Does an expert advisor help you make money consistently in forex?
It may take several years to see results in real-life vis à vis Forex trading and traders. Obviously, anyone can start making real money from trading now more than before, yet no one talks about the fatigue traders suffer to make it consistent.
And because no one talks about this consistency, many traders are lost between the desire to make money in Forex, and their incapacity to make it in a consistent way. However, and regardless of the patience it requires, trading demands a lot of practice and dedication. Seems complicated, isn’t it? Well, it’s not especially with the automated solutions available.
Some Forex traders are more likely to trade only with an expert advisor. Although, there are advantages and disadvantages to this as well.
The expert advisor can be of great help in these cases. You will not need to be blocked to your trading terminal, an automated trading system can do your work for you.
Yet, in the event that you glance around, you will see numerous merchants selling master consultants. Commonly, these merchants sell their master guide or EA frameworks guaranteeing that it will make you rich.
To additional persuade guileless traders, these EA frameworks likewise accompany a diagram of execution to show how much cash it can make you.
As greed is a major factor in the forex universe, traders have been always preys to such marketing techniques. Unfortunately, after purchasing these services, they realize the scam, and the EA is quite not working as promised.
At this state, regret is not an option, and it is too late to consider it again, your money is all gone! Mainly, the EA vendors can give you multiple reasons why the EA is not performing.
This brings the question; Is using an expert advisor is going to help your trading business?
Why using an expert advisor?
In order to answer this question, we must understand the point of using an expert advisor. An expert advisor is an automated software based on code; by coding multiple logics you can develop a system that can trade for you automatically. This rule-based system, AKA a mechanical trading will be your automatic trader.
Time is gold, automation can save your gold, then why not considering it?
There are expert advisors that go to the opposite extreme; They claim to make you money and they sell you dreams.
Honestly, here haven’t been any recorded stories of traders getting rich by using these automated trading systems.
Learn to trade manually:
If you are seeking consistency, your first step in forex trading is a deep understanding of what you are doing. And by this sentence, I mean spending time and learn to trade manually. This is going to take a lot of time and also requires dedication and patience as we mentioned earlier. But, believe me, it’s worth it!
Without understanding what is really going on, you are more likely to end up losing more money rather than make any.
We recommend you to learn how the various indicators work. Then, your next step is to tie these different indicators into getting some context about the markets.
Please note that this doesn’t mean in any case that traders should just dump all the indicators onto their charts and carelessly trade whenever there is a buy or a sell signal.
On the other hand, you should spot the simple indicators and then use other that can complement each other.
For instance, a pattern pointer with an energy marker, joined with help and obstruction levels can give a generally excellent marker of the business sectors. You would likewise know how and where to exchange.
And finally, you should pay attention to your risk management as well. Numerous traders simply enter random lots to trade. You might have found the concept of not risking more than 1% of your money in trading.
Following these simple rules is no more than a first step towards understanding the efficient way to trade. You can look at developing your own winning formula and then convert it into an automated trading system, but, this will be possible for you only if you mastered the steps mentioned above.