.

In order for us to trade the forex market we require to have a broker. A broker is an individual or firm that acts as the middle man between buyer and seller trading in the forex market. The foreign exchange market is quite similar to the stock markets, except that the migratory of forex brokers do not charge a commission. Forex brokers are usually tied to large banks or lending institutions this is because of the huge sums of money traded in the foreign exchange markets.

There are basically two types of forex brokers:
1. Market Makers
Market-making is a lucrative business for brokers and banks, which creates the backbone of market liquidity. By quoting the bid and the ask prices on the trading platform of electronic brokering platforms, or through telephone calls, they essentially provides liquidity and invites other qualified parties (other banks, corporations or individual traders) to make a deal with them. In doing so, market makers must be prepared to buy or sell from other market participants.
For example, if someone wants to buy a specified amount of EUR/USD from them at the agreed rate, the market maker must sell the requested amount to them at the ask price, thus making them the counterparty to the transaction.
Through market-making, market makers profit from the spread, which is the difference between the price at which the market maker will buy (bid price), and the price at which it will sell at (ask price) from a customer.
During periods of high liquidity in which there is a great deal of trading activity, spreads of the actively traded currency pairs are usually kept quite narrow, between 1-6 pips. When the market is very quiet with little trading action going on for a particular currency pair, for example just
prior to the New York close on Fridays or during news releases, dealing spreads tend to widen, sometimes by a huge margin, as a way for market makers to protect themselves when they feel that they may have to carry additional risks. In addition to their primary role of supplying liquidity, traders from these banks also undertake intraday or short-term speculative trades based on opportunities created by their clients’ transactions. Market makers usually operate a dealing desk, which refers to the market maker trading with the customer, and the presence of dealing desks means that the market maker may potentially trade against the customer. It is possible for market makers to manipulate currency prices so as to run their customers’ stops or not let customers’ trades reach their profit target levels. They may move their currency quotes 10-17 pips away from the interbank rates. Independent traders should always be skeptical of claims by some market makers when they say they operate a dealing desk.

2. Electronic Communication Networks (ECNs) ||Straight Through Processing(STP)

ECNs/STP (ES) are electronic trading platforms that match buy and sell orders automatically at the specified prices. Traders tend to be more aware of their existence in stocks or futures markets.
An ES broker gets its currency pricing from several liquidity providers such as banks, market makers or other traders who are connected to the system. When an order is placed, it is routed to the best available bid or ask price in its system. Unlike the case of some market makers, spreads on ES are variable rather than fixed. Although ECN-type brokers typically charge a small commission, you can usually get tighter spreads on many currency pairs due to the large liquidity pool available. Risks of trade manipulation are also minimized when using genuine ES brokers as compared to brokers that operate dealing desks.

The broker that you use can significantly make an impact on your trading success. The choice of broker must be an individual decision, because everyone has different needs and preferences. Both new and old traders should carefully examine the practices and policy contracts of brokers, and be up-to-date with new information on brokers. Below are some points that you might want to consider when selecting a broker. You can use it as a rough guide to narrow down some candidates that match your own needs.

When choosing a forex broker there are many factors to take into account.

• Trust
• Experience
• Level of success
• Amount of advice to be given
• Convenience
• Amount of Leverage offered
• Speed
All of the above are important. In any financial transaction, it is important to trust the broker you work with. This trust is confirmed by the experience level the broker has. Of course there are some new brokers starting out who are quite trustworthy, but most people would rather work with an experienced broker. Convenience is also important. If you live in Britain then an Asia broker might not be the best choice. But in the age of the internet that factor has become less relevant. With fax and email where you and your broker live has become less important.
The amount of margin offered is important. Margin is used to leverage your money. A broker who gives you a 100 to one margin is more valuable than one who gives you 10 to one. And of course
The speed-Is your broker quick? Does your broker return phone calls and emails promptly? If so, perhaps you can work with him.
Your broker will be a trusted advisor and someone that you may be working with for years to come so choose the relationship wisely but carefully. Finding a good forex broker is a job in itself. When you communicating
with a forex broker, you are in essence conducting an employment interview to determine if this is the broker you wish to handle your financial affairs, so be thorough. Ask plenty of questions. Ask for
references.
Check and see if the broker is willing to offer you a demo account to use to get in some practice before you actually make an investment. If the broker is able to do so and encourages you then it means that the broker wants educated clients and is not just out for the quick buck.
See what kind of training and tutoring the broker is willing to offer. A good broker will offer to answer your questions and help you through the learning process.

