I believe you will got many opinions for 'good' and similarly for 'bad'. All of them would be based on personal way of trading. If you do not have experience, I believe would be better for you to use EA, but the difficult moment is how to find out profitable EA with positive mathematical expectation :)
2009 I did my first trades in Marketiva (Broker), without learning and reading anything. I thought I am smart. After 2 weeks demo trading i put 1 k in a real account. It survived a couple of days... Stop
2012 my first EA, recommenmded by a friend, a free one. It made good steady profits during a couple of months (over 200%). Then suddenly margin call, account blown up. 3 k loss. This was my first experience with 'Martingale'. My tip to all newbies: HANDS OFF Martingale EAs! Independly how good or safe they seem to be. Stop
2014: after a fight in the office with my boss who made me realise that I am nothing more than a little payed slave without any honour or value in the system of modern exploitation (work as employee), I decided to try again with forex. This time i decided to analyse every EA i wanted to buy, read all the informations, the reviews, do researches in Forexpeacearmy, forexfbi, here, and i bought mostly expensive commercial EAs with the best critics of users and review sites. I tried more than 15 of them spend a lot of money tu purchase and test them on real accounts. Result: over 10 k loss. Stop all EAS.
2016: i decided the best thing in my life: Learn to trade!! I am still not yet a good trader, but I am slowly recovering my losses. Mostly with trade-copier services from good traders I found, but also a bit with own trading. (by the way i also lost some money with trade-copiers of crappy traders!). Last year was the first year i made profit with forex! You can see the track records in my profile.
My conclusion: Hands off EAs if you dont know how to trade. There is no perfect EA and there is no EA making profit for long term. All EAs are good in some market conditions and bad in others. Some are better for trendy markets, some are better for volatile markets, ... and so on. There s no EA that can handle every situation. If you use a EA you have to know it as if you had coded it yourself and be able to controle it at any time.
The differenece between who your are and who you would like to be be is what you do
hola¡ soy novata en esto del mercado forex. hice mi deposito de 100 dolares en la plataforma de iforex . y todos los tutoriales estan muy sencillos pero a la ora de operar no se como hacerlo. lalguien me puede asesorar¿
I have tried EAs and I have had a better outcome than ricki72 . Some are good some are bad but they are so easy to set up and use. I would just get a load of EA and run them on demo for a few months. You will soon find which ones work and which dont
From this market place so many traders fail despite of having powerful trading strategies, because they have no proper money managing plan. the success in Fx depend on money management , so we the traders who are particularly beginners have to emphasis on money managing plan besides acquiring good trading knowledge.
If you are a newbie to the forex market and want to use an EA, you can surely go for it. There is no harm in using EA as a newbie just make sure that the EA you are using must be compatible with your trading strategy. So, I would like to suggest you to test the EA first on the demo account if it shows success continue it with the live account.
If you are new in this market you have to be careful when you are going to choose a broker for you. There are so many fake brokers. So research the market properly and select the best broker for you to trade and make money from this market consistently.
EbonyJones posted: If you are new in this market you have to be careful when you are going to choose a broker for you. There are so many fake brokers. So research the market properly and select the best broker for you to trade and make money from this market consistently.
I think he is asking about EA. I can never trade with EA as it can never beat my manual trading.
It might be not a wise idea to start off with EAs as you will have little to no understanding on how those work. It is better to start off on manual trading and make your way to understanding the forex trading.
I don't think beginners should be using EA's either. If you don't have enough experience, you have to trust the EA blindly, which is like trusting a complete stranger with your money. You need to be patient and only start trading - whether automated or manual - once you know how to build and test a strategy.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.