Trading forex online is one of the most accessible means of earning additional income. And we can all do with additional income.
You need a PC, some seed capital (minimal at a number of online brokers), a trading platform (such as Metatrader) and a trading account with an online broker. This all sounds very simple doesn't it? Surely there must be catch? What is missing?
The simple answer to this is: A system - without a proper trading system, or plan, you might as well donate your seed capital to charity! A system can be either manual or automated. What is best then - to trade forex automatically or manually?
As a trader you should only be concerned about results - nothing else. In forex trading, money talks! It then follows that the best system to use is the system that simply makes the most profit - for you. Both manual and automated systems can, in theory, produce good and bad results, but all systems may not be equally appropriate for different individuals. Each trader's personal circumstances therefore dictate to a large degree the system that is most suitable to that person.
In general, it is recommended that novice to experienced traders trade forex automatically as opposed to manually. Manual systems can be very good though, but a person's experience level and circumstances will be critical in deciding to follow this route. Manual systems are effectively "reserved" for the very experienced/professional trader that can dedicate almost all of his or her time trading. In saying this, even traders following a manual system, in most instances, use some form of automated system in their trading activities.
The final step in starting with automated forex trading is to decide on which automated system to use. There are many systems available on the market - some are free and others can be bought online from their creators. In my experience, it is best to stick to the more reputable products that have been thoroughly tested, both by their creators and independently. This is a crucial aspect to reach the end goal: to make as much profit as possible given your personal circumstances. The incorrect system can cost you dearly, both in terms of lost cash, lost time and having to then buy other products. I think it is also best to avoid "free" products - they can become very "expensive" in the end!
To successfully trade forex automatically, be diligent, do thorough research, keep educating yourself and stick to a proper system. Skip one of these steps and your forex trading efforts could end in disaster. There is no easy way to be successful.
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