FINANCIAL FOREX INVESTMENT

Posts Tagged ‘online’

Automation is in the world of currency forex online trading truly the lazy mans way of trading the forex. Simply smart to let a program do the work for you, I would say. 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. 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. 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 .

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. Normally you have to test dozens of systems to find one that is really profitable. 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. To tell you the truth in advance, most of the systems will not make you any money. I’ve tested now 89 automated FX online trading systems myself and barely could come to break-even.

The platform most of the automated FX Trading Software Systems use is the MT4 or Metatrader 4 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.

There are thousands of internet sites where you can get related information. 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. The back tests are only an indication for the system creators if their development is heading in the right direction.

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. Only work with a system that is already optimized, so you don’t have to do it by yourself.

5. And finally: A Money-Back-Guarantee for the Trading crestor generics Robot.

That’s all there is to it. If you only follow these guidelines, your way to the top of the fx traders is well planned.