best forex trading robots reviews

As customary to my write ups on this article board and others, I?ll continue to assert the fact that Nigeria is a force to be reckoned with as regards every known endeavor on the face of this planet called Earth, and the internet is no exception, it is left for the rest of the world most especially the United States to fathom this cold hard fact out. Well I would have titled this piece ?the online conspiracies of the west against Nigeria? well that would sound cynic and inane. It will look as we are beggars at the rich man?s table waiting for crumbs that falls off his table; when we are kings in the making. However, it has become imperative that we will take on destiny instead of waiting lazily for it to come beckoning at us. But do you know one thing my friend? Your destiny cannot come to you except you shrug off the ashes of defeat, rise to your feet, and then take what rightly belongs to you. Sorry if I have digressed from the main topic of the day, well I was trying to crave your indulgence as is always the case with me. Like I said earlier on, Nigeria remains the biggest internet estate and can compete favorably with India on the third world country category and in the real sense can give the west a run for their money; and as a member of cyber world is not immune to the fistful of online fallacies that pervades the internet daily. But I?ll only deal with this ill wind the as it concerns we Nigerian.

One thing that has remained obvious to we Nigerians especially those who wants to make a decent living doing decent business online is that we are greatly disadvantaged because of some pre-conceived notion of the developed economies against Africa and Nigeria in particular, but I wont dwell much on the bad side as an optimist but will deal on the possible and well established side as a realist. What do I mean by this? The internet has become a real estate and as such many people world wide are reaping the benefits of this innovation and smiling to the bank every other day, so my main concern is to get you acquainted with the common myth that pervades the internet daily and the obvious.

Recently, online FOREX TRADING has become a niche that every person with little or no experience on money matters wants to get involved in within a short period of time (most attend one to two days seminar) and want to start reaping from it, stop! I?ll love to ask, why is it that we still have few people that are rich from trading FOREX with all the hype associated with it? Well have you stooped to think this over? But my friend like I titled this article I?ll love to list the myths, facts and the reality of online FOREX trading. Personally I don?t trade FOREX but I know of an array of people who do; and from the fillers I get daily, it is not as rosy as it sounds. You loose money and you gain money, however the tendency of loosing far out weighs that of gaining if you don?t know the fundamentals of the trade. Knowing the fundamentals is not some thing you gain the knowledge in 1, 2, 3 or even 7 days as those who advertise it in dailies will tell you. What the organizers of various FOREX seminars are after is to gain back what they have loosed trading through levying outrageous seminar fees on the participants. At the seminar they don?t take the time to explain the technical and fundamentals of the market, terms like pips, bull traps, Fibonacci analysis etc are not well explained: leaving the participant more confused than ever. But like I said earlier on, trading with no fore knowledge of the aforementioned points makes trading an experience not worth the venture.

Still on online FOREX trading, it will be unfair if I don?t mention the benefits of this online money making venture even if I?m not trading this very lucrative market (yet). Basically FOREX trading exceeds about 1.3 trillion dollars daily, so it will be mediocre of a person to jump into a market as large as this with no formal knowledge of the happenings. However ,it becomes expedient of the person to get fully into the know of this liquid market before getting his hands burnt in the process of wanting to make 100 pips a day as most of the self acclaimed FOREX experts promise you when you trade on their systems. Like I always do when posting any article, I try to make detailed research (even if I know little or not) before coming to press, and when I do it is in the form of a personal experience. While this FOREX rave reached fever pitch, every person wanted to tap into this market to reap bountifully; I decided to make my own in road. Daily, I hit every search engine on the net for a detailed report, I subscribed to every ezine, news letter, and every available publication that deals with the subject. From my findings I observed that the requirements of this market is quite tasking, however if all these requirements are met, the market is worth the venture, what are the requirements I?m talking of: they include a laptop computer connected to the internet; as you need this to enhance the mobility of the market, a domiciliary account, and a form of identity which could come in form of an international passport or national identity card and a plat form to trade on.

One day I saw an advert on a daily on a FOREX seminar that?ll last for about two days, and within these two days you will be taught all the basics required to start making between 30 to 40 pips daily (note: a pip is worth about 10 dollars). I did not attend the seminar as the seminar fee was too much, not that I can?t afford it but because the money was too much for a seminar that will last a couple of days. So I took the address of the FOREX firm and decided to pay them a visit and perhaps make more enquiries. On getting there I met a lady who looked more like a cleaner than a FOREX expert, as I was expecting to see a person who looked like those who work in wall street or if I want to sound modest like some one who works for one of the banks, then how can such a person teach me the basics of the trade for me to start making 50 pips every day!. I thought may be if she really is an expert as she claims, I figure she should be making good money as a FOREX expert and at least look good for her troubles. Is not like I?m saying that there aren?t people here in Nigeria who are doing good trading FOREX, but what I?m saying is that they are very few, this is the fact and the sooner it downs on you the better. I don?t want to sound cynical but in this business is very good for you to be very truthful to your audience, telling them the reality of every situation, instead of leading them falsely by reporting fallacies and stuff.

