Apr
How To Take You To A Higher Level With FX An Automated Trading Software
Automation is in the world of currency forex online trading truly the lazy mans way of trading the forex. And it’s a very clever thing to do it this way. Why? Because it nearly eliminates the biggest enemy you have to conquer in this process: Yourself!
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!) with online forex exchange trading or simple, FX. So here they are:
How to become a successfully currency forex online trading expert
The 5 basic rules
1. Never trade with money you can not afford to loose. 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. A good rule of thumb is to take a minimum of 1/3 out and make yourself a nice little surprise :-).
If you follow these basic rules, you have set yourself up to be a successful and profitable fx trader. 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. Normally you have to test dozens of systems to find one that is really profitable. I have to stress this out. The majority of system developers will tell you that their system is able to make you very rich, but normally that is more a fantasy than a fact. To be perfectly clear here, the majority (97%) of those automated FX online trading systems will loose money. They are not worth the time, money and effort you put into them to get them set up.
In the majority of cases, the Metatrader 4 (MT4) platform is used for the automated FX Trading Software Systems. 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. But I don’t want to overwhelm you with too much info. 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. Any advertising for an EA that only shows you so called "back test results" isn’t worth any closer look at. The back tests are only an indication for the system creators if their development is heading in the right direction.
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. This automated system should have build in settings that you don’t have to figure out for yourself. An update service should be included. This point is highly relevant, because the more you have to do to get the system profitable, the less the chances are you will achieve this.
5. And last but not least, they should provide a no-risk or money back guarantee.
That’s all there is to it. Again, if you only follow these key rules, you are well ahead of 95% of your competition.
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