ChatGPT helped me pass the FTMO challenge and find a free VPS – Trading Ideas – May 16, 2024

ChatGPT helped me pass the FTMO challenge and find a free VPS.

Free VPS is here –> VPS

EA created with ChatGPT is here –> ChatGPT_AI_EA

With almost 17 years of experience as a manager at leading day trading firms and brokers, I would like to start with some concise advice for you.

Section 1: Choosing the Right Broker

There are thousands of forex “companies” that by definition do not allow you to withdraw profits! So unless you have a 100% honest company, it’s not even worth starting!

How to find an honest forex broker:

• Serious regulations: we trust FCA, ASIC, IIROCand Sisec. Our experience shows that these regulators truly solve problems for their customers.
• Advice you can trust: Get advice from someone you trust who has real experience withdrawing profits. The first criterion is usually sufficient.

Proceed only after you have found a broker you can trust, regardless of the amount and profit.

2. Understanding transaction conditions

In the world of Forex trading, the right conditions can be critical to success. For traders using Expert Advisors (EA), optimizing trading conditions is essential to maximize profits and minimize risk. Among trusted brokers, look for one that offers:

Low spread: Low spreads reduce trading costs and increase profitability.

Quick launch: Quick execution allows EA’s to enter and exit trades at the desired price. However, if the EA is not very sensitive and operates on candlestick patterns, this may be less important.

Stable platform: A stable trading platform minimizes downtime and ensures smooth operation of your EA. Interruptions may occur in rare cases in any trading system. With a reputable broker, you shouldn’t complain about such issues often in your reviews.

You should check the reviews Trustpilot.comFilter out fraudulent reviews.

We recommend studying the percentage of negative reviews and scrolling through the most recent 12 reviews.

3. Maximize your trading account

To get the most out of your trading account, consider the following:

• Account type: Choose an account specifically designed for EA trading, such as an ECN or STP account.
• Adequate funding: Make sure you have adequate funds in your account to meet margin requirements and effectively support your trading strategy.
• Influence: Use leverage wisely to enhance your trading power, but avoid excessive leverage, which can increase your risk.