FX Trading Software – Automation Required

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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? 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. 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. A good rule of thumb is to take a minimum of 1/3 out and make yourself a nice little surprise :-) .

For a good start into your trading career, these are the basics 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?

This is a hard task to accomplish. 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. I was completely burned out after I’ve tested 61 automated FX Online Trading Systems, because 99% of them will simply make you no money.

The majority of the automated FX Trading Software Systems are working based on the Metatrader 4 Platform. 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.

You can find tons of material on that subject 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. It’s crucial that you can get access to a live stream where you can look at all the trades of the automated fx trading software.

4. The robot should be easy to use with predefined settings with an integrated update service. Only work with a system that is already optimized, so you don’t have to do it by yourself.

5. And last but not least, they should provide a no-risk or money back guarantee.

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.

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May 1, 2009 · Filed Under Currency Trading

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