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Before you can do any trading you will need a trading broker, a broker will handle all your trading orders,and all your trading orders will be placed by your forex EA robot. Most trading brokers are quiet simillar, only difference being that they offer different types of accounts.Most brokers will let you trade on a demo account with no risk to your capital, this is most advisable as it will give you the experience you need before you trade live with your own capital. For those who wish to trade only with a small amount of capital look for a broker that will let you trade on a micro or mini account, this is best if you only have less than 500 USD. Some brokers will let you trade with as little as 100 dollars on a micro account. They is no charge to you for using the broker, the brokers make they money by other means.
One thing to note is that with a recent change in the NFA rules means that if you trade by hedging, then you will need to trade with a non-US broker.
Choosing a forex ea robot is probably going to be the hardest part of setting up your automated trading. At present the internet is swamped with them and all promising to make you vast amounts of money. You will need to do some research to find out which are genuine, which are scams, and which ones are just a money making rackets for the programme developers.Most will charge about 70 to 200 USD, but they are some free forex ea robots about if you know where to look. Follow my links on this site and they will lead you to genuine websites that will guide you on the best performing robots, the scams, and the waste of time robots.Be sure to get aautomated EA robot, some systems are not robots but work by giving you signals of when you should trade manually.
Once you have your trading broker for your forex ea robot the next step is to download your trading platform, this will generally be available to download from your brokers website. Your robot will need to be loaded onto your trading platform for it to function.This is where your robot will place and cancel all your trading orders, almost within seconds, or if you wish trades can be ordered manually by you.The most used and available trading platform is the metatrader MT4 platform that can be downloaded for free and is the most popular trading platform for almost all trading brokers.Some brokers do have they own trading platforms but will also have MT4 has an option.
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