Can anyone recommend a simple automated trading strategy or EA that would help new traders just starting out in Forex?
If you are just starting out, then you may lack the knowledge and skill to evaluate whether an EA is good or not. However, a great EA, in my opinion is one that is based on basic forex trading principles, i.e, harmonics & wave reversals/trend trading or non directional trading.If it is a trend trading EA, it must have a little bit of harmonics/waves to know when the trend ends/reverses (or else it will lose very fast all the profit it made when the market was trending). If it is a non-directional EA then it must have very smart money management/hedging built into it. At the end of the day, you may want to just trade systematically for a while and then code your rules…cheers
I created an open source EA called SnowRoller that is based on the principle of increasing position size into winning trades and minimizing losses. It’s not an exciting Martingale type strategy that will build up until it hits the death trade and half (or more) of the account is gone. This strategy slowly bleeds balance – taking small losses waiting for a larger trend when the accumulated profitable position pops the equity and it starts over. You can download and use this EA here:https://sites.google.com/site/marketformula/snowroller
I suggest you use version 1.005
Hello, I have some experience with EA. My first one was FAP turbo and I didnt have good result (it was a scalper) and the second one its a martingale EA call forex transporter, not a good result ither. With time I learned to do a better research for the EA, What i do now is this: First I visit forexrobottests to see what is going on, then I look for comments of people who bought the EA, I like to use forexpeacearmy for that.
Hope to help.
I agree with SFT.com in that all commercially available EAs (that I am aware of) are indeed a waste of money, but I can assure you that the concept of Expert Advisors for FX and automated trading in other markets certainly is a worthwhile pursuit. Traders that have successful strategies do not sell their ideas or their EAs but they do indeed exist. Simply start off by reading up on the fundamentals and technical analysis of the currency market, get a demo account with a broker, try applying what you learn and take your time on the demo account – I mean take at least 6 months of trading every trading day on demo. You will come across your own trading style and strategies and only then should you consider risking real money. After you are consistent and profitable in a live account you could consider the automation route. Don’t get sucked into the hype and marketing tactics on any web site related to trading. Good luck.
Here you go, very simple:
I would advise you first to learn about Forex and think about your own strategies. These EAs are good for people beginner who still believes taht it is possible to buy cash money machine for a few dollars. There are enough free EAs available if you just want some exemples to start with. Just google it.
Because of these first experiences with scams, most of people make an associated conclusion-> Auto Trading = Scam, which is totally false as I can witness it after having automated 700 strategies.
But it is not easy money and you’ll have to work on it.
I started using Megadroid in July 2009. Here are my live results:http://i1092.photobucket.com/albums/i419/forexhosting/MegadroidJuly.jpg
This expert advisor has produced consistently since July 2009. Will it keep producing consistently? I’ll find out.
I bought FapTurbo back in 2008 and there are only a few pairs that are working consistently at the moment.
I have been testing the Crescendo for 5 months now in demo:
And have decided to go live with it:
I agree with some of the other traders here that you have to learn how to trade forex or
at least understand money management. I have found out the hard way that it doesn’t matter how good the EA or trading system is unless you understand money or risk management. There are many other things to learn such as broker selection etc.
Since I am using many other EA’s in my live accounts and there is too much to contribute in this one post, I would like to invite you to attend the Forex Trading Summit on September 12, 2011 in New York city.
I will be a guest speaker there and will share all that I have learned during the past 3 years using expert advisors. There will be other speakers and traders sharing what they know and have learned regarding forex trading. I believe this is a great opportunity for traders to network face to face and learn from other people’s successes as well as their mistakes.
Here is the information on the conference:
Hope to see you there.
Without the knowledge of Forex trading, trading turns to risk, you should have the knowledge and the trends of the market. EA trading system is not much worth, even thou if you want to test, open the Demo account in MT4 and you can find the EA Strategies from this site which you can apply in ur demo accounthttp://codebase.mql4.com/experts. Always try to test the EA Strategies with the Demo account
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