10 Steps to Successful Automatic Forex Trading With Expert Advisors

A Forex Expert Advisor (also know by other names such as Forex Trading Robot, EA, MT4 EA, Automated Forex Trading Software) is a mechanical trading system written in the MQL-4 programming language and designed to automate trading activities on the MetaTrader4 platform.

Hundreds of brokers and system developers are enticing new traders into trading the Forex market with claims of double digit or higher returns in a short space of time by using MetaTrader4 automatic trading systems, called Expert Advisors. The reality is that 95% of new traders lose their trading bank in the first couple of months. How can you ensure that you are part of the successful 5%?

Here are 10 tips that can help you achieve quick success when first starting off as a Forex trader.

  • Get familiar with the Forex market. You can’t possibly hope to successfully trade a market that you do not understand. Don’t listen to all the hype that “newbies” can buy an automatic system and be successful immediately. The Forex is a very exciting market but you need to read and learn about this beast before trying to trade it.
  • Purchase a commercially available Expert Advisor (automatic trading system) that offers a user support forum. There are systems that you can get for free, but if you are just starting out you should consider purchasing a system that provides good customer support and also offers a user forum where you can read about the problems and the solutions encountered by fellow traders.
  • Choose the…



Source by Gaye White

Metatrader – Pros and Cons of Choosing the Metatrader 4 As Your Forex Trading Platform

Forex traders have been bombarded with so many trading software that promise them the best possible results. Because of this, people who are trying to find the most suitable forex software get lost in the mayhem.

Are you a newbie in online trading? Or are you a seasoned trader who has been in the business for a long time now? It does not matter. One of the most popular forex trading software today among traders, banks and brokers is the Metatrader 4. Naturally, it has some exclusive features that other software do not possess.

So here is a guide to help you decide if the Metatrader 4 is what you are looking for — considering your budget, your needs and your lifestyle.

Pros

1. Wide Range of Usability. A key feature of the Metatrader 4 is it may be used and integrated with other forex trading platforms. To illustrate, you may use your existing software such as the FAP Turbo or the Forex Megadroid together with Metatrader 4 to boost your productiveness.

Aside from this, it offers analyzed data relating to real-time market conditions on a day-to-day basis and presented in diagrams and charts that are easy to understand. Moreover, it allows you to save historical data considering the generous disk space. These saved data are very useful in analyzing previous market trends as well as for conducting back tests. The software is also capable of trading in different currencies. Lastly, it comes with a multilingual user interface for its variety of users.

2. Guaranteed Security. The…



Source by Kelly J. Brown

Forex Solomon Robot By Rita Lasker Review – It Makes 1-2 Trades Per Day Netting 40-100 Pips/Trade!

Rita Lasker is an accomplished forex trader who is in love with forex trading. She has released her latest forex robot that she has named the Forex Solomon Robot. This robot makes 1-2 trades per day netting about 40-100 pips per trade.

Many people think that robots are not good rather they are dangerous. This is generally true if you are dealing with a robot that has been developed unprofessionally. Most of these robots don’t have any mechanism that protects the account from monetary losses. Most of them infact are not safe for trading.

But a professionally developed robot can be a powerful tool in your trading arsenal. Forex Solomon Robot has been developed by a team of professionals led by Rita Lasker. This robot adapts and learns from its mistakes and consistently gets wiser. Rita calls her robot a, ‘Wiseman”. It uses a new technology that Rita calls S.T.T ( Self Training Technology) that constantly learns from the past mistakes.

Suppose, you are trading with a dishonest broker, Now, most of the brokers are pretty dishonest. If you have been trading forex, you must have discovered it by now. They have many tricks up their sleeves that can turn your winning trade into a losing trade. So, let’s suppose the broker is using any one of the following tricks;

1. Quotation filters that don’t display all the market quotes.

2. The broker is randomly expanding spreads.

3. The broker is re-qouting all the time especially during the peak activity so that your trade cannot be…



Source by Ahmad A Hassam

Forex Black Panther Review – One of the Best Forex Automatic Trading Robots?

Is Forex Black Panther really one of the best Forex automatic trading robots like what its owners are claiming it is? This product is useful for those who want to start making money on the currency market as well as those who are already doing so but want to reduce the amount of time they spend trading every day.

1. What Else Do You Need To Download Before You Can Start Making Money With Forex Black Panther?

This program works on the MetaTrader 4 platform, therefore you will need to have this free platform before you can start working with this product. After you have set up this program and configured all the settings, you can sit back and allow the software to automate all the trading strategies that it has been programmed with. I have found this Expert Advisor to be relatively more accurate in its analysis by looking at its higher percentage of winning trades.

You can choose any broker that you want as long as they support the MetaTrader 4 Platform. As a member of the FX Black Panther, I get regular updates to the software when market conditions change and stand to profit from all opportunities regardless of when they come about.

2. Review of Forex Black Panther Expert Advisor

It is programmed with a set of manual trading rules as algorithms that the software runs automatically with. Therefore, it works very systematically and if you understand the system behind it, you will know what to expect the robot will do in any situation that you analyze. Of course, the benefit of…



Source by William Barnes

Expert Advisor MetaTrader – Looking For the Best Expert Advisor For MetaTrader?

Are you looking for the best expert advisor for your MetaTrading platform? Whether you use MetaQuotes’ most popular MetaTrader Client Terminal, Mobile and Smartphone, or the MetaTrader MultiTerminal, you can maximize your profits by using a Forex EA robot.

While it may be obvious that you should get an expert advisor, you may be wondering which one is the best. A quick Internet search will return numerous products all promising to make you rich. While it is very possible to become rich from using one of these products, you have to make sure you choose the right one. Unfortunately, there are scams and ineffective products floating around. But if you put your potential purchase up to the litmus test, and it passes, you can rest assured that you are making a legit life-changing purchase.

