Currency trading is different from a regular stock market trading due to the fact that the entire procedure can be fully automated. This automation is achieved through an expert advisor, which is compact but complicated bit of software that can be embedded into a forex trading platform. It has the capability of analyzing the market trends, opening and closing trades and everything else. Automation of currency trading has made life easy for you.
In the recent markets, there are many automated currency trading software. Bot software has been designed for trading on penny stocks online. It is important that you should be well aware of the type of software you are spending money on, as not all of the software is worth your money.
Always choose a software that you are familiar with and trust. Search for a statement of investment returns and positive feedback from others traders who have previously used the software. Try to choose a system that has a good customer support in case of problems. Try the free trail offer of the currency trading software so that you can evaluate the product before spending the money to buy the full version. The free trial period is also a good opportunity to determine whether the software really trades in penny stocks or not. Most software asserts that but in reality only do well on the major stocks and not so well on penny stocks.
And finally, if you have enough money to invest, spend it in trustworthy and proven software. The software may cost more…
Source by Jonathan B. Jesselton
I've heard it said, "If you can make 6 winning trades in a row, followed by no more than 3 losing trades, you're a guru of Forex."
In the past seven years, I've crashed so many Demo Forex accounts that I can write a book on this topic, having reviewed every Fx (Forex) broker who is out there. After learning to see through the promises made by new brokers and trial accounts, I was almost convinced Forex trading and making profits from Forex was a big hype and nothing more. So, I stopped trading Forex for a few months … only to return ready to take on the markets once again.
In the break I took, I had mulled over the reasons for my past success with demo accounts, which had inspired me into opening live ones with registered brokers. On introspecting my past trades and analyzing the charts, I found that during the first few years of my Forex trading, I had made quite a few winning trades because I got plain lucky. Yes, it was more instinct and luck that had helped me make profits trading Forex.
However, four winning trades in a row were all I had recorded in the past, until the big crash, which left me wishing the market would improve – and with it, my dwindling profit scores. But, I learned soon enough, the Forex markets don't work that way. If you are hoping the market will move in favor of your trade, or if you are praying that the market will change directions because you are in a bad trade, then you don't know what you're doing and you're going to lose…
Source by Dexter C Figg
Automated Forex trading strategy involves the trader teaching the software what signals to look for and how to interpret them while dealing with currency. This mostly involves a combination of indicators and price patterns for derivation of tradable signals.
A currency trading plan cannot be consistently profitable without adhering to some simple Forex strategies. The most important lesson is to always sell currency at a higher price than you bought the currency. It takes time and effort to build a profitable and efficient project. It is therefore vital to choose the correct strategy that will follow the daily trading schedule and can be applied successfully with the required account balance size.
Computing swap points are one of the core factors considered during creation of an automated Forex trading strategy. Swap points: which is normally the difference between forward rate and spot rate, for a particular currency pair is incorporated into the software and computed using an economic concept known as interest rate quality. The software will ensure that, the hedge returns received after investing funds in differing currencies equate, irrespective of what their interest rates are.
Forex scalping has recently also resulted to popularity of automated Forex trading strategy. Scalping demands a lot of time and attention from the trader, thus automating the system such that it has defined timeframes for stop-loss and take- profit orders helps minimize time wastage and makes…
Source by Arthur Robertson
When the ZUP pattern is properly identified, the trader can enter a high probability trade. The main advantage of this trade is the ability to set tight stop loss orders in case of pattern failure. As with any trading system, this pattern is best used in conjunction with other reinforcing indicators. Support, resistance, and pivot points would be an example of this.
This style of trading is sometimes referred to as Harmonic Trading. No trading systems work all of the time. A 70% win rate with a controlled risk makes this pattern based system an excellent trading system for many types of traders.This is a universal trading indicator and can be applied to any market. Stocks, Forex and futures are examples of these markets. This indicator is published and available to the MT-4 Forex trading platform.
This technical trading system is used by banks, trading syndicates, hedge funds, and nearly every trader at a professional level. Anyone with modest intelligence and a little discipline can trade this system. This indicator can be applied to various markets such as stocks and currencies.
I am not a software engineer. The signal software was developed by others. I am an experienced trader. There are no secret “holy grail” trading methods. Think about it. The more traders that use a system, the better it works! Of course the Central Banks will set a currency price at will. We can’t second guess the Central Banks but we do know when they trade and we can choose not to trade at that…
Source by Dana DeCecco
Is The Forex Tracer Guaranteed to Make Profits?
The Forex market is a very lucrative currency trading platform that has made and broke millionaires overnight. Over $3 Trillion is exchanged everyday in the forx markets which makes it a gold mine field for those that know how to buy and trade for profits in this market. However, the complexity of this market can take someone months or even years to totally understand. This is why those that have the understanding of this market realize the value of this knowledge and are releasing forex trading software that can automate most of the trading for you in order to make you profits, even if you know nothing about the forex market.
One such software is called the Forex Tracer. Now the Forex Tracer, like some of the other forex software, makes some pretty boastful and outrageous claims. They claim their software can make a fortune for anyone, even if someone has never heard of the forex market. They claim their software will do all the trading on autopilot without any human intervention and will continue to do this and constantly pull in profits day and night. My only question after reading this was “what does the user have to do”?
According to the creators, the user has to simply purchase the Forex Tracer, watch the step by step tutorial on how to download and install the software, and then complete the installation. Lastly, you’ll have to open a broker account for the forex tracer to trade through. That’s it. Seems too easy and too…
Source by Brandon Tommy
One Forex trading software called Forex Autopilot has received a lot attention from the currency trading community. Some are calling it one of the biggest breakthrough in currency trading, but is it really that wonderful? If you are still wondering what this software does, it is basically a program called an Expert Advisor. This type of program will open and close positions for you based on the parameters input by the programmer. They can be adjusted by the user to suit their own needs.
