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How to be a successful forex trader using Forex Expert Advisors - PART 1
30 Oct

How to be a successful forex trader using Forex Expert Advisors - PART 1

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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.

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.

 

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Disclaimer U.S. Government Required Disclaimer – Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Clearly understand this: Information contained within this course is not an invitation to trade any specific investments. Trading requires risking money in pursuit of future gain. That is your decision. Do not risk any money you cannot afford to lose. This document does not take into account your own individual financial and personal circumstances. It is intended for educational purposes only and NOT as individual investment advice. Do not act on this without advice from your investment professional, who will verify what is suitable for your particular needs & circumstances. Failure to seek detailed professional personally tailored advice prior to acting could lead to you acting contrary to your own best interests & could lead to losses of capital.

*CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

By using FXAutomater's products, you acknowledge that you are familiar with these risks and that you are solely responsible for the outcomes of your decisions. We accept no liability whatsoever for any direct or consequential loss arising from the use of this product. It's to be noted carefully in this respect, that past results are not necessarily indicative of future performance.