7 'INSIDER' FOREX EA BUYING TIPS... THAT COST ME $21,254 AND 5 YEARS TO FIGURE OUT
My name is Elland. I'm a Singaporean who lives in a condo at Kovan (2 Kovan Rise).
And today, I declare:
There's a lack of transparency in our industry.
I should know, since thieving EA scammers have stolen over $20k from me...
... during my 5 year search for a consistently profitable auto-trader.
But, at last, I've discovered a winning method...
... which has liberated me from this desperate hunt for "The Golden EA."
More on that and my Forex journey later.
First, let's talk numbers...
Top 5 Reasons To Finish Reading
This Short Letter
1. An Expert Advisor that generates significant income for you... consistently... is the single easiest shortcut to your financial freedom
2. If you're looking for an expert advisor today... the tips in this article will help you navigate—and avoid—expensive pitfalls
3. The value of my advice... is equal to 5 years and more than $21,254 thrown out of the window
4. It's a easy read that takes only a few minutes... but I believe you'll agree, its every word is pure gold
5. I predict that you'll come back to this post repeatedly in the future... for its help on your tough search for the EA that safeguards—and GROWS—what you have
Sounds Good? Good!
Now... Presenting... My 'Insider' Tips!
Why Paying For An EA... Doesn't GUARANTEE You WILL Get It...
Too many times it has happened to me:
Either the seller doesn't deliver after I pay (they simply disappear)...
... or the seller delivers a fake file, then disappears...
... together with my hard earned money.
How To PROTECT Yourself Against Disappearing EA Sellers
There's a saying, "know thy enemy".
5 years in the field has taught me more than you’ll ever need to know about our enemy.
Our enemy mostly sells on Telegram... and demands payment via Neteller, Skrill, Stipay, Bitcoin etc.
These untraceable payment methods give you ZERO protection against scammers.
Don't pay them using these methods.
Instead, buy from 3rd party retailers like Clickbetter, JVZoo etc...
... or pay with Visa so you can open a dispute against the scammer...
... so you either get the EA, or your money back.
Why Receiving An EA... Doesn't Guarantee You WILL Make Money
My trading friends ask me, "Elland, how the heck did you waste over $20k buying EAs? Are you stupid?"
My answer to the first question...
... is that the money lost on disappearing sellers isn't where you're REALLY losing money.
In my experience, the HUGE losses only occur when the seller delivers...
... an EA that isn't worth a single cent I paid.
Let me explain.
Once, I paid $799 for an EA - and the seller delivered.
They recommended a $2,000 investment. So I invested $2,000.
But when I woke up one morning...
It blew up my account in one night!
$2.8k gone, just like that!
This type of scam is extremely expensive. More expensive than the 'disappearing sellers'.
(More on how to protect yourself against that later...)
By the way, my answer to the second question...
... is that I don't answer.
As a veteran, I'll say:
"It's okay to lose. Losing money is part of trading - and if you never lose, you won't ever win."
How A Lousy EA Cost Me $2,000... And The Valuable Lessons You Can Learn From It
How can you tell if a Forex EA would earn you money?
As a matter of fact, the Forex EA which blew my $2,000 had a sales page that was nicely designed... looked professional... sounded convincing...
... and had INSANE backtest results.
But clearly, it wasn't enough.
Later, as I grew more experienced, I discovered a reliable way to answer the question, "Is this EA legit?"
It's a little tricky (but easy when you know the secret).
Before I reveal the method, I'll first reveal where I went wrong.
From my mistake, I learnt...
THE TRUTH ABOUT BACKTESTING
Look around the Forex EA market, and you'll see many EAs with delicious looking backtest results.
Except that they aren't as tasty as they seem...
Backtest results are like the 'fake food' made of wax you see outside Japanese restaurants...
... looks good, doesn't it?
But if you bite into it, you will throw up.
Same with backtest results: they look good, but will they fill up your bank account?
But why can't we trust backtest results? Don't many popular investment strategies use backtesting to prove themselves?
Yes, that's true. However, clever traders must also consider:
a) You can fake backtest results with Photoshop. Bet you never saw that coming, huh?
b) Backtest success doesn't guarantee forward test success. If an EA is tailored for backdata—and not for an evolving market—it probably won't work in today's market.
The bottom line: backtest results may give some value...
... but NEVER buy an EA which ONLY shows backtested results.
THE TRUTH ABOUT DEMO ACCOUNTS
Even EAs that display demo account results aren't completely trustable.
This is because they don't account for slippage.
If the market is highly volatile...
... and the price drops below your stop-loss order...
... real accounts will get hit as hard as the price drops...
... while demo accounts will cut the trade at the stop loss...
... which isn't realistic and accurate (so the results are worse than they look).
Plus, demo account results can be edited (if the seller is a top-grade a**hole).
Demo results aren't completely useless...
... but NEVER trust an EA which refuses to display results from real accounts.
ELLAND, BUYING AN EA FEELS LIKE CROSSING A MINEFIELD...
SO WHAT EXACTLY SHOULD I TRUST?
There's only one type of proof that makes me confident enough to buy an EA.
... A Third-Party-Verified Live Trading Account.
Woah! Let's break that down.
Third-Party-Verified basically means that someone other than the seller declares that the results are legit.
A 'third-party', for example, is MyFxBook.
The results shown on this site cannot be faked by the seller.
If an account loses—or wins—money, the seller cannot hide it from you!
Unlike easily fake-able backtest results!
Now, if you're sharp, you may have noticed that I bolded "Live" in the green-colored text above.
Why does it have to be Live? This is because it counters the sketchy demo accounts.
On MyFxBook, they'll tell you whether an account is Real or Demo...
There is another reason why this is especially important...
Let's be frank: if the seller is willing to put their own money on the line...
... AND if the seller makes a lot of money...
... then if you're clever, you'll probably check their EA out!
In Conclusion... The KEY LEARNINGS
Altogether, these 7 tips should give you enough ammunition to avoid 95% of the scams out there.
Now, I don't want this article to be just 'touch n go' for you.
I want you to remember... and take action about what you've just learnt.
To help you along, here's the core essence of this article:
- In our industry, disappearing EA sellers are only too common.
- To avoid them (and save yourself money), only buy from third-party retailers like Clickbetter or with traceable payment methods like Visa, so you either get the EA or your money back.
- That is bad, but the scam you should really worry about is the EAs that blows up your account. Those who sell this kind Sellers of those EAs will scam you by faking backtest results or showing only demo accounts. Don't trust either.
- The only reliable result source is third-party-verified results of real accounts (e.g. those found on MyFxBook).
Good luck out there, soldier!
- Elland McKennon
P.S. If you want to find an EA that meets all the criteria, look no further. Read more about an EA that I personally built over here.
P.P.S. As you'll read later when you click on that link, I hate high pressure selling. Heck, I hate all kinds of selling. So don't worry about having an EA stuffed down your throat: go ahead and see for yourself here.
P.P.P.S. If you wish to chat me up and tap on my 5 years + $21k of Forex EA experience, you may find my Telegram contact over on my page.