If you want learn foreign exchange trading and win you can but don’t make the common mistake enclosed, many novice traders make it and its simple to avoid… here it is.
Never ever be tempted to trade one of the heavily promoted Forex Expert Advisors or Forex robots you see sold heavily online for a couple of hundred dollars or less and the reason is simple, they lose money!
If everyone could double their money each month (as most robots claim) then no one would work and everyone would trade. If I could get an income for life for the price of a night out, I would buy a robot and so would most people but of course you can’t.
That’s why no bank, brokerage or serious trader, would ever use one of these systems, the claims are pure fantasy and not the reality of trading.
Check the promotional copy and you will see big claims but where is the real audited track record? There isn’t one, just simulations and figures from the vendor with no substantiation whatsoever.
Pass these robots and experts by and learn Foreign exchange the right way and that means getting a decent Forex education, learning skills, getting confidence and trading with discipline. If you do this you are on the road to Foreign exchange trading success; this has always been the way to win and always will be.
Leave the robots and Expert advisors to the losers and get the right Forex education and win.
Source by Sonia Kristina
It is observed recently that larger percent of forex traders are now interested in automatic forex system trading which has led to the development of so many expert advisors or robot to take control of their currency trading. In adopting this approach to trading, has it actually yield any significant result compare to traditional way of trading? In the next few minutes, the I’m going to do some analysis to see automatic currency trading actually justify the advantages over manual trading.
Lets look at the issue of PROFIT MAKING. If you have a good strategy in dealing with foreign exchange market, there is nothing stops you from making profit as many times as possible by opening and closing positions manually but the in the situation where your manual strategy fails to the extent of making losses. Would you have the confidence to still stick with the strategy? If care is not taken you might end up jumping from one idea to the other and there is limitation to the level of profit you can make.
Using expert advisors (EA) or robot, you have no control over the program that was used to develop it whether its making profit or not. But it has been proved that if you have a good EA, irrespective of the the situation of the market it will have its own period of peak performance where it will bring unexpected profit, provided you stick only to the currency trading robot you are using.
Another point is HUMAN EMOTIONS in trading foreign exchange. If you are too emotional in circumstances…
Source by Victor Branch
If you are getting the Metatrader error: Ordersend Error 130, it could mean a few different things are going wrong. First, it might mean your stop loss is too close to the market price. Second, it might mean your take profit is too close to the market price. And Third, if you are placing a pending order, you might be trying to place it too close to the market price. What should you do?
Because there are many different forex brokers with different account types out there, you have to check the current account’s market info within your expert advisor to find out the minimum stop level distance you have. Some accounts are 3 pips, while others might be 15 pips.
The function you will use is called MarketInfo. It requires two parameters, SYMBOL & TYPE. SYMBOL is the currency pair or security you want to access and TYPE is the request identifier to specify the account info you wish to return. Since we are looking for the minimum stop level, we will use the type, MODE_STOPLEVEL.
double MarketInfo (string symbol, int type)
int MinStopDist = MarketInfo(“EURUSD”,MODE_STOPLEVEL);
Once you have this data, you want to make sure you do not try to place stop losses or take profits closer than this minimum distance from the market price. Additionally, you do not want to try to place pending orders closer than this distance from the current market price. If you are using an expert advisor that you do not have the source code for, you will want to look in the input value settings and see…
Source by Jim Weldon
The 1st foreign exchange robot that shows real money, real proof of account doubling power month after month … In fact, FapTurbo sold over 43,000 copies TO DATE!
As possibly 90% of the currency exchange community knows, it commenced about eight months ago. The programmers released the FIRST deposit doubling foreign exchange robot that changed the lives of a lot of folks (again, over 43,000 to be precise). It was called FapTurbo and it was the very first currency exchange robot that showed real live cash gains on site…real money gains from satisfied customers…proving its efficacy as a real revenue solution that produces real cash on autopilot, over and over again.
FapTurbo is THE most exceptional foreign exchange robot in the market…that is a fact. A fact supported by time and determined numbers.
Hundreds of reviews feature it as THE BEST foreign exchange robot ever released to the general public. Go ahead – feel at ease to conduct some research. It’s an unbeatable product, both re price and performance and outperforms every single “over-priced, thousand dollar junk ‘bot” out there.
The average expert counsel from the numerous copycats making an attempt to mimic its concept and formula have all failed miserably. Nothing is perfect and perfection is what we in the currency exchange Guru Club try for. FapTurbo had one minor issue that reduced its efficacy : the undeniable fact that it was used by the masses. That’s the point we want to dwell on since this IS the failing…
Source by Noel D Dale
I find it remarkably funny that some traders would understate the importantly relevant live testing result of a forex trading software such as the Forex Megadroid. What is better than live testing result that is never at risk of being tampered and controlled? I cannot blame them, they may have partnered with a defective and not so useful forex trading robot in the past which gave them nothing else but tampered back test result, thus with using it on their accounts, they ended up losing whatever money they had on their live accounts. You have to be aware that there are more fraudulent forex trading robots in the market compared to the legitimate robots that you have to take careful thought in choosing to buy one.
It is a sad truth that there are some traders who are now skeptical about the legitimate robots’ live testing results due to being exposed to wrongly simulated testing results in order to attract more sales for a fraudulent forex trading robot in the market. Do not base your decision to buy from what the marketers or what other traders who are attesting to be firsthand users say about it, you have to be wise in doing your own product research and testing in order to get real worth for your money. With a lot of various factors to consider before buying an Expert Advisor, you have to be aware about the questions to ask from vendors, such as the relevant questions on a product’s weakness. These are the details that a marketer would refuse to tell you and if you think…
Source by Lewis D. Clyde
Forex Autopilot was developed by a team of professional Forex traders and programmers under the permission of Marcus B. Leary and his team. The Forex autopilot system is unique for the following reasons:
1. You can use the virtual private server (VPS) which can host your trading platform so you can turn off your computer while the robot is trading on the virtual private server’
2. The trading robot will do all the work for you to bring you good profits while you are asleep without much supervision.
