I have recently opened up a dedicated EA account with Oanda at 50:1 leverage, which I will be using to trade with an automated system (90%) while applying my own risk management techniques and discretion as to which days I will allow the system to trade automatically for my account.
Going forward, my discretion involves "news" days, by which I mean that on days with scheduled economic releases that are anticipated to move markets (directional price swing days) I will avoid live trading with the EA.
The EA I am using is a simple trend breakout EA that is designed for the GBP-USD or EUR-JPY. I have selected this one because it is based on simple parameters that I can understand, and that are widely accepted as "valuable" in the technical community.
I am sharing this journal for my personal benefit and also that of everyone here - it will be an exercise in risk management, and hopefully people will come to understand that the best way to trade with an EA is not to "set it and forget it" but to monitor as best you can and use your judgment wisely in determining when to use the system.
Regards - Mike
Going forward, my discretion involves "news" days, by which I mean that on days with scheduled economic releases that are anticipated to move markets (directional price swing days) I will avoid live trading with the EA.
The EA I am using is a simple trend breakout EA that is designed for the GBP-USD or EUR-JPY. I have selected this one because it is based on simple parameters that I can understand, and that are widely accepted as "valuable" in the technical community.
I am sharing this journal for my personal benefit and also that of everyone here - it will be an exercise in risk management, and hopefully people will come to understand that the best way to trade with an EA is not to "set it and forget it" but to monitor as best you can and use your judgment wisely in determining when to use the system.
Regards - Mike