The FOREX robot is an automated computer software that is basically marketed to traders who have little or no knowledge of complex forex trade market algorithms. The marketers claim that profits can be earned even when you are not in front of your PC; But are they really what they are marketed out to be? Well, the FOREX trading systems may have made profits at certain times; but there is just no guarantee that they will continue to do so. Beware of promised profits that are soaring, even if you have little knowledge. You still have to be involved in the trade, despite using the system. The market carries random factors that cannot be predicted even by machines.
There are a myriad of forex trading robots on the market, that claim to have undergone a series of extensive tests which have produced satisfactory results therefore they are marketed as absolutely effective in producing consistent profits. But which are the Top Forex Robots?
The answer is not that straight-forward. The most important factor to consider here should be the main difference between the manual versus automated trading systems.
The most attractive option therefore, for the amateur forex trader, is to trade with automated forex robots. However, when choosing the Top Forex Robots for your use, it is imperative to think about how to best maximise your trading profits.
The most prudent (but possibly not the most effective) way to ensure that you choose the Top Forex Robots is to actually buy these products, make sure you understand how to install them and optimise their settings for your chosen trading platform (for example Metatrader) and to do extensive back and forward testing on various settings for the various currency pairs.
This process appears to be simple. However, it is costly, extremely time consuming and possibly do not provide the desired level of comfort as the user is always inevitably drawn to (and biased towards) a specific product, principally as a result of the promises made and sales pitch of the creators.
Possibly the most effective way to assess which are the Top Forex Robots is to visit and subscribe to reputable websites where the Top Forex Robots are reviewed, extensively tested, and detailed comparisons between the various forex robots made and regular updates provided.
The benefits of this approach is a significant saving in costs, (someone else doing the research and comparisons on your behalf saving you lots of time and effort) and also you are always abreast of the latest developments in forex robots.
There are top 5 forex trading robots:
1. FAP Turbo
Fap Turbo took the industry by storm when it was released on 25 November 2008. The creators of Fap Turbo promised to deliver the most advanced Forex trading robot there has ever been on the market and so far they have not dissapointed the thousands of traders that were eagerly waiting for the launch. The reason why Fap Turbo is so popular is the fact that it offers a system that is more profitable and safer than the famous Forex Autopilot.That is exactly what the market wanted.
Instead of using backtesting reports to proof how profitable their system is (like everyone else does), the Fap Turbo creators have so much faith in their product that they publish real time statements of their own live accounts on the Fap Turbo homepage for everyone to see.
Another thing that is very unique about Fap Turbo is the long term commitment of the developers and owners of the system. Fap Turbo is definitely not a product that will just dissapear.. it is here for the long run and the creators are very committed to help every one of their users make money in the future
2. Forex Megadroid
Forex Megadroid was launched by Albert Perrie and John Grace on 31 March 2009 and the buzz around this product launch was almost as big as the Fap Turbo launch last year. According to the creators, Forex Megadroid uses a new technique called Reverse Correlated Price and Time Analysis which they guarantee that for every dollar you deposit into your Forex account will be at least quadrupled.
Another unique feature about Forex Megadroid is the built in broker protection feature. There is a widespread belief that most Metatrader brokers trade against their clients and that, coupled together with things like high spreads, offquote errors and slippage, it has become very extremely difficult for a trading robot to consistently make a profit. Forex Megadroid is the first robot ever to be released with a broker protection or anti-broker mechanism.
3. Forex Autopilot
Forex Autopilot was one of the first commercial Forex Trading Robots to come onto the scene and it was by far the most popular product on the market before the launch of Fap Turbo. This forex robot uses various different indicators to identify trends on the EUR/USD currency and the result is an extremely accurate system that has a success rate of more than 90%. One of the big problems with Forex Autopilot is the fact that trades can sometimes go into large drawdowns of up to 500 pips and more. This does not happen often, but it does happen.
4. Forex Funnel
Forex Funnel is another automated Forex trading system like Fap Turbo, but with one major difference - it uses a much more high risk/high reward approach to trading. Forex Funnel uses a varient of a famous gambling strategy called the Martingale principle in it's trading approach.
When used in Forex trading, the strategy effectively has a 100% success rate, meaning there are no lost trades, but there is also the risk of losing your whole account on one trade if you don't have enough capital to work with.
