It is possible to hang loose and let the Expert advisor make real profit for you. In this discourse, Basic cues will be given for an efficacious trading.
1. Do not trade on micro accounts- One of the consequential mistakes made by inexperienced traders is that they trade on micro or classic account, which is not supposed to be used, the recommended account to be used is the Cent account, since they require huge sum of money in your balance to start trading. The minimum amount of money needed to trade by the expert advisor on a cent account is nothing less than 100 dollars.
2. Use the utmost obtainable leverage- Some traders presume that the trading risk decreases if they choose the minimum leverage, but the fact is the risk depends on a position size and stop-loss level.
3. Observe Guidelines- Guidelines such as the lots size, minimum deposit, recommended currency pairs are commonly included in most packages of the expert advisor, But unfortunately, most traders do not look critically into it, Guidelines are given to assist as they are done out of experience in trading. For example, if 400$ is required as the minimum to start trading, it will not be appropriate to run it on 30$ deposit, that is why guidelines must be duly followed.
4. Strategy tester must not be ignored- Other people‘s experience should not be neglected but it should not form the basis of decision, It will be more safe to test it all by yourself and adjust the expert advisor to your own unique trading style. It is very much advisable to test it on a strategy tester; there you can designate the amount of deposit and those settings which you can trade on your real account.
5. Withdraw profit frequently- You must make a rule to withdraw profit earned either once a month or once a week because if not done that way, you can lose the entire or most part of your deposit.
6. Examine properly- Do not be in a hurry to start on a new account, you must explore and examine properly the Expert advisor to be used, learn its strengths and weaknesses, it is not enough to just test on a strategy tester but also on a demo account and monitor for at least two months. It can help salvage heaps of money when trading on a real account starts.
7. Use a VPS server- Imagine pyramiding of order has begun and electricity shuts down for hours or the internet provider has decided to carry out a maintenance and the internet is turned off, profit will not only be missed but there will be loss of deposit. The fact is that orders will be closed if the internet and electricity are off. To avoid this unfortunate incident, employing a VPS server will be strongly advised.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.