If you cannot quickly recite the daily, weekly and monthly support & resistance values for any pair you’re planning to trade with an EA, you shouldn’t be trading.
If you can’t manually calculate the currency exchange conversion values for any pair you’re planning to trade with an EA, you shouldn’t be trading.
If you cannot read and understand the code of an EA you’re planning to trade with, you shouldn’t be trading with it.
If you haven’t learned to successfully trade manually for at least a year or two, you shouldn’t be mechanically trading trading with an EA.
99% of all EA’s are destined to fail. Some sooner, some later.
Technical indicators don’t work. They’re a big fib to appease retail traders.
Knowledge of only price action, a few key patterns, and support/resistance is necessary to trade.
If you cannot quickly name the 10 key news events and their dates/times during the upcoming month, you shouldn’t be trading.
You’re worst enemy in trading is your broker.
Broker Pip spreads are only a portion of your trade cost. You are regularly gouged by slippage costs. If your EA has a default slippage value of 3, guess what your typical slippage will be? If it’s set to 4, guess what your typical slippage will be?
The only EA’s that will be profitable are the ones that are cleverly designed to out-fox the brokers and other insideous market forces by resorting to tricks, gimmicks, and smoke & mirrors tactics.
Any EA’s freely available publicly will lose your trading account.
95% of “traders” on public forums are as uneducated as you are about trading. Be wary of free advice.
The average trader who is persistent and lucky enough to eventually become a profitable trader regularly will first lose $20K - $30K in the markets and spend another $10K on books, lessons, eBooks, subscriptions and software. The rest will perish somewhere along that path.
The amount of time you are “exposed” in the market through active trading, either manually or mechanically, is inversely proportional to your profitability success rate.
Two high probability trades yielding 15 pips each and using a lot size of 50 is all you need each week.
Praying to God isn’t going to influence your trades one way or another. God isn’t listening and God doesn’t care. Neither does the market.
Most new traders are over-leveraged, under-capitalized, assume far too much risk and have absurd profitability expectations. A lot of new traders are actually desperate to be profitable in lieu of working a regular job or some other personal financial issues, and therefore expose themselves to being wiped out early in their trading.
A 5% monthly return on trading is in fact a very generous and profitable ROI to be proud of.
The data feed of a broker demo account is actually more representative of true market price action than a live account feed because it isn’t manipulated.
Backtesting and forward testing of EA’s is virtually useless for purposes other than debugging code logic. The price action data feed of a live account is manipulated by the broker. Brokers use computer monitored algorithms to randomly squash the amplitude of true price volatility to fake out EA indicators and trade logic.
Your trading activities are absolutely and continuously on the radar of your broker, and traders that are too profitable are unknowingly subject to more stringent price manipulation techniques.
The only EA trading methodologies that have a lick and a promise of succeeding are based on creative straddle, hedging or countertrend order placement techniques. All others will eventually fail.
The most obvious and proven successful mechancal trading methods such as scalping are prohibited by brokers.
In most cases, news induced tower bars are nothing more than volatility responses to trader greed and have nothing to due with any real economic impact of the news on the underlying currencies. The currency price usually settles down and returns to it’s mean value after the news.
The majority of industry gurus that offer trading books, methods and seminars don’t even trade and make their money selling you their wares because the risk/reward ratio is much better than actually trading.