Some Advice On Buying Forex EA

Filed Under (Journal) by Casey on 13-08-2008

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After writing on the article, The Major Dilemma with Forex EA . Here are some advices if one is looking into purchasing a forex EA on the market. Even though I have only been involve with buying Forex EA for a month or so but my experiences with HYIP actually does come into play somewhat with buying a forex EA system.

There are two very important to look out for when buying a forex EA
1.    Back testing record
2.    Forward result

Without these two proofs, it is very likely that you might be buying an inferior EA. Of course these results or record can be manipulated. Do take note, as to when the back testing record starts.

Some system seller will tweak the settings to suit a certain market condition period and that is indirectly a way to scam (to put it crudely) the buyers.

MetaTraders offers history data from 1999. So to prove that a system is working well on all assumed market conditions, then the back testing record must show result from 1999 up to date.

If not, then I think you should not even think about that EA.

Trust me. I have tested a few…. In their sales letter or websites, they will show great result or even forward result within a specific time period. Say from last month till last week. These so call forward test results are posted on their website to entice willing buyers.

Don’t fall for it…. If you are able to contact the seller, do ask them for access to their Live Account as an ‘Investors’. It will show you how well the EA is performing.

Forex broker who uses MetaTraders platform do allows that sort of ‘Investors’ access. You can view their trading record, scrutinize each and every trade to see if the result is as per their sales website but you can’t tweak their system or trade their account. You only have access to just view what is happening to their live account.

For one thing, most system sellers say, please use the system in ‘Demo’ account first…. I mean… what the heck?

If the seller is so confident about their system, then these sellers should allow prospective buyers to view their Live account and then if the buyers want to trade on ‘Demo’ account to see if it is consistent than the seller should advice to trade on ‘Demo’ account first….

Forget the sales letter… go straight to the proof….

Most good forex EA are not cheap and most good forex EA does not come with a money bank guarantee….

So use prudence and due diligences…

Hehehe… sounds like HYIP…

Or you can do a simple search ‘Forex EA’ review/scam and see if anything interesting issue pops up :)

The Major Dilemma with Forex EA

Filed Under (Journal) by Casey on 10-08-2008

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Forex EA or Forex Expert Advisor is a very cool piece of software, script or program. It helps one person move away from the daily dull boring life of trading. Unless you are the type who can sit around, wait and monitor the forex market which is traded 24/7, forex trading is NOT for you where else forex EA could be something you should considered.

As I have said before in my previous post, forex EA poses a lot of benefit for those who are looking for passive income from market trading

  1. You don’t have to sit around all day glued to the monitor to wait for entry or exit point
  2. You don’t need to put your emotion which is one of the major cause of forex failure.
  3. You don’t miss an opportunity because forex EA will help you execute the trade for you.
  4. You don’t need to have your finger put on standby on the mouse to click and execute the trade on a specific price. Forex EA execute it very fast and accurate
  5. You can trade using multiple strategies over a few charts at once no more moving from one chart to another.

Hmmm…. What else can I add? Oh well… the bottom line is that, you don’t need to know how to trade the forex market and also you don’t need to sit in front of the computer all day…..

Now the only draw back from forex EA is that not all of them are created equal, like HYIP there is a possibility that you can get scammed by buying a lousy forex EA.

Because of the nature of how Forex EA is built, and copyright issues most Forex EA seller does not offer money bank guarantee.

This issue of not offering money bank guarantee is a scammer’s breeding ground. Like HYIP they sell to a promise that if you buy their system, you can make consistent profit as advertise on the sales letter or website.

Unless it is sold in via Clickbank or some market regulated platform, there is a possibility that the forex EA system could be inferior.

On the other hand, this may also pose a risk to genuine forex EA sellers, as free loaders can get their hand on a system for free. A buyer can buy the system and then seek a refund for the reason that the system those not work. Hence the buyer not only gets the product but also got his money bank.

In an industry like this, system seller would rather transfer the risk to the buyer… again this is the best breeding ground for scammers….

I guess in this sense, HYIP and Forex EA is on equal ground.

Forex EA the New Dawn of HYIP

Filed Under (Journal) by Casey on 08-08-2008

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Well, as I said before I have been toying with Forex EA a while.

Call me lazy but forex EA seems to be one of the best thing technology has breed. Forex EA (Forex Expert Advisor) is a automatic forex trading program, software or script.

Now I am slowly moving towards Forex EA from HYIP because of some of the following reasons"

  1. I’m lazy and am looking for someone to trade for me In HYIP I expect someone to trade for me with a promise of a certain returns where else in Forex EA, a robots trade for me
  2. I want to make money without the hassle that is the reason for HYIP to exist, people like me want to make as much money as we can while sitting around doing nothing. That is what HYIP offers. Forex EA also offers the same thing but with one advantage….
  3. I want to have more control in HYIP, I totally do not have any control over my deposit. In Forex EA, I have total control over my money
  4. Less stress now in HYIP the stress is there when you believe that you have been scammed, then you start to panic and then start to shout out about in the forum ANGRY and DISSAPOINTED. In Forex EA, the issue it that you may be scammed for the system that you bought may not work is minimal, because some Forex EA seller do offer money back guarantee which is begin regulated by their payment processor.
  5. I don’t have time or skills to trade forex. On top of being lazy I do not have the time and skill to sit around all day and glue your face to the charts to find entry and exit…. Forex EA does it for you… That is what intrigues me so much about automatic trading.

I believe Forex EA is the trend and it seems that it is becoming more and more popular. But still it has not taken over HYIP yet.

Well, in due time when HYIP players begin to realize the power of forex EA they will slowly move towards it and HYIP naysayers will have their day.

The only big problem with Forex EA is that there are quite a few forex EA around and non or rather most of them does not delivered the kind of profit that is expected and they are very expensive. I for one has experiences a few forex EA. And I must say, most of the EA I purchases are well… to put it crudely ARE SHIT!

But that is all about to change…. I have spent a couple of weeks testing out a few forex EA and found one that has been very profitable to me and I must say in a very consistent manner.

So if you are still in HYIP…. then that is about to change.

I’m going to go all out to promote this forex EA that has been my own personal HYIP that has been earning me 1% daily and sometimes more

How it all started

Filed Under (Journal) by Casey on 07-08-2008

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Welcome to my new site… Another site is born base on my interest.

My interest in Forex Expert Advisor (EA) started a year after I started toying with High Yield Investment Programs (HYIP). HYIP program were very much base on forex trading and it seems like these programs were getting great returns from forex trading to be able to give their investors a nice return.

While HYIP are mostly tagged as scams. Forex trading itself through forex system sellers has proved that with a good system, one could acquire a very good return. So this priciple should be the same for forex EA. If the system is good and the algorithm used are proven then trading using forex EA should also yield a good return.

While I still toy around with HYIP (MyHYIPEscapade.com ) I believe the way to go with trading forex using Expert Advisors would not only yield me good returns but also give me more time to toy about with other things of interest…

Then the next question would be which forex EA is yielding me the best results?

This is the reason for this site. I have tested out a few EA and would like to share with everyone my thoughts and opinion base on my experiences on looking for the best Forex EA.