Five Ways to Avoid Forex Broker Scams

Whenever there is a chance to make large amounts of money, there will be people who are eager to jump right in and start making money. And where there are people who are eager to get rich quick with a minimum of effort on their part, there are designated fraudsters waiting to take their money. Experienced traders are wise enough to avoid the frauds. Mostly it’s the new traders who are most vulnerable to the forex scams that are slipping into the currency exchange market.
The U.S. CFTC (Commodity Futures Trading Commission), which regulates futures and commodities trading, warns new investors to be wary of frauds and scams that promise huge profits from your investments, in and out of the Forex market. The CFTC has issued several Consumer Fraud Alerts in connection with foreign currency trading. They offer the following tips to help you avoid being scammed.

· Be skeptical of high-profit-low-risk come-ons.
“I made $3850 in five minute!” touts one sidebar ad for a Forex trading company. Ads that promise high returns on small investments with little or no risk to you are tempting bait. The fact is that while there are certainly big profits to be made in forex, there are correspondingly large losses. And most novice traders drop out of active trading by the end of their first year because they ignored the risk.
· Be suspicious. Period.
Before you part with a penny, thoroughly check out the company or broker you’re planning to do business with. Check the CFTC’s consumer fraud alert page. Check to see if the company is registered with the CFTC. Check to see if there’s any disciplinary action against the firm or company. Get even more basic. Get a valid address and telephone number, and verify that it belongs to the company. Check to be sure the person you’re dealing with actually works for the company.

· Beware high pressure sales tactics.
Legitimate dealers don’t need to contact you with unsolicited email, or pressure you into doing business with them, without you giving the information that requests for such information. If someone is pushing you to invest right now, tonight, this moment, it should set off huge warning signals in your head. A real dealer is more concerned with keeping you as a customer for the long haul. He’ll be patient while you check out his credentials and reputation. A phony dealer can’t afford
that luxury – he needs to get you on the hook right now, or risk losing his score. While technically not a ‘scam’, you should also be wary of paying good money for training courses that promise you systems that are ‘guaranteed’ to earn you high profits. If the course advertises that their
system will earn you huge profits with minimal risk, or guarantee you 40% return on your money in five days, take the promises with a huge grain of salt. Experienced traders understand that the forex market is a time market – while it’s possible to make Big amounts of money in short-term trades, finding those profitable opportunities is a matter of being in the right place at the right time… which means putting in the time and the effort to be there. They also understand that they’ll lose more often than they win – the trick is to cut your losses short and let your profits run.

I am sure all of you have heard about Albert Einstein. Probably he is one of the most famous scientists who created a big revolution in the scientific world and opened several new gateways of research and development. Theory of relativity, founding of relativistic cosmology, the prediction of the deflection of light by gravity that was later ended to understanding of black holes, the quantum theory of atomic motion in solids, the zero-point energy concept, the quantum theory of a monatomic gas, and… are only some of the things that he has done. But does Einstein have anything to teach us about trading? Yes, he has 8 amazing trading lessons.

1. Persevere

“It’s not that I’m so smart; it’s just that I stay with problems longer.”

When you read the above quote, you may think that Einstein just tried to look humble and down to earth, because everybody thinks that Einstein was a genius. He really was a genius but at the same time humble and down to earth, however do you think even a super genius can do anything if he/she just ignores the problems, gives up and walks away? Definitely not. The top secret is, to do something extra ordinary, you do not need to have an extra ordinary IQ. You need to be a hard working and focused person. There are so many genius people who come to this world and go without doing anything important and useful. But there are so many ordinary people who focus on something and make a big positive change finally.

You can not achieve anything overnight. It takes time to become a good trader. If you like to become a good trader, you also have to spend time on trading. There is no holy grail, nor a magic system or robot that can make you a millionaire trader within a short time. The holy grail is you and the experiences that you gain and experience can be gained through working and “staying with the problems longer” as Einstein says.

2. Focus:

“Any man who can drive safely while kissing a pretty girl is simply not giving the kiss the attention it deserves.”

Staying with the problems is not enough. We have to focus on them. In trading, “focus” doesn’t mean over-trading. You can trade 30 minutes per week only. But be focused during that 30 minutes. Also do not distribute your time and energy on trading so many different currencies, stocks, CFDs through so many different trading strategies and systems. You can not focus on several things at the same time. Novice traders think that analyzing several different markets and finding as many trade setups as possible is the best way to make more money faster and sooner. It is such a big mistake. Most of those who think so are among the traders who will give up finally.

