Forex Expert Advisors (Forex EAs or Robots) are program codes specifically tailored for the purpose of reading the price feed from a Forex trader’s data provider through their trading platform using algorithms. They are designed to search for pre-programmed price patterns and make decisions on behalf of the trader that follow rules programmed into their decision trees. These decisions carefully assess trading opportunities for Forex traders and provide them with advice which they can use to earn maximized profits from trades. Many FX traders want to find a good Forex EA for them. Well, the following are all the steps one must accomplish in order to find a good FX Robot:
Step 1: Determine what you need
The first step to find a decent Forex Expert Advisor, is to determine what you need. Different Forex Expert Advisors can be programmed to make different decisions. They can run on a multitude of different algorithms, which is why a person needs to first determine what they need from a Forex Expert Advisor before moving to actually finding a good Forex EA to ensure it offers everything they need.
Step 2: Create a list of all the Forex EAs who are capable of providing what you need
Once a person has determined what he needs from a Forex Robot, the next step would be to find each and every single Forex Expert Advisor in existence that offers what they require and create a list. A person should make sure that they enlist every single Forex Robot that offers all the things they…
Source by Frank Breinling
Ever since automated Forex trading robots first hit the markets there has been much discussion about which one is the best to buy. Why settle for just one? Here are some of the latest tips for putting together a robot trading portfolio that will get results.
Even though many experienced traders feel that their own manual trading skills far surpass the abilities of the automated robot traders, many still use an Expert Advisor to support their trading activities. These Expert Advisors, EA for short, can make trading easier and more profitable when used correctly. But because each is different, serious traders are using more than one at a time. And, not just two, but also often three or more.
When you consider that an EA such as Forex Megadroid or FAP Turbo, two of the best top sellers, actually use different trading strategies, it makes sense to use them both, rather than worry about which one is the best of the best. It is really an attempt to deal with the changing market conditions that typically exist in Forex trading. And, it is the understanding that some robots work best with different parts of the market cycles.
Excellent traders insist that the first thing you should do is to find the Expert Advisor that conforms to your own trading strategy. Don't ever expect that you can set your robot and forget it. Interact with it as if it were a human trader supporting you.
Make certain that you already understand your own trading strategy. Then use your…
Source by Steve Leigh Martins
The FAP Turbo Scam is one common term being voiced around the Forex trading forums as to whether this software really lives up to it’s marketing campaign.
It’s video testimonials purport that it really is a case of just letting it run on auto-pilot, go and grab some lunch and hey “presto” your $140 richer!
Mmmmmm. Well, autopilot software can scalp you profit from lots in a matter of seconds but if your completely new you will need to understand how to set up your margins. This cannot be taught over night.
Seasoned Forex traders describe how over about 3 years you just start to get a feel for certain currency pairs. Of course this could be described as subjective confidence but if you’ve been trading for sometime then you will start to build up a certain affiliation with certain currency pairs.
Unfortunately, if you are completely new to Forex trading then knowing how to set your Stop Loss and Take Profit Margins are essential if you want to succeed in this game.
Is the FAP Turbo a scam? Well scam is putting it a little harsh – but referring to it as an automated money making machine would also be a wee exaggeration.
Look, if you don’t know how to input your margins and want the job done for you then FAP turbo does offer this option. With amounts as little as $50 you can begin trading with FAP.
But – if you value your money more and would rather invest in a system that comes with your own personal meta-traders who are seasoned Forex Pro’s who will set your margins for you and…
Source by Rob R Carmichael
Two of the ways in which you can trade the currency market without really locating entry points yourself is by using an EA (Expert Advisor) program or an automatic trading robot. These two solutions have become widely popular in recent years with the advent of the Internet and other technological developments.
What is the difference between an Expert Advisor and an automatic Forex robot and which one should you use?
There are many similarities between EAs and trading robots:
1. Both are software programs which were developed to trade the market on your behalf.
2. EAs and robots both take care of the analysis part of the trade. They go over the current market prices and based on their internal algorithms and technical indicators, they discover the entry points for high probability trades.
