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Run them on demo accounts for months before ever trying real
money, and even then, don't use real money.There have been a few that
were consistently profitable over time... months... years, even, but
these were using martingale variations that began with like .01 micro
lots so you could add 15-20 times as position went against you.
However,eventually they all blew up with one trade that blew the
account. You can read about it on forexfactory an other forums. So
people were getting cocky cuz "hey man I have this EA that has been
making me money for over a year" and then one day there's a trend a
little too big for them to handle and they lose 50-70% of their
account on one trade.Most EAs will cause you to steadily lose money.
Martingale, martigale variation, and hedged martingale EAs will cause
you to typically win a small amount with near 99% win rate, but each
win will be very small to small to medium in size, and the occasional
losses will be catastrophic. Imagine having 50 or 100 wins in a row
that are between 5 cents and 5 dollars each, and then one loss of
$3,000.
Trading can be a great industry but it has the ability to consume
you. You are in the beginning stages now. Beginners spend months
(years!) reading everything they can, learning all the indicators and
systems and looking for that holy grail system. They may blow out a
few accounts in the meantime, but hopefully they're just demo
accounts. Despite being told by those who have gone before you that
there are no indicators that are profitable, they will still search it
out on their own.
If you haven't bankrupt yourself after that time, and if you
haven't become distracted with voodoo like Elliot Wave, Fibonacci
numbers, Murray Math, or any of that other pseudo-science hocus pocus,
you will eventually drop all indicators and begin to study price
action and psychology (hint: neither of these things can be programmed
into indicators or EAs). Here you may begin to finally be consistently
profitable. But it's funny, because it doesn't matter how many people
tell you that this is the exact progression you will go through. It's
impossible to just start at this phase. It's like you HAVE to get the
"indicator/holy grail/system" bug out of you first before you can
actually begin to make progress. And you will still probably blow out
an account or 3 while you are actually learning how everything
works.
Remember, 95% of people lose money trading. And 95% of people are
looking for that winning system or holy grail indicator or magic combo
of indicators and indicator settings. When you finally stop doing what
everyone else (who is losing) is doing, then you may begin to make
money.
Trading can be fantastic. You have the ability to make in a day
what you used to make in a year. You also have the ability to lose in
a day what you used to make in a year, or more. You will learn more
about yourself and your emotions in one day of trading (with real
money) than in your entire life up to that point. Demo accounts don't
do it. It's not real money. You don't care. The first time you trade
with real money and your position moves against you you will shit
yourself. You will hold on for too long praying for it to reverse. You
will be down hundreds of dollars in a matter of minutes. And then
maybe it will reverse and the moment it goes into profit you will
close your position immediately for a $5 gain. And as soon as you do,
price will take off and you would have been up $500 if you had just
held on 30 seconds longer. And then you will buy again trying to get a
piece of the rally, and price will immediately reverse and go against
you and you will lose the $5 you made earlier and a few hundred
more.
Never trade with money you can't afford to lose all of, because
you will lose it unless you are one of the lucky few who can figure
out how to make money. Remember that the markets are run by, and
designed to take advantage of, fear and greed.
Well, this is a long ass post. I got kind of carried away. Good
luck, tho. Read everything you can find and don't pay for ANY
indicators or systems because none of them are profitable. Yes, even
the one special one you find that you swear is an exception to the
rule. It is not profitable.You'll see.