Maybe you're like me and have spent countless hours & money testing various mt4 expert advisors - only to find that they don't work long term. They all seem to work for a period: weeks or even months - but then the EA becomes very unprofitable.
The main problem with expert advisors is that most of them will work for only certain market conditions and as markets evolve over time (sometimes very quickly) the EA doesn't adapt to be able to remain profitable. The forex trading market is a living breathing organism with a mind of it's own. Yes, trading is based on patterns and trying to predict what will happen next based on the currency's trading behavior - but what do you do when the trade patterns are constantly changing?
The concept is great - plug in a $99 piece of software and allow it to make all of your trades. Then sit back and watch your account grow into a million dollars in the next 12 months.The goal is to generate profits in the forex market without becoming attached to a trading screen all day. However, I believe the old adage "if something seems too good to be true - then it probably is" definitely applies to using MT4 expert advisors.
Some trading systems use a high stop loss of 300 pips and they are able to "show" great gains for awhile. But sooner or later these automated 4x trading methods all experience high losses. Our goal with Forex Success Recipe is to have a higher avg win than our avg loss.
All of our real-time trade alerts are generated by a live trader using a live account not simply by a piece of software. Now we have some of our trading strategies that are semi-automated but it is our experienced trader that decides when to use any particular strategy.
We actually use a set of free expert advisors, but these EAs don't place any trades - they simply help us manage the trades after they are placed.
In conclusion, to further illustrate my point - please visit the New York Craigslist site & look at accounting/finance jobs and see if there are any trader jobs listed. You will find (most of the time) companies that are still hiring live traders. If the companies with the latest trading technology and the most sophisticated algorithms are not simply trading with bots then that should tell us something.
