The reasons behind my beliefs are two-fold. Firstly, a limited number of options means that there is less margin for user error. I can't think of anything worse than setting a parameter incorrectly and losing money, when others around you have used a different setting and are making money.
Secondly, my assumption is that EA developers spend considerable time optimising their products to obtain the best settings before releasing them on the market. If, having carried out the optimisation and discovered the best settings, where is the logic in giving users the option of changing those settings? Why not simply hard-code the best settings internally so that they can't be changed?
That said, I guess that variety is the spice of life, and there is no shortage of people in the world who do actually like the ability to change settings as this gives them a greater sense of being in control. Those people are certainly going to love the latest EA to go into forward test at MellyForex. It's called Forexbody Money Printer, and it contains approximately 700 different external parameters that can be adjusted by its users. Yes, you did read that figure correctly, and I use the word 'approximately' because I gave up counting them halfway through! The good news for those readers who, like me, want to keep things simple, is that Money Printer is delivered with an accompanying template so you don't need to worry too much about altering anything.
The good news doesn't stop there, however, and the best bit of news is that Forexbody Money Printer's developer is offering his EA on a FREE trial for two months, and trial users are at liberty to use the EA on both live and demo accounts during that time before deciding whether or not to buy!
Money Printer works on the EURUSD symbol, and its default is to use the 1-minute timeframe, although it can be set up to work on any timeframe. From what I can gather, it uses a combination of strategies to take trades based upon numerous different chart candlestick patterns such as Dojis, Engulfing candlesticks and Star patterns. In addition, Forexbody Money Printer also features a scalping strategy which works as a compliment to the chart pattern strategy. The EA can have multiple trades open concurrently, although there is a setting to limit the number of open trades to prevent over-exposure and a margin drain. Finally, Money Printer also includes a hedging ability which is used to offset losses when the EA gets on the wrong side of the market, although setting the EA to hedge in this way will obviously render it unsuitable for those US-based users who are unfortunately restricted by NFA hedging and FIFO rules. Fortunately, the option can be turned off.
Although it does declare stop-losses with the broker, Money Printer doesn't declare a stop-loss on its trades immediately after it has been opened in the manner that other EAs do. Instead, it uses some internal hocus-pocus to wait for the trade to mature before setting its stop-losses which it then trails to exit. Some trades may even be closed by the EA without a SL having been set. Similarly, some trades may be closed quite quickly and others may take days or weeks to close.
The fact that the EA doesn't immediately set its SLs means that the risk settings don't relate to the account balance in the conventional way, and users will find themselves risking a greater percentage of their account balance on some trades than on others.
In my case, I'm running Money Printer on a $5,000 FXCC raw spread ECN demo account where the minimum lot size is 0.1 lots and I expect that trades will be taken at this minimum size for the foreseeable future.
Given the fact that the maximum number of open trades is being limited to three in either direction for each of the EA's two strategies, I'm hoping to not see as excessive margin use as frequently happens with some EAs which can open multiple concurrent trades when they get the wrong side of a major trending move. I guess we'll just have to see how it performs.
Users can compare Forexbody Money Printer's performance against the performance of other EAs on my live leaderboard, and also its results are being published to the detailed analysis pages at MellyForex which can be accessed by clicking here.