How to be a successful forex trader using Forex Expert Advisors
The world of forex trading is high pressure, fast paced, and tempestuous. There is an art to plying the markets, and it is one that the most successful must spend years perfecting. There are no shortcuts, no ‘get out of jail free’ cards, and no magic potions that will help you to achieve. This means that choosing the right forex trading system is essential. The best way to succeed in the markets is by building strong foundations for your trading strategy, and the system that you adopt will have an important role to play. The various elements of it should work together to create a cohesive and successful whole, and this means that each element has to be carefully selected with a view to how it will complement your overall approach.
1. How to choose a forex trading system wisely
Many traders don't spend enough time researching the EAs market. Sadly, the EAs market is flooded with SCAMS - 90% of EAs are sold by marketers instead of traders and developers. Because marketers know how to attract your attention with big words and promises, many people fall into this trap.
|Wall Street Forex Robot|
What should you do?
Look at the results, do not listen to words only. Backtests are good, but live results are the only thing that matters. Look for third party verified results - myfxbook.com is great for this purpose. Look for a long enough performance record - at least six months or more. Pay attention to the balance curve - if it is completely flat, STAY AWAY – it means that this is a "no-stop-loss" system, "martingale", or just another reckless system!
A healthy EA equity curve looks like a nice market trend - it goes up, but has some corrections/drawdown periods as well. Look at the number of trades - less than 100 trades is not representative enough. As a final step, look around in forums to check up on the reputation of a vendor and its products.
|Xtreme FX Profit|
Choose wisely with regards to trading system you wish to go with, and REMEMBER your forex system should deliver success after success.