I was first introduced to the Forex Autopilot by a trading forum community, and a few of its members were telling me that it has been making money consistently. That was when I decided to try it out myself.
1. My Experience with the Forex Autopilot
I must say that I didn’t know much about Expert Advisors until I tried out Forex Autopilot. I almost could not believe that the currency market could be traded automatically. At the same time, I was cautious and did not start using it on my real life account. What I did was open a new demo account and see how much returns it would provide me after around 4 weeks.
This software only works on the MetaTrader 4 platform, so I proceeded to download a MT4 platform to use this program. There are 2 separate manuals, one that tells you what to do after purchase like how to download and install the software, and another one that teaches you how to set the parameters for the Expert Advisor.
3. My Testing Results with Forex Autopilot
My first week of demo trading…
Source by William Barnes
The Wave59 trading software doesn’t garner the same attention as some of the big boys get, but it is certainly one of the most unique charting platforms that is in the marketplace. We’re all so used to hearing about the same old indicators that every one had used a million times over and over again. Indicators such as Stochastics and Moving Averages isn’t exactly what I’d call revolutionary.
But Wave59 has a wide range of tools that can’t be found anywhere else. For instance, they use astrology indicators, like an ephemeris and many others. Now, no matter what your opinion is on the subject, there is definitely and interesting correlation between the history of price action & movement with the astrological signs.
They may be the most famous for coming up with the Fibonnacci Vortex. It’s this incredible pattern that let’s you pick with great accuracy the of high and low swing points to the pip, many times. The only trouble is that it is not exactly mechanical by nature. It does leave a lot of room for interpretation.
You can also design your trading system, just like you could with Metatrader, but a big difference is that with Wave59, you could use neural nets to devise your indicators.
While many people feel that the software is very impressive, there are still quite a few people that have a hard time putting it all together to have success trading forex. This is probably mostly due to uniqueness of the tools, which people are just not used to.
Source by Jon Ferraro
“Has anyone made money with Forex Killer?” If you’re considering this particular automated forex trading signal software system, it’s the question that’s probably weighing most heavily on your mind. Before you spend your heard earned cash, you want to know if it’s really worth the money.
I can tell you that I have used Forex Killer and I believe that it works. Since I have begun using this software in November of 2007, I have profitably exited more trades than before. However, it must be used correctly and that’s where many people go wrong and end up thinking that the software is a scam. Let me give you a few pointers that will help you get the most from your software should you decide to make the purchase.
1. Forex trading software is not perfect. I don’t care what type of software you buy or which trading platform you use, there isn’t a single one that is going to allow you to trade profitably 100% of the time. If you can’t deal with that fact, you probably shouldn’t trade at all.
2. Never place a trade based on news events. That is one of the easiest ways to get yourself in trouble and end up losing money.
3. Do not trade against the trend. This is where you can use your software to determine your entry point into a trade.
4. Successful forex trading is all about good money management, developing a system that you are comfortable with, and most of all, discipline. There is no software that can do all those things. That part is up to you.
So, back to the original question,…
Source by Jane Hamilton
I trade the Forex markets professionally. I’ve been very successful at it. But it didn’t start out that way. In fact, initially I wasn’t successful at all. I was forced to re-evaluate my entire methodology and what I thought I knew.
But it paid off. After a period of re-evaluation, and study, I became very successful. And along the way, I learned some key lessons.
Lesson #1 Extra software and other “bells and whistles” didn’t make me more successful.
When I made the decision to learn the Forex, I studied the various tools available and chose to purchase trading software in addition to my broker’s trading station. Of course this was back when I thought that it was a lot easier to learn to trade the Forex than I had anticipated. As it turns out, the extra software was not necessary at all to successfully trading the Forex.
All trading software programs (even trading platforms) that I have seen are lagging indicators. None of them are crystal balls. When used effectively and understood properly, these indicators can be powerful tools.
You do not need anything else for your trading except a trading station and perhaps price alarms that are supplied by the broker. Most software comes with very pertinent technical indicators already built in. It is pointless (and perhaps detrimental) to go off on tangents and purchase any additional trading software.
This extra software, which is touted to make you more successful, will likely confuse you and sidetrack you from understanding the…
Source by Jeff B Langin
Forex trading is the new way to make money by trading foreign currency. If you haven’t had a chance to look into Forex trading, I will try and explain some of the basics as well as discuss what automated forex software can help you with.
Forex trading is a system that goes on 24 hours a day, and unlike the stock market the Forex market keeps going even while you are sleeping or away from your computer. The main part of the trading involves a term coined “currency pairs”. This involves taking one kind of currency and pairing it with another. The value of the first currency is determined by its value compared to the other currency. The first currency in the pair is called the “base currency” while the second in the pair is called the “quote currency”. The currency pair shows what value of the “quote currency” is needed to purchase one of the “base currency”. For instance, if the currency pair was USD/EUR, the currency pair is being quoted as USD/ EUR =1.5 and then you purchase the pair. This will mean that for every 1.5 Euros you sell you will purchase 1 USD.
There are multiple software packages that allow you to do you trading while you are away from your computer. This in turn can increase your productivity on the market by capitalizing on the peak hours that certain currencies are traded. It will also display the “ask” and “bid” of the currency pair simultaneously. It can show you the time in “real time” as well as the “ask” and “bid” price of the currency pairs you are…
Source by Dean Olmstead