Let me start out with a question to all my fellow Forex traders and those who plan to start trading: How much time do you have to trade Forex? I am asking this question every trader I meet as the answer is usually somewhere between one to four hours per trade. Almost everyone has a day job they need to attend to in order to pay the bills. Many seek out Forex trading to boost their monthly revenue which is a great way to implement Forex into your overall revenue stream. Where I see the biggest issue is the believe that you can invest a few hundred dollars and spend a few clicks here and there in order to start earning money.
Most people work eight hours per day, have an hour break and travel two hours. This totals elven hours spend on their day job, add an average of eight hours of sleep and you only have five hours available. Now take one hour in the morning to get ready for work and have breakfast and another hour for dinner and your free time shrank to just three hours. Another two hours of social life and an hour of exercise and you have literally no free time, but potentially a fulfilled and healthy life which is very great indeed.
My point is that there is no free time available to invest into anything else. Sure, you can cut your sleep time or your social time, but at what long-term cost? Another big mistake is the short-term focus when it comes to Forex trading. I like to compare it to being a farmer, you need to have the right field (Forex broker), plant the seed (your capital), nurture it (analysis), maintain it (place trades) and then you can harvest the fruits of your labor intensive work (your Forex profits). Then there are events outside of your control (fundamental changes). Ask any farmer and you may learn more about Forex trading from all those Forex coaches.
I know from my experience that I simply don’t have the time. I am a single mother, I work a full-time job and have a second job to make sure I don’t just take care of my bills, but also am able to enjoy my life. I was introduced to Forex trading by another single mother which I met at a bar as we were both waiting for our friends o show up. I have a lot of respect for professional Forex traders and didn’t dare to insult their hard work by playing around on my laptop after my son falls asleep and placing a few trades. This sounds more like trading based on hope rather than actually comprehending what is going on.
This dilemma, for me, was resolved by EA’s or expert advisors. They are also known as fore robots as they execute a certain strategy automatically. There are probably a few hundred if not thousands of them available and I have to admit that many are not good at all. The worst them scam you as you have to pay a fee and the results are terrible. Then there are some really good ones. In the end it all depends on what you preferences are and I want to give you some basic pointers on how to select the best EA for you rather then telling you what works for me.
Let me start by saying that those people who claim that you trade against big banks, brokers and professionals with deep pockets are wrong. You only trade against yourself, you trade your personality and you are either your best friend or your worst enemy. So don’t be scared, there is no competition against professionals. One of the most important allies you need to have is a solid Forex broker, one whom you can trust as the broker is the steward of your money. My friend recommended PaxForex and I can only return the favor and recommend PaxForex to you. Not only are they very friendly and helpful, but withdrawals are handled without questions asked, spreads are very tight and trading execution is great. Add the nice selection of assets you can trade and you understand why many Forex traders, new and professional, love to trade with PaxForex!
After you download your PaxForex MT4 trading platform, you need to enable auto trading which is done by clicking on the button in the menu bar. This allows EA’s to manage your trading account. Now let’s get to the selection of EA’s and where to find them. MT4 offers a good market place which you can access from the market tab which is by default located in the menu bar at the bottom of the trading platform. You will find a lot of EA’s there, some are for free and others you need to purchase.
How can you select the right EA for you? Try to find one that fits your personality. What I mean by this is look at how you perform tasks at work. The reason I mention you day job is because you are most likely best skilled to perform that one. Are you one who gets things done fast? Does your job require long-term planning or do you specialize at fixing issues as they arise? You know yourself so just browse the EA’s, read the descriptions and pick the one which you feel suits you. Then test it in a live account with a smaller deposit and once you like the results and feel confident you can deposit more and enjoy the results without making a sacrifice to your life. Remember the farmer, it takes some time to find the right crop!
To receive new articles instantly Subscribe to updates.
