The FOREX market can be very exciting and rewarding but if not taken seriously will humble you faster then a New York second. Just look at the sobering statistics that well over 94 percent of the people who trade the FOREX market will lose money over their entire lifetime!
There is a gigantic learning forex zigzag and it let out take divers years and thousands of dollars inwardly losses (unless yourself are in some measure industrial a demo account) in front of a forex trader may start to recognize a forex profit. Metaquotes which originates in Russia has made available a very sophisticated and flexible Forex charting platform called Metatrader 4 (MT4). All Forex brokers support this platform and there is never any fees for using the forex software including data.
I strongly subscribe to downloading your unbesought demo cairn and crack up practicing using this forex software. You can even back test your own forex strategies using forex historical data that is supplied with the platform.
Another urgent fact is once they malleable your explosive forex account me earth closet wrench getting subleased never-never bonuses from certain "introducing forex broker" websites that have a agnation therewith those forex brokers that are willing unto occasion back a gross profit in relation with your make a generalization cost. A FOREX trading robot is a completely automated forex trading system that trades the market 24/7 hours a day with out any human intervention.
The forex robot will place all your entries and exits without you lifting a finger. Keep clout mind your PC, forex charting software and robot must be on for the forex robot to work efficiently.
If this presents a problem there are third-party hosting companyes that can place your forex robot on a VPS "virtual private servers".
What should you look for if you are interested in purchasing a FOREX trading robot?
1. Make sure the product has been backed tested over many different periods and forex tf whithin at least a 90% modeling quality shown on the report. More importantly, see if the forex software vendor gives actual forex trading statements which are much more important than a back test.
2. Ask if you receive free fix forex updates. It's high-ranking to have bonny customer allege in support and to encounter that if there are changes in the market or the character trades are dispatched there will be immortal behind the scenes that can fine tune the robot and to bind whatever programming changes are true.
3. Make sure it is already set-up with the best out-of-box settings. There is no sense in using a FOREX trading robot if you can't figure out how to use it.
4. I can't tell you how many times Ive been told that after the robot was purchased there was little or no customer support and e-mails were not answered. Nothing is more upsetting than sitting with a piece of software that is unusable.
5. Make sure you ask what happens in the event you change forex brokers in the future. Because most forex ea robots require your account number hardcoded it's important to find out up front if there is a fee for changing your forex live account number.
Learn Psychology of a FOREX Trader
Showing posts with label forex automated. Show all posts
Showing posts with label forex automated. Show all posts
Thursday, January 15, 2009
Monday, October 13, 2008
EuroX2 - Forex Automated trading
Hello Fellow Traders,
This is a tale of a disaster that happened to me that you should know about. It is about a commercial forex automated trading EA called EuroX2.
There are several attachments with this letter.
1. A detailed account statement and GIF of a demo I allowed to run from September 4, 2006 – January 9, 2007. This is NOT a backtest.
2. Screenshots (screen1, screen2, screen3, screen4) of the forex chart attached to the account from October to January. It was running on another computer prior to this.
3. A log off my friends (and my) LIVE ACCOUNT that was COMPLETELY wiped out by this forex automated trading EA.
About the demo. It made good money for a while, and the forex balance went up to about $17,000. However, it then lost 10K and went mostly downhill after that. I closed it at about $1,250. It had been down further than that.
This was the first forex automated EA I ever dealt with. I bought it, paid $100.00 for it. Before I did, I was told I could “backtest” it for free. Well I did. The backtest was FANTASTIC. I thought that if it was even a QUARTER as good as the backtest that it was all forex trader could ever want!
However, not being a total idiot, I put it on a demo and tested it for a few days. Boy, did I learn a lot about it in those few days.
I learned that it could be good and bad. The good I learned was that it needed to be WATCHED and if running during QUIET forex market hours, it would rack up small amounts of change. Even so, it still lost a lot, and sometimes closed trades unreasonably. The bad that I learned was that it had NO defense against a serious change in market direction. Once you got left behind, the forex trades kept running right where they were until your forex account was seriously depleted. Later with the demo, I watched it drop 10K before it closed its bad forex trades.
In the meantime, I had discovered lightpatch and the MT group, and had found a mellow forex hedge trader that did not have to be watched all the time. A few times I day I would check it and if the equity was past a certain point, I would close the entire thing manually. It didn't seem to close itself, but that was fine with me.
