1) They all eventually fail. Nothing works forever straight out of the box. The great results you see on MyFxBook belong to the firms that built them and actively manage and modify them.
2) They come with the ability to do your own backtesting and find the optimal settings yourself.
"This is a disaster waiting to happen!"
If you aren't familiar with the terms Over-optimisation, Curve-fitting, Survivorship / Look-ahead bias, you should NOT be doing it yourself. This is actually one of the most complex areas in quantitative finance and requires a knowledge of financial risk, multivariate statistics and requires crazy expensive and/or complex software like Matlab or R-Studio . Beware if you get great historical results on your MT4/5 terminal backtesting panel, you've likely curve-fitted.
3) They are often very expensive. The money you waste on buying software could be better spent on buying books and actually learning how to trade yourself. Perhaps even learn how to code your own strategy into your own bot. But remember it takes 10,000 hours to become an expert at anything!
4) No EA gives the same result when run on different brokers. This is because when it was created it was likely tested on a different broker to the one you will be using.
"Most losses occur as a result of broker errors and inconsistencies within the EA."
This is why the EA developer isn't able to resolve your support if you are using a different broker.
5) THERE IS NO HOLY GRAIL IN TRADING! If you believe otherwise you are better off watching Netflix and escaping into fantasy.
"Successful trading is a process, not an algorithm."
It requires market research, iterative development, operational monitoring and most importantly highly disciplined and rigorous risk management by humans. We have highly experienced experts watching the market 24/7 (the crypto market trades non-stop) and continually making decisions that can't be automated. An EA is only another automation tool, not the trader. Our returns are a result of knowing how and when to use these tools.
"Automation supports, but expertise propels."
Thank you for listening to our rant against lazy trading.
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