Automation is in the world of currency forex online trading truly the lazy mans way of trading the forex. It’s simply intelligent to let an automated system work for you. Why? This way you are able to beat your biggest conqueror, You!
But be careful, after 6 years of FX Online Trading, I’ve been probably through all the pitfalls that this industry has to offer, which was sometimes a very hard lesson to learn. But what if you don’t want to make all these experiences yourself? So what makes the difference between the winners and the loosers?
To make a long story short, there are some key factors which are absolutely crucial to your success and surviving in the sea of sharks (Brokers, Institutional Traders, Banks, Advertisers and most important: You!) at currency forex exchange trading or short FX. So here they are:
How to become a successfully currency forex online trading expert
The 5 basic rules
1. Do not put any money at risk that you could need elsewhere. Never!
2. Do not have more than 3% of your current account balance at risk. Make sure you have always a Stop/Loss in place that takes care of this. Crucial!
3. You have to begin with demo trading first. One month is an abolute minimum for this (the majority of automated FX.)
4. Before you ever go live with your forex trading, I recommend that you have experienced a minimum of 2 month of profitable trading.
5. After finding a profitable FX Trading Software, always take portions of the newly earned capital out of the account and let the rest accumulate. It’s always best to take 1/3 to 1/2 out and let the rest run for further growth.
If you start and follow these simple basic rules, you have a good foundation in place. If you only follow these simple rules you are well ahead of so many others and on your way to the Top 5% who are making serious money with fx online trading.
How to find a profitable FX Software?
This is a hard task to accomplish. The case is that you have to test many of these automated fx systems only to come close to one that might be profitable in the long run. Don’t get me wrong on this one. Sure, everyone claims to have one that is profitable and will make you tons of money, but the reality can be very sobering. The whole majority of those so called automated FX online trading systems will not make you any money! That’s the sad truth, 98% of them are not worth the PC’s they were programmed with.
Most of the automated FX Trading Software Systems are based on the MT4 Systems Platform. The programs where named Expert Advisors (EA’s). An Expert Advisor is a software script that administers the orders and tells the system what, when and which amount of any currency pair to trade.
Just google it out on the internet. So I will come straight to the point to make sure that you will not get overwhelmed with too much informations. That beeing said, I will go straight to the point of interest:
5 Rules to find an automated FX Trading System that really works
1. If an EA is only advertised with “back tests”, it is nothing you should spend your time and money on. Because back test results are only good for programmers to get an idea if their system works or not.
2. You have to look for live testing or forward testing results.
3. The Trader/Advertiser should have a live stream that you can follow and look at all trades whenever you want to.
4. The robot should be easy to use with predefined settings with an integrated update service. A very important factor, because to optimize such a system could take you many month to get it profitable.
5. And last but not least, they should provide a no-risk or money back guarantee.
That’s it. If you only follow these guidelines, your way to the top of the fx traders is well planned.
Forex|Trading|TechnicalAnalysis| We take an in depth look at the EUR/USD,British Pound GBP/USD and the Japanese Yen USD/JPY in this Market Quickview Forex Video. We will go over all the important levels to consider and provide Technical Analysis insights for the coming week, along with all the high impact News Events that can move the Forex Market this week.
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