Forex Peace Army Members Forums>

[harmitk]

Hi, My name is Harmit. I am a 56 year old lady trying to trade for a living. I went for a seminar, in fact, after reviewing a number cos this one talked about auto trading. I am using the FXDD Meta trader4 both for live and demo accounts. I also have a demo account for the FXDDAuto trader. Both my demo accounts are doing pretty good but my live account is miserable and I have lost almost half of my initial capital. I am actually devastated but wish to really get the hang of trading in forex. Anyone plse tell me are auto trading systems any good?? And if yes, plse recommend one to me.

[Cyclon]

Hi Harmit,

Maybe by now my feeling that you pay a heavy price for letting a robot run your money for you in terms of lost time and potential is well known and that is why I don't offer one.

However there is something that all forex traders need and that is a foundation for their education.

Now the immediate need as you so pointed out is to be protective of your funds. There is much to learn but here in my not so humble opinion is where to start.

There are right on this very site two posts which I will call short courses in the vast university that is the collective here. They were just recently written by Pharoah and would be a very good place to start.

Here are your enrollment certificates:
How to avoid getting scammed when buying forex products

How to Manage Risk while Forex Trading

Even some of the comments which the articles drew out show their value.

Cheers,
Cyclon

[Pharaoh]

On additional note to add:

No matter what system you trade, manual or automatic, the odds are it will do better on demo than live. Live systems are MUCH more likely to have slippage, requotes, no-fills, etc. than demo accounts.

If live worked as well as demo, I'd already have retired to a life of luxury.

[ernest8fingers]

To trade for a living one must 1st have experience trading. If your account has slipped under 50% its time to take stock of all your trading practices. Bet small-do not risk more than 2-3% of account on any one trade. Open only 1 trade at a time until it shows profit-then lock profit in w/stoploss(or even TrailingStopLoss). Having a Broker that allows fractional lot sizes .01 (micro lot sizes) on MT4 platform is an excellent start. Losing your money as a beginning trader is a very common problem(for trader) and just what Brokers thrive on! Smaller lot sizes mean smaller profits but it also means u wont suffer the effects of Anxiety Drawdown quite as bad either. Hope I helped in small way-Never give up ! They(Brokers) can be beat! Read the 5 step plan for picking brokers in this forum . That may also help. There are only a small handful of Brokers that offer Micro-mini lot size options w/MT4 platform and you can review them all in FPA forum.