On the contrary, FOREX trading is a niche and can not be ignored as it has enriched many Nigerians (the few who know the rudiments of the business) as I know of a guy who takes home close to 30 to 40 pips any time he trades, do you know his secret? He sells when others are buying, and sells when others are buying. He knows where to make his stop loss and quit when it really mattered, he understands the basic trends mostly the fundamental, since with it you have a clue as to how the currencies are performing in the market relative to how the various big economies are faring. One other fact in relation to a myth pervading the scenario is that FOREX is not a vocation as the ?experts? will tell you. It is not some thing you do on a part time basis; rather I will say it is more of a career, since most traders do it full time. Why this is so is that you can dwell on a chart a whole day waiting for a favorable signal to begin trading, while you are in your office waiting for the required signal, your boss will be telling the secretary to prepare your sack letter and pay-off. But if you learn the ropes you work smart as a FOREX trader, knowing the best times to trade; then you can jolly well make it a vocation, rather than a career as earlier speculated. The secret is that most FOREX traders don?t trade every day. This is another fact, you only trade when there are auspicious signs. Another secret is contentment (avoid being unnecessarily greedy), when you make a good move that gives you 20 to 30 pips, is usually advisable to quit at that juncture even if you see another favorable trend. Usually such trends end with you loosing the money you already made. So be careful, as it could be very enticing as well as deceitful

I’m going to show you how to learn forex trading because I’m going to be your mentor for this article. You have a lot to learn in this market and if you don’t learn it, you could lose a lot of money. Money comes and goes, the market doesn’t care who you are. That’s why it is essential to evaluate your goals and how much you’re willing to risk because there is no reason to invest rent money or anything that is important into this market.

I’m sure you’ve heard in personal development and self-help that you should journal, well, the same applies here. Except you’re going to journal your trading experiences. It’s not going to be a literal account of things involving numbers. You’re going to get into the “why” of things and explain why you did what you did. Why did you make that trade? What did you expect to happen? What did happen? What did you learn? What will you do in the future? This is very beneficial to answer and it will become a great index of information for you in the future.

You ever met those people that have a great business idea, but they just sit around doing analyzing all the time. These people rarely ever get started because they just over analyze and it’s crippling. I’m not saying that analyzing has a part because it does, but there is a point where you need to take the plunge. You have to be very critical of yourself and ask yourself “Am I analyzing to make sure this is a good opportunity or am I analyzing so I don’t have to act”.

This is my forex trading mentor style article and that’s how to best move forward with your trading. You will learn if you document and apply what you read.

Forex day trading secrets for success are all over the internet as vendors sell systems but when buying them you need to be aware of this secret which will save you a lot of money and put you on the road to forex trading success…

Day trading simply doesn’t work and you should try another short term method of trading that does.

So Why doesn’t day trading work?

Simple – it’s a proven fact that in today’s world of instant communications, all short term volatility is of a random nature therefore, you can’t use support and resistance in these short time frames as there not relevant, so the odds are against you and you will lose.

In days gone by, the floor trader had an advantage has he had the information first but with the rise of online trading this no longer applies.

The Proof!

Take any of the day trading systems online that claims to make profits, then, look at the small print on the track record and you will see the following words:

“Back test”, “simulated” and “hypothetical” and this means in simple English – made up, with all the closing data known in advance and of course that’s easy.

The vendors who sell these systems want you to trust a made up track record – but don’t trade it themselves!

Doesn’t inspire confidence does it?

Short Term Strategies for Profit

If you want to trade short term try swing trading.

This method takes advantage of overbought and oversold scenarios which last a few days to a week or so. In these periods you can get the odds on your side and you win because support and resistance is valid.

So if you want to win the secret of Forex day trading the vendors of systems don’t tell you is – it doesn’t work and focus on Forex swing trading, a short term strategy where you can get the odds on your side and can enjoy forex trading success.

Swing trading, is easy to understand and learn and you could soon be making big profits, in around 30 minutes a day or less.

In normal life working hard and being clever can often mean you make more money but in Forex trading neither apply or will make you money, just understand the following if you want to win…

Why You don’t need to Work Hard

Anyone can learn Forex trading in a few weeks and make money in 30 minutes or less per day. You don’t need to work hard you need to work smart get the right Forex education and apply your knowledge with discipline.

It doesn’t matter how long you take to generate your trading signal you are judged only on the result.

Many traders work hard, lose and think the more information they have the better and there always swapping systems etc where they should just get one and stick with it.