3. Create Value:

“Strive not to be a success, but rather to be of value.”

In trading, success means profit and profit is the value of the work of a trader. “Profit” can be made only by having more “successful” trades and successful trades can be acheived only by finding valuable trade setups that do worth taking the risk.

That was very easy to understand, right?

4. Be Curious:

“I have no special talent. I am only passionately curious.”

You do not have to have any special talent to become a good trader. You just need to learn a trading system and wait for the trade setups. Trying to be too smart makes you lose, because the market is smarter than you. Just learn a simple trading system and be curious for the trade setups. That is all that makes you a good and profitable trader.

5. Make Mistakes:

“A person who never made a mistake never tried anything new.”

During the past a few years that I have been in touch with so many forex traders through my website, I have seen so many novice traders who start very passionately and eagerly but give up so easily by losing the first trade or blowing up their first live account. Obviously, most of these people will never try the trading anymore and will lose the chance of making any money through the forex market, for the rest of their lives.

On the other hand, most of the successful traders that I have seen, have been able to achieve their success through a very hard way and losing a lot of money, before finding the right way. I am not saying you should also lose a lot of money to become a successful trader finally. In fact, I believe one can become a good trader through losing the minimum amount of money, if he/she learns and follows the money management rules first. What I am trying to say is that you learn some of the lessons from your own mistakes and if a mistake causes you to lose money, you should not give up. If a losing trade tells you that you should have a proper stop loss, take it as a good lesson and never take any position without a proper stop loss anymore.

6. Don’t Be Insane:

“Insanity: doing the same thing over and over again and expecting different results.”

Are you still losing because of having no stop loss in your trades, working with an improper time frame, trading with an unreliable platform or broker or following a useless trading system? If you answered yes, then the next question is why you expect a different result by repeating the same thing over and over?

If you lose because you do not set a proper stop loss or you do not follow the money management rules, or because you still do not have a proper trading system or you try to make money through a time frame which is not for you (it is either too fast or too slow for you) then why do you still do it?

If you answered “Because I am insane!”, then you should expect more losses

7. Expect Opposition:

“Great spirits have always encountered violent opposition from mediocre minds.”

Probably you are blamed by some people after losing some money in the forex market or any other businesses that you tried to run and develop. Discouraging words can stop you at anytime, but if you stop, then you’d better not to think about making any changes in your life and just leave yourself to the events and chance. Pessimistic, negative, jealous and according to Einstein, mediocre people are always around. If you want to be one step ahead of the mediocre minds, you should do something more than ordinary and usual and you should not listen to those people.

George Bernard Shaw:
People who say it can not be done, should not interrupt those who are doing it.

Just do whatever you think is right to do. It doesn’t matter if you are wrong. You will become a more experienced person, when you find out that you were wrong. If everybody wanted to think like these “mediocre minds”, now we still had to cover our body with the plants’ leaves

However, keep in your mind that in trading you should always limit your risks by having a good money management plan. Do not let the first mistake be the last.

8. Learn the Rules, Play Better:

“You have to learn the rules of the game. And then you have to play better than anyone else.”

You have to learn the rules of your trading system. Then you have to wait for them to occur. If you sit at the chart while you still don’t know what you should wait for, or if you are used to enter the market while you have no answer if I ask you why did you take this and that position, it means you still don’t know the rules of the game.

Chaga is a non-toxic fungal parasite that grows on birch trees (as well as a few other types) in Northern climates. It is far from your typical soft and squishy mushroom, it actually looks and feels like burnt wood or charcoal. Chaga is known by the Siberians as the “Gift From God” and the “Mushroom of Immortality.” The Japanese call it “The Diamond of the Forest,” and the Chinese refer to it as the “King of Plants.” The Chinese also regard it as an amazing factor in achieving longevity. Chaga does grow in North America, but most Americans have no clue of its existence, let alone amazing healing properties, which will be listed below.