3. Forex autopilot is a combination of two strategies; the short term scalping strategy and the long term advanced Forex autopilot strategy. These two strategies are built inside one expert adviser and can be switched on and off easily using the scalper strategy parameters in Forex autopilot setting.
A good trader needs a good trading system to be successful in the Forex business. The above attributes of an automated trading robot makes well for a good trading system. Most manual traders do fall into the temptation of over trading by opening more positions than they should, not knowing when they have exceeded their trading limit or goals. These attitudes make money management difficult for them. An automated trading system is a trading system that does good equity or money management on both small and big accounts. It can place micro or mini size lots when necessary and delivers good profit. The task of waiting long hours to analyze charts or news events by traders is taken off the…
Source by Joseph Ojogba
It’s really not that difficult to find the oldest trading strategy around. It’s as old as the market itself. It’s called price action. What’s really amazing is that not only is this strategy the oldest, but it’s also the best.
What’s even more amazing is that almost NOBODY is using it. How ridiculous is that? You’ve got traders spending an insane amount of money using one forex trading robot after another. I guess that nobody wants to work anymore. They would just be happier letting a robot trade for them.
So why should be using price action? To begin with, it’s the most surefire way to be able to tell where the trend is. You’ll also be able to learn how to properly spot where the support and resistance is on the price. You can use to spot where the future price may be headed.
Believe it or not, this is nothing new. Ever since the first day of the stock market, traders were using price action. But back then, they didn’t have live, real time charts. You have brokers who were just following price action on the market floor. There were legendary traders like Jesse Livermore who became rich in the late 1800s doing this.
Obviously a lot has changed since then, especially when you look at the forex market. While some of the changes have been good, others…..not so much. I think technology, while impressive, has made traders a little too lazy. Instead of having traders figure out the market for themselves, they are way too reliant on all the bells and whistles to tell them when to…
Source by John Templeton
As it is, new market volatility and constantly fluctuating prices in the Forex market are enough to confuse anyone, especially a novice. In addition, when you hear all this talk about planning and strategy, you begin to wonder what you should really be doing.
To help you on to this question, and to give you an insight into what the market pros do, we will take a close look at scalping as a possible trading strategy and tools available for implementation scalping involves locking on to small spreads every time they are favorable so that profit is accumulated in small increments over a period of time. In fact the best way to implement a scalping strategy is to use a Forex robot.
A Forex robot is a software tool that analyzes the markets and carries out automated trading on your behalf on autopilot, requiring little or no supervision. The advantages of using a robot in carrying out scalping are as follows:
– The creators of the robot brings years of experience to bear and a new generation is designed to cope with the realities of the marketplace
– the new generation robots used innovative new trading algorithms and programming to enable them to analyze market trends and capitalize on them. For instance, Forex megadroid uses artificial intelligence programming, combined with a proprietary algorithm to produce to 2-4 hour forecasts of price behavior with a remarkable degree of accuracy.
– The default setting on these robots are designed to minimize your risk while maximizing your…
Source by Mark S. Carter
Traders have been in debate to what the best Forex trading strategies are for years. That debate is likely to continue for many more years to come. What most people that are new to Forex trading want to know is what is the best and how can we identify it as the best. I want to first of all consider what a trading strategy is then look at two different types and asses them both.
A Forex trading strategy or system is simply a set of rules a trader will use to enter, exit and adjust his trade. The strategy may consider fundamental analysis, technical analysis or a bit of both. The answer to which is the best cannot be determined by simply looking at the results of a strategy but by looking at the trader as well. Psychology is the single biggest issue traders’ face when carrying out a winning or losing trade. The ability to be able to stick to your own rules during a losing or winning trade can be challenging. It is for this reason many traders will turn to automated trading systems to beat the psychological issues they are faced with. Auto trading using EA’s has its benefits but it is a proven fact that markets are in fact random which means a strategy working today may not work tomorrow.
What about a mixture of both?
You could be the best analyst in the world and still be a terrible trader! How many times have you taken a trade with all your analysis in your head then exited early or not taken the trade at all. A common scenario is not taking the planned trade because you…
Source by Adam Woods
Does automated currency trading really hold a bright future for Forex trading? Can this system of Forex trading offer better returns in comparison with manual trading? Many traders wonder if auto currency system will bring an end to physical or manual trading; and if it implies that they have to embark on developing their own trading system in order to trade automatically.
The most recent automated currency trading is that which is done with the aid of robots. These forms of auto FX trading are completely automatic; there is no human element or aid associated with this form of auto systems. The hope of the currency traders rose with the coming of automated currency trading systems in robot forms. Trading is made much easier using Forex robots; one, more accurate predictions are made leading to more profitable trades and secondly, you do not need to monitor trade closely as trade is completely executed automatically.
However, the trading platforms are still very much available for manual trading; in fact, you can even set some of them to be compliant with the use of robot, example of such trading platform is the MetaTrader 4. Automated system of trading Forex has not eliminated physical or manual trading and many traders still opt to trade physically. Yet, trading automatically with robots, offer more avenues for better profit earnings and convenient trading. Beside, trading is done 24/7 and the chances of losing any trade are so slight as a result of high…
Source by Harry T. Philips