Back in my forex days I tried dozens of bots and basically the end result is that none of them were consistent. They were usually consistant in certain trends like bear markets, bull markets or sideway markets however when the trends changed the bots weren't working anymore.
Another issue was that you could backtest each bot and it would prove profitable. However when applied to a real trading account you got massive slippage at times and the huge gains on demo couldn't be applied to real life.
My end result was that none of them work in the long run and are a waste of money. Just trade on your own if you want to be profitable instead of relying on a bot.
Been on EA back in forex and i can say it did blow my account when theres a news and put up a big candle on the opposite side of your position which in result in a loss and since you do rely that everything is automated then its too late to make actions when these kind of scenario happen since bot are just good on what they have instructed or been set up but in talks of decision making then thats the main cons.
After that im not using any bots ever since back when doing forex and now that i had tried crypto which im really impressed with the possible returns but we know that volatility would always have that corresponding risk.
Its our own choice though if bots will make ease or do give comfort on your side but as said,bots doesnt generate easy profits because it all matters on how you do set it up.
Yes they were called EA, expert advisors, sure brings back memories.
I actually remember there was one bot which actually was profitable. It basically took reverse trades off some high pump event. It back tested well and it even worked when forward testing. I was called something like "Ultimate Scalper bot 1000" or something as such. Basically had a scammy name and actually worked... until it didn't.
Basically the bot was cheap like $100. And eventually too many people started to use it. So many of the bucket shop exchanges started to trade against it and started to trap traders. Some of the bucket shop exchanges even just rejected any trade entries if they were generated by the algo. Hence it no longer worked.
No idea why the guy sold it for $100. He would of been a multi-millionare if he just used it himself privately. But out of maybe 20-30 bots I've tried, that was the only working one.
