ambush trader said there could be broker manipulations this is why the odds are against automated trading,
its uncertain information. no proof and its not proven. even its true there is nothing you can do about it. when they loss money people likes to blame others instead of selfs.
This is true, @rob559
i might have worded it wrong, many brokers have dealing desks, markup schemes etc, but direct manipulation is not as common anymore because there is so much FX mt4 broker competition the broker will lose the client. In regards to automated, i think the space is too crowded with people trying to automate. i think 90% of traders who find mt4 is because they hear of Automated EA's. I also think 90% of traders will put more effort into buying, building and experimenting with EA's than putting that same effort into developing the discipline and skill needed for manual trading. Lets face it, the idea of having a terminal run on a VM printing money while you travel the world beaches is a much more glorious goal than sitting down and manually placing trades.
When trading the market you are really competing with everyone. I don't see the competitive edge( at least for me) in programming an EA in mt4. Too many people doing the same thing. And when you program an EA your resources are mostly code from forexfactory, indicators( all lagging) maybe some custom ones and whatever skill you have to pull from a DLL file that can give you some unique skew. i have seen and worked with what automated is on the institutional level and its nothing like this. Institutional have the benefit of analyzing flow on all their provider feeds, they have incoming and outgoing flow that they can run statistics on and adjust their algo based clearing book to be in their favor. They can also make algos to replicate credit client toxic flow for their own benefit. By credit clients i mean for example, FXALL uses JPM as a liquidity source and vise versa via prime broker give up agreements.
Im not 100% against EA's . hey look, some of the top autotrade guys are EA's and they are higher ranked than our Ambush Capital... Our Evolution mam could probably be ranked #1 but we preserve it to be mam only.
But as far as EA's vs Manual , I think in the end its a matter of personal preference and MOST IMPORTANT is what is working for you. AS for the broker, there are good and bad ones as we know, If you are profitable you need to be ready for full STP execution and the potential slippage and delays that come with it. This is normal though. We are lucky with how easy and sugarcoated execution is on MT4 brokers vs the big stuff.