Forex traders may want to consider developing their automated trading systems rather than taking a risk on third-party forex trading robots. For example, a trader may already have a personal strategy of watching for breakouts and then using predetermined parameters to set a stop-loss and take-profit (T/P) point. These rules could be easily modified to operate in an automated fashion rather than being manually executed, which would allow more systematic trading to take place.
The best way to develop an automated trading system is to open a demo account with a forex trading broker that supports MetaTrader (the platform used to run MQL) and experiment with developing MQL scripts. After developing a system that performs well when backtesting, traders should apply the program to paper trading to test the effectiveness of the system in live environments. Unsuccessful programs can be tweaked, while successful programs can be ramped up with increasingly larger amounts of real capital.
It is possible to become wealthy through forex trading, but it requires considerable skill, discipline and experience. Successful traders often employ well-developed strategies, rigorous risk management, and continuous market analysis to achieve consistent profitability. However, due to the high risk and volatility of the forex market, many traders also experience significant losses. Thus, while wealth can be achieved, it requires a dedicated and informed approach to trading.