In this episode of Truth About FX, Walter talks about using automated tools in forex trading systems. Is it reliable? How “automated” should it be? He also digs into the latest trends in forex trading and some of the most successful traders that are using them.
Download (Duration: 02:38 / 3.02 MB)
In This Episode:
00:52 – makes life easier
01:29 – tons of backtesting
02:03 – guide
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. So, what are the latest trends in FX trading that you’re seeing in your Naked Forex Now Community?
Walter: That’s interesting. I think it seems like a lot of traders — not everyone, but a lot of traders — are getting into this, to using automated tools. Even if it’s not a straight EA, they like to use — I am too, I like to use — automation to trail trades, to move to break even, things like that. Add positions, those are the kinds of things I think that just makes your life a little easier.
I’ve noticed that some traders are getting into that. Some traders are following our friend Enho and his fundamental analysis which is interesting. I think that a lot of traders are — the best traders — you can take a snapshot now and you can see what the future is going to look like.
If I took a snapshot now — the traders that I know in the forum — and then I said, “What is it going to look like two years from now?” I could tell you right now based on what people are doing in the forum right now, who is going to be successful two years from now.
Those are guys who are doing all the backtesting. You’re doing, I know you’re doing tons of backtesting. These are the traders that I know that are probably going to end up on the right side of the game that two years in a row because they’re putting in work now.
A lot of people are just doing a lot of backtesting, posting their results, and becoming accountable for their thread. I think that’s so awesome because that’s the way that you build up your expertise. That’s my take, anyway.
Hugh: Okay, cool. That’s awesome! If you guys want to check that out, there’s a lot of stuff going on in the forum so be sure to see what others are working on, for sure.
Walter: Yeah. There’s a lot stuff going on and I just thought, your website, you had a guide for beginners, beginner trader, right? Is that what I saw?
Hugh: Yeah, I’m building that out. I think that’s one of the things I want to be offering. Emphasizing the testing part of it more like what you do.
Walter: Yeah. Well, I didn’t do testing but certainly it helped me.
Hugh: Yeah, for sure.
Walter: Alright, cool. Awesome!
Hugh: Coo!. Thanks, Walter.