UPDATE Some minor English correction… hehe Got to carried away to pay any attention to my English…

Now I am really irritated by my previous post. As if there isn’t enough BS on the internet, this BS have to haunt me…. And is pushing me to do this posts.

Sighh… I have really steered away from my original objective of this blog… But this irritation has been messing with me so I have to mess it here on my blog to get it out of my system.

Now I have been getting email blast from all EA author/seller which I mentioned earlier and one of them was FAPTurbo. What do you think is wrong with this email?

I tell you what…

It is this!!
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I have been reading my own blog or journal just to see where I am heading with my search and found that I have been pretty cynical with my blogging.

I may have acquired this cynicism when I was fooling around with HYIP. In that realm where everyone is in it for money. People there tend to suspect that each and everyone has an agenda. I believe to a certain extend it is the same of the forex trading robot industry.

System seller has always been a very big industry. They target people with bling-bling marketing, showing you how you can making that sort of money by following their system. Some are good but most of them are plain rubbish.

I guess it is the same for this forex EA industry. It is what I believe to be a new industry where more and more people like the idea of a robot trading for them. Most of the blogs I visits started in 2007 and 2008 so I would say this is fairly new.

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I have been on a holiday for the past few days, it’s school holidays here now and took the time to spend time with my family.

Forex EA is great no? While I was away, my robot was working for me… I have a lot of things I wanted to write and share today, so I guess I will get started.

I don’t know if it was a coincidences or not but I stumble upon this site before I left for my holiday and bookmarked it to share with everyone and Jim has commented about this site on my previous post …

Now this was not the first time I came across this nick name DUYDUY… He (I believe) was pretty much active in HYIP forum and I too was active (once upon a time) unless someone also have the same nick duyduy, then this would not be the same person I came across during my HYIP days.

But if he is then I guess he like me have stumble upon forex EA. Automatically make money for us while we site and sip our coffee. Minus the risk of someone scamming our money…

I guess he is way ahead of me in terms of testing EA. So if you want to check out other EA that have been tried and tested, then just pop by his site http://duyduyfx.blogspot.com . Will put him on my blogroll since not only we have cross path before but is also on the search for the best forex EA…

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

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.