5. Pips Leader
The Pips Leader Forex robot is not as well known as the other products on this list.The Pips Leader robot uses a "basket trading" strategy, which can be extremely profitable and low risk if you understand the margin requirements and enforce strict money management rules. The core of the Pips Leader system relies a lot on hedging, so make sure that you select a broker that allows hedging before opening a live account.
Pips Leader can have up to 30 open trades at any given time and the key to success with this system is to understand the margin requirements.
Top Forex Robot : As Seen on CNN, CNBC and FORBES Money
If you'd like to try an Automated Forex Robot that has been proven on video to double the deposit of my trading account in under 1 week, visit my site and see the Top 3 Forex Robots and learn how you can TRIPLE your Forex Account within a Weeks! Get the Latest Version of All Forex Trading Robots Via my Forex Robot Review sites. Updated Daily! Also See: Forex Megadroid Vs FAP Turbo Vs IVY Bot
Article Source: http://EzineArticles.com/?expert=Steve_Leigh_Martins
Monday 11 January 2010
Saturday 9 January 2010
What's instore for my blog this year and what would YOU like to see
I'm in the middle of getting to grips with the camtasia software and intend to be putting up a small series of videos. The main content will be to do with trading forex completely automatically via expert adviser software and in time, you'll get to hear about my own bespoke piece of kit.... results are truly amazing ! (and consistant!!)
The video series will commence with the basic setup of an expert adviser - once you have found the right one - through to why you should consider optimization exersizes and how best to conduct them.
However, it occured to me to ask YOU the reader, if there is any particular subject matter you would like to see covered or answered.
Please feel free to let me know; nothing would be too much bother for me so long as I am doing my bit to help YOU cream in easy money - completely automatically - from the mighty forex market.
In the meantime, please also feel free to follow this blog or at leat bookmark the page; over the next month or so, there will be some very interesting "extra" content.
Thanks for reading.
Best regards for your 2010,
Phil.
The video series will commence with the basic setup of an expert adviser - once you have found the right one - through to why you should consider optimization exersizes and how best to conduct them.
However, it occured to me to ask YOU the reader, if there is any particular subject matter you would like to see covered or answered.
Please feel free to let me know; nothing would be too much bother for me so long as I am doing my bit to help YOU cream in easy money - completely automatically - from the mighty forex market.
In the meantime, please also feel free to follow this blog or at leat bookmark the page; over the next month or so, there will be some very interesting "extra" content.
Thanks for reading.
Best regards for your 2010,
Phil.
Friday 8 January 2010
7 Tips to Help You Find a Forex Trading Broker
Before you can start trading currency, you need an account with a forex trading broker. The broker provides access to the markets; it's the broker that allows you to trade on margin - because the broker covers the balance of your purchase, whereas you pay only a small percentage of the cost - sometimes as little as 1%.
There are lots of brokers available - how do you decide which one to pick? Here are a few points to consider when you're deciding where to place your forex account.
1. Reputable and dependable
First there is the issue of trust. If you only know your broker as a presence on the internet, you want to be sure he or she is not going to disappear with your funds. There is no central professional body that has firm control over the actions of brokers, so the industry is largely unregulated, although each country has its own set of rules. And as in any large group, most brokers will be worthy of your trust, while some will not. Your task is to make sure you deal with the good guys.
First, is the broker you are considering regulated? If you live in the United States, check your broker's registration with the CFTC (Commodity Futures Trading Commission) and the NFA (National Futures Association). You can check the NFA site to see if any complaints have been logged against the broker you are considering. If you live outside the USA, check your local regulatory organization.
What about your broker's software? This is the platform you will use each time you trade. The last thing you need is a system that is frequently offline. Given that choosing the right time to initiate or close out a deal, unreliable software could affect your timing and your potential profitability. Have a look at the forums involved in forex trading and see whether there is any feedback from other users about particular brokers and reliability. Don't give too much weight to the opinion of a single user, who may well have some kind of agenda in respect of a specific broker.
2. Support and service
The markets operate 24 hours a day from Sunday evening to late on Friday afternoon (EST). Make sure the broker's trading facilities are available the whole time (most will be) and that you can get support around the clock during trading hours - whatever the hour.
There are seven big league currencies - US dollar (USD), Canadian dollar (CAD), Great Britain Pound (GBP), European Union (EUR), Australian dollar (AUD), the Swiss franc (CHF) and Japanese yen (JPY). Make sure your broker covers all these currencies.
