Forex EAs - Are They For Real?

 

I know many new traders are absolutely fascinated with the idea of Forex EAs.  If you have been living in a cave for the last few years, and don't know what Forex EAs are, they are basically a software script that will trade the forex market on autopilot without any kind of human intervention.  So basically, as long as your computer is turned on and you have an internet connection, these scripts will trade the market for you.   You might have guessed that this is not the way most trading purists have traded historically.

So I am assuming that you I have peaked your interest.  You might have even said "wow, that's amazing".  I can certainly understand why many traders (especially those that have not have had any success) are so enamored with the idea of Forex EAs.

How could you not be? After all, it's like a dream come true.  You can trade the market without having to do any of the work.

Now, I want you to think about this realistically, and answer this question.  Do you honestly think that these Forex EAs work?

If you answered yes, then I am afraid you are not answering the question honestly. I know you probably want them to work.  Who wouldn't??? 

But let's face facts.  The markets are not and cannot ever be programmable.  When you trade, you have to be able to roll with the punches.  You have to stick your nose in there and see what the market is doing.  This is what getting a forex trading education is all about.

Do you truthfully expect these forex EAs to be able to trade the market after Non-farm payroll numbers come in or when the Fed makes an interest rate decision?  If you do, then I am afraid you are not being realistic.

The moment you stop thinking about gimmicks like Forex EAs is the moment you start taking trading seriously.  I can assure you that the most successful traders in the world will never let somebody else trade their account for them, much less an inanimate piece of software. You need to learn the language of price action.                               

 

 Forex-Trading-Education

 

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