Newbie using a TradersWay account in U.S.

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Chris Early
>Banned

08-26-20 13:11:42

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Newbie using a TradersWay account in U.S.

Hello everyone. I hope everyone is well and safe.

I am new to forex trading and while I have stock traded for 25 years this is interesting and humbling to learn.

It seems forex robots are very popular and so I jumped in. I rented a product for $1,500 (Mega Scalper) for 6 months and have about 3 more months to go. Using the authors instructions I set up the robot. I paid the high price thinking "for that price it must do a really great job." Unfortunatley it makes only a few trades a month and it seems only during very volatile sessions. While I had hoped to make my investment back using the robot I don't have confidence it will but we shall see.

From my experience there are a variety of methods used to trade (martingale, pyramid, etc.) and I'm not sure I know them all. Does a list exist?

I've also come to realize it seems some of the forex robots are desinged for specific brokerage accounts (Tradersway versus another), is this true?

I'm wondering if anyone has sound advice on how best to determine which robots might be best for a Tradersway brokerage account?

My initial investment consisted of $2,000 puls $1,500 for the Mega Scalper robot, $1,500 and $430 for two other robots created by Altredo (which lost $900 in a period of several weeks). I assumed naively the negative trades woud eventually turn positive. It was disheartening.

I've since recouped about $500 and so my trade balance is now back to $2,000.00.

I'd rather not buy any more trade robots that seem to continuously lose money and while I print any "user guide" material and go through setups to modify inputs perhaps I thought after serveral months I'd "make a million dollars!" Kidding of course but when I see all the robots people are posting with their results it appears some use backtesting and it appears millions are made. Others test on real accounts and post what seem to be very positive results. Yet, I am nervous to wonder if what is posted is true.

Is this forum the best place for advice or is there something else? Curious if some of you have had good luck with robots and which ones (I hope you don't sell me on something that doesn't work well -- loses money).

Thanks so much.

Chris

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CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS, IN GENERAL, ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Disclaimer - No representation is being made that any Forex account will or is likely to achieve profits or losses similar to those shown on backtests in this forum. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. All information on this forum is for educational purposes only and is not intended to provide financial advice. Any statements posted by forum members or the MT4talk EA Tester Team about profits or income expressed or implied, do not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold the MT4talk team and forum members of this information harmless in any and all ways.

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