Hi everybody, hope you guys still read my blog :)
Ok let's start with 2nd step. After you success install MT4 then you need the system to "WAR" because if you don't have any single of system then you screw up.
there is 2 main system to start this "WAR" that is MANUAL AND AUTOMATIC. i will explain to you all this two system
1. MANUAL
Manual system has 2 main group too.
A. Use a technical system.
Technical system is use various indicator to decide open position.
B. Use fundamental analysis
Fundamental analysis is only look the news coming (usually from forex calendar or from bloomberg).
No need to monitored the trading all the time
No need to monitored the trading all the time
2. AUTOMATIC
Automatic trading nowadays has many many way, because many people always follow the technology implemented to forex.let me tell you just a few i know of this trading system
This EA is not human this also called ROBOT. EA is a system that made by someone to open automatically based on the indicators. So this trading will follow certain indicator to open your position.
B. Using trade copier.
This method is copying from other people trading (usually we have to pay them for monthly or weekly or fixed pip ) a known web for this system is ZULUTRADE
C. Using Hedge Fund Manager
This method doesn't have to pay at early, you have pay usually at the end of month. It take about 60%-40% comission for profit (this is for good track record) but for just average guy usually about 75%-25%
Advantage use Manual and EA (not hedge fund or trade copier)
Emotions
Emotion has very big role on deciding Open position whatever it's greed, fear, or satisfaction.
that's true EA doen't have emotion.it will Open position once all the requirement is fulfilled, but sometimes even all the indicator say yes, still have false signal, just imagined how if that logic behind the EA is not good.beside the EA is still human made, but our brain is made by GOD. but still manual system is also depends on that human self to control their emotion.other wise it's better use EA. ( i will explain about this later)
Time
Manual must be monitoring every time (it depends on your time frame) but still we must watching it all the time), mean while the EA just need VPS to run 24hours/1 year.
Conclusion for this 2nd step is
1. Only use Manual system so you know how it's look a like
2. Choose manual system you prefered but don't ever use more 1 system in same account
IMPORTANT!!!!!!!!!!
ex: if you decide to use technical then you should have more than 1 account.
for fundamental usually just need 1 account
3. Know the basic very well by using DEMO account and also made profit at least 3 month consistent
4. After you understand a system and have profit on DEMO, then you should use real account (just use 20% source of your money. NEVER USE 100% ALL YOUR MONEY
5. If you can double your account in 1 year (i just assume the profit for 1 month is only 5%-10%), then you may add your money again
6. In this step it's up to you whenever you want to use EA or just continued with proven manual system that you achieved (the advantage use EA is we don't have to use emotion and time, all we need is just money that you think ready to throw up if the EA is BAD) i believed on this section you don't have to worry since you can have reliable income from the manual.
REMEMBER NEVER USE 100% ALL YOUR MONEY ON EA