You should also expect your broker to provide charts and technical analysis, and of course to execute an order immediately at whatever price is displayed.
3. What it will cost
Forex brokers don't look for commission, but instead earn their income from the amount by which the buy and sell price differs on any currency pair. This difference is called the spread and is calculated in pips. The spread could vary from under 1 pip to around 3 pips; it all depends on the pair being traded - and of course the broker.
If you're not sure what a pip is, the three letters stand for "percentage in point". Prices are quoted to four decimal points (except in Japan, where they are quoted to the second decimal point). So if you got a price on a pair with a bid of 1.2015 and an offer of 1.2017, the spread would be 2 pips.
The size of the spread will impact on your profit over the long term, so examine your broker's terms closely. In particular, if you intend to focus on particular currency pairs, look at those spreads, as they will be more important. You'll probably also come across some special offers when deciding where to place your business, but don't be influenced too much by that sort of thing. Remember, it is a special offer, and will probably soon disappear once you have committed yourself to a particular broker.
Also take a look at the minimum you need to place in your account. Beginners should start cautiously, so search out a broker who is happy to let you start with around $250 in your account.
4. Requoting
Linked to your expectation of an immediate execution of an order at a displayed price, and the size of the spread, is the issue of requoting. Effectively what happens is that you are quoted at one price, but when the order is executed, you are charged at a higher one (when you buy) or a lower one than the displayed rate (when you sell).
While this can happen occasionally in even the most trustworthy of brokerages, it should not happen frequently. Again, check the forums to see if the broker you are considering is linked to this practice.
5. Margins and leverage
Brokers are businessmen; different brokers will ask for a different level of margin. If the margin is set low, it means that you will be operating with greater leverage. And that means bigger profits on the same account size. But be cautious, because greater leverage also means higher losses when you get it wrong - and you will get it wrong at some point or another.
6. Lot size
While lot sizes vary from one broker to another, a general rule is:
Standard lot - 100000 units;
Mini lot - 10000 units;
Micro lot - 1000 units.
You'll even find brokers with fractional lots, which effectively allows you to set the lot size that you want. Depending on your personal circumstances, this could either be an added benefit or just an unnecessary aggravation.
7. Miscellaneous
Not quite a seventh point but rather a grouping of other considerations. These include the level of interest you will be paid on the money in your account, any rollover charges, and any other hidden or "policy" charges. They are not generally of major importance but may be worth checking out.
Darrell writes for pleasure and builds websites when the markets close. If you need to organize and label a DVD or CD collection, find out how to print directly on to a disc at Dymo label printer or to find the easiest way to use a CD DVD label printer to turn a messy heap of discs into a beautiful and organized collection.
Article Source: http://EzineArticles.com/?expert=Darrell_Van_Zyl
There are lots of brokers available - how do you decide which one to pick? Here are a few points to consider when you're deciding where to place your forex account.
1. Reputable and dependable
First there is the issue of trust. If you only know your broker as a presence on the internet, you want to be sure he or she is not going to disappear with your funds. There is no central professional body that has firm control over the actions of brokers, so the industry is largely unregulated, although each country has its own set of rules. And as in any large group, most brokers will be worthy of your trust, while some will not. Your task is to make sure you deal with the good guys.
First, is the broker you are considering regulated? If you live in the United States, check your broker's registration with the CFTC (Commodity Futures Trading Commission) and the NFA (National Futures Association). You can check the NFA site to see if any complaints have been logged against the broker you are considering. If you live outside the USA, check your local regulatory organization.
What about your broker's software? This is the platform you will use each time you trade. The last thing you need is a system that is frequently offline. Given that choosing the right time to initiate or close out a deal, unreliable software could affect your timing and your potential profitability. Have a look at the forums involved in forex trading and see whether there is any feedback from other users about particular brokers and reliability. Don't give too much weight to the opinion of a single user, who may well have some kind of agenda in respect of a specific broker.
2. Support and service
The markets operate 24 hours a day from Sunday evening to late on Friday afternoon (EST). Make sure the broker's trading facilities are available the whole time (most will be) and that you can get support around the clock during trading hours - whatever the hour.
There are seven big league currencies - US dollar (USD), Canadian dollar (CAD), Great Britain Pound (GBP), European Union (EUR), Australian dollar (AUD), the Swiss franc (CHF) and Japanese yen (JPY). Make sure your broker covers all these currencies.
