders ignore ... The Risk:Reward ratio. That's the combination of the 2 which tell you if an EA is profitable or not.

An EA can be a loser with a 99.9% win rate.
An EA can be a winner with a 0.1% win rate.

To answer your question, I don't think that a single EA (specific strategy) will cover all market conditions.
MT4/MT5 EAs/Indicators/Alerts coder
  • #12
  • Nov 19, 2014 9:27am Nov 19, 2014 9:27am
Quoting FerruFx
{quote} Strong win % doesn't mean that an EA is profitable. There's another part of the equation that most traders ignore ... The Risk:Reward ratio. That's the combination of the 2 which tell you if an EA is profitable or not. An EA can be a loser with a 99.9% win rate. An EA can be a winner with a 0.1% win rate. To answer your question, I don't think that a single EA (specific strategy) will cover all market conditions.
Yeah, first part. Of course.

Your answer."I don't think that a single EA (specific strategy) will cover all market conditions."

Lets say one has only one strategy. And one has only 2 market conditions - solid range and strong breakout trend. If one has 50% win rate on 1:1 RR in less favorable environment and 57% wr on favorable that system is relatively good? hja

So in essence you are saying, that you saw lots of good EAs but all failed when something drastically changed the tune. Have you tried to or discovered what was that that changed it?

How would you base your EA strategy (only one).
Entry, management, exit.

And then based on market conditions. What in your opinion are they? Is it volatility or HH-LL or something else?

What would you take as a signal? How would you filter out the signals?

What are your experience with that building process if you dont mind.
  • #13
  • Nov 19, 2014 9:48am Nov 19, 2014 9:48am
Quoting 21vs7
How would you base your EA strategy (only one). Entry, management, exit. And then based on market conditions. What in your opinion are they? Is it volatility or HH-LL or something else? What would you take as a signal? How would you filter out the signals? What are your experience with that building process if you dont mind.
The EAs I've coded - and I've coded a lot! - are exclusively strategies created by my clients. I never coded my own EA based on a strategy of mine. I don't trade with EAs ... BTW, I don't even trade on MT4 ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #14
  • Nov 19, 2014 12:05pm Nov 19, 2014 12:05pm
Quoting FerruFx
{quote} The EAs I've coded - and I've coded a lot! - are exclusively strategies created by my clients. I never coded my own EA based on a strategy of mine. I don't trade with EAs ... BTW, I don't even trade on MT4 ...
Aha ok. Thanks for your feedback.
  • #15
  • Nov 21, 2014 6:14pm Nov 21, 2014 6:14pm
Quoting aahmad29
{quote} I just want to add only one thing that when you think that you have learn enough and ready to trade then practice on demo. Now you can use EA to manage your trades not to make profit.
Thank you aahmad29, for your next suggested step, I will keep your word in my mind.
And side by side keep practicing as well.
Regards,
Moti
  • #16
  • Nov 21, 2014 6:19pm Nov 21, 2014 6:19pm
Quoting FerruFx
begin here : http://www.babypips.com
FerruFx, babypips school has been a good start with good words.

“Pipsology is designed to help you acquire the skills, knowledge, and special abilities to become a successful trader in the foreign exchange market”

“And key words are having the ability to do three things”
1-Make pips
2-Keep pips
3-Repeat

For now, I had a quick look but have to go seriously through all lessons slow and study it thoroughly.

Thank you once again for suggesting about starting with babypips which has been really very good way.

Regards,
Moti
  • #17
  • Last Post: Nov 21, 2014 6:25pm Nov 21, 2014 6:25pm
Quoting Motiram
Thank you once again for suggesting about starting with babypips which has been really very good way. Regards, Moti
Glad to hear that it is helpful ...
MT4/MT5 EAs/Indicators/Alerts coder
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