Many traders want to trade with a forex robot. But don’t know how. So, how should you trade with a forex robot that can help you make money on autopilot. First and foremost thing that you need to keep in mind while trading with a forex robot is that never ever trade live with a forex robot without first testing it thoroughly. Test any new EA thoroughly on your demo account and only trade live with it when you are satisfied with the demo testing results.
Back Testing A Forex Robot
Back testing a trading system is very important more so for an automated trading system. Learn how to do a basic backtest on your MT4 Platform. Back testing is the process of testing a trading strategy on prior time periods. Learn how tounderstand the MT4 back testing reports.Back testing can reveal a lot about the potential capabilities of a trading system.
Forward Testing A Forex Robot
After you are done with back testing, do the forward testing. Trading on the demo account is also known as Forward Testing. Forward testing can show how the robot is going to behave when trading live. Now, this does not mean that it will make money during live trading. For that you will need to do live trading.
Live Trading With An EA
There is infact no substitute for live trading. No matter how good the back testing and forward testing results are, there is still no guarantee that the EA will work well during live trading. Now, when you trade live start with a micro or a mini lot. We think this is the best approach to trading live with a new forex robot.
On a micro account, 1 pip is equal to $ 0.1 and on a mini account, 1 pip is equal to $1. So, losing 100 pips on a micro account means losing only $10 and losing 100 pips on a mini account means losing only $100. So, this is what you need to do when testing a forex robot. First trade with it on a micro account. This will reduce your risk by 1/100 as compared to trading live on a standard account. Once satisfied, trade on a mini account. Only after thorough testing, trade live on a standard account. Following the above steps will teach you a lot in how to start making money with a Forex Robot. Download this Guide To Getting Rich With Forex Robots Special Report that shows how to make $20K to $50K per Month with your Forex Robot Portfolio with almost zero starting capital. Good Luck!