2008, saw the explosion of many new Forex automated software packages come to the market, in particular for the private trader to use. For the uninitiated, these software programs are known as "expert advisers" or EA's and have also been dubbed Forex "Robots". Tap in any of these keywords into your favourite search engine to see just how many are available. And don't overlook the "testing" sites either; here you'll see even more variations and many of these sites have affiliations with the providers they are showcasing.
The Foreign Currency Exchange (Forex) is a world market dominated by large corporations, governments and other multi-national organisations where more than $3.2 trillion US changes hands each and every day. Wow!..... $100,000 a year income from private trading wouldn't go a miss here, for us mere mortals would it!
Over the past 8 or 9 years, various changes in this market paved the way for private traders to be able to become part of this "manly trading arena"; prior to these changes, very little private trading actually took place as the starting block came in around the $100,000 mark per order; and you don't usually buy or sell just 1 order in this market, either.
This is a pertinent point to note when considering the purchase of any particular expert adviser; I have seen several websites promote the fact that the trader behind the new software being sold off the page "has been trading the Forex market for more than 20 years"........ really? Well probably not on their own account!
This brings me nicely on to the fact that I must state in my (humble) opinion, many of the software programs being heavily sold online are dubious to say the least. Between the summer of 2008 and 2009, I went on a small shopping spree and purchased many as the whole subject fascinated me to the point where I eventually gave up my financial business of 25 years. (which should tell you something regards that question in the heading.... get it right and you can make some serious money! More later)
So that's the negative part out of the way.
I'm proud to say that of the genuine programs that I came across, most gave very reasonable results over the first 3 or so months of using them - and I did go straight in with real money (not too much) rather than test on demo accounts, etc, as I'm impatient myself by nature.
Notice I mentioned those that performed well all seemed to do so over the first 3 or so months? Well, that's because I later found out about how the Forex Market evolves over time.
It actually moves in ebbs and flows and as it does, some of the finer points of the market characteristics can change...... So what does all that mean?
If the software (expert adviser) has been programmed around a particular trading strategy that relies on multiple indicators coming together to trigger a trading opportunity, it will soon become "out-dated" as the converging signals from the indicators will become "out-of-sink" with the market movements, eventually. And many of the sellers refuse to tell, of the actual trading strategy (as if they all know themselves, anyway) so the buyer just has to take it on face value that the past "astounding" results are, in fact, a true likeness of what's likely to happen in the future.
Don't be put off by this; I only choose to mention it to keep you from being swept away by all the sales pitter-patter of the quick and immense wealth that's being peddled on the sales pages. Keep it real, that's all I'm suggesting.
Always ask what the trading strategy is. This information CAN be given away without it affecting any proprietary information. The testing sites I made reference to earlier will be good for giving you more forthright answers (perhaps) than the direct source. One particular favourite of mine is "4xproject". It's owned by two individuals, the trader's name escapes me but he lives and works in Switzerland; the programmer's name is Michael - whom I've had the pleasure of meeting - and he's based in The UK.
I have actually been trading On The Forex Market since the Autumn of 2005. It wasn't till late in 2007, I learned of automated software that actually traded for you. I felt then as I do now, that the whole concept is so exciting and can be so powerful too, when you get the right software that performs constantly. And yes, I want to give you my own views on a few that I have used and are using. You'll see that in Part 2.
Just so you can see I am a real, live human (and not some made-up name on a one-page website) you can see me and my family at http://www.philipnightingale.co.uk which is more a personal website which I intend to use as a "springboard" for various things I want to bring to people's attention; things that I myself have profited from and could genuinely help the welfare of others with the delivery of sound advice based on my own personal history.
I also have a blog dedicated to my bespoke automated trading system where you will find other good content - all genuine - and in future some free giveaways that if used as I suggest, will get you making money from The Forex Market quickly..... and it really is easy money when it comes. You can visit at http://www.forexphils.blogspot.com where your comment and feedback will always be welcome. Wishing you the greatest success whatever your quest.
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