Question regarding bots

[George B]

I am currently using MetaTrader4 with both "spiderweb professional v7" and phoenixea. This demo account was started just last week, and I have already made almost $2,000 using these bots. That is not bad. However, do these bots work in LIVE accounts, or just DEMO ones?

Also, where do I go to sign up for a LIVE account to use for metatrader4.

If you can use bots for live accounts, and if anyone knows of any good ones, please let me know. Also, let me know which software you like to use.

 

[John Bozeman]

I do not use bots, but PLEASE be sure to fully research the one you are using before you go live. The research will be entirely worth it as it could save you your account.

 

[George B]

Well the 2 I got now, have been working pretty nicely. They have been making me a few hundred dollars every hour. Personally, I didn't think that they would work myself. However, that doesn't say that they would work with live accounts, so I do need to research that part.

I don't plan to use them forever, but to start off, it would be nice. Just learning all of this stuff, is a little time comsuming.

I do not use bots, but PLEASE be sure to fully research the one you are using before you go live. The research will be entirely worth it as it could save you your account.

 

[f-man]

By which broker did you open your demo account?

Your survival in the Forex jungle depends very much on the broker you will choose.

Read this first:

https://www.forexpeacearmy.com/forex-forum/forex-basics-boot-camp/2333-how-select-forex-broker.html

Once you decide about your broker, ask them if they accept these EAs (Robots)

Then start demo trading these EAs on their demo account to see the results.

Even on the demo, but most important on the Live account you have to use correct money management. VERY IMPORTANT!

Don't Rush! VERY IMPORTANT!

Read, Read, Read! Every piece of information you learn will save you money.

 

[George B]

@f-man: I didn't open up a demo account via any brokers. I went to Forex Trading Platform MetaTrader 4 and downloaded the software, and it gave me the demo account with $5,000 play money, which thanks to the bots is not almost $7,000.

 

[f-man]

Well then you should choose a broker and download their own MT4 platform. From broker to broker there are many things that can be completely different.
Most important is the spread of course and if you trade on a 4 or 5 digit rates. Slippages and re quotes come also in the game, but I think it is more the case in the Live than in Demo.

You should try demo testing on 2 or even better 3 platforms to see the difference. Try an STP broker and a market maker to feel the difference and see how your EA will react in the different environments.

 

[George B]

So, I have to have a broker to trade forex? I thought you did it on your own, without the assistance of a broker?

Incidentally, does anyone know anything about investing in Penny Stocks? I saw a video on youtube of a guy doing this, with some program that helped him choose Penny Stocks, and he was making some good money.

 

[George B]

Anyone have any recommends on a good broker, some where that I can open up a real account with. Also, what is the minimum needed?