Hello,

I've been researching various opportunities online and I've recently been reading about Forex trading. I think I'd like to give it a try, possibly with the help of an EA. Am I correct in that to do this I need to follow the steps below:

1) Create an account with a Forex Broker (ie: Forex .com)
2) Install a forex trading software package (ie: MetaTrader 4)
3) Install an EA that works with that forex trading software (ie: Avonko)
4) Allow system to run 24X7 making trades based on parameters I specify

Obviously I have more learning to do before I actually begin trading, but I'd like to know if I've overlooked anything or if my steps are wrong in any way. Any feedback or suggestions anyone can provide me with would be very much appreciated.

Thanks,

WillHanns

Yes it helps if you understand the basics of Forex. I think what you're trying to achieve is a successful automated trading plan and not conduct manual trading.

Choose a broker with low pip spread commission.

You will need to really research around and do forward testing on EA's to see if they perform like they say. Pick EA's that have money-back guarantee, great customer support and free updates for the EA. Remember the EA is a generic trader and the market is not generic but very dynamic, so updates to the EA is a MUST.

Test your EA on demo account for at least a month before deciding to bring it on a live account with real money.

You will be running your EA 24/5 these are the trading hours not 7 days a week. It's best to have the EA close trades and not have any open positions over the weekend, the news can greatly effect your equity severely to negative effect most times.

It's also best to use a virtual private server to have your MT4 applications and EA's running in this environment to ensure 99.9% uptime, rather then using your desktop PC or laptop which eventually won't be able to handle continuous uptime needed!

Good luck

hey. u mentioned something about running the EA on a virtual private server. can u suggest any providers?

Learn at least some basics about forex, so you'll understand what is your autotrader doing.
Then test it on a demo account or a very tiny real account.