A note of caution in regards to Forex robots before we begin ticking off the criteria. You cannot expect to turn it on and become rich overnight. It simply does not work that way. Just like when you invest in any other market, there is a learning curve and you will need to test and tweak the product according to your personal trading strategy. Clearly, the foreign exchange market gives traders the best opening to get up and running with very little start-up money. In addition, that market is open 24 hours a day, enabling you to maximize your profits. Finding the best settings for your Forex robot will require some tweaking and time on your part. It would be beneficial to you to use a demo…



Source by Jonathan Ryerson

Marcus Leary’s Forex Autopilot – Scam Or Does it Work?

Forex Autopilot is one of the most popular forex trading robots in the world today. It was created by Marcus Leary, a veteran trader, and has been used by thousands of people around the world. Marcus Leary claims that his software can help anyone make a lot of money on the currency trading market. He claims it can work for anyone, even people who have no knowledge of the Forex Market.

So the big question remains: Is Forex Autopilot a scam or does it work?

Forex Auto Pilot isn’t a scam, but Marcus Leary did exaggerate on what his software can do.

It’s true that this software can trade automatically for you and that it has helped many people make more money trading currency, but it’s not without it’s flaws.

First of all, you need to know that if you have zero understanding in Forex trading than you should wait awhile before using this software. You have to have a firm grasp of how the Forex market operates in order to be able to understand how this software works.

Second of all, it’s not a plug it in and forget it system. You do need to spend some time periodically to check on your trading and fine tune it a bit.

Third, you won’t be able to make money with Forex autopilot on the same day that you get it. It takes some time to set up and more time to really understand how this software works. I recommend trading for 2 weeks with demo accounts and only them starting to trade real money. This will make sure you know exactly how the software works.

Above all, don’t stop educating…



Source by John J. Drummond

LMT Forex Formula Review

Dean Saunders has done it again with the launch of his latest product, the LMT Forex Formula. If you have a full time job like me, then you probably don’t have a lot of time every day to spend in front of the charts looking for trading opportunities, especially if you have a family and other responsibilities. Unfortunately, most of the best Forex trading systems don’t cater for the part time trader, so finding something that fits your schedule is not easy. However, the new LMT Forex Formula by Dean Saunders promises to bridge this gap and offer a solution that only requires 15 minutes in front of the charts every day.

The Forex market is so flooded with Forex robots at the moment, it is refreshing to see something different for a change. Forex robots may seem like the perfect option for the part time trader, but the truth is that very few people actually make money with them. There are many reasons for this, but the main problem is that these 100% mechanical systems just can’t cater for all the different conditions that the market throws at them, no matter how many filters or check they build in.

The goal of the LMT Forex Formula is to address the disadvantages of both the 100% automated Forex Robots and the 0% automated manual trading systems. The product consists of a detailed manual that teaches you all the principles of the trading system, but it also includes a custom indicator and “Expert Advisor” that will analyse the markets on auto pilot and alert you when a…



Source by Chris Cronje

Forex Robot Test – How To Riskproof Your Forex Trading Account

Introduction

Forex trading robots are a powerful tool for achieving a Forex passive income without having to be chained to the computer for hours after work. That said, most beginner Forex traders get badly burned with Forex trading robots, and that's because they do not conduct a proper Forex robot test before investing real money into their system. So how do you ensure that you do not have a malfunctioning robot on your hands? By the end of this article, you'll know how to do a proper Forex robot test so that you can trade your robot with the utmost confidence.

Why Most Beginner Forex Traders Get Burned With Forex Trading Robots

They say that fools rush in, and many beginner Forex traders make a fool of themselves by fully investing them into a Forex trading robot before doing the necessary Forex robot test. While Forex robot sellers may promise the world and all the money in it on their websites, it makes sense to verify their reported results no matter how good they might seem. That's because the results that you see on their sites are often backtested results that have a high probability of errors. You owe it to yourself to do your due diligence in the form of a Forex robot test before you commit real money to trading with it.

What if I told you there was a way to guarantee that you will not risk a single cent with a Forex trading robot until you know for sure that it works? In my time as a Professional Forex Systems Developer, I have bought many…



Source by Thad B

Ordersend Error 134 – Err_not_enough_money

If you are getting the Metatrader 4 error: Ordersend Error 134, it means you do not have enough money in your account to place an order with the given lot size. What should you do?

Ordersend error 134 tends to happen a lot when people code expert advisors with a money management style that increases lot sizes such as Martingale. Eventually the lot size gets too big and you do not have enough margin to place the trade. This can also happen over time if your account balance gets too low or if you select too large of a lot size.

The error occurs when you try to place the trade, thus it is an “ordersend error”. To prevent this error you can check your account free margin before attempting to place a trade. To do this you will use the function, AccountFreeMarginCheck():

double AccountFreeMarginCheck(string symbol, int cmd, double volume)

Returns available margin that remains after the specified position has been opened at the current price on the current account. If the free margin is insufficient, an error 134 (ERR_NOT_ENOUGH_MONEY) will be generated.

Parameters:

symbol – Symbol for trading operation.

cmd – Operation type. It can be either OP_BUY or OP_SELL.

volume – Number of lots.

an example would be:

if(AccountFreeMarginCheck(Symbol(),OP_BUY,Lots)<=0) // there is not enough margin in the account, so do not trade return();

Another function you can use to find the remaining margin is:

double AccountFreeMargin( )

This returns free margin value of the current account.

The following example prints out the free margin for your account:

Print(“Free margin is =…




Source by Jim Weldon