The second similarity makes using either of these two solutions a low hassle way to take part in the currency market.
However, there is one major difference between EAs and automatic trading robots: EAs don’t really trade on your behalf while robots do.
You see, EAs just provide you with trading signals. They tell you when they believe you should trade but they don’t actually place the trade for you. This does mean that you need to be around to place the trade but it also gives you an additional layer of control, a final “veto” so to speak in which you can decide whether to follow the signal or not.
Automatic trading robots are an entirely different thing. A robot takes care of the entire trading…
Source by John J. Drummond
Students and acquaintances often ask me to teach them Forex trading techniques to profit in the Forex market. Is there such a Holy Grail that can provide guaranteed winning trades? I listen as an acquaintance continues to complain that he is losing too much money, that he is never on the right side of the market, that he keeps making the same mistake repeatedly, and why does he keep getting stopped out? After about 30 minutes of his ranting, I interject and tell him that maybe he should start learning about trading psychology. With a disappointed face, he looks at me dumbfounded.
Many Forex traders give up after one year while some traders continue to jump from system to system, looking for the ever-elusive Holy Grail. It seems that after learning a number of different trading techniques, traders tend to plateau, and are unable to improve, regardless of what they do. Somehow, there is always a new trading course offered by a most successful trading guru or an ultimate indicator claiming unparalleled results that is a must-have.
The Forex industry is so polluted with scammers and marketers that it is impossible to sort out who is telling the truth. It is extremely sad to see so many people losing money in this market; however, it is the greed that continues to recruit more neophytes. It is like a gambler looking for an easy way in life to make a lot of money in the shortest amount of time. There are traders claiming that they are not gamblers and have never stepped into a…
Source by Winsor Hoang
Top Ten Forex Brokers List
The top ten forex brokers list is made up of all relevant information from the website for each broker listed. Typical spread values are shown as opposed to minimum spread as this is a more accurate representation of what the typical trader will have to pay. All spread values are variable and based on recent trade activity for each broker. Typical spread has differing values depending on which currency pair or financial product is being traded so numbers given are based on major currency pairs or "majors" if not specified otherwise. The majors are EUR / USD, USD / JPY, GBP / USD, AUD / USD, USD / CHF, and USD / CAD. It is important to note when looking at maximum leverage amounts that USA only allows up to 50: 1 leverage and Japan up to 25: 1 leverage.
- Office Locations : United States, United Kingdom, Australia, Hong Kong, Japan, and South Korea
- Spread : 1.2 – 2 pips on majors, 35 on gold (XAU / USD) and 3.6 on silver (XAG / USD)
- Commission : No
- Minimum Deposit Required : Resident of USA $ 500, CA $ 1000, AU $ 300, UK £ 250
- Minimum Trade : 1,000 units (micro lot), 1 unit (oz) of gold, 50 units (oz) of silver
- Maximum Leverage : 50: 1 on major currency pairs, 20: 1 on minor pairs, and 1: 1 on metals
- Number of Pairs Traded : 49 currency pairs with gold and silver
- Trading Platform : MT4, ForexTrader Pro (50 pairs with gold and silver, Minimum trade 10,000 units (mini lot))
- Mobile Trading…
Source by Dave Woodhouse
When you open demo or real account on Metatrader you will be given account number and 2 passwords. The first password is used to login as a regular user for trading. The second password is called investor password. It is read-only password used to login for observation purposes. You can not close, modify or start any trades, but you can see the real and genuine trading history and even save the trading statement to your computer. Investor passwords are often used by Forex signal services, account managers.
When you have investor password you can copy/duplicate the trades to your account. You need to install and open 2 Metatrader accounts on your computer. Account #1 with investor password will act as the server and account #2 will be the client account. Now you need to run a special software called Local Trade Copier on both platforms and all trades from account #1 will be copied to the account #2.
LTC software has many features, you can select different lot size on the client side, choose what currency pairs to trade or not to trade. The software is compatible with any broker.