Why You Don’t need to be Clever

It’s a fact anyone can learn Forex trading and simple systems work best as the market is based on odds – in fact its very similar to playing poker, you play the odds correctly and win.

Why Keeping it Simple and NOT Working hard is the Right Way

More top traders in the world come from a background of poker than they do mathematics and these guys make a killing – they keep it simple and play the odds and if you do to – you can win.

The Forex markets haven’t changed in 50 years and the same ratio of losers to winner’s remains, despite all the advances in forecasting and education which leads to an obvious conclusion it doesn’t help.

Forex trading is hard because you need the discipline to apply your method and this means keeping losses small as the market hands you a losing period – this is where most traders fail and you need to get the right mindset to succeed.

Its mindset rather than working hard or complicated methods which is the most important trait when seeking Forex trading success.

Work smart, keep it simple and have mental discipline and confidence and you can win at Forex.

The critical difference between who will win and who will lose in the business of Forex market trading is learning how to manage your money. For example, if 100 Forex traders begin trading by using a system with 60% of winning odds, only about 5 of those traders would see a profit by the end of the year. Despite those 60% winning odds, only 95% of those Forex traders will lose because of poor money management skills. When entering a trading system one must have great money management skills in order to succeed. Traders enter the Forex system to make a profit, after all, not to lose money.

The amount of money you will put on a trade and the risks you are willing to accept for that trade is money management. It is very important to understand the concept of managing money and to understand the difference between managing money and trading decisions, in order to diversify your Forex trading strategies. There are a number of different strategies that can be employed that will aspire to preserve your balance from any high-risk liabilities.

To begin with an understanding of the “core equity” is a necessity. Basically the core equity illustrates the starting balance of the account and what amounts are in the open positions. Your money management will greatly depend on this equity so it’s very important to understand the meaning of core equity. For instance, if you have an open account with a balance of $5,000 and you enter a trade with $1,000 your core equity will be $4,000. If you enter another trade for another $1,000 then your core equity would be $3,000.

From the outset, it’s best to diversify trades by using several different currencies. By only trading one currency pair, you will generate very few entry signals. For example, if you have an account balance of $100,000 and have an open position for $10,000 then that makes your core equity $90,000. If you choose to enter on a second position, then calculate the 1% risk from your core equity, but not your starting account balance. This would mean that the second trade would not exceed $900. Then if you decide to enter a third position, with a core equity of $80,000 then the risk from that trade should not surpass $800. The key is to diversify the lots between all currencies that have a low correlation.

For example, if you want to trade EUR/USD and GBP/USD with a $10,000 (1% risk) standard position size in money management, then it would be safe to trade $5,000 in each EUR/USD and GBP/USD. This way, you will only be risking 0.5% on each position.

When trying to diversify your Forex trading strategies, it’s very important to understand the strategies of the Martingale and the Anti-Martingale. The Martingale rule means: increasing your risks when you’re losing. Gamblers worldwide who claim that one should increase the size of a trade even when one is losing have adopted this strategy. Basically, gamblers use the rule in the following way: bet $20, if you lose bet $40, if you loose bet $80, if you lose bet $160, if you lose bet $320, etc.

The strategy is to assume that if you lose more than four times, then the chances to win become bigger and as you add more money, you will be able to recover from your loss. Although there are many people who choose to use this strategy, the truth is, the odds are still the same 50/50 regardless of the previous losses. Even if you lose five times in a row, the odds for your sixth bet, and even for those there after, are still 50/50. This is a common mistake made by those who are new to the trading business. For instance, if a trader started with a $10,000 balance and lost four trades of $1,000 a piece for a total of $4,000 then the traders remaining balance would be $6,000. If the trader thinks there is a higher chance of winning the fifth trade and increases the size of the position four times, enough to recover from the loss, then if the fifth trade loses the trader will be down to $2,000. A loss like this can never be recovered back to the $10,000 starting balance. No experienced trader would use such a risky gambling tactic as the result is negative – losing all the money in a short period of time.

Take advantage of the opportunity to learn forex trading so you can begin the process of diversifying your portfolio from domestic stocks into the global market. Every financial advisor would tell you how important it is to diversify your investment portfolio and this is by far the largest volume market in the world. Every day it does nearly four times the volume of trading than the NY Stock Exchange does.

Flexible access is a unique trait to forex, you can get involved whenever you want because it operates 24 hours a day to give you total access to trades. This differs drastically from the stock exchange, because there are no worries about the market closing when you still feel like trading. Forex websites allow you anytime access to find out what is occurring in the market at any given time. This allows you to learn the fundamentals of the market.

Assistance is provided by the forex sites in the form of tools that guide you through the mechanics and the thought process of performing a trade. This is clearly a bonus! You can practice your trading to your heart’s content without risking any of your own money.

