Forex is a casino where people play and hope to win big. At least it is true for a normal ordinary trader who is happy to net extra few hundred dollars a month form his 3K investment account.
I started my forex carrier with a casino thing in mind, so very quickly I got hooked on winning no matter what. Hours and hours in front of a computer screen made my wife scream on the daily basis. But I knew better than listen to a woman. Soon fatigue, emotional pressure and absence of any other life kicked in and I lost my deposit. That is when I went back to ground zero and started real learning. First, I did a serious research on forex robots because I knew I needed two things – free time and less emotional approach to winning at all costs.
Choosing a forex robot proved to be a difficult job. There are lots of them – free and paid, built on different approaches and strategies, simple and complex. So, I learned my first forex lesson: invest into a quality software before you lost your deposit.
To choose a forex robot I started digging at the forex robot review sites. To be able to trade on a pro level you definitely need a forex robot which is a computer software program built on hundreds of algorithms to carry on trading according to set up parameters. Find a decent site that reviews forex robots and learn as much as you can.
- Read the reviews to understand the performance of robots, check how this or that robot is doing with current clients.
- Understand how much and how quickly a robot can be optimized, remember that the money market is constantly changing and you should adapt your robot to the current situation.
- Monitor new robots coming out into the market and compare their performances. Developer companies who produce robots are trying to come up with more adaptable solutions and more complex systems to provide a trader with a successful tool.
I went the long way and after I had lost my first deposit I invested into the software. Bought several decent robots after extensive research and over a period of 18 months finally settled on the best robot. More about an automated trading here: https://en.wikipedia.org/wiki/Foreign_exchange_autotrading
How do you test a forex robot?
First, you will need to install a robot into an MT4 terminal and set up a number of bars in the history of quotes in the top menu SERVICE and a sub category Quotes Archive. In the new window choose Graphs and set maximum bars of history and maximum bars in window, enter 100 000 000 and press OK.
To choose a currency pair with a history of quotes hit F2, choose a pair with M1 timeframe and press Download. After download you will need to restart your terminal, press F2, choose the currency pair again and click on timeframe M1 until the grey icon becomes yellow. The same actions will have to be done for all timeframes of the currency pair. Then press CTRL +R and choose advisor. Choose a currency pair, time interval and the type of the test. Press START and watch for results.
So, I tested a lot with the demo accounts and then went back to trading with several different robots. At the end of the day I became a successful trader, so I learned my lesson number 2: preparation is the key to success. Spending for software and testing it is so much better than losing a deposit.