Australian (ASX) Stock Market Forum

Forex Robots - legit or scam?

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MS+Tradesim said:
If the EA is that good, could you run it on a demo account and enter trades manually into a live account with a decent broker?
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Of course. Not the reason you want to use an EA if you are doing it manually though. Anyone can trade the range.

What is really needed is an STP Provider which has fixed spreads or low variable spreads, which allow 0.1 lot size trading and allow scalping. Obviously with MT4.

Remove the middle man who says they cant pass the winning trades onto the Liquiditor Provider or the Interbank Market.

If you find one of those please let me know. These STP providers stand to make a bucket load of cash from commissions if they can effectively integrate MT4 with Interbank Markets.

http://www.100forexbrokers.com/stp-ecn-brokers
 
fapturbo said:
Of course. Not the reason you want to use an EA if you are doing it manually though. Anyone can trade the range.
Click to expand...

Then do it, and don't worry about the EA. Or create your own EA which won't suffer the same fate. Why waste energy on an idea that has too many external factors to derail it? :confused:

Making a living in the markets is certainly possible - there's many of us here. But I don't know anyone who does it by deploying a strategy who knows how many others are also using.
 
MS+Tradesim said:
Then do it, and don't worry about the EA. Or create your own EA which won't suffer the same fate. Why waste energy on an idea that has too many external factors to derail it? :confused:

Making a living in the markets is certainly possible - there's many of us here. But I don't know anyone who does it by deploying a strategy who knows how many others are also using.
Click to expand...

You obviously are a mechanical trader MS and Tradesim user I presume.

So I presume you like the idea of an EA?

http://forexplatforms.com/swnewstraders.htm
 
"25,000 people are running FAP apparently..."

At $200 ea I know who is making the most out of this EA. $5 mill to the developers and the only expenses involve creating a few websites and promoting the heck out of the EA with both good and bad publicity.

This EA has been a staggering marketing success which relied on the viral spread of information throughout the world's trading forums. The Aussie expression "come in spinner" is such an understatement.
 
peter2 said:
"25,000 people are running FAP apparently..."

At $200 ea I know who is making the most out of this EA. $5 mill to the developers and the only expenses involve creating a few websites and promoting the heck out of the EA with both good and bad publicity.

This EA has been a staggering marketing success which relied on the viral spread of information throughout the world's trading forums. The Aussie expression "come in spinner" is such an understatement.
Click to expand...

Indeed.

Money making machines are a great tool to sell....
 
fapturbo said:
You obviously are a mechanical trader MS and Tradesim user I presume.

So I presume you like the idea of an EA?
Click to expand...

Well, mechanical to me means objectively defined entry, exit and MM criteria. This may or may not be automated. I have never run a robot or EA yet but I probably will in the future.

However, I don't believe success comes from using someone else's creation, especially if it is widely available.
 
MS+Tradesim said:
Well, mechanical to me means objectively defined entry, exit and MM criteria. This may or may not be automated. I have never run a robot or EA yet but I probably will in the future.

However, I don't believe success comes from using someone else's creation, especially if it is widely available.
Click to expand...

Have you looked at a company called Home Trader before? (not spamming)

They use Mecahnical Systems to trade equities designed using MS and Tradesim initially. Now they have moved to Amibroker.
 
fapturbo said:
Have you looked at a company called Home Trader before? (not spamming)

They use Mecahnical Systems to trade equities designed using MS and Tradesim initially. Now they have moved to Amibroker.
Click to expand...

I know of Hometrader. There are several threads here relating to them. I can see they would be of use to people who are prepared to pay others to learn about system research and development. Given the cost I would suggest a better use of that amount of money would be to buy the relevant software, a bunch of books about system development and some quality data - if mechanical system trading is what someone wants to do. I freely grant that a very good discretionary trader can do extremely well. However, my personality is suited to mechanical so that's what I do.
 
MS+Tradesim said:
I know of Hometrader. There are several threads here relating to them. I can see they would be of use to people who are prepared to pay others to learn about system research and development. Given the cost I would suggest a better use of that amount of money would be to buy the relevant software, a bunch of books about system development and some quality data - if mechanical system trading is what someone wants to do. I freely grant that a very good discretionary trader can do extremely well. However, my personality is suited to mechanical so that's what I do.
Click to expand...

