How to Live and Succeed in the Forex Market Automated Trading with EA

The Foreign Exchange or Forex market is one of the largest markets in the world in terms of volume and number of transactions. Forex certainly offers a lot of opportunities to earn a large amount of money and make it fast.

However, there is the same risk of losing so much and at the same speed. This article aims to introduce automated Forex trading to improve your chances of survival and success in this unforgivable market.

The Importance of Psychology in Forex Trading

There are many trading strategies you can take or develop to maximize your chances of success and give you a better chance of survival. Whatever strategy you choose, psychology plays an important role in the success or failure of any Forex trader.

The psychological aspect of forex trading is that most traders find the hardest part to master. It is estimated that less than one in ten Forex traders survive to succeed in this market. The main factor in the failure of most Forex traders is the psychological aspects of trading.

New traders who have followed the recommended steps to get started also suffer from the mindset. They have done research on the basics of forex trading; they opened a demo account; they have tried different strategies; and has chosen the one that has yielded the best returns. However, with all the preparations, when it comes to dealing with real money, it’s a whole different story.

It is common for an inexperienced trader to open the store too early, close too late or vice versa. Results? The “perfect” strategy that worked in the demo account is suddenly imploded and your capital starts to shrink. Of course, this is not the strategy that is being implanted; it is the trader’s reaction to the psychological aspects of negotiating their precious capital.

Automated Forex Trading

One of the most important aspects of Forex trading is that it can be automated. Doing so removes all the pressure from the trader and their human flaws! Automation puts professions in the hands of an Expert Advisor (EA).

So what is EA? Metatrader is a MQL software designed to run the Forex trading platform. EA expands by connecting to the appropriate trading table and allowing you to trade according to your strategy.

The beauty of EA is that it will do your trades automatically, just as a human trader can certainly do. He will stick to your strategy without suffering the psychological aspects of Forex trading, which creates nine out of ten failed traders. It will continue to trade 24 hours a day (while markets are open) if you keep it online.

EA programming and configuration

You can learn MQL yourself by programming your EA or you can hire a computer programmer to do it for you. On sites like Fiverr or Upwork you can find very good price and talented programmers.

Once you have your EA scheduled, you need to put it on the net and let it run all over the clock. Instead of running your computer permanently, consider using a virtual private server (VPS).

A VPS can be deployed anywhere in the world and allows you to run your EA 24 hours a day for about $ 10 a month. You may find a broker that offers free VPS service. Once you’ve got your VPS, sign in, install MT4, connect your EA to the appropriate trading table, and start automated trading.

Optimize your trade

No matter how effective your strategy is, you will always be a loser. The key to success is to optimize your EA so that you can minimize these losses. To do this, you can use MT4 professional copy programs. These programs copy Forex trading from one MT4 platform to another, and you can set up only successful programs to copy.

You want to install two MT4 platforms, one for your Real-Money account and one for your Demo account. The EA runs on a demo account and the copier program is loaded on both MT4 platforms. Setting only copying successful (positive value) transactions to the copier program will significantly increase the proportion of your successful trades. All the trades you lose are left in the demo account – and that’s the best place for them!