The designers of forex robots have built in money management rules to ensure you have a safe trading experience. After downloading and installing the Forex EA, you need to make some settings depending on the amount of capital you want to begin trading with (after demo trading).
One strategy I use is this: I set the Forex Automated System to trade a maximum of 3 orders at a time, because I started trading Live with $500, I changed the lot size from 0.1 ($1 per pip) to 0.01 (10 cents per pip). What i have done effectively is to give the robot about 1,000 point of variation margin to place each trade order safely. Thus allowing my account to grow proportionally without the risk of blowing it due to a lack of margin.
This strategy accelerated my performance and protected me from loss. I therefore would advise anyone to tweak a little bit these settings, taking into consideration the amount of money you are investing, so if you are starting small, maybe with $300, set the lot size at 0.01, and no more that 3 trades at a time; if you are starting with $1,500, then you could set the lot size to 0.05 and no more than 3 trades at a time.
Using a small lot size with a higher number of trades at a time, is also a good way to split your risk and increase the chances of growing your account, because the Forex Autopilot may get it wrong at times (though very very few times).
Try this strategy on your demo and see how it works.
Autopilot Systems in Forex Trading
Autopilot Forex Robots - Forex Market Trading Software: Trading currency in the forex market via forex brokers has become quite attractive. But why do 90% of Forex traders lose in spite of the sophisticated trading platforms and forex trading software available today?
Traders like other humans suffer from FEAR and GREED. In crucial market conditions, we lack confidence, we have fear of what might happen, and most importantly, we are usually (90% of the time) inconsistent.
In times when we have good trades running, ‘leave money on the table’ hoping that the ride will continue for as long as we wish!. Unfavorable market twists and loss make us jump out of a good trade prematurely. This cycle of inconsistency due to EMOTION explains why, 90% of traders WILL LOSE MONEY IN FOREX. They will consistently give away their money to the other 10%.
Similarly PATIENCE to wait for the best forex signals sometimes eludes us. Sitting at the screen, studying the markets, developing forex strategies, identifying trends and patterns for long hours is not a pleasant task.
Artificial intelligence comes to our aid in addressing these problems and thus automated forex trading (Forex trading robots) is becoming increasingly popular among forex traders.Robots are now taking over industrial activities, domestic chores, surgery, and of course forex trading. In automated forex trading domain, these ‘robots’ are called expert advisers EAs.
Robots beat humans at chess, and they beat humans at trading too. Typically, the EA robot watches the market for you, placing trades under certain parameters (strategies), avoiding the fear, greed,inconsistency, impatience and lack of confidence that many traders suffer from. It is so disciplined with it’s trading plan that it sticks to it no matter what, no matter how ugly or uncertain the market looks. It doesn’t have to take a break for lunch or even sleep. On autopilot, it works for you 24/7 leaving you to sit-back and watch your portfolio grow.
It is however important to know that both the creators of the EAs and the products must have proven records of performance evidenced by analyzing the performance charts, graphs, statistical records and on historical data. Back-testing reveals the strengths and weaknesses of the robot. Support services is also essential.
It must also be clear that not all trading robots really bring good results. Some actually make the trader lose money because proper money management principles were not built into the robot. It is debatable if these totally eradicate the desire to ‘get rich quick’ that push traders sometimes towards greed. But at least they check that emotional trading and free up time for us to do other important things.
There are quite a large number of forex expert advisors in the market today. However, PFX robots appears to dominate in popularity among traders perhaps because of the consistency of it’s delivery, proper money management, and the excellent support service that comes with the product.
Traders like other humans suffer from FEAR and GREED. In crucial market conditions, we lack confidence, we have fear of what might happen, and most importantly, we are usually (90% of the time) inconsistent.
In times when we have good trades running, ‘leave money on the table’ hoping that the ride will continue for as long as we wish!. Unfavorable market twists and loss make us jump out of a good trade prematurely. This cycle of inconsistency due to EMOTION explains why, 90% of traders WILL LOSE MONEY IN FOREX. They will consistently give away their money to the other 10%.
Similarly PATIENCE to wait for the best forex signals sometimes eludes us. Sitting at the screen, studying the markets, developing forex strategies, identifying trends and patterns for long hours is not a pleasant task.
Artificial intelligence comes to our aid in addressing these problems and thus automated forex trading (Forex trading robots) is becoming increasingly popular among forex traders.Robots are now taking over industrial activities, domestic chores, surgery, and of course forex trading. In automated forex trading domain, these ‘robots’ are called expert advisers EAs.
Robots beat humans at chess, and they beat humans at trading too. Typically, the EA robot watches the market for you, placing trades under certain parameters (strategies), avoiding the fear, greed,inconsistency, impatience and lack of confidence that many traders suffer from. It is so disciplined with it’s trading plan that it sticks to it no matter what, no matter how ugly or uncertain the market looks. It doesn’t have to take a break for lunch or even sleep. On autopilot, it works for you 24/7 leaving you to sit-back and watch your portfolio grow.
It is however important to know that both the creators of the EAs and the products must have proven records of performance evidenced by analyzing the performance charts, graphs, statistical records and on historical data. Back-testing reveals the strengths and weaknesses of the robot. Support services is also essential.
It must also be clear that not all trading robots really bring good results. Some actually make the trader lose money because proper money management principles were not built into the robot. It is debatable if these totally eradicate the desire to ‘get rich quick’ that push traders sometimes towards greed. But at least they check that emotional trading and free up time for us to do other important things.
There are quite a large number of forex expert advisors in the market today. However, PFX robots appears to dominate in popularity among traders perhaps because of the consistency of it’s delivery, proper money management, and the excellent support service that comes with the product.
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