Automating some aspects of your life would be good as you wouldn't have to worry about the everyday tasks of getting certain things done. One important part of life that every should aim to put on autopilot is your income and there a few ways to use Forex to put income on full auto or semi-auto. A couple of these ways are talked about in this article and how they will benefit you.
EA
EA or Expert Advisor is a program coded to trade on its own once you start it. It is also referred to as a trading robot because it trades on basic rules that you set in it before you let it start trade. You can create an EA if you like but you would need to learn a coding language which make take months or years to get it right and trading profitably.
On the other hand there are other ways that you can get an EA without doing any coding. One way is to get one made based on your trading strategy. You can get this done by coders on fiverr.com or any other such site. Another way is to purchase one directly in MT4. Keep in mind that there are thousands of EAs in the MT4 platform so be sure to evaluate and test first before putting one on your live account.
EAs work well for someone with a busy schedule or when you just want to put your income on Auto-Pilot. The EA that you choose to use should incorporate properly money and risk management in it, these include but not limited to risk per trade, take profit and stop loss.
Signal Services
Within the trading arena, whether Forex, stocks or futures, there are a lot of instruments being traded. Within the Forex industry alone there are numerous currency pairs on the market that you can make a profit (or loss) from. However, if you follow all the signals that will pop daily it will consume all your time and energy. To solve this and maximize on your time, energy and profits signals service was created to assist other users in their trading endeavours.
Signal services are systems, either automated or manual, that provide you with trading setups, strategies and insights on different currency pairs. Before getting subscribed to a signal service you should evaluate their performance, trading ideals and also their longevity.
Automated signal services will provide an EA that gets signals directly from them and executes trades accordingly. The setup will include entry and exit points but in addition to that you can also close or open trades for yourself. The best way to utilize the automated signals is to setup a
VPS server and then install your MT4 there so that the EA can run even while you sleep.
Manual trading signals means that when the providers send the signals you will have to open and close the trades yourself for all signals provided. Manual trading signals can be sent via email, text messages or through an indicator provided by the service provider. The upside of this is that you get a chance to see if these signals coincide with your trading ideals before executing. The down side is that you will need to be around your computer when these signals come in so that you don't enter the trade too late or miss the trade opportunity all together. Two examples of such signal service is Signal Forge (Auto) and BKForex (Manual). Will provide more on these services in a later post.
Your next step
With the information provided above there are a few things you should do depending on where you are in your trading business. If you are a beginning trader then you should research more and gather additional information that will enhance your trading strategy. After your research is completed then you can test out a signal service on a demo account to see how it functions. If it performs to your satisfaction then you can go ahead and put it on a live account. Keeping in mind that live and demo accounts may be slightly different, don't put it to work on all of your money at once.
If you are an experienced trader then you can check out the various signal services that exists and use one that you are satisfied with.
And join our group for weekly trading info Compass Trading Association
