Why are so many traders, including those at the intermediate to advanced levels, still hesitant about using automated trading like Expert Advisors (EAs)?
Many traders shy away from automated systems due to misconceptions, and I will run through the main reasons I see when talking to traders.
Another thing I have noticed is many traders from the late 90s and early 2000s are now focused on their business and say they are ‘too busy to trade,’ despite trading successfully back in the day.
Many of you would be inspired to see how EAs can be set up and run without requiring much of your time.
I had all of these fears, plus many others, several years ago, but I decided to dive in and see what I could learn.
Despite hesitations, traders can benefit from Expert Advisors (EAs) by understanding that EAs enhance rather than replace control, simplifying setup processes, and offering customizable strategies. Embracing automation empowers traders to leverage their expertise alongside automated tools for more efficient and effective trading.
Here are the top three reasons why traders hesitate and why these shouldn’t hold you back.
1. They fear losing control over their trading.
Contrary to popular belief, EAs don’t remove your control over trades.
They operate within the parameters you set within your EA, enhancing your decision-making rather than replacing it.
2. Getting started appears complex with the installation of EAs and a VPS.
Installing EAs and setting up a Virtual Private Server (VPS) can seem daunting.
However, with the proper guidance, this process is more straightforward than it appears, opening the door to greater efficiency.
3. Misunderstanding the role of customisation, believing instead the EA is set in stone and cannot be modified.
Many believe that no changes can be made once an EA is set.
This is a myth.
EAs are highly customisable, allowing them to be tailored to fit your trading strategies and preferences.
Every trader knows there is no such thing as a Holy Grail.
And despite what the marketing on the box says, you should not expect your shiny new EA to be the Holy Grail.
Instead, you use your market experience and knowledge.
You get to know your Expert Advisor’s strengths and weaknesses.
And you can pause it or reduce risk during market periods that don’t match the system’s strengths.
So what are you waiting for?
You are already successful in your business and personal life.
There has never been a better time to get started.
Article by Ashley Jessen of ACY Securities.
