I’m quite a way off opening a live trading account yet. I was doing a bit of messing around demo trading with eToro but at present I’m not even doing much demo trading because I’m trying to concentrate on reading, gathering knowledge and getting as much info and data together as possible before dipping my toe into the cold water.
I have to say I’m getting quite confused in trying to work out in my mind when I do eventually start on a live trade account, WHO, WHAT AND WHICH broker platform or set up I should use. I have no doubt this topic has been covered here many times but thought it worth writing about again here.
When people talk about Brokers, I sought of understand. Then we move onto platforms and robots and combining them all and suddenly I’m thinking “Oooohhh Hold on here, What’s all this”. Meta Trader4, FAPTurbo, it could all be a bit of a mine field I think if I can’t clear it all in my head.
Has anyone got advice and maybe wants to share their experiences with me on this topic, to lead a newbie into the right direction. After working out the right way to go, it’s all going to be easy isn’t it, just making thousands of dollars each day!!! (NOT)
[B] BARRY [/B]
If you want to use robots/expert advisors you need to use a broker with mt4/metatrader platform. Do a search on google for “metatrader broker” and you’ll find some good info about it. But for newbie i don’t suggest using robots yet even though they make it seems like robots are best or beginners. You really need to know your stuffs before using one or you’ll wipe out your account in no time. Have you finished the school of pipsology?
Hi Ichigo,
You may want to consider FAPTurbo as it has had a consistent popularity rank as #1 performance by so many traders compared with any other trading Robots;. You can search other Robots and compare their rating.
But always remember that you don’t expose more than 5% of your portfolio when trading. You must be in control of FEAR and GREED…the ultimate factors that determine your success in the forex market.
Wish you the best.
I agree about don�t using robots and stuff when you are a newbie. In fact, experienced traders are not always using this kind of tools. It may be a part of a strategy then some traders use it, others don�t and it doesn�t assure their good or bad performance. I�d suggest besides reading about this market, test everything on your platform. Adrian
Robots intend to take human emotion away from trading, and that would work great if the emotions of all traders could be separated from their decisions but it cannot.
My advice. Go for a micro accounts. It’s real forex, as the money disappearing from your platform is money which could have been in your pocket, but it’s only pocket money, you can survive without it.
And in the end, you’ll have practiced enough to understand how to make money. EAs come later on, if you don’t understand 100% how they act, it’s like casino.
Don’t buy a stupid EA. Not crapmaster 300, not crapturbo, not bigcrapdaily or any other garbage.
If these things were serious winners then there would be no need for them to have an affiliate/sales program to make money… at all… as they’d just use the stupid EA themselves and make money.
Think about it.
Learn to trade. If and when you get around to trading with real money, you may want to consider Oanda. You won’t get EA’s and so forth, but you can open a tiny account and trade tinier.
If you get good, and want to explore the concept of EA’s, you can always open an account somewhere else with your oodles of earnings.
I really learned lots at the beginning not just learning. Beside learning I was trading on a demo and every single concept and theory I was checking, I tried to test it in the platform. Now, I�m sure that if I really use some of those concepts and if I support my decisions on those is because I really understood how it works. Adelin
Just a quick thank you to all who replied to my thread here and to wish you all best wishes for the new Year ahead. Good luck and Good will to all.
Returning to my thread and the question I posed. Firstly as I said, I am not using anything at present other than simple demo trading on eToro.com. Nothing else. My enquiry was just for opinion or advice on what on earth all these different terms and technologies are ? I am not favouring one against the other or thinking that after just 6 weeks of study I can jump straight into any of these things and become an instant millionaore. NO CHANCE, I know doing that it’s the Motorway to the poor house. So friends, comrades, brothers in arms in this battle of ours, thanks for all your concern and interest.
Lets hope the New year brings great success for us all. Plenty of study and knowledge and keep it as simple as possible that’s my plan for the imediate future.
BARRY:)
My advice is to trade as much as you can on a demo account, try not to have more than 1 account with the same broker and if you’re interested on getting a robot, you better develop a strategy and then you can program it. There are good places where you can get help; I am developing one right now with Tradeview’s support.
if u do decide to use a Robot demo it first as each broker have different spreads and results. And always demo with the amount of money u are welling to risk
You have tried Etoro how you liked its demo account. Why do not you try the demo account of some other brokers? There is no harm in opening multiple demo accounts. Take a chance and try your luck might be you may like it and go for a real account with that broker.
Well, I’m a newbie, but seeing as everybody else is giving you long-term advice and ignoring your actual question, here’s some info
An EA (Expert Advisor) is a piece of software that gives you (supposedly) expert advice on how to trade. You could buy an expert advisor (though the vast majority are transparent scams) or you could build your own, using software that supports it (such as MetaTrader).
A robot is a piece of software that trades for you. You set up the “rules”, “triggers”, or whatever that piece of software calls it, and it goes to town, buying and selling as you wish. The idea is you come up with a brilliant foolproof strategy, set up your software (whatever you choose) to execute that strategy for you, and it trades day and night making you rich while you keep your 9-to-5… or while you play golf, once the 9-to-5 is no longer necessary ;). I believe (though I’ve never used it) that MetaTrader and others can be robots as well as expert advisors; i.e. they can let you trade manually, tell you (with the right information) how to trade, or they can do it all for you.
Of course, any expert advisor or robot still needs a broker. Various brokers support different pieces of software. Some support the software but not the automatic trading aspect. Others use their own software and charge ludicrous fees for automatic trading (see Oanda’s API license fees for reference!).
So fundamentally - you are a trader; you sit at your computer and click buttons. An Expert Advisor tells you when to click. A robot clicks for you while you nap.
As for information on which broker, which software, and how to make it all work together - someone else would have to answer that (I’d like to hear that too).
Being new to forex, you know much about forex. Friend you are telling right about MT4 trader. However, very few people know about this robot for trading.
avoid pressure trading, take your time understanding basis, read some besides practicing on a demo account if you have one, or get one from some broker website. You can find it form oanda, Tradeviewforex, fxcm and more� evaluate them and learn lots!
BARRY [/B]