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My Forex experience
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SofieAndreasen

Member Since Jul 23, 2020  159 posts SofieAndreasen Sep 03 at 14:39
Siitari posted:
Long story short:
for a few months now I've been looking into forex. It started probably in the same way as with most people -> how to get a little more money.
I stumbled across articles about forex and so on. I started to learn about forex, brokers, indicators systems and all that. I learnt about MT4, EAs, 'holy grails' and vendors. I found and devoured review sites(about brokers and EAs).


I must say that last few months have been very interesting. I've learnt a lot and found out that I still know very little. But most importantly I found out what I want out of forex(I suppose that is a lot in itself smiley).

I want

A. automated trading to gain
B. steady and
C. monthly income

Automated, steady and monthly. Easier to say than achieve and I can hear some of you laugh there lol But that is what I want and I suppose most of us want the same thing in that respect. I don't expect to get rich but I don't mind getting rich either.

So I started to gather EAs(free and commercial) to try them out. I backtested a lot of EAs and I've done dozens of forward tests too. I tried out different brokers to see differences. Actually I'm still doing these. I want to be thorough in these 'investigations' of mine to avoid the results of far too many others -> lose money and then lose some more money. I don't have that much of capital to use...

And I noticed something. Yep, most of the EAs are total crap. Like bat-shit-crap mad Most meaning well over 95%. I suppose some of the more expensive ones could work but I can't afford them so I have no idea. These $77-$299 ones and freebies tend to crash 'n burn or just slowly eat their way down. Me no likey. I've asked a refund on every EA I've bought and I've got refunded every time. At least something works... And settings can make a huge difference too.

I noticed something else too. Brokers are quite different from one another. There's a lot of things to take into consideration when choosing a broker. And there are hundreds of brokers out there offering their services. Spreads, off quotes, spikes, scams and so on... lot's of things to think about. And there's tons of broker review sites that have old information, wrong information, are in some way biased or something else.

I came to the conclusion that choosing the right broker can make a BIG difference. Even when you use the same EA on different brokers you can get VERY different results.


So, choosing the right broker and the right EA. This is what it is all about.

I have decided to use Blessing 3. My 'research' regarding B3 is still undergoing but this EA shows great potential plus it's very, very diverse and free! Thanks to all who have contributed there! Amazing work.

Then the broker issue. I suppose there are lots of opinions about what's a good broker.

My opinion of a good broker in a nutshell:

- MT4 - must offer
- EA - must allow all EAs(scalping, hedging)
- Regulated - must be regulated but cannot be regulated by NFA(hedging rule)
 -Micro account(0,01 aka micro lots) - must offer micro lots since most ppl dont have a capital of $10,000 or more to start with and good MM and risk settings require the use of 0.01 lots with smaller account sizes
- NDD(STP/ECN) - must not have dealing desk
- Offer leverage up to 200:1
- Good reputation and no restrictions on accounts(max lot size, max account size etc.)


These demands really eliminate lot of brokers right away. Sadly it seems that most brokers that offer micro accounts are not STP/ECN brokers or do not offer those services to micro accounts. I'm currently still looking for a good broker to start my live account on. ATM I'm doing all of my forward testing on Alpari UK(have tried dozens of brokers).

Ah, I suppose I've ranted enough here and have let my thoughts run wild. I'll let you know when I find a good broker smiley

High leverage is essential for small investment. Otherwise your trade will be close out due to margin call. If you have big investment, I think 1:200 leverage is sufficient.

ElliotCooke

Member Since Jul 20, 2020  227 posts ElliotCooke Oct 29 at 17:47
Forex is a sea of money. If you want to swim in this sea, you need to have proper knowledge and experience.

shaunmarsh

Member Since Oct 05, 2020  32 posts shaunmarsh Nov 20 at 06:28
Try using that much leverage that you think you will be able to afford to lose. Don’t go beyond that.

Tiffany07

Member Since Nov 02, 2020  20 posts Tiffany07 Nov 20 at 07:09
shaunmarsh posted:
Try using that much leverage that you think you will be able to afford to lose. Don’t go beyond that.


Leverage is a double-edge sword. We have to be very careful with how much to use.

Adribaasmet

Member Since Aug 27, 2017  861 posts Adribaasmet Nov 23 at 11:48
For me; successful trading means making consistent result in a long run! The return percentage doesn’t mean much; but again consistency is the key.

Mohammadi

Member Since Aug 11, 2017  788 posts Mohammadi Nov 24 at 06:28
success always complicated issue at any sector even Forex trading but it can be achievable of course by means of real patience, otherwise there is no real chance.

Evelyn55

Member Since Apr 28, 2020  50 posts Evelyn55 Nov 24 at 12:12
Adribaasmet posted:
For me; successful trading means making consistent result in a long run! The return percentage doesn’t mean much; but again consistency is the key.


Kinda agree. Consistency is hard to get in forex trading. Many make good profits sometimes, but to be able to do it consistently is a thing of pride.

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