Trade #1 With My GPS Forex Trading Robot 3
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The Breakdown:
Beginning Funds: $1000
First Trade Profit: $12.44
New Balance: $1012.44
The Details
Well good news! It has taken me two weeks to get everything set up correctly, but I finally got it done and the robot executed its first fully automated trade today! I have been like a kid at Christmas time waiting for this thing to show me that it was even alive.
So let me give you a few of the things you need to know about how I have things set up. First of all understand that trading forex is risky. In order for anyone to make anything with forex it has to be leveraged, meaning you put up your money and the trading platform will put up some of theirs with you. Its a bit more complicated than that, but thats the basic idea. In the USA it appears that 50 times leverage is the highest legal amount of leverage that can be offered. I use a USA based brokerage called OANDA and they offer 50 times leverage. You will need a trading account with someone. I use OANDA because they are based in the USA. So before you do anything you will need to setup and fund your trading account. I funded mine with $1000.
Next thing you need to know is that, like I just stated, I funded mine with $1000. I didn't put anymore than that in because I am only trying this out and don't want to risk too much. The more I see it work correctly the more I will add over time.
I setup the robot to only trade one currency pair. The EUR/USD. I did this because with such a small account I did not want the robot to get caught up in trading too many currencies that may be going south and then washout my funds. This can happen because of the leveraging. As my account grows I may add more currencies to the robot. It comes preloaded with four currency pairs that you can turn on and off. Let me get a few trades under my belt with the one and we'll see about turning on another currency pair in the future.
I want to give you an overview of the trade the GPS Forex Robot 3 did today, but first understand that I have very little experience trading forex. What little I have was a couple hundred dollars I put into a trading platform back around 2009, and I watched it vanish. Thanks to the growing number of people on YouTube that are willing to share some of their trading techniques I have gained a bit more knowledge of how things work in the forex world. BUT! I don't know much. I have a seperate account that I don't share on here that I am using for putting to work the things I learn. It ain't easy, and I never want you to feel like I'm telling you it is. There are some ways to make it easier. This robot seems to be one of those ways, but I can assure you, it will never make you rich. It will only be a cool source of additional funds.
Back to today's first trade. It bought 8000 units of EUR/USD. When I saw that it bought 8000 units I freaked out a little. I had no idea what 8000 units even meant, but it sure looked like a big number. After looking around a bit I found out that it meant .08 cents....that's right eight whole pennies. I began to calm down after that. Why it was only 8 pennies out of $1000 I had in my account I'm not sure, but I would imagine it has to do with the whole leverage thing. We'll see if the next trade is done on a similar level as that.
It was only in the trade for a total of 5 hours. The market was going up pretty good and somehow the GPS Forex Robot 3 detected this and bought in. As soon as the market made a reversal the robot sold my position. It was perfect! This is how trading is supposed to work. You come up with a set of trading rules, you execute your trade, and when you criteria is met, you sell. This is exactly what most people won't do. They let emotion and greed get involved and end up losing. This robot is not effected by emotion or greed. It just follows it's rules.
Below is a screenshot of part of my account details. The website it is on is called My FX Book. It gives individuals a platform to share their proof of trades to anyone with an internet connection. There are numerous reasons why this is needed, but for me it is just so you can see proof as to whether or not this thing actually works. Today, it did. If you click on the image it will take you to my account page and you can see all the details about todays trade.
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