How to ?

How to ?
To start earning money with automated forex trading you need:

•a forex trading account with a broker
•a vps (virtual computer which runs around the clock with interruption)
•expert advisors (programs which trades for you)

Our Forex Broker of choice

The broker is our partner in trading we gives us the possibility to buy / sell currencies and enables us to use leverage. The choice of the right broker is important for the whole project. When we did choose our broker we hat the following criterias in mind:

•low spread (difference between the price for buying / selling a currency pair)
•straight through processing (our positions are forwarded to a liquidity provider like a bank, the broker is not trading against our positions)
•not bound to NFA rules (NFA rules don’t allow to hedge which means holding short and long positions at the same time, force FIFO which means the oldes trade must be closed first and limit the allowed leverage)
•high leverage
•low minimum deposit ($1000)
•no hidden fees or comissions
•no limitation on the open positions (allowing our account to growth)
•registered and regulated company (they held our money so we need a company we can trust)
•allow all kind of ea’s (some brokers limit the ea’s for example they don’t allow scalping which means closing positions soon after opening hunting just for small profits each)
Out of these criterias we decided to use TadawulFX a swiss / cyprus based company which in addition has the advantage that they offer fixed spread which makes it easier for us to handle the settings of the trading robots.

If you want to follow our mission we recommend to use the same broker as this is the only way to get the same trades from the Expert Advisors and to be sure that the settings do match the broker.

If you don’t have one you can open your LIVE – Trading account here: Open TadawulFX LIVE-Account
For the account type you have to select a mini account and for leverage you should choose 500:1.

After completion of the online signup form you need to send a passport-copy and a utility bill and fund the account. This can be done online with credit-card / paypal or by bank wire.

Our Account is funded with $1000 as stated in the mission.

Virtual Trading Desktop

Expert Advisors / Trading Robots are a piece of computer software which trades on autopilot. As they will take care of our money we need a reliable infrastructure to run them on. Usually this is done with a VPS (Virtual Private Server). This is a virtual machine running in a professional datacenter with redundant network connection, redundant power supply etc.. to have the highest possible uptime.

To choose the provider for this part was an easy choice as we do use our own product: Virtual Trading Desktop from 4xHosting. The actual price for this solutions is $59 / month.

If you don’t have it yet, you get it here: Signup for Virtual Trading Desktop

After you completed the signup it will take 1-2 working days to get the VPS up and running.

Expert Advisors

The key element which will take the trading decisions are the Expert Advisors. To select the right products we the analysis done at 4xProject.com. Only robots which did pass the forward test on demo-accounts and are running profitable on real money accounts during some weeks already will be good enough to be used here.

As we are running on small accounts and we want to achieve high returns we need robots which have a good risk / reward ratio. Taking a risk of hundreds of pips just to win some will force us to trade with small lotsize which ends in small returns compared to the account size and the risk taken.