The foreign exchange, or forex, market is one of the largest markets in the world in terms of both volume and volume of transactions. Forex certainly makes a lot of money and offers plenty of opportunities to do it fast.
But there is an equal risk of losing exactly the same amount and at the same speed. The purpose of this article is to introduce you to automated forex trading to improve your chances of survival and success in this unforgivable market.
The importance of psychology in forex trading
You can adopt or develop lots of trading strategies to maximize your chances of success and give you a better chance of survival. Regardless of which strategy you choose, psychology plays an important role in the success or failure of any Forex trader.
This is the psychological aspect of forex trading that most traders find the most challenging part to master. One to ten Forex traders are expected to survive in this market. The main reason for the failure of a large number of people who try foreign exchange is the psychological aspects of the business.
Even those new entrepreneurs who have followed the suggested steps to get started are suffering from the mentality. They have taken the basics of forex trading in their research; They have opened a demo account; They have tested different strategies; And chose the best return provider. However, despite all the preparations, it is a completely different story when it comes to business with their real money.
It is common for inexperienced traders to open trades too early, close too late, or vice versa. The results? The ‘perfect’ strategy to work every time on a demo account is suddenly persuaded and your capital starts to decrease. Of course, this is not the strategy to include; It is the trader’s response to the emotional aspects of their valuable capital business.
Automatic forex trading
A significant aspect of forex trading is that the process can be automated. Doing so takes away all the stress from traders and their all-human errors! Automation trades are handed over to an expert advisor (EA).
So, what is EA? It is an MHL-programmed software designed to run with the MetaTrader Forex trading platform. It attaches to the trading charts related to the EA and it is set up by conducting the business according to your strategy.
The beauty of EA is that it will automatically run your business without any human hassle. Without having to suffer the psychological aspects of forex trading it will follow your strategy which produces nine out of every ten failed traders. It will continue to trade 24 hours a day (when markets are open), as long as you keep it online
Programming and setup is an E.A.
You can learn MQL yourself to program your EA or hire a computer programmer to do it. You can find very reasonably priced and talented programmers on sites like Fiber or Upwork.
When you have programmed your EA, it should be kept online and allowed to run twenty-four hours. Consider using a virtual private server (VPS) instead of running your computer permanently.
A VPS can be located anywhere in the world and enables your EA to run around the clock for ড 24 per month. You may even be able to find a broker that offers a free VPS service. Once you get your VPS, login, install MT4, attach your EAT to the relevant trading chart and start automated trading.
Optimize your trading
Regardless of the effectiveness of your strategy you will always have something to lose The key to success is optimizing your EA to minimize these losses. To do this, you can use MT4 Trade Copier programs. These programs copy from one MT4 platform of Forex Trade to another and you can only set up programs to copy successful trades.
You will want to install two MT4 platforms, one for your Real-Money account and one for your demo account. The EA demo is moved to the account and the copier program is loaded between the two MT4 platforms. Setting up a copier program to simply copy a successful (positive value) business will significantly increase the proportion of your successful business. All your lost business stays in the demo account – and this is the best place for them!