I had put the EuroX2 on the live forex account and ran it for a few evenings while I watched it closely. Then I turned OFF a few days before at the end of a short forex trading session. I know it was OFF, because the computer was ON and it was NOT trading.
I had decided to put the forex hedge trader on that night, and take a break and eat a leisurely dinner.
Before I did, I made CERTAIN that the EuroX2 was off.
I then turned on the hedge trader. I sat for about an hour watching to make certain again that all was well. It was. Nothing but the forex hedge trader was running. (See the “log” for more details on this).
I went about 10 feet away and started cooking dinner.
About the time I was halfway through eating, my broker called and said the account was dropping rapidly. They had been having trouble with their servers, and he was on night duty checking periodically to see if they were working. Normally there was no one there. He said that its normally a very quiet time of night, but the machine kept binging indicating that someone was forex trading, so he went over to see if there was a problem with the server, saw it was my account and called me. I jumped up, ran for the computer, and closed ALL forex trades as fast as I could. However, by that time the account was wiped out.
As you can imagine, I was totally unnerved to say the least, and to say I was not thinking clearly would be a RADICAL understatement. The money in the account belonged to a friend.
There is no way I can express the personal pain this has caused me. That's why I am warning YOU about what can happen.
This is a tale of a disaster that happened to me that you should know about. It is about a commercial forex automated trading EA called EuroX2.
There are several attachments with this letter.
1. A detailed account statement and GIF of a demo I allowed to run from September 4, 2006 – January 9, 2007. This is NOT a backtest.
2. Screenshots (screen1, screen2, screen3, screen4) of the forex chart attached to the account from October to January. It was running on another computer prior to this.
3. A log off my friends (and my) LIVE ACCOUNT that was COMPLETELY wiped out by this forex automated trading EA.
About the demo. It made good money for a while, and the forex balance went up to about $17,000. However, it then lost 10K and went mostly downhill after that. I closed it at about $1,250. It had been down further than that.
This was the first forex automated EA I ever dealt with. I bought it, paid $100.00 for it. Before I did, I was told I could “backtest” it for free. Well I did. The backtest was FANTASTIC. I thought that if it was even a QUARTER as good as the backtest that it was all forex trader could ever want!
However, not being a total idiot, I put it on a demo and tested it for a few days. Boy, did I learn a lot about it in those few days.
I learned that it could be good and bad. The good I learned was that it needed to be WATCHED and if running during QUIET forex market hours, it would rack up small amounts of change. Even so, it still lost a lot, and sometimes closed trades unreasonably. The bad that I learned was that it had NO defense against a serious change in market direction. Once you got left behind, the forex trades kept running right where they were until your forex account was seriously depleted. Later with the demo, I watched it drop 10K before it closed its bad forex trades.
In the meantime, I had discovered lightpatch and the MT group, and had found a mellow forex hedge trader that did not have to be watched all the time. A few times I day I would check it and if the equity was past a certain point, I would close the entire thing manually. It didn't seem to close itself, but that was fine with me.
I had put the EuroX2 on the live forex account and ran it for a few evenings while I watched it closely. Then I turned OFF a few days before at the end of a short forex trading session. I know it was OFF, because the computer was ON and it was NOT trading.
I had decided to put the forex hedge trader on that night, and take a break and eat a leisurely dinner.
Before I did, I made CERTAIN that the EuroX2 was off.
I then turned on the hedge trader. I sat for about an hour watching to make certain again that all was well. It was. Nothing but the forex hedge trader was running. (See the “log” for more details on this).
I went about 10 feet away and started cooking dinner.
About the time I was halfway through eating, my broker called and said the account was dropping rapidly. They had been having trouble with their servers, and he was on night duty checking periodically to see if they were working. Normally there was no one there. He said that its normally a very quiet time of night, but the machine kept binging indicating that someone was forex trading, so he went over to see if there was a problem with the server, saw it was my account and called me. I jumped up, ran for the computer, and closed ALL forex trades as fast as I could. However, by that time the account was wiped out.
As you can imagine, I was totally unnerved to say the least, and to say I was not thinking clearly would be a RADICAL understatement. The money in the account belonged to a friend.
There is no way I can express the personal pain this has caused me. That's why I am warning YOU about what can happen.
Subscribe to:
Posts (Atom)
Posts
All Comments