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Automation is in the world of Currency Forex Online Trading truly the lazy man’s way of trading the forex. And this is a smart way to do this. You might be wondering why? Because it does a great job in eliminating one of the greatest snakes in the grass, You!

Six years of FX Online Trading later, I have gone through almost all the pitfalls, traps and drawbacks this industry provides, so be careful. However, what if you’d rather not undergo all of this personally? What is it that makes the big difference between the five percent of people (or fewer) who make great profits and the ninety-five percent who just can’t seem to make a go of it no matter how many times they try?

To be successful in a swimming pool of sharks, you must digest and own some key concepts. Here they are:

What you should know to become one of the best Currency Forex Online Trading Experts
Here are the guidelines: To optimize your Currency Forex Online Trading experience and become a master trader, the eight most important considerations are:

1. If you cannot afford to lose the money you spend on the trade, then don’t do it. You don’t want to sit in front of your computer sweating bullets while you are in a trade. So don’t do it!

2. At no time, you should be invested with more than 3% of your trading account balance. The stop/loss you have to have in place must secure this, no matter what.

3. Always begin with a trial or demo account for one month if you are trying out something new. Most  Automated FX Trading Software Systems require a minimum of 3-6 month testing time to get familiar with the software and the trading “habits” of it.

4. Don’t switch to real trading until you’ve seen at least a month of profitable trading. It ought to be a minimum of 20 trade transacations, with greater amounts being best. Don’t forget that these are the minimum requirements.

5. A person should separate a part of the newly earned capital and take it out of the account, after gaining some profits and accumulate the rest of the money. My suggestion would be to take out half of what you’ve gained every month.

6. Maintain a record of your trades. Be sure to jot down or enter your trade details into an excel data file. A log file will be given to you by the MT4 broker in most cases.

7. Study the trade transactions of the trading software. That’s one of the most important parts to improve your understanding of the automated fx trading software. Systems weaknesses and strengths become more obvious as you notice similiarities in the trading. This is also a key aspect for manual trading by the way.

8. Adhere to the preceding 7 guidelines. Take my word for it, this is the most difficult aspect. I am tired of watching traders lose their entire savings simply due to the fact that they could not stick to some basic guidelines.

That’s all there is for the basics to get started. If you simply pay attention to these simple rules you will do far better than many others who struggle with FX Online Trading. Get your homework done, stick to the basics and you are on your way to the top 5% who are making serious money with fx online trading.

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