I know almost 70% of professional forex trader are using manual technique rather that an automatic forex trading software (also known as expert advisor – under MetaTrader4). These professional forex trader were using their own pre-designed forex indicator and signal to calculate and predict the best time and value to enter and open trading position.

I myself has been doing this kind of technique for almost 4 years until I decided to change the way I trade forex on daily basis. I started to redesign my forex indicator to be included on my expert advisor that I’m designing.

After almost 1 year using these expert advisor and found that it gives me the same effect as when I trade manually, so I decided to continue using EA (expert advisor) which I named it as FBOT EA for all my forex trading.

I have 4 forex account with different forex broker and three of them are running the same version of FBOT EA while the other I use a manual trading system. The income are good for both condition and I can assure you that even if you use expert advisor (automated forex trading software), the adrenalin still at the same level as when using a manual trading.

So for those who want top have your own copies of FBOT EA, please feel free to get it HERE

Short term (Intraday)

1,2858. EURUSD is in an downtrend directed by 1H exponential moving averages. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H, daily (Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on EURUSD. The downtrend should continue to gather momentum.

We could take a short position at 1,2880. We will put the stop loss above 1,3000 (-120 pips). The targets are 1,2740 (+140 pips, risk/reward 1:1.2), 1,2500 (+380 pips, risk/reward 1:3.2) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 4.

Resistances 1,2890 – 1,3000
Supports 1,2740 – 1,2700

Short term (Intraday)

1,6267. GBPUSD is in an downtrend directed by 1H exponential moving averages. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H, daily (Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on GBPUSD. The downtrend should continue to gather momentum.

We could take a short position at 1,6270. We will put the stop loss above 1,6420 (-150 pips). The targets are 1,6050 (+220 pips, risk/reward 1:1.5), 1,5800 (+470 pips, risk/reward 1:3.1) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 4.

Resistances 1,6400 – 1,6660
Supports 1,6230 – 1,6050

I would like to show you how to develop a good money management discipline in Forex trading without risking more than 0.5% of your trading capital on a single trade.

Let’s say you intend to use USD$5,000 as your starting capital to trade the Forex market. (Before I proceed further, what do you think with that amount of money, should you open a mini or a standard account?). Although per pip for a standard lot cost 10 dollars if you were to trade GBPUSD currency pair, but that doesn’t mean that you can open a standard account with USD$5,000. So my humble recommendation is for you to open a mini account with per pip cost at 1 dollar.

But before deciding how much you want to risk per trade, you should start with how much money you are willing to lose per month, so to withstand any possible drawdown. Since you are starting with only USD$5,000 as capital, I would suggest a maximum caps as high as 10% risk per month, which is USD$500. So now you know that you can only trade with USD$500 a month* even though you have USD$5,000 as capital on your account. The next step is to determine your risk per trade.

Once you know that you can only risk 500 dollars in a month, and then you can decide how much you prefer to risk per trade. To simplify calculation, let’s say we decide to set the risk per trade at 5% of USD$500, so that means in a mini account, 25 dollars is equivalent to 25 pips. Once you have decided that this would be your money management, the next is to look out for trade setup not risking more than 25 pips, and only if both conditions agree, then you enter the trade. So using this money management, you are actually risking only 0.5% of your trading capital on a single trade.

In all, a good forex trader should possess three important elements in order to trade profitably. That is you need to adopt a disciplined mindset, developed a proper money management and together with a good trading system, you should be able to trade with confidence and see your trading account grow.