You should also expect your broker to provide charts and technical analysis, and of course to execute an order immediately at whatever price is displayed.
3. What it will cost
Forex brokers don't look for commission, but instead earn their income from the amount by which the buy and sell price differs on any currency pair. This difference is called the spread and is calculated in pips. The spread could vary from under 1 pip to around 3 pips; it all depends on the pair being traded - and of course the broker.
If you're not sure what a pip is, the three letters stand for "percentage in point". Prices are quoted to four decimal points (except in Japan, where they are quoted to the second decimal point). So if you got a price on a pair with a bid of 1.2015 and an offer of 1.2017, the spread would be 2 pips.
The size of the spread will impact on your profit over the long term, so examine your broker's terms closely. In particular, if you intend to focus on particular currency pairs, look at those spreads, as they will be more important. You'll probably also come across some special offers when deciding where to place your business, but don't be influenced too much by that sort of thing. Remember, it is a special offer, and will probably soon disappear once you have committed yourself to a particular broker.
Also take a look at the minimum you need to place in your account. Beginners should start cautiously, so search out a broker who is happy to let you start with around $250 in your account.
4. Requoting
Linked to your expectation of an immediate execution of an order at a displayed price, and the size of the spread, is the issue of requoting. Effectively what happens is that you are quoted at one price, but when the order is executed, you are charged at a higher one (when you buy) or a lower one than the displayed rate (when you sell).
While this can happen occasionally in even the most trustworthy of brokerages, it should not happen frequently. Again, check the forums to see if the broker you are considering is linked to this practice.
5. Margins and leverage
Brokers are businessmen; different brokers will ask for a different level of margin. If the margin is set low, it means that you will be operating with greater leverage. And that means bigger profits on the same account size. But be cautious, because greater leverage also means higher losses when you get it wrong - and you will get it wrong at some point or another.
6. Lot size
While lot sizes vary from one broker to another, a general rule is:
Standard lot - 100000 units;
Mini lot - 10000 units;
Micro lot - 1000 units.
You'll even find brokers with fractional lots, which effectively allows you to set the lot size that you want. Depending on your personal circumstances, this could either be an added benefit or just an unnecessary aggravation.
7. Miscellaneous
Not quite a seventh point but rather a grouping of other considerations. These include the level of interest you will be paid on the money in your account, any rollover charges, and any other hidden or "policy" charges. They are not generally of major importance but may be worth checking out.
Darrell writes for pleasure and builds websites when the markets close. If you need to organize and label a DVD or CD collection, find out how to print directly on to a disc at Dymo label printer or to find the easiest way to use a CD DVD label printer to turn a messy heap of discs into a beautiful and organized collection.
Article Source: http://EzineArticles.com/?expert=Darrell_Van_Zyl
Thursday 7 January 2010
Forex Robot Software - One Step Up
We have to admit that when Forex Market trader started using the software called the Forex Robot, it brought the trading in the Forex Market to the next level. We have let go now of the days of traditional trading. The traders that still used, and still on grasp to the old way of trading are often left to rot, and should dust themselves up for sitting for a long time in front of their computers to do their trading. By now, we have Forex Robot that not only send you trading signals, but are able to aid you to formulate and do your trade automatically. By the help of these Forex Robots, traders can avoid the common mistakes to their trading that often led up in ruing their business; we could say that Forex robots help in teaching discipline among traders.
One of the major things that a Forex Trader must do is to create for himself/herself a plan for a particular Forex Trading strategy. By not doing this first key step, a trader might get himself lost in the world of Forex Market, without plans and strategies; the world of trading for them would be complicated. Some traders often submit themselves to simulations in order for them to improve more on their field. Without letting go of a single dime, some brokers often merge these Forex Robots software with 'play money' mode to see if their plans are working. Practice, and honing yourself well on the craft, plus some researches for you to have a better understanding on the system in the Forex would led your way up to the top.
The most experienced Forex Traders search for plans and strategies to get rid of the unhelpful impact of humanly emotion trying to enter their trading equation. The best of the best traders in the world often share to the newbie in the business to stick to the hard facts, and learn how to get back on their very first theses, exclusive of any human psychology; because some of the trades might lure you to use your intuition, letting you ruin your original mindset. Traders now, who used Forex Robots is confident that they can calmly put their data on their computer and let the efficient Forex Robot software run for themselves, basically doing all the works for you.
