Introduction
The popular opinion among the active posters in the Forex forums is that you can only make money in Forex by designing and trading your own Metatrader 4 Expert Advisor. While it sounds good in theory, the reality is that there are numerous problems with creating your own FX Expert Advisor that they either don't know or don't tell you about. Simply put, there's just no way that a beginner Forex trader (or even an intermediate one) can successfully design their own EAs. By the end of this article, you'll know the only way that you can really win with Metatrader 4 Expert Advisors.
The Problem With Creating Your Own Metatrader 4 EAs
Most beginner Forex traders really have no idea how to trade Forex profitably, so is it reasonable to expect them to develop their own FX Expert Advisor? Of course not! Developing a profitable Forex EA isn't just a matter of throwing a couple of indicators together and running backtests until you find a profitable combination. You really do need to understand the Forex markets and the patterns of price behavior before you even think about developing your own Metatrader 4 Expert Advisor. Otherwise, you're very likely to create a "curve fitted" system that worked well in the past, but is useless for live trading.
Profitable Metatrader 4 Expert Advisors are based on sound strategies that come from years of market research that no beginner Forex traders can hope to achieve in the short term. It's just like asking a first year medical student to perform complex brain surgery - it just isn't possible! Regardless of what anyone might tell you, it takes 3-5 years for any beginner Forex trader to accumulate the necessary market experience to develop their own profitable FX Expert Advisor.
Winning With Metatrader 4 EAs
So what can you do if you want to make a Forex trading income right now? Simple - you do your research and buy a Metatrader 4 Expert Advisor that actually works. Obviously, not every single one of the FX Expert Advisors out there do work, just as not every Forex trader makes money in their Forex trading. So how do you tell the good from the bad? Well firstly, you've got to be very skeptical and ignore all the hype and empty promises out there. You're not going to quadruple your money in a month's time, and you're not going to win 95% of your trades. Believe it or not, you don't need a system like that to make a consistent Forex trading income! A system that wins 50-60% of the time is fine, as long as its gains are more than its losses.
So how do you know if an FX Expert Advisor will actually deliver on what it promises? Simple - look for a money back guarantee from a reputable vendor, and test the system on a demo account risk free during the money back guarantee period. If it does what it says it will do, then you know it's safe to trade it with real funds. Otherwise, don't hesitate to return it and post up a bad review of it so that others know not to waste their time on it as well. It may take a while for you to find one, but it's well worth the effort.
Finally, trading with Metatrader 4 Expert Advisors is no different from trading Forex on your own. You've got to start with enough capital, stick to your system and apply good money management in all your trading. If you do that, then you can be sure that you'll have far better results than trying to design your own FX Expert Advisor.
I've been a full time Professional Forex Systems Developer since 2007. Forex trading is my passion, which is why I really love helping anyone to overcome their challenges and become profitable in their own Forex trading. If you're just getting started in trading Forex, or if you'd like to take your trading to the next level, I'd love to help!
0 comments:
Post a Comment