This mushroom of immortality is said to have the highest level of anti-oxidants of any food in the world and also, the highest level of superoxide dismutase (one of the body’s primary internal anti-oxidant defenses) that can be detected in any food or herb. The active constituents of Chaga are a combination of: amino acids, beta glucans, betulinic acid, calcium, chloride, copper, dietary fiber, enzymes, flavonoids, germanium, iron, lanosterol, manganese, magnesium, melanin, pantothenic acid, phenols, phosphorus, polysaccharides, potassium, saponins, selenium, sodium, sterols, trametenolic acid, tripeptides, triterpenes, triterpenoids, vannillic acid, vitamin B1, vitamin B2, vitamin B3, Vitamin D2, Vitamin K and zinc. Phew.

Chaga is extremely powerful because it contains within it, the actual life force of trees -the most powerful living beings on this Earth. Trees can live for as long as 10,000 years with some even surpassing that. Chaga concentrates this power, and we can harvest it as well. One of the most important properties of Chaga is betulinic acid, however, in order for chaga to be beneficial, it has to be harvested from birch trees only. Birch trees are the only trees that contain this amazing compound. Betulinic acid has a wide range of biological effects including potent antitumor activity.

Some Other Medicinal Properties Of The Chaga Mushroom Include:

Anti-HIV – a study published in The Pharmological Potential of Mushrooms demonstrated chaga’s potential to lessen symptoms of HIV.
Antibacterial – Chaga kills or inhibits growth or replication by suppressing or destroying the reproduction of bacteria.
Anti-Inflammatory – Chaga is known to be a powerful anti-inflammatory and pain reliever, which makes it excellent for conditions such as arthritis.
Anti-Candida – Because chaga promotes and protects the liver, candida toxins are processed efficiently.
Adaptogen – Chaga is an adaptogen. Its compounds can increase the body’s capability of adapting to stress, fatigue and anxiety. (Something most Americans can definitely benefit from.)
Many other potential benefits include the treatment of asthma, hair loss, allergies, boosting the immune system, diabetes, crohn’s disease, psoriasis, anti-aging and literally hundreds of others.

How To Prepare Wild Chaga Mushroom Tea

Chaga mushrooms grow wild in forests in Northern climates on birch trees. If you are lucky enough to find one, you’ll want to harvest it, as chaga can be quite expensive to purchase. DO NOT cut into the tree to retrieve the chaga, doing so could kill the tree. If retrieved correctly the chaga will continue to grow and will be ready to harvest every four years or so, and the tree will continue to thrive.



***It is important to properly identify the chaga mushroom before consumption. To ensure you are getting the correct fungus, make sure that you are harvesting from birch trees only. Chaga has a similar texture to wood and looks a lot like burnt wood or charcoal, inside it should be a golden orangy color. Be sure to look it up before consuming if you are unsure just to be safe!***cup-of-tea

To make the tea, cut a few small pieces off the chaga and place it in a pot. Pour in about 2 liters of filtered water and cover with a lid. Bring the pot to a boil for a minute or so, then reduce the heat to a simmer and keep the lid off. Let this simmer for about an hour and then add in another liter of water and continue to simmer with the lid on for another hour. This will make approximately 1 liter of chaga mushroom tea. It is a time consuming process, but I think that the amazing benefits justify the process, plus it tastes great! It tastes like a nice vanilla flavored black tea. You can add honey or sweetener if you wish, but I think it tastes surprisingly delicious on its own.

For more sources and studies about the chaga mushroom, please see this Link

http://www.ncbi.nlm.nih.gov/pubmed/?term=chaga

https://en.wikipedia.org/wiki/Inonotus_obliquus

Conclusion
In summary, EAs can trade 24 hrs per day with greater consistency of one's trading plan, acting on predefined entry/exit conditions. Metatrader 4 (MT4) is such a popular platform that you spend a lifetime investigating and researching (sharing and purchasing) thousands of EAs in numerous online forums. And there is an endless supply of education out there to code your own EA. Whether you borrow or create your own EA, it is imperative that you test it on plenty of historical and forward data. MT4 allows you to perform EA back tests to see how they work in the past, and if the back tests prove promising, one can test the EA in forward market conditions, preferably in non-expiring demo accounts until enough confidence and understanding of the EA is acquired to test it on real accounts. Contrast this approach with borrowing or creating a manual system. The manual system would be very difficult to back test properly other than the eyeball method that is itself besot with bias. Furthermore, the manual system would require the human trader to sit in front of the computer for countless hours looking for the trade setups and exit opportunities. The EA, in contrast, frees up the trader to do other things. The trader does not need to be physically around, and so can be free to focus on his day job (most day jobs are far more reliable methods of earning money than trading), hobbies and relationships. Also, the free time can be spent improving trading and coding skills.