LTC software is compatible with VPS. It can be used to copy few Metatrader accounts on 1 VPS or on several VPS. This can be used for account management too. You can run copier on many accounts and trade just 1 account – server/master account. Copier can and will copy the trades opened manually or by another Expert Advisor.
Source by Johnny Smiths
In this article, we’re going to look at three critical elements that you need to understand in order to effectively use the MT4 MetaTrader platform to trade the forex market:
– First, we’re going to be discussing how to make sure you can see all available instruments to trade.
– Next, I will go over how to tap into exploiting one of the best kept secrets regarding MetaTrader, combining indicators so that an indicator is commenting on the performance of another indicator.
– Lastly I will go over one of the best ways to exploit pips in a move, trailing stops. Afterwards you’ll be able to tackle the platform with confidence and ability to begin successfully trading using MT4.
First, let’s deal with the issue of pair availability. When you first install MetaTrader (MT4), you do not see all available pairs that your broker offers. I have no idea why but it could be dangerous depending on your trading style. Quite a few traders look at one currency pair to see what the other will do. This is called correlation. For example, if the EURUSD is going up, then typically the USDCHF is going down. You might see a clear pattern on the USDCHF chart but not on the EURUSD. Because of that observation, you have a high degree of confidence that the EURUSD will move in the opposite direction of the pattern seen in the USDCHF charts. By having all available charts at your disposal you increase your trading styles and choices.
Prior to initiating that trade with the EURUSD or USDCHF based on…
Source by Michael Pitkanen
Metatrader 5 (MT5) the new solution to replace the metatrader 4 the most popular financial trading platform among Forex, CFD and equity brokers from MetaQuotes Software Corp. MT5 is currently in public testing. In this article I will review the software and give my opinion on the advantages and disadvantages of this release so far.
-Market Liquidity Pool will be available (Market Watch) to watch the market depth. This advantage will help greatly in avoiding low volume trading instruments that lacks liquidity.
-It offers four different execution types: Market, Instant, Request and Exchange execution which would be a useful feature that will meet all traders’ execution needs.
-The expert advisors code which is passed to the remote agent is never stored on the hard disk of the agent but rather just is passed in a modified form which makes it impossible to dump. A remote agent does not know the name of the expert advisors and does not save the results of calculated data on the hard disk.
-MT5 is a highly flexible and reliable trading platform that gives expert traders as well as beginners the ability to trade efficiently and clearly.
-8 built-in technical indicators, 39 graphic objects and many MQL5-indicators covering most if not all of the popular indicators.
-Security and encryption has been enhanced.
-In MT5 hedging is disabled. This is probably the worst disadvantage of metatrader 5 because hedging is a great risk management approach not to mention that since most…
Source by M. Wael Alkel
Many forex trader simply don’t know this fact that they can trade other instruments and contracts from their metatrader platform that they use to trade forex. You can trade oil, gold,silver, stock indices, and even stocks from most of these metatrader platforms.
Just right click on the Market Watch window where the currency pairs are displayed and it will show you the list of other contracts that can be traded from the MT4 Platform. As a trader, you should know this that opportunity keeps on shifting from one market to another.
This shift in opportunity gives you the chance for market timining. Market timing means that you spot a trend developing in the market. You position yourself for taking advantage from that trend. You ride the trend to get as much profit as possible and get out before it become late.
Now, gold is in an unprecedented bull market. Gold prices are at their historical high. Gold prices are being driven hgh by the abuse and debasement of the fiat currency that has been going on. People are afraid that fiat currency is going to lose value. After all it is just a piece of paper only backed with your own confidence on it’s purchasing power.
So, these are the factors that are driving gold prices higher and higher. Some expert are predicting gold prices to double from $1,200 per ounce to around $2,500 per ounce in the next six months. This is a historic opportunity. You should think about trading gold along with forex.
Gold is also known as Anti Dollar. Both have…
Source by Ahmad A Hassam