The 10 Basics To Make A Killing with Automated FX Trading Software
Automation is in the world of currency forex online trading truly the lazy mans way of trading the forex. And it’s an ingenious way of doing it. 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. And if you don’t want to experience all this trial and error yourself? What are the key factors that make the difference between the 5% (or even less…) that make those nice profits month after month and the other 95% who are struggling and burn account after account?
There are some points that are absolutely key to your success!) 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. 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. Only switch to real or live trading after a minimum of one month profitable trading (should be at least 20 trades, the more, the better).
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 :-).
To go ahead an start a successful forex trading business, that’s all you need to know. It’s as simple as that. You can be one of those 5% of profitable traders who make a killing in fx online trading.
Forex Trading Software - How to find a profitable one?
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. 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. After simply testing and testing the systems over and over again, some of them over 6 months, the results are more than staggering. Most of them simply don’t work.
The Metatrader 4 platform is widely-used for the automated FX Trading Software Systems around the globe. The programs where named Expert Advisors (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. 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. Only rely on the so called “forward testing results”.
3. A live stream with all the transactions/trades should be provided by the person/company.
4. The robot should be easy to use with predefined settings with an integrated update service. And mostly overlooked, because you don’t want to spend more time optimizing the settings then trading for real.
5. And finally: A Money-Back-Guarantee for the Trading Robot.
That’s it. Again, if you only follow these key rules, you are well ahead of 95% of your competition.