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

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

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

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.

1,3671. EURUSD currency pair is in an downtrend directed by 1H exponential moving averages. EURUSD is in a consolidation after the last bearish movement. The volatility is low. Bollinger bands are flat. ForexTrend daily (Trend Indicator) is in a bearish configuration. The consolidation should continue. The price should continue to move in 1,3450 / 1,3800 range.

Resistances 1,3720 – 1,3800
Supports 1,3600 – 1,3440

1,7440. GBPUSD currency pair is in an downtrend directed by 1H exponential moving averages. GBPUSD is in a consolidation after the last bearish movement. GBPUSD is in a range between 1,7340 and 1,7630. The volatility is low. Bollinger bands are flat. ForexTrend 1H, 4H, daily (Trend Indicator) is in a bearish configuration. The price should find a resistance below 1,7650 (210 pips). The downtrend should continue to gather momentum.

We could take a short position at 1,7550. We will put the stop loss above 1,7650 (-100 pips). The targets are 1,7400 (+150 pips, risk/reward 1:1.5), 1,7340 (+210 pips, risk/reward 1:2.1) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 3.

Resistances 1,7500 – 1,7650
Supports 1,7400 – 1,7340

1,1126. USDCAD currency pair is in an uptrend supported by 1H exponential moving averages. The volatility rises. Bollinger bands are deviated. ForexTrend 4H, daily (Trend Indicator) is in a bullish configuration. The price should find a support above 1,1030 (96 pips). The uptrend should continue on 1,1300 resistance (174 pips).

We could take a long position at 1,1100. We will put the stop loss below 1,1030 (-70 pips). The targets are 1,1170 (+70 pips, risk/reward 1:1), 1,1300 (+200 pips, risk/reward 1:2.9) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 3.

Resistances 1,1150 – 1,1170
Supports 1,1100 – 1,1130

Resistances 1,1385 – 1,1490
Supports 1,1300 – 1,1250

Resistances 101,10 – 103,10
Supports 99,50 – 98,75

173,77. GBPJPY 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. The price should find a resistance below 177,50 (373 pips). The downtrend should continue to gather momentum.

We could take a short position at 175,50. We will put the stop loss above 178,00 (-250 pips). The targets are 172,20 (+330 pips, risk/reward 1:1.3), 170,00 (+550 pips, risk/reward 1:2.2) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 3.

Resistances 176,00 – 178,00
Supports 172,20 – 170,00