Hello everyoneI haven't posted here in a while.Just read this...

  1. 21 Posts.
    Hello everyone
    I haven't posted here in a while.
    Just read this year's posts to catch up and I can see the focus has shifted to EA's. A few comments which may be of interest to some. Apologies if you covered this last year... I didn't read back that far

    1/. I can't code so I have been testing proprietary ones lately but haven't been able to get any to work in a backtest. The biggest reason I believe is their inability to filter out the bad trades. TBH I haven't shelled out the money for the expensive EA's because the more expensive the EA the less they seem to tell you about how it works. By the time you are paying $1,000 they are saying things like "exclusive secret sophisticated backtested self learning harmonic arbitraging algorithm". Which probably means it works on RSI and still doesn't work.

    2/. I believe there have been EA competitions run from time to time. Sometimes the results look impressive but it is difficult to know whether the tests are independently run or have been run by people with an agenda? However we do know a large part of the market is already run by EA's. They're just not the one's that are for sale.

    3/. If you have a working strategy that gives you an edge and it can be coded, an EA should do the job better than a human. My opinion. An EA can wait all day long for 5 pips on each of 30 currency pairs. A human can't.

    4/. A friend of mine worked in a company selling a News trading EA for > $1,000. The word within the company was that the EA didn't work at all however an aggressive sales campaign resulted in $millions of dollars in sales. I was seriously surprised how many they sold, it was thousands. They needed a staff of 15 just deliver and maintain the product... which didn't work. People who knew absolutely nothing about forex would buy it to get rich quick. They also ran service contracts debiting your credit card to keep the EA up to date with news signals. The perfect business model. The emails ran hot with customers who had blown their accounts but the psycho Russian owner couldn't care less. The company ended up closing when the owner died only a few months ago. There were people threatening to kill him and he went to great lengths to remain anonymous... however I did raise an eyebrow when he died... but I don't know any more than that.
 
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