Debunking a Forex EA Myth

Filed Under (Journal) by Casey on 15-09-2010

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By the way... Kari Bryon from MythBuster is HOT!!

Well… I have known this all along but never really dedicated my thoughts into this until today. I want to share on this blog how using automatic forex robot, forex expert advisor, forex ea, forex blah blah blah… does not totally ELIMINATE emotion in your forex trading!!

A lot of sites or rather sales sites says that trading with an automatic forex robot removes emotion in your trading. Well… that is partially true. One does not have to directly trade the market or hesitate to pull the buy or sell trigger when the signal is right. Hmmm… I think I have written about this before… but what the heck… does not hurt to remind myself again…

Anyway… there is still an emotion that has to be dealt with which is before setting the forex ea to work and after setting the forex ea to work.

Before we set the ea to work… what are the emotions involve. Well… both greed and fear still takes place. That is when we decide how many lots or how much % of risk the robot would trade, or even if we want to decide if we are going to use the owner’s default settings.

If we are greedy… we will set silly high lot or % settings.

If we are scared… we set the minimum lot and very low % setting.

Now… even after the robot is working… the two emotions continue to set in… when we are in profits… we think that the robot is the bong! And set the risk higher… only to be whacked by the market.

Probably I need to replace the word ‘we’ with the word ‘I’ because I am not sure if it does happened to people in general who uses forex EA.

Anyway, don’t know if it’s a coincidences or not, but for me, every time when I do that. I get kicked in the nuts in the next trade!

When that happens… fear kicks in and I remove either the robot or I drastically reduce the lot size.

And this is what happened to me with E-ur-anus EA. Ok… i couldn’t help myself… :) It’s EURONIS 4200 EA.

I really do not know what came over me… but just a few weeks ago… I had to somehow tweak the settings off this EA… I really do not understand why I did that… Probably it was because I was so frustrated about my aQuila project. Coding and debugging programs is just so extremely frustrating… (Now I remember why I did not pursue computer sciences as my major)

As far as I could remember… that was the last thing I was doing before I started tinkering with my anus… HAHA… can’t help it… The sound of that EA is just too good to past up a 2 cent joke on my blog.

Anyway… yes… after I got fed up with programming… I tinkered with EURONIS EA. I set used the default settings. And BANG!!!!! Gawd damn ma hai!!

That gawd dang action took me back 2 months!!!

Over the past two months I was relatively happy with this… my account is steady… hovering at the same level bleeding rebate into my paypal account… which was what I wanted for the time being. I mean… I was busy and I did not want to rock the boat then.

I mean… look at the number of lots that I have been trading. My Rebate Strategy would have been working well for me.

But I had to be a superhero…. I had to be greedy… I had to push the EA.

Sigghhh…. well. There you have it. Firstly, why I removed Euronis EA from my live account because I wanted to lick my wounded ego and pride. Secondly… emotion does and definitely influences ones forex trading whether it maybe manual or automatic trading.

I mean… take a look at it… I have been consistently achieving my 2% monthly goal… and that is due to consistently keeping my emotions in tact. If it is not… I release it on my blog. Not on my forex account.

At that point in time when I tinkered with Euronis… I was not in the right mind. What I should have done… was blog about my frustration and not mess about with my account.

Siighhh…. serves me right.

Ok… enough about my anus EA… time to get butt up and back to work. (sorry but I had to end it with another 2 cent pun and joke)

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