There is no way the average person could program and backtest a system using either of those pieces of sofware without first going through a huge learning curve.

They are professionals at what they do and have spent alot of time and money developing the systems. Making use of a professional requires capital.

Emotion is a killer when trading. Mechanical Style Trading removes emotion.
 
fapturbo said:
There is no way the average person could program and backtest a system using either of those pieces of sofware without first going through a huge learning curve.

They are professionals at what they do and have spent alot of time and money developing the systems. Making use of a professional requires capital.
Click to expand...

People who require others to do the work for them will never truly succeed. This is the breeding ground for victim mentality. If things go wrong, the individual will not take responsibility, preferring instead to blame some arbitrary external factor.

"I wasn't shown how to do that."
"The market is against me."
"That fund manager lost all my money."
"I can't be bothered to learn what I should know."
"I can't be bothered putting in the time to develop myself."

Some of their customers will move beyond this and learn about what it takes. I would hazard a guess that those same people didn't need the "pros" in the first place.
 
MS+Tradesim said:
People who require others to do the work for them will never truly succeed. This is the breeding ground for victim mentality. If things go wrong, the individual will not take responsibility, preferring instead to blame some arbitrary external factor.

"I wasn't shown how to do that."
"The market is against me."
"That fund manager lost all my money."
"I can't be bothered to learn what I should know."
"I can't be bothered putting in the time to develop myself."

Some of their customers will move beyond this and learn about what it takes. I would hazard a guess that those same people didn't need the "pros" in the first place.
Click to expand...

Well of course not.

Someone has to start somewhere.

Might as well start with a professional trader who is doing it for a living and not a fund manager who has the primary objective of making money from you.

If you are going to use something to trade with. Might as well be something that works regardless of the market conditions.

Someone who considers putting capital up to make capital is taking a risk, no matter what the venture. Be it starting a small business selling a product or providing a service. No point doing these things without the proper training.

Going it blind so to speak is suicide.

Scam or not make up your own mind.

If so many people are using a paticular system that takes advantage of a certain thing then yes someone will try to take advantage of that system.

It is the way of the world. All Brokers everywhere would know how it works and they are widening the spreads during the time it trades to do exactly that.

Market Makers/Broker who say they make money from us when we trade from commissions and then ban a paticular EA which is profitable are lying and just want to take your money.

The only real way is to enter orders using STP.
 
a site doing live tests of 4 of the most marketed EAs:

started with $250 in an account on Dec1

1st Place: Forex Tracer
Current equity = $260.90
Last week equity growth = -2.9%
All-contest equity growth (since Dec03 2008) = 4.4%

2rd Place: Forex Auto Pilot
Current equity = $253.93
Last week equity growth = -7.0%
All-contest equity growth (since Dec03, 2008) = 1.6%

3rd Place: 10PipsPro
Current equity = $189.44
Last week equity growth = 1.6%
All-contest equity growth (since Dec03, 2008) = -24.2%

4th Place: Steinitz HAS MTF
Current equity = $59.16
Last week equity growth = -32.2%
All-contest equity growth (since Dec03, 2008) = -76.3%


none look particularly good.
 
Any recommendations for an ECN Provider with MT4 platform?

I have a few in mind. Looking for anyone who has used one and wishes to share their experiences.
 
MT4 doesn't support ECN brokers out of the box - you have to find ECN brokers which offer a plug in. And you'll probably have problems finding one because an ECN offering MT4 is like an Arab airline offering Kosher meals.
 
tayser said:
MT4 doesn't support ECN brokers out of the box - you have to find ECN brokers which offer a plug in. And you'll probably have problems finding one because an ECN offering MT4 is like an Arab airline offering Kosher meals.
Click to expand...

Do you know of any Providers who provide MT4 with STP who don't take the other side, who pass all orders into Interbank Markets. Who only make money from commissions and could not care if you lose or win money?
 

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