Business Solutions Advisor
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 an ingenious way of doing it. Why? This way you are able to beat your biggest conqueror, You!
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?
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. 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. My recommendation is to take about half out of what you have already gained per month.
If you start and follow these simple basic rules, you have a good foundation in place. 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. 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). 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. 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. You need to know what the real performance of the system is and therefore the system creator should provide real time trade statistics.
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 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.
Tony Golley | Icon Business Solutions | Business Advice London