Do you currently have a day job and are looking to gain a second income by capitalizing on the awesome opportunities to make money on autopilot in the forex markets? Are you seriously considering all your options for getting involved with automatic forex trading, including an automated forex robot?
Great, I want you to know that you’ve landed yourself in the right place as contained in this article are the answers you’re looking for…
Trading with an automated forex robot can be VERY lucrative – IF you know what you are doing! What I am about to share with you are the absolute essentials you must know in order to avoid the common mistakes that cause beginning traders to lose money fast with EA’s.
These tips come straight from my 10 plus years of experience trading forex both manually and automatically:
1) Make sure you have a reliable high speed internet connection: It’s almost stupid that it needs to be said, but I’ve seen so many people get hosed because their internet provider sucked.
Your EA trades at specific times of the day that you set, if your connection is lost it can’t perform the scheduled trades, and can cost you some serious dough.
2) Be careful in selecting your robot: There are literally hundreds of options when it comes to automatic trading. You should be warned right here that 99% of them are scams!
When selecting your automated forex robot, look for one that has proof that it works on real money, live accounts in addition to back testing. The scam products will only show you back test results.
I don’t know about you, but I want something I know is going to work in the present and future, not the past.
3) Know your software and its settings thoroughly: All EA’s come pre-programmed with certain settings for your stop loss, trade execution times, etc. If you don’t know the parameters within which you are comfortable trading and thus adjust the settings to reflect that, you can lose your shirt in a heartbeat.
Take some time to get to know the forex markets in general first and develop the goals you want to attain with forex trading. Then really get to know your software extremely well and apply the settings that will give you the best chances of achieving your stated outcome.
Follow these simple tips and you’ll be on your way to success with your automated forex robot.