How to use EA Advisory

[mumuy]

I'm just curious how to use the EA advisory, I don't have any idea on how this thing works. Is this what you call a "bot"? Does this means that you can put all your trading plans like stop loss and profit in the EA advisory and he'll automatically trade for you?

It is more viable than trading manually? Is it better or is it riskier to trade using it. I really want to know the basic and how to input it in your MT4 trader.

 

[Enivid]

Expert advisors trade automatically. They all implement some specific trading sessions and allow only little modification via input parameters. You will have to code (or find a coder) to create an EA that trades using your own trading strategy.

 

[Fxpipper]

Personally, I avoid all EAs like the bubonic plague, and with good reason. But that's just me since I do not think it is a good call to let a bot trade for you.
Moving on, as enivid pointed out, the only way to ensure your bot carries out your strategy is to code one..

 

[Rambo35]

I am with Fxpipper on that one. I would not trade with a bot or EA unless I have coded one with my own strategy.

 

[Nigel Price]

First and foremost, I think the most important thing is to understand how and why the particular trading strategy works. This might be because you designed it yourself or that you have a detailed knowledge of the trading statistics that the strategy will generate. Once you have this knowledge you can then automate all it or parts of it with some confidence.

If all you are doing is running an EA on your account without having any real idea of what to expect in terms of medium term profit expectations, drawdowns, fluctuations, winning/losing streaks, success percentages, etc., the likelihood of you generating a sustainable profit over the long term is very low. As soon as the EA hits a losing streak, and they all eventually do, you will most likely start to lose faith, tinker, give up etc,.

It's usually more likely that the operator of the EA is the problem, not the EA itself!

 

[mumuy]

I see, so you still need to input your own personal trading skill on it...

 

[Nigel Price]

I see, so you still need to input your own personal trading skill on it...

Hi Mumuy, I could be wrong, but I have never myself, or heard of anyone else, who has returned long term consistent and sustainable profit from automated trading without a good understanding of how and why the strategy works.

That's not to say that no such thing exists though, I could be wrong!

I look at EAs more as a way of assisting and making a trader's life easier, not as some sort of money machine that you can just switch on and make loads of money at will.

But if you ever find something that proves me wrong, by all means please let me know!

 

[Rambo35]

Hi Mumuy, I could be wrong, but I have never myself, or heard of anyone else, who has returned long term consistent and sustainable profit from automated trading without a good understanding of how and why the strategy works.

That's not to say that no such thing exists though, I could be wrong!

I look at EAs more as a way of assisting and making a trader's life easier, not as some sort of money machine that you can just switch on and make loads of money at will.

But if you ever find something that proves me wrong, by all means please let me know!

I agree with your statement about EA's. Those who want to achieve long-term success need to learn how to trade.

 

[hayseed]

basics

I really want to know the basic and how to input it in your MT4 trader.

//----

hey mumuy..... was almost certain enivid had a post on the forum on ea basics but can not find it...... below are some links......

you must build trust with ea's..... that might take awhile..... especially if your trading large lot sizes.....h

//----

investopedia


dailyfx


coders guru