The forex exchange market also known as forex, FX, or the currency market is a globally decentralized over the counter market for the trading of currencies and is the world's largest trading market with over three trillion in daily volume and growing everyday. This is a market that is open twenty four hours a day and five days a week and currencies are traded all over the world in the principal financial centers.
With such increased trading levels, everyone has the opportunity to enter into the forex trading market and make some profits. However, a very dependable trading system is required by any trader in order to make good profits. It is with this in mind that the developer of the GPS Forex Robot Mark Larsen came up with this trading system. He is a trader too and has created the GPS Forex Robot for the purpose of assisting fellow traders to make trading viable. He created this forex product along with Antony Kemble and Ronald Kravchuk.
But is the GPS Forex Robot one of the best forex trading robots as it is claimed to be? Many automated forex trading systems are available and yet most are not really what their creators claim they are and do not do what they are claimed to be doing. So what about the GPS Forex Robot? The GPS Forex Robot is an automated EA bulletproof forex system and this makes it able to keep up with any market condition. It is uncomplicated forex software that has been created with the intention of assisting any trader in profitable…
Source by William C Mayer
Sick and tired of not earning any yield? Or are you just stuck at a loss plateau? Maybe your so called 'best Forex robot' is not the best after all. You may have never considered that you are using the wrong scalping ea for your Forex trade.
Forex & Automated Trading
Forex is the global foreign exchange market that has gained huge popularity in the recent years. The market involves buying, selling & exchange of major world currencies at specified rates. The popularity of automated trading software has also increased greatly in the recent times because scalping can be very challenging & time-consuming and it is very natural that most of us are not able to dedicate ourselves full-time for trading. These automated systems enter orders and generate returns according to their design mathematics placed by their creators. They clearly possess advantages over a human operation where the human emotional response does not interfere with market changes. This means, you don't need to worry about human error, corruption, or any middle-men misguidance. But it all comes to the creators who are designing them. The financial market is a very chaotic process where technical methods are required to make sure that you can yield some profit. If your automated trading software creators are not experts in Forex trades, then it will yield lower returns and losses.
What to Look For In a Forex Robot?
So if you are planning to a trading robot, what are you really looking for? …
Source by Moyed Adnan
Everybody knows that forex EAs are the new "hot" thing in forex trading. For those that don't know what a Forex EA is, it stands for Forex Expert Advisor. It's essentially a trading robot. The developer of the EA sets up a trading system with lagging indicators such as stochastics and moving averages, and creates a code that your trading platform uses to trade for you when you're not around. So, basically it can trade for you while you're asleep, at work, taking a shower, etc … Sounds incredible doesn't it? Well there is one tiny thing you should know about them. The majority fail miserably.
Don't believe me? That's fine. Just browse through almost every single forex forum on the internet today. You'll get your fill of forex EAs. They are all over the place. After you have spent 4 or 5 months demoing and crashing your account with them, you might have wished you'd spend your time a little bit more carefully.
A successful Forex EA is a lot like the holy grail of trading. You hear about it a lot, but you never get to see it, do you? There is a good reason for it: A robot cannot trade for you.
I learned this the hard way (as I'm sure many have). We all want the easy way out. But simple logic tells you that a robot cannot intuitively react to market news. It's not like the robot can hear what the Federal government is saying about the state of inflation. Even more so, a robot does not know how to trade the rhetoric.
The irony is if I took that…
Source by Jim Buhs
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