Rules for working with forex expert advisors - Grand Forex Systems

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Rules for working with forex expert advisors

  



 Nowadays, there are a lot of expert advisors (robots, bots) developed for automated forex trading. They are very popular with novice traders who hope to get rich on Forex with their help. However, it would be best if you were careful when using a trading robot. In addition to programs that deserve attention, there are also dangerous expert advisors (EA) that will not help achieve the desired profit and lead to an undesirable financial result.

 

The main thing is to configure such a robot and control its work correctly.


 Most robots for auto trading use strategies such as Martingale, scalping, breakout trading and some other options in their work. A trader should not trade advisors whose work is based on the Martingale strategy. Such robots more often than others open a large number of negative trades. Scalpers are also a great danger, although some traders manage to make a profit with their help. The main thing is to configure such a robot and control its work correctly.


When using Forex advisors, the following rules must be observed:


  • The need to test the expert advisor. To do this, you can use a demo account or a special tester. This will allow you to identify shortcomings in the program and decide on the appropriateness of its use.
  • It would help if you started trading with the minimum lots. When testing, the program must prove its effectiveness under such conditions. After that, the trader can increase the trading volumes. It is better to run two trading robots with a small deposit than to use one.
  • Competent choice of the size of the leverage. A trader can use the same parameters that he is used to setting when trading in manual mode. When using the maximum leverage parameters, you need to take the setting of stop losses and the trading volume choice seriously.
  • Availability of instructions. If the trading robot you like does not have setup instructions, it is better to refuse to use it; otherwise you may not achieve the desired result.
  • Deposit management. The trader's account should have only those funds that are necessary for trading. It is advisable to withdraw all the profit received to the reserve account immediately at the initial stage.
  • Safe way to use your robot. To minimize financial risks, a trader should confirm the transactions carried out by the advisor in manual mode. The only case when this option will not be available is a scalping on the M1 interval.

Using the above rules, you can make auto trading more efficient.