Patience brings results

Warren Buffett’s famous saying refers to the Forex market as well:

“The stock market is a device for transferring money from the impatient to the patient.”

One of the most important factors of Forex robotisation is patience. No wonder, because I really need a lot of it when trading months or even years on a demo account to convince myself about the success of a robot. Not to mention the trading on a low-risk live account after that. Not only patience is needed there, but the excitement caused by the live account can also be experienced. You have to bear it. I will not stop testing a robot after a few loss-making weeks or months. In the case of a live account, I usually decide how much of a fallback I’m willing to take and keep it going until then. Otherwise, a good robot could be thrown away, while it had only a few bad months or weeks.

So, to anyone who starts it, I suggest demo trading on a same size demo account as the live account would be for several months (at least 6). When you feel you can handle the result on a live account, it is time to start a small size live account. When you can safely sleep after seeing the results there, and you do not get up to look at what the robots are doing at night, it makes sense to entrust a larger amount of money to a robot.

My own demo accounts can help shorten the first phase. If you want to use a robot with a broker on an account type where I already have a demo account and maybe already a live, you can skip the first step. It’s only worth doing a demo in order to find out if there is any installation failure because of which trading does not start as it should. I had such an experience when an account with thousands of dollars was lost due to a typo. So, if you’re already trading in demo, you might want to start a live account with the existing settings on that Metatrader. If that’s all right, it’ll be time once to increase your capital according to your individual tolerance.

There will be losses as well. There will be times when the account balance falls 10 -15% overnight. But if you have decided that you endure a maximum of 50 or 100%  loss on your account, stick to it, especially if it was a realistic value on the basis of the demo. Of course, you can stop running at smaller losses, but then a much better solution is not to start trading with Forex robots.

Also, do not forget that the risk of the Forex market is 100%, and this is not because of the robot.