Beware: Trading with EAs is not in itself going to make you rich and more than you likely they will make you poor if you trade them in real accounts. I would estimate that 95% or more of the EAs one finds or purchases or creates will turn out to be unprofitable over time. That is a unfortunate fact. An EA can reduce a large number of problems that beset human traders (such as limitations of time and speed, greed, fear, ego, diligence, consistency to trading plan, etc.), but it is very hard to construct a robust EA that has not been curve-fitted, and the markets are brutally tough, with a high degree of unpredictable volatility and randomness that degrade the performance of the best conceived robots. But despite this horrible reality, I still like the quest of finding and/or creating promising EAs to test in unexpiring demo accounts until I find or create that pearl in the pile. If the markets were not so terribly tough, we might all be able to find or develop a bunch of EAs to make us richer, but at the same time the trading world would be perhaps more dull, as there would be less challenge, less propensity to dream the impossible dream and fight the unbeatable foe.

Disadvantages

1. An EA needs to run on a decent computer at home with reliable internet, or on an affordable Virtual Private Server (VPS)
, 24 hrs a day, in order for it to behave properly and take all the trades it was designed to take. The good news is that most internet connections are up 99% of the time, and there are plenty of low-priced and reliable VPS providers out there.
2. Many commercial EAs are designed to work best on brokers with a tight spread
, particularly so if it is a scalping EA. If it is a scalping EA, you will have to investigate the spreads of your broker to see if they are low enough for the pairs your EA trades, in addition to asking your broker if it allows scalping.
3.Most EAs are coded for one pair only, although some work on multi-pairs.
Reason is, different formulas and conditions work differently across different pairs, despite the >80% daily correlation between many of them.
4.Manual intervention of the EA is not advisable: usually the creator of the EA has a better understanding of its inner workings and has hopefully done all the appriopriate back testing and optimizations. Traders who want to fiddle with exiting trades according to their own whims or rules invariably end up degrading the EA's full potential.
5.Most EAs are mathematically and technically based, and work best on trending markets, so they are vulnerable when the markets become sideways. When the markets enter into low pip range, sideways activity, EAs tends to get chopped up.
6. It is very difficult to get an EA to read and decipher fundamental data, such as economic and political events.
Hopefully the result of the event is impeded in the price action, and then the EA can read it. But a sudden extreme event that quickly reverses the market direction can cause an EA to get stopped out, and/or enter too late in the new direction.
7. It is difficult for any EA strategy developer to plan and design a robust EA as there are few very good examples (or design methodologies) of such. Most do not have a proper method and criteria, and there are numerous coding and optimization pitfalls, such as over-optimization and curve-fitting.
8. It helps if the EA developer is both an excellent coder and an experienced trader with the humility to feel one knows hardly anything at all about both.
This is a hard juggle. Too often one finds excellent coders who have little experience in trading, or experienced traders who cannot code. Even when finds a combination of both, the experienced trader who can code well, there is still the ego factor to deal with. Pride and ego, while good motivators for craftmanship, are dead end allies to learning and growth. It helps to be humble coder and trader with a passion to learn and renew and grow one's ideas about the markets and how to code for them.
9. It is sad fact that 95% of EAs end up failing, either losing a bunch or just barely staying alive. Interestingly enough, about 95% of manual traders fail as well. The EA has a number of potential edge factors over a manual trader, without all the emotional and physical limitations of a human, and yet in the end, the markets are so exceedingly difficult most EAs cannot win against it.

Algorithm trading is a system of trading which facilitates transaction decision making in the financial markets using advanced automated mathematical tools.
In this type of a system, the need for a human trader's intervention is minimized and thus the decision making is very quick. This enables the system to take advantage of any profit making opportunities arising in the market much before a human trader can even spot them.

As the large institutional investors deal in a large amount of shares, they are the ones who make a large use of algorithmic trading. It is also popular by the terms of algo trading, black box trading, etc. and is highly technology-driven. It has become increasingly popular over the last decades. below are the Pros and cons of using algorithm trading

Advantages

1. Expert Advisor can trade for you 24 hrs per day without food or sleep.
Human traders have severe restraints on their time -- they have to eat and sleep and go to the restroom, not to mention other responsibilities such as work, family, and friends. It is next to impossible for a human to trade the entire 24 hour currency market. He is often forced to trade during certain times of his waking day, but in doing so he is missing out on both entry and exit opportunities offered by other time sessions. The EA does not sleep and rest and can work the entire 24 hour currency shift searching for trading opportunities.

