ive been around forex demo accounts for about 7 months now, but only manual trading. recently i started to transfer all of what i do into expert advisors.
my question is if there are any legal issues i need to be aware of?
doesnt it sound too good to be true… you come up with a genius expert advisor that makes you thousands of $$$ every week while you just lie on the beach?
i think i would feel somehow guilty if i make money this way? and will probably be cautious every time somebody knocks on the doors thinking it might be secret services looking for me because i did something very bad???
There are no legal issues I’m aware of but it’s not likely to be as easy a ride as you may think.
You couldn’t rely on it to trade for you unattended indefinitely. An EA or robot that works may work well for a while but would need tweaking and some changes as the markets changes. Chances are a completely new EA or bot would be needed each time the market changes. So if you were to actually find or make one that works then you’d better keep a close on the markets and what its doing whilst developing, tweaking and backtesting the next one while you’re laying on that beach. Pay to keep a laptop handy then.
So in summary, to use a bot you would need to both understand the markets and how it works, meaning there is no shortcut or easy way to trade. Like Smartcash says, It would pay to start your journey or look for an answer in the BabyPips school.
There is no substitute for good old-fashioned knowledge and learning. I’m reading about alot of guys getting stung by their bots on last nights “surprise” Fed move, but all the clues were there for human eyes to see and interpret.
Fact is, bots simply do not have access to enough trading data or fundamentals to be intuitive or predictive at this stage of their evolution.
Pay to keep a laptop handy then.
Like Smartcash says, It would pay to start your journey or look for an answer in the BabyPips school.
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