As we all know, the Forex Market is like a battlefield; with traders from all parts of the world battling it out, using all their improved arsenals, their skills and wits so that they could gain something from the Market. If you let yourself be eaten up by these big traders all over the globe, you might get yourself in the verge of bankruptcy. With people trading in currency many hours a day, you might as well say that the Market requires a very vast amount of human endurance, but it is key to observe that human strength has its limitations; it could not go on for hours and hours. But worry not, with the help of these Forex Robots software, a trader can let his trading on autopilot, letting the Forex Robot work for you, and that is to say that these Robots can go on several hours without rest, leaving you ample time to enjoy other things, and give you a vast amount of time to strategize your new battle plan for the Forex Market. After purchasing a Forex Robot, you won't see yourself as a slave of your business; the Robot would now be there to take your work from you.
Once you key in all the necessary things you want to put in to your trade, you would let now the Forex robot to run by its own system, letting you run away from the computer. You would be able to save more time now; you won't be waiting now for applicable signals for you to trade successfully in the Forex Market. By automatically letting your Forex Robot do the trading for you, they can execute your plans without your help. By this, you can let go of your emotions on doing your trading, for some trades in the Forex Market lure you to use your gut feeling, making you forget of all your solid strategy.
The common principle in trading states that 'buy low, sell high' . This has been around in the Forex Market arena for a long time. But, some of the Forex traders often forget this single advice. There are times that the currency is low, but some traders are hesitant to buy the currency, because they fear that it might go lower. Also, when greed comes into play, some don't just sell in hopes that it would go higher. The Forex Robot could prevent all these mishaps, you are now ensured that your plans are carried out, that you can buy and sell on your most advantage.
Some traders though, used the Forex Robot without really thinking, they just log on to their accounts, and guess positions they think they are advantageous. Of course, the Forex Market is not all pure luck, without thinking and educating yourself in the Forex Market, you would often lose. But there are traders too who used blacktest to double check if their plans and strategies are really working, this wound enable them to gain more from the business, by taking advantage of all the good things that a Forex Robot software can do.
You can say by now, that by the help of these Forex Robots, you can make yourself better on your business. And by that, you get extra credit by gaining more profit from the usual; you can now be one of those smart traders who got rich from the business. Again, Forex Robots give you almost all the advantages there is in the Forex Market, plus that it could give you a lot of free time to do more things.
Having the best things on hand would let you succeed from the Forex market; don't go into the battlefield in the world of Forex without any help from a Forex Robot.
Guaranteed 95.82% Accuracy, Best Forex Robot
Forex MegaDroid Indisputably Proves A Robot Can Trade With 95.82% Accuracy In EVERY SINGLE Market Condition And At Least Quadruple Every Single Dollar You Deposit. 38 years of combined Forex trading experience delivers Megadroid RCTPA Technology. Reverse Correlated Time And Price Analysis (RCTPA) it's what will take you from being an average Forex trader to a top gun pip pulling machine.
Get 75% Discount and Special Bonuses On Forex Megadroid ONLY from Here!
The TOP Performing Forex Trading Robot Available (As seen on CNN, CNBC, Forex Traders)
See Video, Download Software HERE.
Article Source: http://EzineArticles.com/?expert=Roger_Kevin_Johnson
One of the major things that a Forex Trader must do is to create for himself/herself a plan for a particular Forex Trading strategy. By not doing this first key step, a trader might get himself lost in the world of Forex Market, without plans and strategies; the world of trading for them would be complicated. Some traders often submit themselves to simulations in order for them to improve more on their field. Without letting go of a single dime, some brokers often merge these Forex Robots software with 'play money' mode to see if their plans are working. Practice, and honing yourself well on the craft, plus some researches for you to have a better understanding on the system in the Forex would led your way up to the top.
The most experienced Forex Traders search for plans and strategies to get rid of the unhelpful impact of humanly emotion trying to enter their trading equation. The best of the best traders in the world often share to the newbie in the business to stick to the hard facts, and learn how to get back on their very first theses, exclusive of any human psychology; because some of the trades might lure you to use your intuition, letting you ruin your original mindset. Traders now, who used Forex Robots is confident that they can calmly put their data on their computer and let the efficient Forex Robot software run for themselves, basically doing all the works for you.