2. Expert Advisor free up your time to do other stuff instead of looking at the computer screen all day.
When the EA trades, you can go have fun, work on other things, spend time with friends and family. You are no longer a prisoner to the computer screen and charts. If you want to be more involved, you can spend your time researching for (and coding) new and improved ideas for your EA, and then backtesting and optimizing these ideas. This would be using your time smartly in R& (Research and Development), instead of wasting it on planning, executing and monitoring of singular trades.

3. EAs operates on a set of rules without greed, fear, ego or bias.
Fear and greed are the biggest obstacles to successful trading. Fear becomes an irrational force when it prevents the trader from taking necessary trades or hesitating too long, particularly after having suffered a losing trade, or it prevents a trader from closing out a bad trade with a loss. Greed, its emotional opposite, can cause traders to make random trades, or hold on to positions longer than their trading system dictates. Humans are also plagued with ego and bias, seeing what they want to see from the chart and indicators, looking for confirmation for their hunches, and unable to see things critically and objectively. So long as there is real money at stake it is very difficult for a human to overcome these negative emotions and biases. EAs help combat emotions by getting you in and out of the market based on historically tested strategies.

4. Most EAs are developed with parameters that you can be backtested and optimized on quantifiable data.
The ability to backtest on quantifiable data is an epistemological paradigm shift in favor of the EA. Prior to that human traders either did not backtest their trading ideas, which is sheer idiocy, or they attempted to do so in a very awkward fashion. Often they had to resort to the very crude and time consuming task of printing out reams of historical charts and "eyeballing" the behavior of the rules related to their indicator(s), making notes of the gains and losses in a ledger. Due to the time consuming nature of such an activity, they often backtested only on higher time frame charts and preferred not to go back too far in time. Each change in the rule or paramater of the indicator would force a repeat process, making it exceedingly difficult to optimize. With the built-in backtesting and optimization engines, EAs conduct these necessary and formerly incredible tasks in minutes. To assist with back testing, metatrader servers store a huge quantity of downloadable AND free historical data, in intraday format from 1999 till present, and daily or greater from 1971 till present.

5. EAs are able to identify and react to opportunities faster.
You do not need to worry about missing a trading opportunity because you are not staring at the right chart closely enough, or wasting precious seconds entering an order manually while the market moves away from you. The EA uses the speed of the computer to monitor the markets, seek and identify trading opportunities based on coded rules, and execute based on these rules in fractions of seconds.

6. New traders can get their feet wet trading with EAs without having an in-depth knowledge of Forex.
With EAs, you do not need to start out being an expert trader and programmer. There are plenty of free and commercial EAs that you can run on your own computers. You have to properly backtest each one to see it matches your performance and risk criteria, and you should forward test each one on virtual money prior to trading live. You can then use the free time you now have because the EA is trading for you to learn more about forex, trading and programming so that you can develop your own EAs.

7. You can make your strategy far more sophisticated than you ever could trading manually.
EAs gives you the potential to trade with complex systems that can include multiple conditions for their entries and exits, profit targets, protective stops, trailing stops, and filters, and have them all automated simultaneously. The human brain is very powerful but it cannot consciously multitask dozens of simultaneous operations like a robot can.

8. EAs consistently carry out the trading plan.
Plenty of wise traders council on the importance of having a trading plan and sticking to it with utmost discipline. Most human traders have no trading plan or fail to stick to them. The EA is designed to stick to the plan without exceptions. It is the way to become a 100% disciplined trader overnight even if you are the most undisciplined person in your private or professional life.

9. EAs can monitor many currency pairs at the same time, giving you trading opportunities than otherwise.
You no longer have to be glued to the screen, trying to keep track of each of your favorite currencies. An EA gives you the power to monitor dozens of currencies at once and do it more efficiently and effortlessly than before.

10. EAs makes life easier.
A manual trader really has to work at being a good trader, doing his homework on the markets every day, watching the markets for an opportunity, carefully entering into a trade and then spending a good deal of time babysitting that trade. This arduous process is repeated for every trade, day after day. It is a lot of work and is very stressful. The EA takes over these tasks effortless and reliability, and you feel a great weight lifted off your shoulders in terms of work and stress.

wamiikechukwu:


am a very emotiona person thats why manual trading isn't good for my forex health

i once used alpari but Godforbid i wouldn't recommend that to you.

i current used exness i love them cos of their honesty, they will tell you pump and play on ur face that they are market markers with the best matching technology unlike these scam broker that will claim ECN.

