Agree, while some automated systems can be effective, they're not foolproof and may not suit everyone's trading style. It's like any other strategy – some work well, while others may not.
Should I buy an AI?
- Thread starter Alexis_0
- Start date
What's the difference? v3.5 is plenty fast and pretty much does everything that I need.
Also Bard got updated to Gemini recently, and it seems to be catching up fast with ChatGPT.
I think most traders miss the purpose of an EA. That is, it is used to compliment your existing trading edge, like any other tool. Not as a stand alone system, but a tool to be applied at certain times when parameters are met.
To use an analogy, it would be like setting Auto pilot once you are already cruising. As opposed to flying straight into a storm using Auto pilot and expecting to have zero problems.
One should already have a profitable system (idea) and then apply the "tool" only to enhance our physical limitations as humans, as in needing sleep and being stressed.
The profitability of trading with a robot is the absence of emotions and trading only according to the algorithm prescribed in them. But there have always been many scammers on the market who sold very dubious systems for money and this could only be determined after purchasing them. Therefore, someone knows how and learns to independently analyze the market and make a profit, and someone does not learn, but can sell the robots they advertise to naive beginners and make money on this. For example, it was more reliable and profitable for me to learn technical and fundamental analysis myself and, based on them, create my own trading strategy and make money on it with my broker fxopen, than to spend all this time searching for other people's robots of questionable quality.
First of all, AI hasn't developed that much to able to constantly trade with proficiency. Secondly, the only thing AI does is develop a trading strategy that MIGHT be profitable and maybe write down a EA for you to run it. Now not only, that EA could fail not work, even if it did work. It will not work forever. No setup will work forever. Market will change, the flow of liquidity will change. There is no constant in this world. So, your EA is going to continue trading with that style and make constant losses. How many losses till you find out your strategy is not working? Then you have develop a new strategy. Will that AI be able to develop a new better one? How big and accurate is the data base of that AI?
You see, how you cannot trust AI with trading.