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To control risks, you can also use a small leverage, which will not allow you to open orders with large lots and will minimize your possible losses in case of unsuccessful trades.

To develop my personal trading strategy, I first tested many other people's strategies and approaches to market analysis, from which I selected working elements and combined them into one strategy of my own.

First of all, you need a reliable trading strategy so that your trades are reasonable and systematic, while trading should be conducted with risk control and your emotions. And it is better to first test any strategy on a demo account, see its strengths and weaknesses and, if necessary, make...

Yes, you are right. This applies to both exiting the market with a profit and timely fixing of losses. That is, if you hold your trade too long because of greed or fear, you can only get an impressive loss even if your deal was already in the black.

I also do not trade during periods of increased and sharp volatility, when important fundamental news is published and the price can sharply and quickly go in any direction even contrary to the indications of your trading strategy, which also creates risks of unexpected movements and large losses.

Fundamental factors such as economic growth, rising interest rates or political stability have a long-term impact on the currency rate. The currencies of countries with a strong economy, low inflation and a stable political situation usually strengthen, as investors prefer to invest in such...

I used MT4 to test my strategy. But it is important to understand that the market is constantly changing and does not guarantee that the same price movements will be in the future, so in trading it is very important to be able to minimize risks when trading any tested strategy.

You are right. After all, any bot is the same trading strategy, only automated, and any trading strategy can give false signals. Therefore, our task as traders is to be able to control risks to minimize losses on incorrect transactions in order to save the deposit and have the opportunity to...

As for trading risks, I always use stop losses in my transactions, while correctly calculating the lot size according to the size of my deposit. To minimize non-trading risks, I chose a reliable broker that is regulated, has favorable trading conditions and a positive history of work for 15 years.

I think the ideal option would be to automate your manual trading strategy, which you fully understand and its profitability has been tested by you over a sufficiently long period of trading.

Using stop losses in trading also helps you to be calmer when you know exactly how much you are ready to lose in a deal and do not stretch your loss during drawdowns, fixing it in time while it is small.

I think that for a more comfortable transition from a demo account, you should first open a small real account. After all, when trading on real accounts, there will be a psychological component or emotions that complicate trading. And you need to learn to cope with this, risking small amounts of...

Yes, losses will always be a part of trading. But we can minimize them by trading adequate lots in transactions and using stop losses in trading.

It depends on what results you have when trading with this bot. If you are completely satisfied with the results, then I don't see any point in updating it.

I like to trade EURUSD because of the low spread at my broker (0.1-0.2), not very high volatility and more planned movement, which allows to set small stop losses.

To determine the trend direction, I use the H4-D1 timeframes, to search for entry points into the market, I mainly use the M15-M30 timeframes.

A trading plan may also include making risk/reward decisions, as well as determining currency pairs to trade and time frames to analyze the current market conditions and time frames to look for entry points.

You are right. The release of major news can break the readings of any indicators and trading strategies and ensure a loss. Therefore, it is always better to control the time of the release of such news and events to make informed decisions whether to trade at this time or it is better to...

It is important to understand that using high leverage levels is only suitable for experienced traders who can make more accurate trades with minimal drawdown. For beginner traders, it is better to start with a small amount of leverage and gradually increase it as you gain experience.

Trading knowledge can also be gained by studying thematic blogs. For example, my broker has an official blog where many aspects of trading, trading methods and approaches are discussed, as well as a market review on technical and fundamental analysis, which helps me make more balanced and...