How to trade Forex profitably
Is it worth it to trade Forex?
Is it worth doing business where there are no leases, contracts, inspections, dissatisfied customers? Probably many fall in love with trading precisely because of this.
The currency market is inferior to the stock in volatility, but it’s easier to get out. No contracts, taxes, replenish and withdraw money as you like, a free terminal, a large shoulder and, as a consequence, less margin. You can earn at any time of the day or night, anywhere in the world, anywhere, even sitting on the main job.
How to start?
1. Register with any reliable broker.
2. Take basic courses: what is Forex, what is different from other markets, technical analysis, fundamental analysis, vocabulary, indicators, platform, money management, trading strategies.
3. Simultaneously open a demo account and try everything in practice. Each person will take different time to get acquainted with the interface of the program, orders and others. Do not flirt in a virtual account, you have a hand and forward to real trading.
4. Start trading with a minimum volume of 0.01 lot on a live account. To do this, you will need to replenish your account for 100-300 dollars.
5. All, you started working in the foreign exchange market. If you close month after month in plus, go to larger volumes.
Trading in Forex is a serious work, and above all on oneself. It will take a lot of time and money. Concentrate on trading in the market, do not be afraid to make mistakes, make mistakes, learn from your mistakes. Form your trading plan and strictly follow it. Remember – losses are not avoidable, take them for granted.
Trade manually or with the help of robots?
Manual trading is based on the trader’s skill. To learn how to predict the market and learn how to trade profitably, it takes years. Traders spend a lot of time developing strategies based on different methods of trading. They choose the one that generally brings a stable profit, and trade through the broker, his terminal, analyzing the charts with his mind, opening and closing positions with his own hands.
But not everyone wants to spend years studying new difficult material, to monitor market changes and news for days, to conduct fundamental and technical analysis of schedules, etc. Therefore, we offer automated trading robots with an already built-in embedded trading strategy. The robot will himself open and close transactions on the basis of his signals on various currency pairs at any time, set a stop-loss and take-profit, in one word to trade and make profit while you are doing your own business.
Why do i need a forex trading robot? Probably if you are new to the forex market you will ask this question. Maybe you think that the human brain can process the chart information better and make better forex analysis and decisions about the possible market directions. Well… you are wrong. The forex market is unpredictable as the most things in our lives. If the market becomes predictable, it will stop existing. Then what can we do? We can monitor and find specific market situations after which something is happening. Of course, you will never find such case in where after A follows B in 100% probability. But you can find a 60% one. And this will lead to developing a forex trading strategy and when the strategy is crystal clear, it can be coded into expert advisor. If we need to make an expert advisor definition, it will be — trading robot based on statistics.
Some automated Forex advisors are capable of scanning multiple charts in a way that humans cannot physically. In addition, robots are developed with specific parameters required for making trading decisions. Using the implemented trading signals, they determine when it is appropriate to trade or, conversely, to wait. The best Forex trading robots offer solutions for finding profitable trades even in volatile markets when the current trend direction is unclear. Automated Forex robots follow the best trend to increase profits and possibly eliminate the chances of possible losses.
Professional traders have been using such advisors for a long time in their work in the Metatrader 4 and 5 terminal. Beginners are also not lagging behind and are actively joining this area.
How much can I trade?
You can enter the Forex market with one US dollar through a cent account. But what is the point?
Standard account requires a minimum of $ 100, EСN – a minimum of $ 300.
If you want to live with income on the market, provided that you have a stable profitable strategy and you trade manually, you need $ 10,000- $ 20000.
Want to earn millions, trade a million. Want to get thousands – trade in thousands. And if you trade penny …
With our best forex robot Megastorm (pack of 28 forex robots for automated trading), the minimum deposit required is $ 800 (or only 8$ for cent account). With this deposit, the maximum initial drawdown will be only 25%, and a stable profit will be about 50% per month, and in certain periods of time, under certain market situations, it can reach up to 300%.
What time is it better to trade?
It all depends on the type of trade you choose (intraday, position, etc.). If you take a timeframe 5-30 minutes, it is recommended to trade strictly during the European and first half of the American session (10.00-20.00 MSK). Such trade is suitable for completely free people who are not engaged in studies / work.
But if you are a busy person – you can install one of our automatic robots for this type of trade:
– Keltner channel autotrading forex robot, – M15
– Forex robot based on ATR and moving average indicator – M30
– Forex robot based scalping strategy (scalper) – M5.
– Golden Bull forex robot (scalper) – M5.
Hourly timeframes (H1) are less dependent on trading sessions, and you can trade the signal received at any time. Another thing – are you able to see it at 3 o’clock in the morning? To sleep it would be desirable, therefore at manual trade some part of signals you should miss.
For this type of trading we have the following automatic trading systems:
– Forex robot based on stop and reverce system (SAR)
– Forex robot based on whole day automated trading and ADX indicator
– Intraday autotrading robot
– Expert advisor based on CCI signals
Let’s sum up the results
If you are an absolutely free person and you have plenty of time to sit all day in front of the monitor, you have enough perseverance and patience to catch every five-minute candle, you have enough experience and you have the financial and mathematical knowledge for daily technical analysis of the main currency parameters, you are a disciplined and well-balanced person who clearly follows his developed strategy – then manual trading is just for you and you can trade at forex profitably! Develop and make a profit.
But if you have a basic job and just want to increase your income without special risks, you do not have time to search for strategies and study all the tools of the trade, you do not have the extra funds for testing and errors, tired of taking risks and incurring losses – trade with the help of robots developed by our professionals. They contain a ready-made strategy based on various signals that are fed by indicators based on a comprehensive analysis of the movement of most currency pairs over the past 2-3 years. The adviser will be trading off-line. You just have to purchase such a robot, install it in your Metatrader 4 and watch the increase in your deposit.
Good luck, and successful trading!