Friday, January 22, 2010

Who are Really the People Who Buy Experts ? A Look Into the EA Customer

We have all been tempted by the riches they promised us. We have all dreamed about that day in which we could just sit and relax on the beach as money was being deposited constantly into our forex account by our expert advisor. We all believed the testimonial, we all thought it was possible at one point. However, who has achieved that ? Where are all the EA customers right now ? Today's post will try to answer these questions and give you my perspective about the expert advisor customers and where most of them (us) are right now.

It has been almost 4 years after expert advisors for metatrader made their first big appearence and almost 2 years after FAP Turbo - the most widely sold expert advisor - made its debut on the world wide web. It now seems obvious that becoming rich quickly from the use of expert advisors is certainly not a reality. For example take FAP Turbo. This EA has sold more than 30,000 copies. If only 20% of the users had managed to invest 1000 USD on the EA and keep it running for two years, their profit must have been around 100K at the moment. (per the claims of the seller) However how many people do you see on the internet who got those 100K ? Do you see anyone ? Is there any FAP turbo client who has managed to achieve those goals ? As I said once, there will not be 30K billionaires in 2020, because the claims are simply not true. These expert advisors are simply not fulfilling their promises, they did not achieve for people what they had promised.

Who got rich ? At 97 USD, the people at FAP Turbo must have got more than 3 million dollars from the sales of the EA. Well, after all someone did get rich with FAP turbo :o). People bought dreams and dreams is what they were sold. Many wiped accounts, many stopped the EA after unfavorable returns. Many changed and changed settings and many more continue to struggle with the EA in order to make it work.

Most people who buy expert advisors are like this. They are people with regular 9 to 5 jobs, trying to get a break and reach some profitability in the forex market. They dream of riches and Caribbean beaches with monthly travels and big houses. Some of them just dream of quitting their job and just having time for their families and loved ones. Most of them still believe that such high profit levels - such as doubling an account consistenly every 6 months - are possible. I have to tell them. Wake up my friends. Just wake up. Nearly four years have passed and the only people who have gotten rich are those selling the trading systems. That is a fact.

Is it impossible ? Can't profits be achieved with profitable trading systems ? A friend of mine reached this point after a long time of struggling with automated trading, dishonest sellers, scams, etc. I told him that it is possible, in my experience, but it is much harder to achieve and profits are much smaller than what expert advisor sellers promise. It is what I have dedicated the last few years of my life to and I can tell you that it can be done, not easily, not quickly but I assure you that sound trading tactics with sound money management do get you there. If you would like to learn more about long term profitable systems and how you too can start your journey in automated trading with realistic profit and risk targets please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !

1 comment:

Tcxmon said...

Daniel-

I'm the kind of person who would buy an EA and I think a 1% per week return is reasonable. That comes to 60% per year which is pretty good by any standards.

I don't think you can get rich quickly this way, but you have a chance to get rich slowly.

Will it work? We'll see.

Chris
http://fx-mon.blogspot.com

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