I also open an account with Tickmill just to test new waters.

so sir drpips1make ur choice.

Will also give the tickmill and exness a trial, so far so good all the brokers i mentioned are all okay in thier own policy but each of them have thier own comma you can only spot during trading..... Thanks alot

wamiikechukwu:


why u dey attack the guy na.... allow am make im hustle biko man must chop.

look like i will start my own hudge fund business next week ooo.

Lol..... Do you see that as attacking him or helping him rather, he will still pay for damages to his clients when the real plan doesnt go with the demo plan, the market itself is the hustling he is advertising else i sense something fishy, here is a tip if he can adhere to it, it will do him good if he can replace $10000 demo account with a real account of 10000 cents,since he is not that broke, then i will be so interested in the strategy or investing in him after he can proof the result to me on myfxbook with 6 months or more statement else i see it as another Catastrophe in disguise

@ fxmanager
Sire, many words, many lies, put in your real money and you dont even need to advertise before people invest in you, you are grossly violating the silver rule

wamiikechukwu:


but tell us the truth, do those algorithm comes into your mind while trading or emotion get a better of you?

lol.... when i started trading yes emotions.....but now emotions are alien to me, im a scientist .....but wait a sec was hoping you ll recommend a good broker for me

trading algorithm price action traders have in common

Hello Gurus, How is trading today, can say FED did a nice job tonight......Can anyone please recommend a good broker that accept Nigerians(Excluding FXTM,XM and Hotforex), criteria is a minimum leverage of 500, and a low spread that can be good for scalping, and an honest dealing reputation........

harizonal123:
Fapturbo one of the most famous EA during its reign. F.T. was bought by thousands of traders hoping that it was the final way to the promise land but was eventually humbled by the market. That was same year I gave up on EA's and I drew a conclusion fx cannot be traded purely on mechanical bases. The market has emotions cos there r people behind every price movement

You are rationalizing based on what is available to you,, if you are a hedge fund manager or institutional banker, so you will follow the herds emotion with that large chunks with you......try and window shop mql5 market and see for yourself ea signals that has been ruuning for more than a year, two years and above, there are eas with bad algorithm, so are the good ones, it is not the ea that is to blame but what the coder programs it to do when conditioned so stop generalizing... besides what everybody know isnt worth knowing.... . Goodluck

wamiikechukwu:
i want to share an EA with you all.

this EA doesn't open a trade but it modify it, the EA has the same logic with a TRAILING STOP, the only difference is that i built it to my specification.

this is how the EA works:
there are two external variable, THE TRAILING STOP AND TRAILING STEP.

the logic behind this EA is that once a certain number of pip is reached, the STOP LOSS will be moved to the break even and after a certain pip is attain the SL will be modified in STEPS.

example you set your TRAILING STOP to be 10 and TRAILING STEP to 5 ,once 10 pips is reached, the STOP LOSS is moved to the BREAK EVEN and after that, once 5 pips is reach the STOP LOSS will be move(modified) by 5 pips, leaving a space of 10 pips.
So you secure 5pips profit for 15pip move. The same thing happens over and over again until your TAKE PROFIT or STOP LOSS is hit.

this is the EA i use to lock my profit or capital if price moves a certain pip before going against me.

thats great, that implies its function block is basically trade management

wamiikechukwu:


with no much argument involved and as a coder.

MQL4 is not object oriented One of the things that make the new MQL5 much more powerful and robust than MQL4 is its OOP ( Object Oriented Programming) approach

but we are all entitled to our opinion... the most important thing is we make money from the market

i request no non-coder should quote me not because of anything but just not to expose his/her skeleton, if you understand what a constant and variable is , then you will know what a class is before arguing about OOP

please carefully study this article below

https://docs.mql4.com/basis/oop

https://en.wikipedia.org/wiki/MetaQuotes_Language_MQL4/MQL5

No one can learn when he assume he already know and i am not disputing you are not correct or entitle to your opinion ,you just still have much more to learn with this your opinion sire.....mql4/5 and C++ is OOP oriented......Have a nice day and stop misleading us

