Is Buying Forex Expert Advisor & Trading Indicator a Good Idea?
When I was new in forex trading business, I almost tried every indicators available on the internet and the forex trading robots (also known as forex EA Expert Advisor. I know many beginner in trading has similar experience to this. I made few thousands of dollars in hands-off trading and make some hundreds of dollars in manual trading using customized indicator in my Meta Trader 4 platform. But I found a better one way to become consistently profitable in forex trading. Do I stopped looking for forex robots and forex trading indicator? Read the full story!
Late 2017, I started forex trading including binary options, stocks investing, and even tried cryptocurrency which I make some thousands (extra money) buying Ripple, Ethereum and some bitcoin BTC using US Dollars.
I commit myself to learn forex trading. Everyday I study chart. I opened a forex broker account only demo accounts and trade. I am happy when I make some profits and don’t even care when I have huge drawdowns since it was just a demo. I told myself, I will create a live account and deposit $100, I turn $100 into few hundreds in a week and blown account after a week. I learned something from that experience.
Lesson: Treat $100 as million dollars. And make sure you cut losses to be in the game forever. Use risk to reward ratio and find your egde. If you know your edge, you will become confident in trading forex, stocks, CFDs, etc.
If you have a risk to reward of 1:3, you only need 4 wins out of 10 trade to profit.
- Risk to Reward of 1: 3
- Trade $100 to Make $300
- 6 Losses = $600 (6x$100 per trade)
- 4 Wins = $1,200 (4 X $300 per win)
- Net: $600 ^_^
Forex is not a gambling game. Forex is a game of probabilities. Now, I became profitable in trading forex, and even in stocks because; I know my edge. I have developed my own trading system. Don’t listen to hearsay. Many traders losses their money. It is because they don’t know what they are doing.
Starting today. Simply go to your trading chart and RESPECT the market. Know where it is going and know its “behavior”. Up, Down, Sideways? Trade them all. When it’s uptrend, just buy. When it is downtrend, just sell. When it is sideways? Just buy and sell on top and bottom. As simple as that? YES! As long as you have the risk to reward ratio, you’re fine. Do not trade if you have only 1:1 or 1:2, trade when you have 1:3 or more. I have trades that gave me 1:25 (twenty five not 2.5).
Imagine if you always loses $100 on your trades, and everytime you win you will receive $300, $500 or even $1,000?
Now I simply create a system where in I automatically trades using Expert Advisor. IT gave me $300 when I win and pull $100 on my balance when I lose.
Is Buying Forex Expert Advisor & Trading Indicator a Good Idea?
The answer is YES and NO – use your common sense. There are many professional traders who make millions of dollars without buying any indicators, expert advisor (forex robots), trading seminars, paying of workshops, etc.
Starting today, you have to study price action patterns. Don’t draw anything nor put anything in your chart. As naked chart trader, you can analyze the market easily.
Did you see price action pattern here? Yes! But it’s confusing. What about the second chart below? Hey! Believe me, just trade here and look at left and right. For left, look at the previous lows and highs, for right look at the price? And BOOM!
How People Make Money in Forex – Don’t be a Victim
Many scammers sell forex robots and indicators or worst offers a forex broker that is only a market maker broker. LOL. Use your common sense, there is no sch thing as “perfect system”. There is no such thing as sniper entry, nor a accurate buy and sell signal arrow!
Use your common sense. If a person selling a robot or an indicator, well, if he really makes money on that EA and indicator, he will now waste time to sell, rather make billions of dollars using that robot or indicator.
Many people in forex business (even in stocks, and options trading business are making money trhough;
- selling forex system
- selling affiliate products related to trading forex, stocks, options
- selling indicators and robots
- making money on youtube analyzing past charts
- selling trading signals
- selling workshops and seminars
- and worst, making money on commissions as introducing broker of their chosen market maker broker
If you found people acting like this on YouTube, close your YouTube and learn your own trading system. When you see backtesting forex robots and having a great results, close your YouTube and create your own robot. When you are in telegram channel and see a indicator with buy and sell arrow as if it is an accurate, leave that channel and learn. Start developing your forex trading strategy.
Did I bought forex robot and indicator? No! Did I used robot and indicators? YES. It is because some robots and indicators are profitable if you use them wisely. Why I stopped using robots and indicators, it is because the price action is the king in trading.
Conclusion
If you have profitable robot and indicator? Will you waste time to sell it or to just trade and become financially free out of your trading system (robot, indicator, strategy, etc.)? That’s what I call it “common sense”.
Will you waste time promoting your trading workshop, seminars and trading school? Common sense. Why not trade and make money and enjoy the rest of your life. Now you know the point, do not listen to those people who sell anything related to trading forex, stocks, crypto, options, etc. The “HOLY GRAIL” is your developed system with an edge that has 1:3 or more risk to reward ratio. Comment to this if you think this is useful. Share to many beginner trader for them not to get scam!