What is considered a great EA? :)

1. What % per month should it be averaging?
2. How long should it be forward tested?
3. Do you think back tested results are important?
4. What other factors should we look at before buying an EA?
5. Are most commercial EAs hyped?
6. Are you personally doing well using an EA?

1. Greater than 5% per EA or it is wasting my time. This is also a function of risk.....with a low risk EA like Robominer 5% is acceptable. A higher risk scalper(or progressive strategy for example) requires a higher return to be attractive.
2. The EA bashers would like 100 years but I am happy to go live with 1 month forward test + backtest results.
3. See above.....people look at back tests and say....oh that won't happen for real. They miss the point of a backtest. Apart from seeing if the strategy works, it also helps you understand how the EA works.
4. Flexibility to use with 4/5 digit brokers & with ECN. A well coded EA also provides feedback on what is happening. An EA creator that is prepared to answer questions also helps. Price is the least important issue.
5. Yes.....however hype does not automatically = scam. Make up your own mind.
6. Yes.....for now<img src='' alt='<img src='' alt='😄'/>'/>

Thanks for your insights... :)

One that makes money...

compuforexpamm posted:
    1. Greater than 5% per EA or it is wasting my time. This is also a function of risk.....with a low risk EA like Robominer 5% is acceptable. A higher risk scalper(or progressive strategy for example) requires a higher return to be attractive.

I am not so sure about Robominer he has multiple systems open all showing 2700% or some preposterous figure. But if you look closer you will note he hasn't closed his loosing trades - just keeps them open. Some of the open trades ran at $14000 losses, in a real account you wouldn't do this. Factor in his loosing trades(open) , compare equity with opening deposit and he is actually running at a loss on his systems.

who is Robominer ?

RoboMiner is a great EA that appear to use a 'Hold and Hope' strategy but its a lot smarter than that. It trades the AUDNZD pair. This pair has historically traded within a pretty tight range. So he plays it up and down from the midpoint. If its above the midpoint he sells every X pips and if its below the midpoint he buys every X pips. It always has a drawdown but the trades will eventually close for a profit. Actually after watching the system still make profits during the great 2008 crash - I have no idea what it would take to blow it up. (Maybe the 2nd Coming?) - So YES it does have drawdown and only closes profitable trades but I cant argue with the fact that no matter how long it takes - THE TRADES DO CLOSE IN PROFIT!! - Its the smartest 'Hold and Hoper' I've ever seen.

https://www.4xproject.com/lang/en-us/robot-overview/robots/robominer/
https://www.forexpeacearmy.com/metatrader_expert_advisor/robo_miner_by_forex_gold_mine/demo
https://www.pipcop.com/forums/current-live-robot-reviews/126-forex-goldmine-robominer-robot-review-live-account.html
https://www.forexrobotstest.com/robominer.html

Also StephanusR - I looked at your trades and noticed that you're losing trades when they turn against you 20 pips OR LESS. YOU CANT CLOSE TRADES THAT SOON WITH A EA!! - Market noise will turn almost every trade into a loser. The best a EA can do is put you on the side of probability but the trade must have room to work!! - It took me a long time to realize this. Most EA's need fairly wide stops to work BUT wide stops will give you a high win percentage. Now the EA's job is easier. Collect enough pips to offest the ocassional SL hits. - Manual trader have a much easier job since humans are far better traders than robots (I see your on manual) - I wish you luck but I've never been able to trade profitably by EA with 20-30 pips stops. Bots just ain't that smart. (In fact the successful one I've seen need to win more than 10 trades to cover 1 loss - Scalping 5 pips with a 50 pip SL - [https://tinyurl.com/shocker-ea] - But they do it easily since the wide stop gives them a 94.50% win rate)

I think there is no great EA all the time.Market do changes, and EA must do optimizing too.It is not just a computer program, but human brain, truly mathematical and statiscal, trading style and human intervention involved in that. Never trust EA do your trading and leave it alone.
Robominer is a very special one, but it designed to be a retire account, not an agresive trading. There are many trading systems that trade AUDNZD pair smartly, not only robominer. They look very closely to this pair and take advantage from their price moves, even with martiangle strategy, they can handle this pair profitable.

Jacky, thanks for your post... Are you currently using any EA? Any to recommend?

Hi Paul,

Right now, I am using EA to open new position, but I always close manually to avoid profit becomes negative, because so many pairs to trade to maintain my margin, so I close it if it reaches 10 pips, and sometimes I take it for a loss trade to avoid huge drawdown and must use recovery system. I don't want to be greedy, just strict to my system.Sometimes, it continous goes to my favour, but I let it go and forget it, so many opportunities to trade. I am using Nanning Bob EA 60 x 90, here is the link : there are many variants but I like it because they have template for every currency and we can see history path through the template to see the winning or loosing by the chart visually and they have recovery system EA

https://www.forexfactory.com/showthread.php?t=150293

There is a guy that test it here too, I read it at the forum, and let the EA do the trades. Here is the link :

https://www.myfxbook.com/members/TimeFreedom

I use Robominer too, yes, it is a great EA that really a mathematical concept.Simple to understand but I think there is a way to minimize drawdown by hedging them to take advantage through their ranging moves between their high and low extreme history chart. Sometimes I think it's not wise if just take profit every 40 pips for one winning position than we have to spare so much margin to resist all open position that still floating around.

