is really advisable to use EA for newbie?

[pippin]

Some people believe that once they start utilising cryptocurrency bots, everything will be OK, but this is not always the case. The three main pillars of cryptocurrency trading success are expertise, sound tactics, and experience. If you lack the necessary information, bots won't help you succeed.

It depends how you got that bot. If that is your proprietary software then you should know its ins and outs and be able to quickly discover why it loses money and find way to fix it. For paid bots you can only hope it won't go broke.

 

[YellowWitty]

EAs can be helpful if you learn from them. When you use them, understand their functioning, which could be helpful in creating your own strategies in future. But I have never relied on EAs completely. So, with time, it is good to learn manual trading as it is more effective.

 

[Gilbert.Jer]

My advice would be to trade manually during the initial stages to understand how the market flows, and then set up an EA.

Setting up an EA without any proper knowledge can lead to a loss of capital.

 

[Semantology]

It is a matter of personal preference but my advice to a newbie would be to learn manual trading first before anything else. You should have a sense of what you will be actually doing as a forex trader even if the process will be automated later on. Having some experience in the market is essential for becoming a skilled trader over time.

 

[BinarySumo]

As a trader, it is ultimately up to you to decide whether or not to use EA in your forex trading. While EA can be helpful in automating certain tasks and making trades based on pre-set rules, they can also be risky if not used properly. If you are a newbie, it may be advisable to gain some experience and knowledge of the market before relying on EA.

 

[convex101]

Hi forex experts,

i am starting my journey in this forex trading...
is using EA the best way to start this? what is your opinions?

Simple answer is no - learn the basics of technical analysis first, how price works, moving averages etc and then use a demo account before using real money.

 

[philsj]

To understand how an EA trades, you need to know at least some of the basics of forex trading.
But trust me, it’s better to stay with manual trading. There is no EA for sale that is profitable on the long run. You will be scammed, first by paying for an EA, second by losing money with it. The only ones that get rich are the creators and brokers.

My advice: start with learning about money management, support & resistance and trendlines. Don’t be fooled by people who claim to have a magical indicator. Indicators are always lagging and tell you what happened in the past. Your eyes and brain can see and interpret what happens real time.

Yes the money management part is the main and Im not sure if there is enough focus on the internet. You need to learn how to set risk less than 2% per trade and where too set stop loss and take profit. Maybe I should put up a by beginners for beginners course.

 

[Ry@n]

If you learn from them, EAs can be very useful. When you use them, try to understand how they work so you can create your own strategies in the future.

But I've never completely relied on EAs. So, as time passes, it is beneficial to learn manual trading because it is more effective.

 

[paparaxee]

it's not advisable for new traders to use EAs, as they may not fully understand the underlying logic or assumptions that the EA is based on, which can lead to poor trading decisions and significant losses. New traders should focus on developing their own trading strategies, knowledge of the market and risk management skills.