Never use an EA without any manual trading experience!
You'll never find an EA that will make profit for years with one fixed set.
Even those, which cost of $ 20, 000 upwards — used by the big banks — they must also be constantly modified.
So...if you want to survive in the hellish labyrinth of Forex, then first you must learn to trade manual before you use EA-s.
Why?
Because you have to be able to mend the mistakes, what your EA (s) generate.(s)
But...you can do it only in case if you have enough trading practice.
If your EA makes a really bad entry and worsens it with other martingale positions, you have only two options.
1) Get to know the pain how does it feel to blow up your trading account.
or
2) You start to hedge the positions which run against you, so you can avoid a margin call.
For that you need first money, and as second, trading experience, coz you need to know when to close a hedged position. (You need to set exact support and resistance lines, must have experience with Pivot and Fibonacci etc.)
Therefore, I recommend for everyone to open a second account and depositing money in that in case of 'emergency'. Your second account will work only as an 'emergency' account.
Trade only with 60% of your money, deposit the remaining 40% in the second account and transfer it immediately to your trade account in case you need to finance your hedged positions.
Conclusion...
You will never succeed continuously with automated trading, unless you learn manual trading.
Every trader and every EA make mistakes, me too, with almost 10 000 hours of trading experience.
Your success depends on HOW MANY mistakes you make, or rather, HOW MANY mistakes of your EA(s) can you 'refit'.
Wish green pips for all of you.
You'll never find an EA that will make profit for years with one fixed set.
Even those, which cost of $ 20, 000 upwards — used by the big banks — they must also be constantly modified.
So...if you want to survive in the hellish labyrinth of Forex, then first you must learn to trade manual before you use EA-s.
Why?
Because you have to be able to mend the mistakes, what your EA (s) generate.(s)
But...you can do it only in case if you have enough trading practice.
If your EA makes a really bad entry and worsens it with other martingale positions, you have only two options.
1) Get to know the pain how does it feel to blow up your trading account.
or
2) You start to hedge the positions which run against you, so you can avoid a margin call.
For that you need first money, and as second, trading experience, coz you need to know when to close a hedged position. (You need to set exact support and resistance lines, must have experience with Pivot and Fibonacci etc.)
Therefore, I recommend for everyone to open a second account and depositing money in that in case of 'emergency'. Your second account will work only as an 'emergency' account.
Trade only with 60% of your money, deposit the remaining 40% in the second account and transfer it immediately to your trade account in case you need to finance your hedged positions.
Conclusion...
You will never succeed continuously with automated trading, unless you learn manual trading.
Every trader and every EA make mistakes, me too, with almost 10 000 hours of trading experience.
Your success depends on HOW MANY mistakes you make, or rather, HOW MANY mistakes of your EA(s) can you 'refit'.
Wish green pips for all of you.
