Forex EA robots: Do they ever work?

[robertslynnp]

I was captivated when I first started trading forex a few years ago and quickly learnt a valuable lesson not to ever use EA robots again after witnessing an account of a copy trader I was watching fall from $50,000 to nothing in a single day. I personally would never trade again using EA robots. I observed that since it is only code, it is unable to forecast daily market conditions, economic news, etc. Instead, it focuses on the market openings on Sunday and tries to close the spread before it consolidates to a tighter spread, but not all market openings on Sunday consolidate spreads in that way.
The robot notices this gap based on programming and begins a trade "already 10pips in red" to go in the other direction of the spread, closing out another account balance every sunday market opening. Sometimes markets resume in that direction of that spread gap, perhaps 10 pip Plus.
What has been your experience with EA robots, and have your trades turned a profit as predicted by the back testing?

Please share your opinions on this thread.

 

[Asahi]

Short time trading of scalping is at the altitude of its popularity. You can easily reap much profit from the market with little analysis.

 

[Mary Frederick]

Your frustration will cause you to suffer losses in bulk. You can earn limitless profit from Forex if your trading strategy and ideas are good. FXOpulence never creates issues at the time of withdrawing money and their trading platform is free from technical errors like slippage and requotes.

 

[Jack Reacher]

Finding a 100% winning trading strategy is difficult but after two years of attempt, I found a strategy that gives me average profit if I follow money management tactics. FXOpulence allows all types of trading strategies on their platform.

 

[FXOchartist]

I think better you find out own trading strategy based on your experience, if already found the best trading strategy you can create EA based on your strategy, if likely don't have skill to writing code, FXOpen provides services to enhanced ea or scripts in their forum thread.

Before buying EA, I think better to check it deeply, because sometimes the seller only show the good result and hidden the bad result. Despite ea can work at first trades seems profitable, check the drawdown too, because high drawdown indicating the ea work with high risk trading.

 

[Dita Walczak]

In my trading experience, I saw that most of the EAs don’t work properly after a certain period of time. So, I hardly believe in EA trading even though FXOpulence allows EA trading and they use advanced technology.