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Earn on Forex with an Advisor

Wednesday, 19 July 2017 23:00
Earn on Forex with an Advisor

Trading methods are constantly changing to match the dynamic market conditions. And now most of the deals on Forex are made by robots. They are used by ordinary traders who don’t want to sit at the computer. Also they are used by large players (such as banks, investment funds). Nevertheless, you can find both positive and negative feedbacks on the work of the advisors, and it’s difficult for newcomers to understand the conditions that will allow automatic trading to actually bring profit.

Is it Possible to Earn Using the Advisors?

The answer is obvious: yes. This is confirmed by the experience of many traders around the world. However, don’t expect the robot to have universal solutions and the ability to adapt to any situation. Any robot trades within a certain strategy. One and the same expert won’t be able to give an equal profit, either within the trend movement or within the flat. The same way, timeframes matter.

Any expert is developed for narrowly specialized tasks. Read the materials provided by the developer. Identify several factors that will directly affect the profit that you receive:

  • Which timeframes are better to use;
  • Which currency pairs are better for trading;
  • The sessions the expert works most effectively at;
  • Recommended lot size;
  • Recommended deposit;
  • Recommended broker.

How to Earn Money with Robots

First of all, define the goals you’re looking for. If you want to quickly double or triple your deposit, and at the same time, if you’re ready to take a significant risk – then choose a program based on the Martingale method. Such experts will help to quickly increase the profit by doubling the lot. However, they can lead to a rapid zeroing of the deposit, in case of the unfavorable conditions.

If you don’t want to risk much and plan to receive a stable profit – then look for the scalper programs. They will open a large number of orders with a minimal Take Profit level. The risk of losing funds is much lower in this case. Such advisors can be installed on a remote VPS server, bringing you a stable income, working around the clock without requiring your participation.

Check if the robot strategy is right for you personally. Even if the advisor trades carefully and doesn’t allow large losses, it’s better to withdraw money from the account periodically. Only in this way you’ll be able to protect your funds from losses with 100% probability.

Pay special attention to choosing the instrument. Don’t trust the ads of robots, which promise super profits for all the currency pairs, in the shortest possible time. Study the reviews of other traders, analyze the documentation, and be sure to test the expert on the demo account for a long time.

Remember that in general, the whole success of automatic trading depends exactly on you. If you choose the right tool, and spend enough time testing and tuning it, the profit won’t be long in coming!

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Jonathan French
Jonathan French

Trader, 54 years old. I've been working as a financial analyst for 25 years. I write analytical reviews for financial media and manuals for traders. I make financial forecasts