Do forex EA robots ever work?

[HeavenLeighGill]

I think there are a few good ones out there but never wanted to take the chance to find out for myself by losing a ton of money so I just stayed away from EAs.

 

[Fried_Rice]

On starting trading forex some years ago, i was fascinated when i encountered EA robots and learned a good lesson not to ever use them going forward, i have seen an account of a copy trader i was following go from $50,000 to zero in one day, i was astonished! well for me i would never trade using EA robots again, i noticed that its just coding and it cannot predict daily market conditions, economic news etc it just targets the market openings on sunday and tries to fill the spread before it consolidates to a tighter spread, but its not every market openings on sunday that goes in that direction to consolidate spreads, sometimes markets resumes in that direction of that spread gap maybe 10pips + hence the robot sees that gap based on programming and opens a trade "already 10pips in red" to go in the opposite direction of the spread, thats another account balance closed out every sunday market opening.

What are your experiences using EA robots, has it been profitable for your trades as detailed in its back testing?

Let hear your thoughts on this thread..thanks

I've tried many and have not found a 'holly grail', but some are wayyyy better then others. Market conditions change and therefore you can not code to suit all conditions

 

[Jungletrader]

I've used several but the important thing is to take some profits as none last longterm

 

[sharabela]

I personaly do not like using EA. However, I used EA on my demo account. It did not produce good result. Thus, I never tried EA again. I strongly believe it is better to trade on own strategy. It may take time but it works at the end of the day.

 

[Dora_WalletInvestor]

In some situations, they do. But just like when you are trading and profits and losses go hand in hand, the scenario is the same in the case of EAs also. They do eliminate the emotion factor but I believe that many times when you are trading, your emotions can help you save your money as you can judge some situations better than an EA can.

I don't think our emotions are good at judging situations - listening to your emotions can actually be really detrimental, because at that point, you don't make decisions based on probable outcomes. In some cases, if you are a very very experienced trader, you might have gut feelings that work, but this is not realistic for most average traders.

 

[Dutchy86]

On starting trading forex some years ago, i was fascinated when i encountered EA robots and learned a good lesson not to ever use them going forward, i have seen an account of a copy trader i was following go from $50,000 to zero in one day, i was astonished! well for me i would never trade using EA robots again, i noticed that its just coding and it cannot predict daily market conditions, economic news etc it just targets the market openings on sunday and tries to fill the spread before it consolidates to a tighter spread, but its not every market openings on sunday that goes in that direction to consolidate spreads, sometimes markets resumes in that direction of that spread gap maybe 10pips + hence the robot sees that gap based on programming and opens a trade "already 10pips in red" to go in the opposite direction of the spread, thats another account balance closed out every sunday market opening.

What are your experiences using EA robots, has it been profitable for your trades as detailed in its back testing?

Let hear your thoughts on this thread..thanks

I’ve personally used a few from a trusted group to me and until now have not had much success. I don’t think you can overly rely on them and are never fully hands free. Saying that I use one now that’s survived 6 months with no issues

 

[Saososa]

EAs are good but they could also get damaged leading to losses

 

[hustrewilliams]

Forex EA robots are helpful because unlike humans they can monitor hundreds of markets at a time. They are very quick to react when a trade signal is received whereas hesitancy of a trader to make fast decisions can cause him to miss out on a number of opportunities. The thing is, we can’t just sit back and watch the money rolling in while these automated softwares trade on our behalf. If it was possible then every trader would have been making money. Moreover many traders do believe that by using EAs they would be able to separate emotions from their trade but most of the EAs are not fully automated and require human intervention from time to time. Emotions naturally come to the picture when you have to decide whether you should intervene or not. I think EAs work well when you monitor it regularly and make necessary changes whenever needed and that too needs some programming skills and in-depth knowledge of trading strategies.

 

[hammuttonred]

Thank you so much for sharing. I appreciate your post.

 

[Glossy]

Thanks for the analyst, it was interesting to read.

 

[reecerispoli1]

I've used several but the important thing is to take some profits as none last longterm

Any recommendations

 

[Trends555]

No

 

[Saososa]

no ea works in all market conditions. they dont last too

 

[jimcarter]

Yes, Forex EA robots work. Forex trading robots are automatic software systems that generate trading signals.

EA robots are programmed to work within a specific range and follow trends. As a result, a sudden price movement can wipe out any short-term profits.

The simple truth is that your trading can significantly improve with a professional Forex robot and the right configuration. Every day, thousands of traders use Forex robots to find actual pips.

However, not all forex robots are created equal. And how you set them up will determine how successful they are in the long run.

 

[Forextobe]

The EAs can be very helpful in Forex if used to automate trade execution. I don't trade with EAs that perform complete trading automation (analysis and entry/exit signal calculation), but rather use the EAs to execute trades on my behalf after I do all the analysis and determine the conditions for entering and exiting this particular trade or a set of trades. My trading strategy wouldn't be feasible without the help from expert advisors because it is impossible for me to monitor the market 24/5.

I use these too. I have trade managers that can calculate my SL and TP by ATR and can close partials. These are the one bots I would ever recommend

 

[e_abrams]

Robots work in the very specific market conditions they are made for. They are not universal.

 

[Lewis Capaldi]

“Ever”!! This word is so meaningful! But you may know, there is nothing like 100% in Forex market & you can’t expect here any sustainable result with a fixed rule! Forex is all about probabilities; and I have such a bad experience with trading EA; according to me , manual trading is much better!

 

[Resolve]

Robots work in the very specific market conditions they are made for. They are not universal.

When we are making use of the Robots then the income we can get will also get increased.

 

[NicholasHennessy]

EAs can be helpful. But like all other things, EAs, too, have limitations. The forex market is unpredictable and events that can cause it are many times unknown. So where the market will be headed might be difficult for EAs to predict. Thus, they do not guarantee anything.

 

[Lincoln James]

Yes, they do. In fact, EAs can be very helpful to traders who are well aware of the market. From automating trades to running complex strategies, EAs can help traders in many ways. However, their effectiveness varies and they do not produce 100% results because the forex market keeps on changing.