But be careful, after 6 years of FX Online Trading, I’ve been probably through all the pitfalls that this industry has to offer, which was sometimes a very hard lesson to learn. And if you don’t want to experience all this trial and error yourself? So what makes the difference between the winners and the losers?

To make a long story short, there are some key factors which are absolutely crucial to your success and surviving in the sea of sharks (Brokers, Institutional Traders, Banks, Advertisers and most important: You!) with online Forex exchange trading or simple, FX. So here they are:

How to become a successfully currency forex online trading expert

The 5 basic rules

1. Do not put any money at risk that you could need elsewhere. Never!

2. Do not have more than 3% of your current account balance at risk. Make sure you have always a Stop/Loss in place that takes care of this. Crucial!

3. You have to begin with demo trading first. One month is an absolute minimum for this (the majority of automated FX.)

4. Only switch to real or live trading after a minimum of one month profitable trading (should be at least 20 trades, the more, the better).

5. After finding a profitable FX Trading Software, always take portions of the newly earned capital out of the account and let the rest accumulate. I would recommend to take out 50% of what you’ve gained each month.

For a good start into your trading career, these are the basics you need to know. It’s as simple as that. You can be one of those 5% of profitable traders who make a killing in fx online trading.

Forex Trading Software – How to find a profitable one?

This is a hard task to accomplish. The case is that you have to test many of these automated fx systems only to come close to one that might be profitable in the long run. Don’t get me wrong on this one. The majority of system developers will tell you that their system is able to make you very rich, but normally that is more a fantasy than a fact. I was completely burned out after I’ve tested 61 automated FX Online Trading Systems, because 99% of them will simply make you no money.

The MT4 Platform is commonly used for the majority of the automated FX Trading Software Systems. The programs where named Expert Advisors (EA’s). An Expert Advisor is a software script that administers the orders and tells the system what, when and which amount of any currency pair to trade.

Just google it out on the internet. So I will come straight to the point to make sure that you will not get overwhelmed with too much information. That being said, I will go straight to the point of interest:

5 Rules to find an automated FX Trading System that really works

1. If an EA is only advertised with “back tests”, it is nothing you should spend your time and money on. The back tests are only an indication for the system creators if their development is heading in the right direction.

2. You have to look for live testing or forward testing results.

3. A live stream with all the transactions/trades should be provided by the person/company.

4. The robot should be easy to use with predefined settings with an integrated update service. To be honest with you, it’s absolutely key for you to have a system in place that does not need any further optimization from your side.

5. And finally: A Money-Back-Guarantee for the Trading Robot.

That’s all there is to it. If you only follow these guidelines, your way to the top of the fx traders is well planned.