Are they any good? Yes and no. It depends on your expectations (what you want to use them for) and/or the EA's level of profitability. Just as "apps" are ever evolving for phones, EA's are continuously evolving for trading. Programmers, working alongside traders, are creating more sophisticated EA's to replace the need for manual trading. EA's can be programmed to perform a simple task, complex algorithms, or anything in between. An EA can alert you to a potential trade setup, take over a multitude of routine aspects of your trading, or fully automate your trading from entry to exit.
I'll break it down to the pros and cons, provide a few examples of practical applications, outline some considerations, and then let you decide for yourself.
Advantages of EA's
  • Accuracy and speed of execution
  • Removes human emotion
  • Strategy back testing capabilities
  • Risk management
  • Amazing stamina

Disadvantages of EA's
  • When your computer system goes down, the EA stops working.
  • Creating customized EA's for complex trading strategies may be costly.
  • When platforms are upgraded, your EA may need upgrading too.
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