It seems like yesterday when I first decided to use automated trading systems to become a profitable forex retail trader. My life was becoming seriously affected by me taking too much time to manage my forex market positions so this seemed like a great opportunity to enjoy a day job free life style without anytime taken from my schedule. Boy was I wrong !
There is no doubt in my mind that this are the thoughts going through the majority of the new people trying to start to make a living from the forex market using automated trading systems, mainly expert advisors. People, just like me, start in this world with the hope that they will find an easy way, without having to learn or intervene too much, to be profitable in forex trading. My friends, you couldn't be further away from reality.
I'll tell you what happened to me, in the hopes that some of you can cut a few steps. When I started with automated trading systems I decided to buy the "flavor of the month" so to speak, that is, the expert that had been making money for a month and everybody was hyped and talking about. To my surprise (yes, at that time I was surprised!) the expert advisor turned out to be completely different from what I was promised. After a few months, it brought my account to just a few dollars. And you guessed right ! I was angry !
Sure, that was a scam, but there should be another expert I could trust out there. It turned out to be, that most of the commercial experts out there, do not work. To my surprise, I ended up having to learn about triple of what I would have had to learn to be able to trade manually. On top of learning everything a manual trader needs to know, I had to get familiar with the mql4 language and start to really come in touch with what expert advisors really do and what can and cannot be achieved in the world of automated trading.
You really cannot cut corners in the world of forex trading, automated or not. There are hundreds of traders out there trying to catch that same dollar you are after so you really, really need a very sharp edge to get it. And trust me, a 100 USD trading robot does not give you that edge. The edge comes from knowing the systems, knowing their limitations, their strengths, knowing what draw downs to expect, really, really trusting your trading systems (something which is extremely hard to do with a system that you don't even understand and that comes inside a black box)
If you want to learn more about the free and commercial expert advisors I have used, reviewed and programmed please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !
There is no doubt in my mind that this are the thoughts going through the majority of the new people trying to start to make a living from the forex market using automated trading systems, mainly expert advisors. People, just like me, start in this world with the hope that they will find an easy way, without having to learn or intervene too much, to be profitable in forex trading. My friends, you couldn't be further away from reality.
I'll tell you what happened to me, in the hopes that some of you can cut a few steps. When I started with automated trading systems I decided to buy the "flavor of the month" so to speak, that is, the expert that had been making money for a month and everybody was hyped and talking about. To my surprise (yes, at that time I was surprised!) the expert advisor turned out to be completely different from what I was promised. After a few months, it brought my account to just a few dollars. And you guessed right ! I was angry !
Sure, that was a scam, but there should be another expert I could trust out there. It turned out to be, that most of the commercial experts out there, do not work. To my surprise, I ended up having to learn about triple of what I would have had to learn to be able to trade manually. On top of learning everything a manual trader needs to know, I had to get familiar with the mql4 language and start to really come in touch with what expert advisors really do and what can and cannot be achieved in the world of automated trading.
You really cannot cut corners in the world of forex trading, automated or not. There are hundreds of traders out there trying to catch that same dollar you are after so you really, really need a very sharp edge to get it. And trust me, a 100 USD trading robot does not give you that edge. The edge comes from knowing the systems, knowing their limitations, their strengths, knowing what draw downs to expect, really, really trusting your trading systems (something which is extremely hard to do with a system that you don't even understand and that comes inside a black box)
If you want to learn more about the free and commercial expert advisors I have used, reviewed and programmed please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !
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