is it possible to trade forex and use a EA on a dial up connection? my only other choice is satalite internet and thats 80 bucks a month and im not sure if i would make enough on fores to warent spending that. thanks
Hello,
The answer to your question is YES. HOWEVER: you will need to find a broker that offers ‘VPS’ or ‘Virtual Private Server’ hosting (Google the words ‘MT4 VPS’). All this means is that you are allocated a session on a remote server and your MT4 and EA’s will run on this remote server 24/7 (24/5?) whether you are logged in / connected or not.
Are you going to make money CONSISTENTLY (if at ALL) with an EA? The answer to THIS question is PROBABLY NOT so don’t get your hopes up. There are NO shortcuts in this business (if there were we would all have found them by now and there would not be nearly as many forums and posts on a site such as this). Personally: I’ve yet to correspond with anyone that has not AT FIRST made loads of money on a demo account using an EA, then opened a live account and made a LITTLE bit of money AT FIRST using the very same EA, and a little while later wanting their money back that they paid for the very same EA because it’s either started losing money or wiped out their account!!! If there are EA’s that really DO work: they’re NOT in the public domain!!! All you have to do is spend a little bit more time going through the forums on this very site and you’ll see what I’m talking about.
Where does this leave you? You can still trade using a dial-up connection (forget about the EA idea). Find a decent trading system or methodology and trade on longer timeframes is all. If, for instance, you were trading using the daily timeframe you would only need to connect for a few minutes once a day to maintain your positions. You don’t need to be online every minute of the day to stare at your positions or the charts (and for some people this can be COUNTERPRODUCTIVE to be honest). HOWEVER: if you’re still LEARNING then I believe that you do need a permanent connection to the Internet because you need to spend time with the charts and your chosen trading system or methodolgy etc. for testing and evaluation purposes.
Regards,
Dale.
actually forex brokers don’t offer vps, well some may, I don’t know but vps can be a separate entity from the fx broker. it’s just a remote computer that your software runs on.
if you are going to use dial up, stick to the higher time frames for trading. you r connection may not be fast enough to give you time to react to the faster moving time frames like 15m, 5m. You should be ok with 1H and up I would think. But if you are new, the usual advice is to start on higher time frames anyway.
Some brokers DO INDEED offer VPS services for sure (NOT that I’d trade YOUR money with any of the ones that I’ve found)!!! LOL!!! But yes: there are other totally independant companies that will rent you the service and you can run whatever it is that you want to run on YOUR ‘server’. The only benefit I can see though is if you’re going to be using MetaTrader’s trailing stops. My issue here really is more the fact that this chap wants to use an EA!!! But: as always you’ve given him some good advice too.
Regards,
Dale.
I agree with you about EAs, definitely learn to trade and don’t rely on EAs, they can’t think and react.