Posted by forex at 2:26 AM
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1. Purchase a piece of Forex software or find some that is readily available online for free. Once you locate the piece of software that you want to use, download it to your computer.
2. Install the trading software trading program onto a demo Forex trading account on your computer. With any type of software that you buy, you need to try it out on a demo account before ever going to a live account. This way, you can test your new strategy with fake money before risking your own. You should be able to double click on the software that you downloaded to your computer and an installer will run. Then you can choose the directory to install the software onto your trading platform. It will generally need to go into the 'expert advisors' folder. Many software programs will do this automatically once you show it where the trading platform is.
3. Run the software on your demo account for an extended period of time. Play with the settings of the trading software to determine what type of trading style you like. Some software will allow you to completely customize your trading style while other software only sticks to a specific method. Use the software every day so that you can get extremely comfortable with it. If the trading strategy is profitable, you can move onto a live account at that point.
4. Download the trading software to your live trading account on your computer. When trading on your live account, it is important to keep your money management rules in mind. Since you are no longer playing with fake money, you need to be very strict about how and when you trade. Do not start taking bigger trades once you win a few trades in a row. As long as you can stick to the plan that you set forth, you could make money over the long-term with the software.