Automation is in the world of currency forex online trading truly the lazy mans way of trading the forex. And it’s a smart 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?
There are some points that are absolutely key to your success!) 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. 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. 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. To be on the saver side of the table (where you should always be), I recommend to take 50% of what you have already.
These are the basics that will give you a heads up start into the world of profitable fx trading. If you only follow these simple rules you are well ahead of so many others and on your way to the Top 5% who are making serious money with 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. Sure, everyone claims to have one that is profitable and will make you tons of money, but the reality can be very sobering. 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.
The MT4 Platform is commenly used for the majority of the automated FX Trading Software Systems. 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.
You can find tons of material on that subject 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. 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. 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. 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. Again, if you only follow these key rules, you are well ahead of 95% of your competition.
Daily Recap of the Cowabunga System for Tuesday, 11/25/08
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Daily Recap of the Cowabunga System for Monday, 12/22/08
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