Is FX Trading Software The Solution To A Lazy Mans Forex Trading?
Automation is in the world of currency forex online trading truly the lazy mans way of trading the forex. And it’s always clever to use automation. So let the program do the work for you. 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. Do not put any money at risk that you could need elsewhere. Never!
2. At no time, you should be invested with more than 3% of your account balance, your Stop/Loss has to secure this. Crucial!
3. Always start with a demo account for at least one month if you are testing something new (Most Automated FX Trading Software requires a minimum of 3-6 month testing to get familiar with the software and the trading “habits” of it.)
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. Take half off your profits out of the account and let the rest grow further.
Starting by simply following these basics, you have the right foundation to be successful in fx online trading. It’s as simple as that. You can be one of those 5% of profitable traders who make a killing in fx online trading.
How to find a profitable FX Software?
That’s no easy thing to achieve. 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. To make this perfectly clear. Sure, everyone claims to have one that is profitable and will make you tons of money, but the reality can be very sobering. I have tested 64 Automated FX Online Trading Systems and it’s hard to grasp it, but most of them are pure crap. The systems mostly fail when it comes to profitability and stability.
The MT4 Platform is commenly used for the majority of the automated FX Trading Software Systems. Inside the Platform those Forex robots are called Expert Advisors or short EA’s. EA’s are simply some piece of Software that tell the MT4 Platform when to trade, which currency pair and how to trade it.
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. 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 finally: A Money-Back-Guarantee for the Trading Robot.
That’s it. If you only follow these guidelines, your way to the top of the fx traders is well planned.