Here is the link for trade AUDNZD too, but I have not trade it yet :
 
https://www.forexfactory.com/showthread.php?t=129813

I hope it helps and we can share each other.

Thanks for your sharing.

A great EA is one that makes money consistently. I thought I found one in Pipturbo. First 2 days I made USD500 on a USD2,500 account, but suddenly on the third day I lost USD300 and another USD400 on the fourth day! Now am down about USD400 on my equity!! Let me me know if anyone one has won consistently with an EA, say over a period of of 3 months.

@mks1957

Just try robominer, it's simple,set and forget system, as long as we use good money management, broker not bankrupt. it is ok. it is a very long term profitable and stable EA.
I am not the man of robominer, just want to share with others. Treat forex trading as a real business, not a trading game, so just make it 4 % - 5% equity growth a month for average is very good enough.

Their Official website performance : https://www.forex-goldmine.net/performance

My backtest for EURCHF pair : https://www.forexsharing.com/306277

Independent website test for many kind of EA : https://www.4xproject.com/robot/ea-demo-tests/
                                                                   https://www.forexpeacearmy.com/test_lab/all_forex_tests#az_r
       search for robominer, very stable for long time performance...slowly but sure, and many other

It is not a 90 % modeling quality, but I think it is reliable enough,since robominer is not a scalping EA. It is not to show off that start from equity 2000 usd becomes 96402 usd, but just to show that it is a constant and stable EA for a long time, as long as we stand and hold for drawdown and price moves in the high and low historical price.But trade with AudNzd is the main pair for robominer now.

Fulltime247 posted:
   Also StephanusR - I looked at your trades and noticed that you're losing trades when they turn against you 20 pips OR LESS. YOU CANT CLOSE TRADES THAT SOON WITH A EA!!

Actually you can if you have the mq4 source file. You can take whatever profit you like in $ or the currency of the account by adding a simple condition to the closing signal...

eg. to take $1 profit.

if ((AccountEquity()-AccountBalance())>= 1) Order = SIGNAL_CLOSEBUY;

<img src=''/><img src=''/><img src=''/><img src=''/> - Eagle I didn't mean that it wasnt possible - just that its not smart. You'll kill your account taking small profits and/or closing trades when they dip 20 pips. Almost every trade you enter will dip 20 pips or more before returning to profit. If you close every trade at minus 20 pips. You'll end up slowly eating your account while taking tiny profits.

I am curious, if you like Robominer, take a look at this one and tell me what you think of it: https://www.Myfxbook.com/Search/BBW

There are actually 2 of them there. Check them both out and let me know what you think of them.

hi,

Big warning on robominer..... !!
Your account would look like this. I hope for the owner that this is not robominer....
https://www.myfxbook.com/members/Forextrade/tradehunter/2630

First a good (EA / system) open trades with Stop loss !!

1. What % per month should it be averaging?
Well make 5% / month and your are safe....

2. How long should it be forward tested?
Well I fwd test at least 6 month.

3. Do you think back tested results are important?
It is for me but will not trust the gain results only fwd test will.

4. What other factors should we look at before buying an EA?
I try to learn from my mistakes and I will never buy an EA that.
a- open trades without stoploss or have not hidden S/L ( Robominer do not)
b- No new EA's ....

5. Are most commercial EAs hyped?
Well I know coders that open EA's in 1 day so why would someone sell an EA that makes money ?
I have no answer on this question :( . Maybe someone have. If I had a good EA I would not sell it....

6. Are you personally doing well using an EA?
Yes....

hi,

I run an evolution of robominer on audnzd. Robominer need to have some stop loss function or your gains will fly away one day ....

I do not fully agree with Momentum but Stop loss is important

1. What % per month should it be averaging?
what can you take as a loss? its a function of risk and if your risking lots then you want lots... The more important factor is its equity curve... is it smooth?, does it finish on a great figure but have a scary dip.. trace through it left to right as if it was your money..what would you do if you started trading at the begining of the largest dip???

2. How long should it be forward tested?
dependant on TimeFrame and trade frequency. If it trades once a week you'll want a bigger duration than if it trades once an hour... The forward test is to show how it behaves in 'real' market conditions... what happend at the disconnect? or the spike? did it all go terribly wrong.

3. Do you think back tested results are important?
Yes, if only to understand what conditions it likes... as a human you have the ability to switch it off ;)

4. What other factors should we look at before buying an EA?
Defined risk, equity curve, drawdown, support.

5. Are most commercial EAs hyped?
-if its to good to be true why sell it.
-Statistics can be manipulated, optimised backtests, multiple versions on different accounts etc.. buyer beware
-if the system matches your style and it works then of course you can make money.

6. Are you personally doing well using an EA?
yes/no/maybe ;)