As we all know, the Forex Market is like a battlefield; with traders from all parts of the world battling it out, using all their improved arsenals, their skills and wits so that they could gain something from the Market. If you let yourself be eaten up by these big traders all over the globe, you might get yourself in the verge of bankruptcy. With people trading in currency many hours a day, you might as well say that the Market requires a very vast amount of human endurance, but it is key to observe that human strength has its limitations; it could not go on for hours and hours. But worry not, with the help of these Forex Robots software, a trader can let his trading on autopilot, letting the Forex Robot work for you, and that is to say that these Robots can go on several hours without rest, leaving you ample time to enjoy other things, and give you a vast amount of time to strategize your new battle plan for the Forex Market. After purchasing a Forex Robot, you won't see yourself as a slave of your business; the Robot would now be there to take your work from you.
Once you key in all the necessary things you want to put in to your trade, you would let now the Forex robot to run by its own system, letting you run away from the computer. You would be able to save more time now; you won't be waiting now for applicable signals for you to trade successfully in the Forex Market. By automatically letting your Forex Robot do the trading for you, they can execute your plans without your help. By this, you can let go of your emotions on doing your trading, for some trades in the Forex Market lure you to use your gut feeling, making you forget of all your solid strategy.
The common principle in trading states that 'buy low, sell high' . This has been around in the Forex Market arena for a long time. But, some of the Forex traders often forget this single advice. There are times that the currency is low, but some traders are hesitant to buy the currency, because they fear that it might go lower. Also, when greed comes into play, some don't just sell in hopes that it would go higher. The Forex Robot could prevent all these mishaps, you are now ensured that your plans are carried out, that you can buy and sell on your most advantage.
Some traders though, used the Forex Robot without really thinking, they just log on to their accounts, and guess positions they think they are advantageous. Of course, the Forex Market is not all pure luck, without thinking and educating yourself in the Forex Market, you would often lose. But there are traders too who used blacktest to double check if their plans and strategies are really working, this wound enable them to gain more from the business, by taking advantage of all the good things that a Forex Robot software can do.
You can say by now, that by the help of these Forex Robots, you can make yourself better on your business. And by that, you get extra credit by gaining more profit from the usual; you can now be one of those smart traders who got rich from the business. Again, Forex Robots give you almost all the advantages there is in the Forex Market, plus that it could give you a lot of free time to do more things.
Having the best things on hand would let you succeed from the Forex market; don't go into the battlefield in the world of Forex without any help from a Forex Robot.
Guaranteed 95.82% Accuracy, Best Forex Robot
Forex MegaDroid Indisputably Proves A Robot Can Trade With 95.82% Accuracy In EVERY SINGLE Market Condition And At Least Quadruple Every Single Dollar You Deposit. 38 years of combined Forex trading experience delivers Megadroid RCTPA Technology. Reverse Correlated Time And Price Analysis (RCTPA) it's what will take you from being an average Forex trader to a top gun pip pulling machine.
Get 75% Discount and Special Bonuses On Forex Megadroid ONLY from Here!
The TOP Performing Forex Trading Robot Available (As seen on CNN, CNBC, Forex Traders)
See Video, Download Software HERE.
Article Source: http://EzineArticles.com/?expert=Roger_Kevin_Johnson
Tuesday 5 January 2010
Monday 4 January 2010
How to Make Money Safely and Securely Using Forex Trading Software - It's Easy When You Know How
Since late 2007, there's been an explosion of "expert advisers" on forex trading software all promising to bring you untold riches at the touch of a button on your computer. But is it REALLY that simple? Do these things REALLY deliver as the sales copy suggests? Wouldn't it be great if they did?
Well, in my humble opinion, some can and do. And if you step up to the plate with the right mindset, have one of the better-performing pieces of kit, YOU TOO could be on your way to bringing in some easy money over the coming months.
And there lies the first point to note - over the coming months.
The Foreign Currency Exchange (Forex) is a world market where more than $3Trillion changes hands on a daily basis. The two drivers of this market in the main, are supply & demand and major news items and anyone trading in this arena can make or lose money on the tiny differences between any number of currency pairs; eg Euro/Dollar, Dollar/Swiss Franc, etc, etc.
Should you come to this market with a get-rich-quick mentality, it will eat you for breakfast - and more so if you have a lucky break early on. But if you adopt an investment mindset, taking account of your own attitudes to risk vs reward, then the outcome can be completely different - and to your benefit.
