Newbie - First Steps towards a Live Account !
Would you recommend a suitable EA for Micro/Mini accounts ?
I read that one should only do manual trading with such small
capital.
Thanks for your support and recommendations.
Regards
AKB
Well, I always use an EA and I have a mini-account, I don�t see the harm of using an EA with a small amount of money.
I�m not sure of what you mean by “suitable”, are you looking for an EA?
Thanks for your support - yes I would like to find a suitable EA to use for a mini account. I guess EA�s have been mostly programmed for normal Forex accounts ?
Would like to start with a mini account and then grow it 
Well, I have been doing some research about EA�s, it turns out it�s a little bit more complicated. I have been using an EA called 100_Pips_a_day for a few days, but I�ve been lucky; I was chatting with a more experienced trader and he tells me that at any moment, my account could crash. The thing with EA is that they leave out the fundamental analysis, which is very important. I�ve heard of some very profitable EA�s, they guarantee that you win the 80% of times. The thing is, they don�t tell you how much you could lose on that other 20%. I�m starting to reconsider my whole strategy, keep I�m touch and let me know what you�ve found out.
There are only bad trading strategies out there whether it
is executed manually or automatically. Why would some EA
all of a sudden crash and burn your account? Huh? Unless
the person using the EA had no concept of money management
or better yet have zero trading experience whatsoever resulting
in lousy money management. Even the most miserably
conceived EA will not crash and burn your entire account
balance unless the user used crazy risk on every trade.
Now, if it is a decently conceived EA, even then retard
risk would kill your account.
Lesson? Get some real trading experience under your
belt… then go get a decent EA, learn to program your
own, or be a real manual trader. Whatever you do,
money management with proper risk is the only way
to go. Now, how profitable is this guy who says EA
will eventually crash your account? I know several
well off people who made most of their money using
an EA. Whatever you do, money management and
proper risk is most important. And also, this so called
and overhyped fundamental analysis is also grossly
overrated. Successful traders really scoff at it.
There are a ton of failed traders who fundamentally
analyzed the market to death only to fail. Ask some
traders have been at this for a while and ask how many
traders lost all of their shirts fundamentally analyzing
themselves to death into the poor house back in
September? Not one single thing spells success in
trading… and most of the time, fundamental analysis
is pure crap since it does nothing to tell you what
will actually happen. Most of the time, it doesn’t
even give you a ballpark success range.
The thing that stand in the way still are fear,
greed, and a very very weak poor ass stomach for
trading. If you are weak, admit it, and get the hell out.
This advice needs to be given more on trading forums
rather than the feel good BS fed to make others feel
good. If you know you are weak, get the hell out.
I agree with most of what you say. However, I disagree with your opinion on fear and needing a strong stomach. What you said implies that you have to learn how to be fearless and stomach bad trades. Having this attitude is a recipe for disaster. It will only put you on an emotional roller coaster that will screw up anyones trading.
The only time fear exsists in a trader when they havn’t fuly accepted the risk of the individual trade they are in. Not accepting the risk will cause them not to see opportunities in the market and to not be able to let go of a trade when it’s obvious it’s already gone bad. When a trader has an edge that they trade and can execute it from a objective perspective, without prejudice, there is no fear. Why, because they know that a losing trade is just one of the losers in their win/lose ratio. They’ve already predefined their risk and fully accepted it.
If someone is fearful they don’t have to admit it and get out of trading, they have to learn to adjust their mindset and think like a successfull trader and find/develop an edge before going into trading full on. Most trading mistakes are not the fault of the market, but start inside the trader himself.
While you do need to be reasonably intelligent and ambitious to try and learn to trade well enough to do it as a full time gig, you do not need to develop, nerves of steel or a strong stomach.
Again, the only reason anyone who trades feels bad emotionally is because they have not developed a trading edge they can trade mechanically and havn’t fully accepted the risk on every trade.
The market doesn’t generate bad feelings, the trader does this inside himself. Usually the result is bad trading. The trader just needs to see the information (opportunity) the market is generating and act on it objectively with whatever edge they have developed. (instead of seeing only what they want to see or have a fear of seeing)
If anyone gets emotional and fearful and thinks they have to have nerves or steel or stong stomach to trade then I recommend reading the book: Trading in the zone by Mark douglas.
It will do much more for your trading than trying to develop nerves of steel or a strong stomach ever will.
Thanks - where to get the 100_Pips_a_day? Still hoping to find an appropriate EA for this purpose. Will inform anyway as soon as I find the Resources and Tips - this must be possible !
About the reasons why this Expert Advisor would be counterproductive and how profitable is the person on the other side of the country who I chatted with, I can�t really say. Am I fearful? Of course, I�d be a fool if I wasn�t, I don�t know who, except maybe for a very wealthy person, wouldn�t be fearful of losing a large portion of its savings. I�m just looking for some advice out there and I will keep each and every one of them in mind, I don�t really see much use for that macho attitude, I�m gonna eat the market through my mini-account attitude. I�m not planning in getting out. Not interested in your advice, but thanks.
Hi megawealth, you can find the 100 pips a day Expert Advisor in here: MT4 Experts Advisor�s Blog there are some other stuff that I�m looking at, some appear interesting. Let me know if anything works out for you.