Need advice Starting out

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111261017706
14
111261017706  

hello there

i am new to trading and learning about trading robots  i am currently 18 years old living in the United kingdom and have around 1800 gbp to invest overall in a robot and in my mt4 account


i was wondering what will be the best robots for my situation as i have not a lot to invest in, how much would i expect to see as a return each month and what broker i should use as i am currently using XM and what to use from MT4 or MT5 

thanks it will mean the world if i get a response from anyone hope you have a good day 

Fernando Carreiro
4401
Fernando Carreiro  

111261017706: i am new to trading and learning about trading robots  i am currently 18 years old living in the United kingdom and have around 1800 gbp to invest overall in a robot and in my mt4 account

i was wondering what will be the best robots for my situation as i have not a lot to invest in, how much would i expect to see as a return each month and what broker i should use as i am currently using XM and what to use from MT4 or MT5 

thanks it will mean the world if i get a response from anyone hope you have a good day 

If you follow the road you have just described than you will see your 1800 quid disappear in a flash and may even burn through a whole lot more as you scramble to add even more funds to try prevent it.

No, don't start with a robot EA at all. Start by first leaning about trading manually and plan for a very long term process that can easily take several years. Start with a demo account and learn, practice, learn, practice, repeat and repeat until you are profitable and understand how things work. Then you can move onto a cent account and only when you can do that well, should you consider going onto your full real account with your investment.

But most importantly, during all this process, DO NOT use robots or EAs, especially if you did not have a hand in their creation. The only traders that can use Robots/EAs properly are those with the coding skills to do it themselves. Other than these types of traders, if you don't have the skills to code your own Robots, don't use Robots at all.

You will need to put in the work, the dedication, the commitment, the research and effort to learning and doing it on your own, until your goal is achieved.

Obviously, I know for a fact that you will not take this advice, and that you will fall prey to all those promises of "vast riches" and you will blow your account and lose all that money and probably much more.

But one day, you will wake up and realise your mistake, and hopefully you will remember this advice!

Forum on trading, automated trading systems and testing trading strategies

Strategies for simple EAs

Fernando Carreiro, 2018.09.10 00:28

You have to first learn about trading and practice manually until you understand how it all works. It is like any other profession, you need to study, gain experience and develop your skills.

Also, just like any other profession, it will take years. So don't think that you will just get it in a few days or weeks or even months. It takes years of research and development of ones skills and abilities to trade profitably, even if you are translating it in to code to do it for you. In fact, I would say that coders actually have to work twice as hard as you will need to translate all the "human" nuances and skills into code which can be very difficult.

So, start reading books, or reading up on information available on sites such as at BabyPips or Investopedia. Practice manual trading on a demo account and evolve onto a cent account and later on a full account with real money at stake. As you progress you can develop your EA code to accompany the level of knowledge and experience you gain.

It is a long road. There is no easy money in trading. It is just as difficult (if not more) than any other profession, be it being a engineer, a doctor, a carpenter or a mechanic.

Don't fall for the dreamy illusion of getting rich quick. That is just not the case. It will require dedication and commitment.

Keith Watford
Moderator
13978
Keith Watford  
111261017706:

hello there

i am new to trading and learning about trading robots  i am currently 18 years old living in the United kingdom and have around 1800 gbp to invest overall in a robot and in my mt4 account


i was wondering what will be the best robots for my situation as i have not a lot to invest in, how much would i expect to see as a return each month and what broker i should use as i am currently using XM and what to use from MT4 or MT5 

thanks it will mean the world if i get a response from anyone hope you have a good day 

Listen to Fernando.

I'm not sure if I should remove your post or not as you have opened yourself up to all sorts of spam.

It is against forum rules for anybody to recommend a product or a service on the forum.

Treat everything that people tell you about getting rich through trading forex with scepticism. Mostly, they just want to con you out of your money. They have failed at trading, so prey on others who will buy into their hype.

Put your money in the bank and open a demo account so you are not risking real money. Treat it like a hobby and if one day you become good enough, that is when you risk your real money on a real account.

Petr Nosek
1264
Petr Nosek  
Fernando Carreiro:

Bravo Fernando, this the best advice that a newbie should follow. But I'm quite sure he/she won't.

Marco vd Heijden
Moderator
8169
Marco vd Heijden  

I would like to add to use a micro or nano account, in stead of a demo.

At least there will be some cash involved, which can make all the emotional difference between demo vs real.

Otherwise it will hit when you go from demo to standard and that usually has dramatic effects.

Petr Nosek
1264
Petr Nosek  
Keith Watford:

Listen to Fernando.

I'm not sure if I should remove your post or not as you have opened yourself up to all sorts of spam.

Because of Fernando's answer it would be pity if you remove this topic.

Fernando Carreiro
4401
Fernando Carreiro  
Marco vd Heijden:

I would like to add to use a micro or nano account, in stead of a demo.

At least there will be some cash involved, which can make all the emotional difference between demo vs real.

Otherwise it will hit when you go from demo to standard and that usually has dramatic effects.

I think you missed that part in my post. I mention going from "Demo" to "Cent" to "Real"!
Marco vd Heijden
Moderator
8169
Marco vd Heijden  
Ah my bad.
Fernando Carreiro
4401
Fernando Carreiro  
Petr Nosek: Because of Fernando's answer it would be pity if you remove this topic.

No worries! The ones that could learn from it will not really take that advice. And the only ones that will value it, already know it from experience and no longer need it!

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