[MadMarketScientist]

Like most of you, I get bombarded with emails promoting forex trading EA plugins.

They promise the moon, whether it's 99% winning trades, or turning $1000 to $100,000 in no time at all. I've heard they tend to sell hundreds to thousands at a time - quite a business.

Of course, we know where all that leads in reality -- as virtually all of these tend to be over-optimized, curve fit systems that have settings that are customized with the benefit of hindsight and they typically fall apart going forward.

I would like to know from any of you -- have you used any of these EA's with any success? Or, if you have used any that were a total failure weigh in on that as well. Might save a few people from buying it as well.....

[MidKnight]

LOL - I had to laugh at the title "...Actually Work". Man, I been down that road too - so my laughter was also a reminder of the pain. Thanks for the early morning chuckle Apologies for the OT post....

With kind regards,
MK

[MadMarketScientist]

I should have added something to that -- and even make it easier -forget living up to the off the chart claims of instant riches - - is there any that even maintains some semblance of profitability?

A couple recent ones I recall seeing a ton of promos on - Fibonacci Killer -- it's a dog but I'm sure many were sold.

There is one now being pushed called Forex Kagi - I was messaged by someone that it's just an ebook using a simple trend following indicator (lagging) but you'd never guess it from the incredibly slick sales page and videos - and it tried to sell you a robot after the first sale starting at $97 and each time you said "no thanks" he told me it kept knocking the price down all the way to $7 - about 6 or 7 price reductions....the only other one I think I ever saw at least some positive comments, maybe short-lived don't know was fap turbo but have no idea if it held up. Heard some reports that brokers had "broken" the strategy since too many were using it and would widen the spreads when it had trades trigger.....

Still, there has to be something right that at least is above $0 right

[BlowFish]

I wonder if any do too. Of course none will get close to matching the extravagant claims of the vendors but I wonder if any will actually run profitably with suitable parameters. My hunch is that there must be one or two but I don't really have the inclination to put the (large) effort in to test and locate them. It doesn't help that such ridiculous claims are made I guess if you discount all those that would narrow the field....possibly to none!

[SIUYA]

Much like the dieting industry

[MadMarketScientist]

True on the dieting industry but there to, you know there are ones that can be very effective (you know, like eat less and exercise more) but they take a lot of work. So certainly, the easy way out is always the simplest for a marketer to promote. It probably is just as much our fault that that appeals so much (vs. doing the work

And, I think we all know with a lot of hard work there is a way to get success in trading.

The question are there some short-cuts or automations that can get people there quicker. Plenty want it to be so, hence the overwhelming popularity of these EA's vs. actually have to work hard at it - and I completely get the appeal. I wouldn't mind trading some hard fought hours for some away time while the computer is doing it's magic.

[Simple]

That makes the interesting question: why is it so hard to find eas that actually work?

It seems to me that a majority of them pander to the desire of the new trader not to lose very often. Is that other peoples' experience or is it something else?

[robertm]

Originally Posted by BlowFish »

I wonder if any do too. Of course none will get close to matching the extravagant claims of the vendors but I wonder if any will actually run profitably with suitable parameters. My hunch is that there must be one or two but I don't really have the inclination to put the (large) effort in to test and locate them. It doesn't help that such ridiculous claims are made I guess if you discount all those that would narrow the field....possibly to none!

If you could magically reproduce the exact trend and volatility of the period in which they were backtested they probably work fine. The unfortunately reality is these are ever changing, but a good sales pitch tends to gloss over this point.....