Hi Folks.
I hope everyone is having an enjoyable summer (or winter, as the case may be for my friends Down Under). It's been hotter than blue blazes here in Central Florida all summer, and we aren't seeing the kind of rainfall we usually get, so those cooler nights have just not been happening as much. I for one cannot wait for winter to get here (even though it only lasts a couple of weeks in these parts).
The reason for the email was something crossed my desk last week that caught my eye, and I've spent a few days looking into it to the best of my ability, and I thought I would share it with you today and see if it might be a good fit for your trading style.
Anyone who has been on my list for a while knows that I do not promote trading EAs. I've rarely run across one that worked over the long term (and yes, there have been a couple of decent ones but I chose to stick with my No Trading EAs rule and never mentioned them).
The biggest problem I have with them is that I do not know or trust the people who create and promote them. I had an experience with one several years ago where (with the able assistance of Bob den Beste) we managed to determine the creator of that EA hard coded in all the prior trades so that when you ran a backtest the EA only took what we already knew were winning trades.
A total slimeball move, and when we pointed out to the creator we had cracked his code, he disappeared and the EA never was brought to market (at least under the name it was branded with at the time).
So I have had an aversion to promoting EAs which was well earned.
That's why it feels somewhat odd writing this email.
I have been watching an EA called MT4Street Trading Bot for the last few days, keeping track of the trades it takes (which you can do as well since the creator has automated a watch panel on his website where you can see the trades and prices in real time).
I have to say I have been impressed with what I've seen so far. More winners than losers, and the risk levels have ben well within the boundaries of common sense.
And honestly, risk levels in a trading EA is where you need to focus your attention. Too many crappy EAs have come and gone that ended up blowing up people's accounts by chasing after bad trades by increasing trade sizes (Martingale, anyone?) and ultimately putting your entire account at risk on a single trade.
And you can pretty much guess what happened next.
I guess it also helps a lot that the creator, Wartono, is someone I have been watching and doing some business with for the last several years. He is the guy who brought the Renko Street products to market, and I still use some of his indicators in my own trading. He knows what he is doing, he understands price action and it certainly seems he has put together a winning trading system combined with some strong money management rules.
I urge you to at least take a look at what he's done by visiting his website HERE and scour through all the records and proof he has posted.
If you decide to pick up a copy and try for yourself, be aware that he is selling this EA on what is called a Dime Sale, which means that for every 10 copies he sells, the price goes up by $10 dollars. Over the weekend I watched the price moves from $150 to $170, and he only needs eight more sales to bump price to $180.
I know a long time ago I said I would never promote any trading EAs simply because I did not have any faith in the products or creators based on past experience.
So this is why you Never say Never.
CLICK HERE to see the MT4Street Trading Bot in action.
I'll be back later this week with a bit more detail about this once I get some questions answered.
Jeff
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