Advantages:
Can generally execute some commands, like entering trades based on one timeframe and certain conditions. Scripts can work well for closing out trades at certain $ profit limits.
Disadvantages:
Two people using the same EA can get different results and sometimes vastly different with stops, limits and entries not executing.
You must leave your computer on or an EA won’t work, or use 2 or 3 laptops running simultaneously.
If an EA buys the GBP/USD for example and closes it out for +75 pips and ths pair continues up for another 500 pips you missed 80% of the move. This is terrible money management but the EA still did what it was supposed to do.
Possible solutons:
Learn to trade the forex.
Get a server based execution system not one based on an EA.
Get an effective set of trend signals and do some papertrading.
May 5th, 2010 at 6:44 pm
This question is begging every scam artist to get in touch with you. FX (Forex) is the home of more scam artists than any other trading area.
People want to believe they can pay for a "program" and make easy money. It simply doesn’t work that way. Read some of the reviews on http://www.ForexBastards.com & you’ll get a feeling about this market place.
References :
May 5th, 2010 at 7:01 pm
Expert advisors have some application
Advantages:
Can generally execute some commands, like entering trades based on one timeframe and certain conditions. Scripts can work well for closing out trades at certain $ profit limits.
Disadvantages
Two people using the same EA can get different results and sometimes vastly different with stops, limits and entries not executing.
You must leave your computer on or an EA wont work, or use 2 or 3 laptops running simultaneously.
If an EA buys the GBP/USD for example and closes it out for +75 pips and ths pair continues up for another 500 pips you missed 80% of the move. This is terrible money management but the EA still did what it was supposed to do.
Possible solutons:
Learn to trade the forex, sounds pretty dumb i know.
Get a server based execution system not one based on an EA.
Get an effective set of trend signals and do some papertrading.
good trading
mark mc donnell
http://www.forexearlywarning.com
References :