I’ve been using a money manager service for 5 months, and made some nice profits. Now I’m planning to buy their EA and start trading by myself so I don’t have to share the profits. What i want to ask you guys is will the result of an EA differs from one person to others if we use the same brokers, deposits and pairs? Do you think I should continue using a money manager service? I’m new in trading so I think I should ask an expert.
Please reply if anyone have a similar experience.
There are things you have to ask yourself and you need to answer them too. For me I don’t believe that any software can make you rich in forex but I will advice you to learn with the demo account and improve on your skills to trade if you are planing to make it in forex.
Hard to say. How many times does your manager interfere with the EA? Most of the time there are a lot of settings to do before the EA start making money You need this settings as well if you buy it. Is you manager tweaking this settings for you ? Can you do that your self? If you buy it leaf 50% at your manager and trade 50% yourself Ask for guarantee to have the same result. Or only pay after installation of the EA and making profit with it.
How much % is you manager making monthly for you and how much you have to share? How much you have to pay for the EA? All questions to be answered before you can make a decision.
TC
Never fully depend on EA in trading and its better to trade manual through proper analyses over the market. You should spend proper time in demo account and learn the basics it will help you understand properly.
They say they only interfere when the EA stopped trading. They could help me with the setting, but it might cost some extra money. I think I could learn how to do it myself. He made around 200-400% with $2500 and $5000 deposit. The profit share was 50:50. I have to pay $5000 for the EA, which is quite a small amount compared to the profit. Please help me to decide.
We had the same problem mate. But I already bought the robot, doesn’t made as much as the managed account but since I don’t have to share the profits I could get more money, and now I can focus to my dream without doing ****ty job for some coins. Hail Forex!!!
I know how it feels, I quit my job in an insurance company after my first profits in forex trading, now I’m pursuing my dream as a Novelist. Haven’t made money from writing yet but forex is really a live saver. Btw, could you give me your robot seller contact?
Do you live in Darwin? could you send me your account manager contact? sounds like a good deal.
An EA can only work good with the programmer or developer himself. Because he will know a lot about that EA’s programming so that he can amend it where needed. Buying that EA can put you in a lot of trouble while using it in your real account.
I think 50:50 is fair share. I got only 40% from my MM, and he burst my account twice. And about buying the EA Im totally agree with forexcrisp, Only their programmers are good at using them.
In which broker do you investing your money mate, it seems good place for managed account.
There is no fixed rule about money management in trading because different person can be different view to look certain condition. But general rule about money management is traders should invest money which they are ready to lose. Don’t ever invest money which you coulad afford to lose. And the simple rule from me about money management is using at most 10% of your equity in one transaction so don’t ever trade with full lot because it will be same with gambling if you trade with full lot.
In Exness mate.
Any trader who must make good money from forex have to make good proper money management. If you must work hard, you need to help yourself to trade good and you need to work much more harder to develop your strategy on minimizing losses.
I would stay with the MM. First I would take out my initial deposit then build some capital by taking out only 50% of the profit till I am happy with the average monthly return. Maybe then I will consider buying it but only from profit made. Anyway don’t push it. Who is your MM?
Every trader must practice good money management if he must win and have a great profits. If you are not good in managing your capital, you could easily loose it out and this won’t help you out as a trader.
I agree with Blackface and imbest. Trading is something you must to do on your own. You need to find your own way through constant practice on a demo account. I haven’t started a demo yet. I’m just reading some beginner books. Any good books to recommend? The one I’m currently reading is Candle Master’s “Candle Timing Strategy.”
in the most of time in forex market. i trade with plan. i was allow 5% risky and i earn 6% profit. i can keep money in my account. i encrease it week by week. we need has plan trading in details. we will trade in forex market easier.
Money management is totally subjective task because each one of us have varying risk appetite and hence we need to plan our money management accordingly such that we are surviving in the forex market for longer period of time and hence we can trade and make good gains with longevity only.
I also do 5% risk, most of the time.
If you have [U]probability[/U] on your side then it’s basically up to you on how much $ you’re willing to lose.
Probability is KEY. That’s basically how casinos make their money and are able to pay out jackpots to anyone. Probability is always on their side.