9 Tips On Successful Forex Trading On The MetaTrader4 Forex Platform Using Automated Trading System

Many brokers and trading system developers are encouraging new traders to start forex business with the claims that their investment would be doubled in a short period of time. The truth is that 90% of new traders lose their investment in the first weeks of trading.

How can you be part of 10% successful traders.

Enumerated below are 9 tips that can assist you in achieving long term success when trying out forex trading for the first time.

1) Get an automatic trading system or Expert Advisor that provides user support forum.
Although there are systems out there you can get for free but try to get an automated trading system that offer user forum and professional customer support in order for you to have an idea about the problems and challenges other users are facing.

2) Pick a system before you register with a broker. Different automated systems trade different currency pairs likewise different platform brokers with different spreads. Having known the forex trading system to use you can now look around for the rebutable broker.

3) Pick a broker that offer free MetaTrader4 trading platform and it is regulated by the appropriate authority.

4)Make sure you understand difference in spreads. Some brokers offer variable spreads depending on market situations while some offer fixed spread.

5)Micro lots are reasonable way of starting out with a new Expert Advisor. Different brokers with different lot sizes, basically there are standard mini and micro lots.Ensure you understand differences in lots and choose micro lot if you are trading with small capital.

6) Open a demo account. Nearly all forex brokers offer a demo account for practice, it is good to demo trade a new system first.

7) Understand how to use MT4 platform. Make sure you understand how the trading platform operates so that you can install and set your automated system without error.

8)Begin to trade with small risk. Make sure you have the perfect knowledge of each pip that your new system will trade for every currency pairs.

9) Don't be greedy. Try as much as possible not to change or raise your risk more that suggested levels for the forex robot you are using.

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