Automated Forex Software - Must Read Before Purchasing One
Before you purchase an automated forex software you need to understand what it takes to become a successful trader. Only then can you make an educated decision and avoid being scammed. In this article, I will cover the 3 secrets to becoming a successful trader that all successful traders know and that will help you get the most out of your trading whether you decide to purchase an automated forex software or trade without one.
There are 3 secrets to forex trading success:
1) Proper Money management
2) A system that has an edge
3) Discipline
1) PROPER MONEY MANAGEMENT
It is the art and science of controlling risk. In order to make money trading, you have to risk a certain amount of money. There is no reward without risk. The difference between successful traders and Gamblers is how they manage risk. Trading forex without using proper money management is simply gambling.
Successful traders are not gamblers; they understand the probabilities and only place a trade after they have carefully reviewed the risk and potential reward of the trade. They also know how many losses in a row their capital can take before a margin call.
2) A SYSTEM THAT HAS AN EDGE
Trading involves winning and losing. And since losing is part of the game, the best you can do is to find a system that wins more that it loses. It is important you understand that in order to be successful, you need to be ok with losing from time to time. The world best trading system has a 70 % success rate. This means that if you take 10 trades, 7 will be winners and 3 will be losers.
Successful traders know that they will succeed even before they place any trades; that is because they have a perfect balance between risk to reward ratio and win to loss ratio that mathematically guarantees success!
3) DISCIPLINE
Of the 3 secrets, this is the most important one. You can have the best money management system and a trading system with 70% success rate but if you do not have the discipline needed to stick with your systems, you will fail. The reason people lack discipline and fail is because of the fact that trading is a game of probabilities and most people are not used to thinking in terms of probabilities.
Even though your trading system has a 70 % success rate, the outcome of every trade is random; which means that even though you can know that 70 out of 100 trades will be winners, there is no way you can tell how those winners will be distributed. In Fact you can lose on 10, 20 even 30 trades in a row and still have a good system of 70% success rate.
It is difficult to keep trading a system when you get 10 losing trades in a row; that's because we are humans and we have emotions. This is why an automated trading system is helpful in trading. It will help you stay in the game when you would have quit.
Once you set your parameters, your system will execute them without hesitation and that is the difference between winning or losing in this game.
Does that mean that you should use any automated forex software?
Not at all!
In fact 99% of the automated forex software in the market is worthless. They were created by people who do not understand what it takes to succeed in the forex market. Those who sell those systems can only show you a backtest to prove how successful their automated forex software is. However experience traders know that back testing is not reliable.
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