After plunging into real trading, a newbie in forex trading might face the undeniable reality of not being very successful the first month or so. A swing from overconfidence to feeling inadequate about the losses may fabricate the idea of getting a mentor, a so called forex guru, to magically lift the unlucky spell off the fruitless trading decisions. Can forex advisor really get you out of misery and are these forex gurus worth the money spent?
Being self-taught forex trader has both advantages and disadvantages, but at the end you learn the culture and pick up the trading skills along the way. Shortcuts sometimes lead to lapses in knowledge and that should be avoided at all cost. After all, forex trading requires 101%.
A good forex advisor might be able to give insightful explanations and therefore shorten the self-learning curve immensely. You might be able to make sense of forex trading faster with a help of a third party.
EAs don't actually trade for you; they just advise.
An expert advisor processes all the possible variables, alerting you to make trades. This gives you a measure of control – the opportunity to decide to make the trade, allowing you to learn more about the market and how it works, and have the final veto.
An expert advisor will notify you about the best trades to make but leave the final decision up to you.
Forex robots go beyond just giving advice. Following your preferred trading style and the parameters that you set regarding stops, limits and amounts, a forex robot will work continuously for you, placing trades no matter what the results.
A professional forex advisor can fit the puzzle pieces into a whole picture. The essentials that take ages to lean, such as “whats”, “hows” and “whys” of currency reverses, market trends and timeframes, can be conquered faster with a help of good mentor.
Forex trading indicators are widely used by forex trader, but unfortunately there are only few situations the indicators can be relied upon completely. A good forex guru will be able to explain the deeper meaning of indicators, as opposed to what they say now theoretically.
How Does An EA Works?
Typically an EA works by using predetermined rules or strategies for building trade decisions. This set of rules are programmed in a robot that automatically enters and exits forex trading. With embedded strategies, the EA will be capable of implementing trade decisions so that humans cannot.
Some of them are programmed in such a robust way that they can effectively and thoroughly scan an entire market, looking for chances with a high level of accuracy rather than humans.
In my opinion, though, forex trading is a profession based on a real experience. Once you have the precious experience stored away, you will become a free bird in forex market sky of endless possibilities.
Forex trading, like every other profession, has its own ways, rules and culture. It is the world possessed with greed and sharp claws, and you better learn, learn and learn some more before you enter the real trading coliseum and attempt to prove yourself. The gladiators of forex trading will not spare the weak.
Whatever you learn, whatever you hear from others, read off forex books, search up over the internet, hear from professional traders – you still should develop your own means and experience. Technical indicators, special techniques, forex strategies – the so called holy grails of forex – may help tremendously if you know how to use them and how to apply them to analyze the market.
Who is this forex guru anyway? Is he successful enough to be trusted? Is he making enough money to support his family? Can you really prove that the person you about to pay hundreds of dollars to will deliver?
It is always desirable to enter the mind of someone who is in the position you wish to be and is willing to give you a helpful hand to get you there. However, a good forex advisor is hard to find. There are many ways to learn, but having a teacher is undeniably one of the productive ways. After all, we all learn a lot from one another, passing on information from one generation to another. If you consider getting a paid forex advisor services, make sure to check this person’s credibility before putting your trust into his possession. Keep in mind, though, that at the end your forex success lays in your own hands.