Automated Forex Trading

[TraderMike]

Hi everyone,

This is my first post on Steve's forum.
I'd like to share a particular method of passive income which was successful for me during the last 12 months. What i do? I trade forex with automated strategies.

I've researched many other forms of Internet-based business or income which is not related with 9to5 job. Being inspired by popular article "10 reasons why you should not get a job". Thanks Steve

Blog writing, selling ebooks, giving online seminars, affiliate programs, etc.
I know it works for many people. Maybe its the fact that i'm lazy... i've always found it massively difficult to attract traffic. And even with traffic, sales were extremely rare.

What I like about automated forex trading?

1. I don't have to find customers.
2. No traffic/visitors needed.
3. No waiting for payments from Amazon or Google - profits are instantly on my brokerage account.
4. Minimum of my time is involved. I set automated systems once and can earn forever.
5. I can increase my position size when I want and thus increase my potential income. All i have to do is change few settings in my trading software.

What are the bad sides?

1. I can lose money. With Adsense for example you can't, only your time. Besides the costs of domain and hosting, of course.
2. There is no guarantee whether i'll make any money in any given month.
3. It requires initial capital. The higher the better!

Why i use automated systems to trade rather than do it by myself manually?
First of all i simply *love* the idea of employing my money to work instead of me working for money. The technology enables me to do it, why not profit from it?

The second reason is the fact that I could never make profits on the markets making the trading decisions by myself. Its so psychologically hard, Id never want to return doing this.

I wonder how many of you explored trading? Did it work for you?
I'd like to share experiences with peers who are doing the same.

[Peterw]

I'm an active trader - not full time but working toward it. I don't use robots or EAs or indicator based systems though. Pure price action/support resistance.

Had an absolute blast today shorting the Euro

I really hope you're not here to sell something

[SnerpGoodWord]

Forex has always struck me as one of the least favorable trading venues, at least the typical MetaTrader bucketshop brokers. I think it's always dangerous to have your price feed controlled by the same entity who's the counter-party to your trades, who also knows what would otherwise be private order book information. That's just a formula for shenanigans.

[Peterw]

Originally Posted by SnerpGoodWord

Forex has always struck me as one of the least favorable trading venues, at least the typical MetaTrader bucketshop brokers. I think it's always dangerous to have your price feed controlled by the same entity who's the counter-party to your trades, who also knows what would otherwise be private order book information. That's just a formula for shenanigans.

Requote!
Requote!
Requote!

My broker (GFT) are OK, their platform has some great features but I prefer MT4 which they've just started offering.

Forex intraday is pretty horrible, I don't trade anything lower than the 4H and even then only rarely. I like daily/weekly timeframes.

[Davidaw]

I wonder how many of you explored trading? Did it work for you?

I have been trading for the past 4 years. Not actively only once a week if I see USDX biasing against the EURO and go long against the EURO with a handful of basket pairs with US dollar.

Did it work for me?
Not really mostly breakeven and never have the courage to admit I'm wrong and closing the losing trade.

Will I still pursue forex as a living?
Yes, it is better then buying 4D and Toto in Singapore. I saw lines and lines of poeple forking out $50 - $100 on buying the paper with digits on it. Everyday, do you think those money is better invested in your trading capital.

The Casino in Singapore is attracting many locals creating a possible bubble in their pockets. And they think I am gambling my money away in forex. I believe in trading edge. You must have an edge over other traders in the market then you will live longer. Because like poker if you do not know who is the dummy then you are the dummy or something like that.

Regards
David