Automation is in the world of currency forex online trading truly the lazy mans way of trading the forex. And it’s a very clever thing to do it this way. Why? This way you are able to beat your biggest conqueror, You!

But be careful, after 6 years of FX Online Trading, I’ve been probably through all the pitfalls that this industry has to offer, which was sometimes a very hard lesson to learn. And if you don’t want to experience all this trial and error yourself? So what makes the difference between the winners and the loosers?

There are some points that are absolutely key to your success!) with online forex exchange trading or simple, FX. So here they are:

How to become a successfully currency forex online trading expert

The 5 basic rules

1. Do not put any money at risk that you could need elsewhere. Never!

2. Do not have more than 3% of your current account balance at risk. Make sure you have always a Stop/Loss in place that takes care of this. Crucial!

3. You have to begin with demo trading first. One month is an abolute minimum for this (the majority of automated FX.)

4. Before you ever go live with your forex trading, I recommend that you have experienced a minimum of 2 month of profitable trading.

5. After finding a profitable FX Trading Software, always take portions of the newly earned capital out of the account and let the rest accumulate. Do yourself a favour and take a good portion of your hard gained funds and put them in your bank account.

Starting by simply following these basics, you have the right foundation to be successful in fx online trading. It’s as simple as that. You can be one of those 5% of profitable traders who make a killing in fx online trading.

How to find a profitable FX Software?

This is a hard task to accomplish. The case is that you have to test many of these automated fx systems only to come close to one that might be profitable in the long run. To make this perfectly clear. Sure, everyone claims to have one that is profitable and will make you tons of money, but the reality can be very sobering. To tell you the truth in advance, most of the systems will not make you any money. I’ve tested now 89 automated FX online trading systems myself and barely could come to break-even.

The MT4 Platform is commenly used for the majority of the automated FX Trading Software Systems. Inside the Platform those Forex robots are called Expert Advisors or short EA’s. EA’s are simply some piece of Software that tell the MT4 Platform when to trade, which currency pair and how to trade it.

You can find tons of material on that subject on the internet. So I will come straight to the point to make sure that you will not get overwhelmed with too much informations. That beeing said, I will go straight to the point of interest:

5 Rules to find an automated FX Trading System that really works

1. Any advertising for an EA that only shows you so called “back test results” isn’t worth any closer look at. The back tests are only an indication for the system creators if their development is heading in the right direction.

2. You have to look for live testing or forward testing results.

3. The Trader/Advertiser should have a live stream that you can follow and look at all trades whenever you want to.

4. This automated system should have build in settings that you don’t have to figure out for yourself. An update service should be included. This point is highly relevant, because the more you have to do to get the system profitable, the less the chances are you will achieve this.

5. And last but not least, they should provide a no-risk or money back guarantee.

That’s it. Again, if you only follow these key rules, you are well ahead of 95% of your competition.

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