Both mql5 and mql4 are object oriented programming just like C ++, try do your homeworks properly or better yet, bring on some works sire, i am not here for some king kong contest

NB please only coders should quote me

wamiikechukwu:


@bold, are you sure you know what you said there

Yes sire, mql5 fixes the bugs of mql4 plus its a little faster especially those running on compilers of build 600 and above, custom indies of mq5 and ex5 will work on mt5 but i said wasnt built for it. The main goal of mt5 is automated trading. And why call the icustom functions when you can disect directly from the instructions of the technical analysis and moreover, i dont see custom indies of ex5 around except from a fellow coder unlike that of mt4 swarming around like sand..... Do you now understand what i mean by that

or you can pm me for ready-made custom indicators for mt4(only ex4 file is for free)

onojiwizardgmailcom:
I am looking for an mql4 programmer. I need him/her to build a custom indicator for me.

Custom indicators only works with Mt4 but the new programming codebase which is Mql5 is far different from mql4, in other words the programming language of mt4 has much drift from the new mt5 and mt5 is not built to work with custom indicators

If you have a working trading strategy, send me the description and get your EA(mt4 and mt5) as well as your custom indicator(only mt4) with your source code in full without error even when compiled with the new #property strict

This is a thread for traders interested in algorithmic trading and meta quote programming, You don't know where to start learning the MQL5 or MQL4 programming language? Various programs for your Mt4/5 will be published here,Drop any trading strategy and get Your code in MQL4 or MQL5

NOTE:: , No promotion or SELLING OF anything here, we are strictly here to help each other.

Happy New month Fellow Traders, it is kinda exciting the way algorithmic trading is evolving all over the world to ease humans , Meanwhile you can host your
trades on VPS from amazon web services...... https://www.nairaland.com/3322641/how-get-free-vps-30gb, Happy Trading

For connection you will need to know the User name and the Password. The user name is Administrator by default (later you can always change it), and the password is encrypted. Press the button «Get Password».

To decrypt the password, you need the keys that were created previously. Press “Choose File” and select the .PEM file with keys. Press the button «Decrypt Password». After that you will be able to see your Username and Password.

Write down your password in a safe place. Now press «Download Remote Desktop File» and download the remote access file for the VPS, with the .RDP extension.

Run the downloaded .RDP file. Click Connect, and then connect again. A window opens with a login and password, enter them.

That is ALL! You are connected to the VPS. Let’s go for a beer, you’ve earned it

Log in to the VPS
And one more screen with the information about the new VPS account.

Congratulations! Now you have a virtual PC running!

The only thing that remains now is to figure out how to connect to your virtual PC.

Right-click on the selected line on the previous picture and select «Connect».

See the instances you have created in the AWS Console. In my case I have two instances: one I created earlier and the one I created just now, which is initializing.

Wait until the status of the instance changes to “running”, then log into it.

Manage instances

After you clicked on the “Launch Instances” button, the instance started launching. To manage instances, click the “view Instance” button.

Download private key

You will be asked to select a key pair that the instance will use to identify the legitimate user who connects to it via SSH when it is running.

A key pair consists of a public key that AWS stores, and a private key file that you store. Together, they allow you to connect to your instance securely. The private key file allows you to securely SSH into your instance.1

Choose the “Create a new key pair” option from the menu options, then give the key pair a name.

Then click on “Download Key Pair”. Save the file to your hard drive.

Launch the instance

Review settings and launch the instance. For now, ignore the security warning. Depending on how you plan to use your instance you may wish to set stronger security setting.

Click on the “Launch” button.

HVM or PV?

When selecting and instance, pay attention to whether it is an HVM instance or a PV instance. This is usually indicated in parenthesis at the end of the instance name. To understand the difference between HVM instances and PV instances, see the Amazon AWS virtualization types section of the AWS documentation.

The summary is that HVM is probably the best instance type for most users. Choose HVM.

Select instance type

Choose the default instance type, t2.micro, which is eligible for the free tier of service. Then, click on the “Next: Configure Instance Details” button at the bottom left of the page.

Select micro instance
Use all the default settings. Click on the “Review and Launch” button.

Choose base image

Click on big “Launch instance” button. You will see the available instance types. Note: you can upload your own if you need to, but that is another topic.


Click on the “Free-tier only” check box to show the images available for the free micro-instance option we are using.

Use the Elastic Compute (EC2) service

Access the Elastic Compute service. Click on “EC2” in the upper-left corner of the AWS portal page.