How many of you are successful ? - page 4
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Since my knowlage of the forex is quite limited in next couple of weeks I will pick some EAs(that are best performers here) and then I go live on $10 000 account. About 20-30 charts, we'll see what works and what does not. I guess only way to contribute is to report back the results. Real heros are creators that shared their systems and hopefully they are maga rich by now...or I am wasting my time and money...we'll see...
I wish you good luck. I will, hopefully, be going live soon - but I intend starting on a much smaller scale, until I'm confident that this can work.
I do understand your point, but it would be nice to get some encouragement from those who have put real money on the line. I've got a horrible feeling, that we might be seeking the holy grail, and that real trading might not produce the results we see in the demos.
I've already discovered that there's a huge difference between brokers. Who's to say there may not be a huge difference between demo and live. That could make the difference between winning and losing.
Also, I'm worried that the size of account may have an effect. The smallest demo account I've found is $3000, yet they say you can open a real account with as little as $250. Would running EAs on a $250 dollar account produce the same results as running on a $3000 account? I don't know how well they scale down. If they don't, I may find that I'll dismiss the whole idea as a failure .. when it may well have succeeded if I was prepared to risk more.
I really don't know ... which is why I was hoping for a few success stories.
Auto Trading
I have been trading for almost 5 years and I did not have any consistent success until I started EA trading. I chased the idea of the ea doing 100% of the trading for a while, that too me is basically a Pipe dream, I have only heard of Automated systems that do not need any intervention or descretion. So my systems manage themselves about 70% of the time, I montior all trades and kill any obviously bad trades by using descretion to keep my stop losses from being hit. No warren buffet but I am paying the bills. even with money it is difficult to make money when you have to withdraw too eat and feed a family & living expenses, god forbid you have a drawdown month, then it is like a double whammy cause I still have to take money out to live and suffer the draw down.
I have been trading for almost 5 years and I did not have any consistent success until I started EA trading. I chased the idea of the ea doing 100% of the trading for a while, that too me is basically a Pipe dream, I have only heard of Automated systems that do not need any intervention or descretion. So my systems manage themselves about 70% of the time, I montior all trades and kill any obviously bad trades by using descretion to keep my stop losses from being hit. No warren buffet but I am paying the bills. even with money it is difficult to make money when you have to withdraw too eat and feed a family & living expenses, god forbid you have a drawdown month, then it is like a double whammy cause I still have to take money out to live and suffer the draw down.
Well, at least it sounds like it's working for you ... even if not to Warren Buffet standards. That's very encouraging.
Thankyou for your response.
Does this really work?
Dear FutureMillionaire,
I lost money for about 3 years before I wised up, so with that in mind there is some stuff you need to know, I apologize up front....
1) Big money always has and always will run your stops. It sucks but that the way it is, no EA however good can change that.
2)Brokers are not to be trusted, they are in the game to line their own pockets, not yours. Small accounts with high leverage are targeted first, so beware!, and develop solid money management stratagies in order to live to trade another day!
3) Don't ever put your money in the hands of a system that you don't fully understand - stick to one EA - learn how and why it works & then use your own discretion in implementing it. At least that way you'll know who to blame.
4)A few weeks or even months isn't really enough time to judge the effectiveness of an any EA. The reason is that certain EA's work for certain market conditions and those conditions are constantly changing over time.
5)You are not going to make a bajillion dollars off of a mini account - not when the worlds most famous money managers are averaging about a 25% annual return.
6)Most importantly - the real learning doesn't begin until you put real money on the line, I'm not kidding, losses on a demo you'll just shrug off but losses on real money - you feel that in your gut!
Yes you can succeed, but Rome wasn't built in a day - start with a live micro account ( 10 cents a pip) and you'll soon realize the joys and the agonies the game provides!
also as a last note you might want to check out something like the Dolly system (lots of market insight and manual execution)
Good Luck on your trading, you will win if you can stay in the game long enough.
taj
Dear FutureMillionaire,
I lost money for about 3 years before I wised up, so with that in mind there is some stuff you need to know, I apologize up front....