The trick is to keep a close eye on losses rather than the profitable trades. At the time of writing, nearly all expert adviser software has been programed in such a way to trade with a "negative" risk/reward; ie 1 loss will be greater in value to 1 single gain. That said, software with accuracy rates of 80% and over should keep an account balance up overall. And I would suggest periods of 3 to 4 months to be used to determine this fact (or not). Never, repeat NEVER be wowed by seeing figures that have been produced over a short space of time, for example "this software raked in $17,456 in just 7 short weeks". I think you get the picture?
So, why mention this? Well, all programed software of this nature usually has various parameters that can be set prior to trading and one of the main one's is your risk per trade. If you are currently reviewing a piece of software that doesn't have this parameter available for adjustment, you should steer well clear - again, in my humble opinion - as the developer's attitudes to risk/reward (set as default) could be a lot different to your own.
The other factor to consider here is how many "open" trades will the software allow at any one time? If it's only 1 and you are prepared to risk up to 5% of your trading "bank" on any open trade then it's simple. However, some expert advisers have been programed to have more than 1 trade open and where this is the case, you need to take a view on where your "risk per trade" should be set. And watch decimal places as well. eg 0.2 could mean 2% risk per trade or it could mean 20%!
I am a keen Forex trader and do use an automated system as well as placing other trades manually. If this article has been of interest to you in any way, it would be lovely to get your feedback - and feel free to ask about anything in particular regards your own Forex activities; I'll probably be able to help. It is my aim to give free & fresh content to help ANYONE wishing to enter this exciting marketplace. YOU CAN MAKE EASY MONEY WITH AUTOTRADING SOFTWARE!... but nobody ever talks about the right way to go about it. That's what I want to change. Thanks for reading and wherever you go from here, may it bring you good fortune.
Well, in my humble opinion, some can and do. And if you step up to the plate with the right mindset, have one of the better-performing pieces of kit, YOU TOO could be on your way to bringing in some easy money over the coming months.
And there lies the first point to note - over the coming months.
The Foreign Currency Exchange (Forex) is a world market where more than $3Trillion changes hands on a daily basis. The two drivers of this market in the main, are supply & demand and major news items and anyone trading in this arena can make or lose money on the tiny differences between any number of currency pairs; eg Euro/Dollar, Dollar/Swiss Franc, etc, etc.
Should you come to this market with a get-rich-quick mentality, it will eat you for breakfast - and more so if you have a lucky break early on. But if you adopt an investment mindset, taking account of your own attitudes to risk vs reward, then the outcome can be completely different - and to your benefit.
The trick is to keep a close eye on losses rather than the profitable trades. At the time of writing, nearly all expert adviser software has been programed in such a way to trade with a "negative" risk/reward; ie 1 loss will be greater in value to 1 single gain. That said, software with accuracy rates of 80% and over should keep an account balance up overall. And I would suggest periods of 3 to 4 months to be used to determine this fact (or not). Never, repeat NEVER be wowed by seeing figures that have been produced over a short space of time, for example "this software raked in $17,456 in just 7 short weeks". I think you get the picture?
So, why mention this? Well, all programed software of this nature usually has various parameters that can be set prior to trading and one of the main one's is your risk per trade. If you are currently reviewing a piece of software that doesn't have this parameter available for adjustment, you should steer well clear - again, in my humble opinion - as the developer's attitudes to risk/reward (set as default) could be a lot different to your own.
The other factor to consider here is how many "open" trades will the software allow at any one time? If it's only 1 and you are prepared to risk up to 5% of your trading "bank" on any open trade then it's simple. However, some expert advisers have been programed to have more than 1 trade open and where this is the case, you need to take a view on where your "risk per trade" should be set. And watch decimal places as well. eg 0.2 could mean 2% risk per trade or it could mean 20%!
I am a keen Forex trader and do use an automated system as well as placing other trades manually. If this article has been of interest to you in any way, it would be lovely to get your feedback - and feel free to ask about anything in particular regards your own Forex activities; I'll probably be able to help. It is my aim to give free & fresh content to help ANYONE wishing to enter this exciting marketplace. YOU CAN MAKE EASY MONEY WITH AUTOTRADING SOFTWARE!... but nobody ever talks about the right way to go about it. That's what I want to change. Thanks for reading and wherever you go from here, may it bring you good fortune.
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