Finally, and in relation to the above, we should remember that the robots are only as smart as their creators.
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What steps did you take before contemplating going live? Depending on how you configure the trading software, will determine your results.
A very good EA A serious team Some very good gains I hope that in 20 years they will always be there for us and not withdrawn their island - Djijoun I rated this system as excellent which is "far better than expected. I read online multiple positive and negative opinions. Wasn't sure who to believe so I just tried it for myself. Happy that I did, I am gaining about pips per week on my live account which exceeds any other tool I use.
Hope they continue providing updates and value for years to come. I had a tough couple of weeks but the last few months have been excellent so nothing to worry about. I plan on using the holiday filter and even the time filter to customize Steam a little bit more to fit my schedule and when I feel the market is going to be the calmest. I find Steam works extremely well when there is very little movement so I try to monitor weekly expectations of the pairs I trade that week before setting it up.
Keep up the good work. Sure you have your typical ups and downs but this is part of the process, anyone who is not seeing the same must be having user issues as the platform is bulletproof in my experience. I have recommended this to many of my peers all of which are pleased.
I never thought I could say this in the FX market but this actually works. There was a point when I was using others and had almost given up on the whole process but then I figured why not I will give this Forex Steam my last shot and have never looked back. I've used steam for just over 2 months now, and honestly I think it's the best E. I have been using Seam for about two month on my live account and three month on my demo account. Now, think about it, would I still be using it if it didn't make money?
So, I am not quite sure what the negative feedback is about, but what ever it is, I am sure guys behind the Steam can sort it out, just have to stick to what they say, or maybe someone is trying to damage Steam's reputation so that they can sell something of their own. The strategy that they have built in to this robot is great and now Steam 7 is even better it takes care of bank holidays and news when the market becomes more unpredictable. Some robots offer solutions to find profitable trades even in erratic market chaos when the trending direction is unclear.
By following the best trend, they can maximize their profits and possibly eliminate chances of taking losses. Obviously, trading against the trend leads to loss after loss while trading with it, maximizes profits regardless of the method or robot that is used to trade. But wait a second. I am going to answer this question shortly. Most robots trade within the range or sideways market. They make some pips trading inside the tight range during the slowest forex market time, while they usually set a few pips target and either a too wide, or no stop loss.
They succeed to make profit in most of the trades they make, because they make a few pips in each trade. Thus, finding a great trend to follow is crucial. How Effective Are Robots? According to the federal government, most of them are scams. In fact, some had their entire accounts wiped out. If you want to know how effective they really are, check out reviews online.
For traders that use one, they should not depend on it to do conduct all their trading activity. After all, trading requires a great amount of human observation and research. Also, humans, not software, can follow up with economic conditions or keep up with the financial news.
Robots can only find positive trends and trading signals, but sometimes their functionality is adversely affected by jittery trends or false information.
Hackers and viruses might also hamper robots. Automated forex trading software or robots are good opportunities for their developers to make money, not for you as a Forex traders. Back testing, simulation testing, demo trading. I think I started trusting the system around Christmas That was when I talked about it with some friends. Until then I had spoken about my trading only with my wife. In February I started trading a size which made enough money to live on.
I finished my day job in May Your question about Trust is very pertinent. Your trust in your system develops over time and strengthens only when you successfully fight through a challenge, either poor performance or a large drawdown. I would love to say that I now completely trust my ability to make money everyday, but the fact is that there are always doubts and there are always new experiences in the market just waiting for you.
My trust increases all the time as does my experience. Lets now move to what I think I could be wrong… is one of the keys behind team Scott and Plutus. How much of where you are now is down to the testing you did?
What steps did you take before contemplating going live? You simply cannot have any basis for trust in any system unless you have proven its performance through all testing phases.
Your experience and knowledge gained through testing gives you a fighting chance to allow your system to run when you are under pressure. I will point out that I value my live trading data over all else now because that is real rather than historic data but you have to put in the work to give you the confidence in your chosen system. I detail this in the book, but back testing, simulation testing, demo testing and testing in the live market are all part of the preparation needed so that your live trading experience can succeed.
It cannot be rushed. Now that you have been running this system for over a year, what kind of upkeep does it require on a weekly basis? Are you still testing new pairs or Robots? Generally I do very little on a weekly basis apart from resetting the robots each weekend unless they have a trade open , withdrawing my profit and initializing the robots 1 hour after the market opens. At times it becomes demanding. Because there is such similarity with what I have done live for more than 18 months, I am trading live with small trade size in parallel with my testing.
But any change I make will be done for one reason only — risk reduction. Now lets get to your book, this sounds like a Christmas present to myself!
Can you give a description of the book and who it is aimed at? The book started as something I felt would have some value to aspiring traders given the journey I undertook and succeeded with. In August , Rob Booker interviewed me and I took the opportunity to ask his audience what they wanted to read about.
Overwhelmingly they asked for 2 things — How do you trust robots with your money and How do you scale to earn sufficient money to live on. That surprised me and it was not what I had written about, so I started again and wrote the book they requested. The book addresses a lot of topics and questions about robots, details how to approach your testing and tracks month by month my first year trading robots live.
This includes trade sizing, capital, emotions, setbacks and stupid things I did. I also tried to gather some information to help traders avoid some things I did while learning which wasted my time. Can you share a little about what life is like now you have financial and time freedom? Time is what I am blessed with now. When I was working full time it meant that most of the first 12 hours of my day was dedicated to the company I worked for. I got the rest of the day if I was lucky and maybe my weekends to spend how I wished.
Having time gives you so many advantages and I wish I had been able to stop working full time sooner. I now have time to explore things which would have remained on a to do list in the past.
I used to feel my free time was dominated by stuff I HAD to do. Sure some of those things still have to be done, but the time it takes is minor compared to doing what I want to do. Having time to me means being able to do things properly and in a well considered way. One of my frustrations in the corporate world was the insistence on getting things done quickly often at the expense of doing them properly.
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