1) Big money always has and always will run your stops. It sucks but that the way it is, no EA however good can change that.
2)Brokers are not to be trusted, they are in the game to line their own pockets, not yours. Small accounts with high leverage are targeted first, so beware!, and develop solid money management stratagies in order to live to trade another day!
3) Don't ever put your money in the hands of a system that you don't fully understand - stick to one EA - learn how and why it works & then use your own discretion in implementing it. At least that way you'll know who to blame.
4)A few weeks or even months isn't really enough time to judge the effectiveness of an any EA. The reason is that certain EA's work for certain market conditions and those conditions are constantly changing over time.
5)You are not going to make a bajillion dollars off of a mini account - not when the worlds most famous money managers are averaging about a 25% annual return.
6)Most importantly - the real learning doesn't begin until you put real money on the line, I'm not kidding, losses on a demo you'll just shrug off but losses on real money - you feel that in your gut!
Yes you can succeed, but Rome wasn't built in a day - start with a live micro account ( 10 cents a pip) and you'll soon realize the joys and the agonies the game provides!
also as a last note you might want to check out something like the Dolly system (lots of market insight and manual execution)
Good Luck on your trading, you will win if you can stay in the game long enough.
tajI hope you don't think me rude ... I did reply. I don't know where my reply disappeared to.
Valuable advice, thankyou. I'm going to research that Dolly system now.
Hi Guys
It was very successfully last year, it was really a blockbuster year but this year I am getting killed by bad decisions. I am trying to put my act together but no matter what I do it end up as a disaster. heheh
I am trying to stick to the plan but I am getting afraid of hitting the trigger so I miss the good trades and enter the bad ones.
One good advice for you and myself will be stick to the plan. If you don’t have a plan, stay out.
Have a good one.
Great Question and Good Luck
Made some money using EA's (week here and there)
made the rest on manual trades.
Eventually lost 70% of my first funding.
Stepped back, refunded and realized I didn't have a plan.
Currently looking/working on an EA that I can trust with about 20% of my account to trade for me when I don't have the time.
The 'plan' will allow me to trade manually based on some technical indicator / discretion etc.
Sticking with it. I've met real live people who trade profitably, but none that do it through an automated system.
Tross
EAs
I have just more than a month of expierence with live EA trading. While preparing for that I realized some things for myself:
1. Don't be greedy and don't set unreal expectations. It is very hard to go for 20% annual return when you see your EA to generate 10000% in a few months in backtests. You know this is not real, because you optimised (and probably overoptimised) for this period, you used wild reinvestment, but it still is hard to go with low expectations.
2. Don't get carried away with your dreams. After downloading our first EA we already see ourselves in Fiji surrounded by supermodels. It does not work this way, otherwise it would be too crowded in there.
3. Patience, patience, patience. Don't know how to stress this enough, but patience probably is one thing that determines if you lose or win. 20% a year is not so bad result. Any EA has its time, and there is a period for each of them every year. The problem is to wait until this period. Then you make your yearly return in a week and go back to the beach.
4. Hard work is still needed. If you think that you will only choose the best leader from Newdigitals analysis, open real account and buy a villa, you will probably get dissapointed. If you want your life to depend on some piece of code, please analyse this code. Find its strenghts and weaknesses and act accordingly.
5. Money management is also about taking some profits periodically. This way, if unexpected comes and your account suffers, you will have at least some of it safe elsewhere. As for me, I think about reinvesting future profits (I still have dreams
) in some stock or bond funds or real estate or something much more safe than forex.
Maybe I am a little pessimistic because my EAs went down by 15% last week (they are still in profit, don't know for how long
), but as they say: hope for the best and prepare for the worst. And see you all in a nice island someday 
I've met real live people who trade profitably, but none that do it through an automated system.
Ooh, doesn't bode well for EAs. Thanks for your response