If you're a forex trader you're probably familiar with the term "expert advisors". If you're not, its basically a way for you to trade the market 24 hours a day without having to be in front of your computer. How it works is a programmer creates a code in which they set the market condition parameters for what they feel is good buying or selling opportunity. They mostly use lagging indicators such as stochastics, moving averages, and so forth. Once the conditions are met, the trading software automatically buys or sells a currency pair and then closes a trade later depending on what paramaters were set.
Sounds like an incredible idea, doesn't it? Not having to do anything and just let your computer make you bundles of money while you lay on the beach. Well, the problem is expert advisors just don't work. You don't have to take my word for it. Just go into almost any forex forum and you'll find hundreds of threads where people are working tirelessly on the so called holy grail expert advisor. What usually happens is, people try the expert advisor out on a demo and it works for a little while, then the profits come to a grinding halt. The other thing that happens is it works well on the demo, then they try it live and it's just loss after loss.
There have been people that have spent literally years trying to create the ultimate automated trading expert advisors. In all that wasted time, they could just have tried to learn and understand the market.
There are countless problems with trading with expert advisors. For starters how can you trust a robot to know the market conditions? News happen every single day. Some of it is completely unexpected and can throw whatever technical analysis you had out the window. Traders have to be able to adjust to the market conditions. A robot will never do that.
Second, people need to understand that the market is a living breathing thing. It's constantly evolving. For example, most forex currencies are a lot more volatile in their price swings than they were a couple years ago. Yet people that are using expert advisors are using the same trading logistics for a completely different market.
Also, if it was that easy, don't you think everybody would be trading with an expert advisor? There is a good reason why the most successful traders in the world scoff at expert advisors. They know that good trading can't be programmed.. You have to sit there and understand what the market is telling you.
Lastly, but most importantly, almost all expert advisors are using lagging indicators. Lagging indicators tell a trader what has already happened. it's not predictive in nature. So in essence, the only thing worse than trading with lagging indicators, is using a robot to do it for you.
To truly understand the markets, you have to be able to follow price action. It's been used since the markets were first opened. It may not be as trendy as expert advisors, but almost every successful trader in the world swears by it.
People out there spend years learning all they can about Forex trading and how they can have the upper hand in making money. I can honestly say that - yes you can make money through Forex if you study and study hard. Making money trading forex now.
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