3 skills for EA management can dramatically improve your EA Forex trading experience. As I noted in the previous post, EAs are not plug and play. This means that you need an intermediate level of Forex trading experience before adding EA Trading to your portfolio. An EA will only take trades according to the parameters given in the settings. No EA will always run perfectly and take perfect winning orders all the time.
Market moves are often unpredictable and volatile with wild swings in unexpected directions. If your EA takes a trade that goes dramatically the wrong direction, will you know what to do? Will you be able to resolve the issue?
If you can not take the appropriate action to correct your EAs incorrect trade, then the likely, unfortunate result will be a huge loss or even a blown account.
An EA can make your money work for you. But, be sure to do 3 things before you venture into the world of Robot trading.
1. Improve your skills and knowledge of Forex trading to a level you are comfortable with.
2. Find an experienced EA mentor to guide you through installation and setup.
3. Decide how much money you’re willing to lose if things goes wrong and don’t invest more than that.
It took me years to learn proper EA management. Years of losses, mistakes and frustration. It wasn’t that the EAs I was using weren’t any good, as most EAs out there will generally do what they are supposed to do, make money.
But, it’s inevitable that things will occasionally go haywire due to the inherit volatile nature of the Forex market. With proper education and understanding of EA management, catastrophes can be avoided and success can be achieved.
For more information on how you can master EA Forex trading, visit Prosperity Rising EA or leave a comment below to request more information.