After two years buying, testing and returning for a full refund several tens of expert advisors for MetaTrader 4, I've come to one simple conclusion: 99% of them do not work consistently. Sooner or later - usually sooner than later - they will nuke your account. The one percent that actually work do not trade often enough to provide a reliable stream of income. You can rely on them to trade profitably, but they won't trade more than once or thrice a month. If you already knew this, then you will not be surprised to learn that my account got seriously wiped out during September. I'll explain it this way. When September started, I had $1,774.64. After the wipe out, I had $500.
Like every other cloud, this one has a silver lining, too. Heck, it may prove to be a golden lining. It forced me to develop my own system for trading the forex and to stop my reliance on other people's custom indicators, strategies, expert advisors, etc. I started testing this new strategy early in September in a demo account, as the wipe out occurred pretty early into my trading month. My plan was to test it until December. If it passed muster, I'd put some money in it and trade it through 2011.
The test account was doing so well that I decided to bypass my test period and to trade it with some actual money... and what better than the $500 I had left? I went ahead, bit the bullet and started placing real trades. While it is not a perfect system, it certainly is profitable. Eight days later my account was up 31.82%. I was more than pleased as I was only looking to make 20.90%. So, I turned $500 into $659.10 in eight days. Wish I'd had $10k instead of just $500, lol...
Unfortunately, my account has less than half that amount right now. You probably are wondering what happened, but you will have to wait for my next update. It will be adequately titled something along the lines of... Friends Don't Let Friends Trade Drunk. Maybe I'll be a bit more accurate and will switch the Friend for Cousin.