Posts Tagged ‘chart’
FX Trading Software – Automation Required
April 18th, 2009
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. But what if you don’t want to make all these experiences 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?
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. 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. It would be wise to take a good portion of your profits off the tabel (around 50%) and let the rest accumulate.
That’s all there is for the basics to get started. 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. Don’t get me wrong on this one. 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. Can you handle the truth? Most of these automated FX online trading systems simply don’t work. Oh yes, they trade automatically for you, but NOT profitable.
Most of the automated FX Trading Software Systems are based on the MT4 Systems Platform. Inside the Platform those Forex robots are called Expert Advisors or short 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.
There are thousands of internet sites where you can get related information. 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. 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. 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 finally: A Money-Back-Guarantee for the Trading Robot.
And that’s it. Again, if you only follow these key rules, you are well ahead of 95% of your competition.
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Account Forex Trading
January 8th, 2009
http://forex4investments.com You will see how to perform Account Forex Trading and learn currency trading charts, because you’re going to get only the best forex information and the best forex trading.
Duration : 0:1:50