Hint: It’s back on Sale now – see the Purchase page.
“Why is this EA not for sale anymore?”
Basically, I was unhappy that traders were buying AmazingEA and struggling to get the same results they had been able to get on Demo.
AmazingEA works equally well on Demo and Live accounts. There is no difference in the code that gets executed, except during Startup where some account parameters are checked to ensure compliance with the license.
However, it is not possible to achieve the same results on a Live account that one can achieve on a Demo account. Mainly, this is due to ‘slippage’ or the broker being unable to execute a Pending Order at the price requested. Often the trade will be executed at the next available price, which may be a long way away (known as a ‘Price Gap’).
MT4 and MT5 are setup in such a way to help the broker make money, not the retail investor. It makes sense as Brokers pay to use MetaTrader but you the Retail Investor do not. So of course, Metatrader are going to protect their broker client base who pay for the software.
For example, if one could setup a Pending Order with a Maximum Slippage setting which would not execute the order if the price had gapped too much. But this is no longer possible. I believe there used to be a technical ability to do this but it was not used by the Brokers so is probably no longer there anyway.
So in my opinion, using AmazingEA used to work well in the following circumstances:-
1) With Market Maker brokers. These brokers would not pass your trade to a Tier 1 or other Major Broker but would net off Trades from time to time. In other words, they took the opposite side of your transaction. Many of these brokers would use dirty tricks or server plugins to automatically kill news trades as it would be difficult for them to keep up with volatile news trades. Sometimes trading with these brokers would allow retail traders be able to ‘win’ and some would even let you withdraw.
2) With Direct Market Access brokers. These brokers would give you the same trading conditions as they themselves enjoyed. Occasionally, one could find one with low slippage and spreads.
3) Fast ECN Brokers. Using a VM close to the Data Center might get you a very fast ping time and if the Broker had fast servers and low spreads, one could do reasonably well.
A few Traders made money relatively quickly as I did in the early days with 1) and 2) above, until I started concentrating on selling/coding the EA.
Since then, only those traders who were with the right brokers and limited their risk (either by using the Spreadsheet method of varying their Lot Sizes) or by using very low risk settings to allow them to trade for a very long time and only gradually increase their account, were able to make any money.
Therefore, in October 2021, I had decided to stop selling AmazingEA, as my moral compass was telling me that it is unfair to make money selling something that is technically great but may be bought by people who will go on to lose their hard earned cash.
“Hi Alan, what was the last free version before the paid ones and does it still work? if yes please share download link or thread. thank you.”
However, I have decided to make the last free version (AmazingEA V7) easily available on the Forex Factory thread page here, so that you can try Straddle Trading on a Live Account. The free version does not download News Events itself – you have to manually setup a timer for it to trade at a specific time. But trying out a few trades this way will give you an idea whether your broker would be suitable to trade with. If you are still sure you want to purchase AmazingEA send me a DM in Forex Factory or to my Twitter account @alan111s.
AmazingEA V11.06 is available for Purchase again – What’s Changed ?
I was contacted recently by a very persistent potential client. He said that he had been looking for such a program for years. I also thought about the fact that traders can now try out Straddle Trading with the free V7 on a Live Account.
I felt that if they are do that and become experienced with V7 and are willing to take the risk with the latest Automated Version, then why not make it available again?
Unfortunately, the price has gone up considerably. I’ve looked at the price of similar EAs and set the price at the upper end of that. I’m always willing to help and will take the time to investigate any issues – for that level of service, I think it’s worth it.
Forex News Trading by AmazingEA 