Realize, in fact that the forex companies are training you to become a currency trading pro by giving you free help, demonstrations and world trading news. Once you feel you are confident enough to trade and invest a little amount of your money, sometimes in as little as $200, you can start taking advantage of the many forex trading benefits.

Because the forex websites shorten the learning curve associated with currency trading, you don’t need your PhD in economics to be successful. Intermediaries, called forex brokers, will provide an access point to the currency market for you.

Similar to stock brokers, forex brokers are there to help. They can consult with you and provide market information and trading strategies. You’ll discover the advice they provide includes research and technical analysis data, really anything to help you to make more money. Without a doubt, forex provides a great return on investment. It is no wonder that large financial institutions try to monopolize the marketplace.

However, because of the internet, individual forex traders have the ability to make solid returns also. The online Forex trading firms, as mentioned earlier, have been giving out free website tools for you to familiarize and navigate the whole concept of the market.

Your choice of Forex trading broker will largely depend on your need in the trading market. Some forex websites give you access to trading simulators and expert guidance as well as technical and fundamental analysis designed for novice traders. In addition, these sites will provide access to skilled online forex traders who will provide in-depth advice for experienced traders and novice traders. Beginners can try these tools and find out if they cater exactly to their needs.

As you become more comfortable with the online forex sites, you’ll have a better handle on how to best use the tools and methods that are available. This flexibility will give you the confidence to make wholesale changes in your forex trading strategies when the circumstances call for it. This will allow you to prosper in the long run.

If you traded in the Forex market before or if you’re still trading now, you may have heard the term Forex broker a lot of times. However, as an individual trader, you may want to know what is a Forex broker and what they do.

Forex brokers are individuals or companies that assist individual traders and companies when they are trading in the Forex market. These individuals can really give you that extra edge you need in order to be successful in the Forex market. Although they will be trading your funded account, all the decisions are still yours to make if you want to.

Forex brokers are there to assist you with your trading needs in exchange for a small commission from what you earn. Here are some of the services that a Forex broker can give you:

Do you remember when everyone hated the US dollar. Not saying the US dollar is immune to devaluations, the Euro dollar might be risk of falling. Ok all you online currency trading professionals should you go out and short the Euro dollar? Well look at these facts

1.European bank losses from the financial crisis are now estimated to supercede the U.S. banks? losses.
2.Since the European banks losses are set to increase, how will they be able to lend? Probably not!
3. The IMF projects the European economy is set to contract 4% this year which is worse than the 2.8% contraction for the U.S.
4.Labor protests became more violent and common in Europe ( France)
5. Standard & Poor?s predicted that debt defaults among high-risk European companies would overtake defaults among low-rated U.S. companies.
6.The EU Central was slow to react to the crisis and cut interest rates much slower than the rest of the world. The ECB cut its key interest rate to 1.25% from 4.25% just in the fall. Possibly the only reason the Euro Dollar has not fallen is that?s still well above comparable rates in the U.S. and U.K.
7.The European economy further faces a greater risks due of worsening deterioration because of the deep economic and financial crisises in the formerly communist Eastern European countries.

So taking the fundamental reasons there is good cause for the Eurodollar to fall. So how do you the forex currency trading professional play this? Maybe you are not a professional and need to learn. There exist many forex training programs to learn technical approaches. I am sure many think currency trading is easy?however there are huge risks due to the leverage involved. It is not prudent to purchase any forex software or forex system to trade forex.There is a learning curve. One does not become a doctor with a course. It all takes time and knowledge. Once you have the knowledge?start small.
There are many banks and brokers which offer currency exchange trading. One can also do their forex currency trading via ETFs. Another suggestion is to find a forex broker that are has forex trading online but again?only after you have learned.
Forex currency trading can be profitable but there are risks. Now is a good time to gather some education on trading techniques as potentially the Euro Dollar might experience problems in the future. Good luck with your trading.

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FOREX TRADING- What are you Risks:

Every single investment comes with some level of risk. We have all seen the odd bank go under which has quiet often being seen as a ?safe? investment.

To put together your own Forex trading strategy based upon the enclosed information only takes a week or so and you can then be targeting triple digit gains in around 30 minutes a day. Let’s take a look at it…

The first point to keep in mind is that any strategy you use should be simple and this one is. Why should it be simple?

Why Complex Theories will Lose you Money

The big thing in Forex trading at the moment is using complex mathematical formulas to predict. We apply mathematics in everyday life and it works but it won’t work in Forex, because Forex markets don’t move to mathematics.

You can make complex systems but they will simply get wiped out, because Forex markets are an odds based market and for odds based market, simple systems are best as there more robust with fewer elements to break.

There are those that still believe they can predict and that mathematical formulas exist that work but if there was such a system, we would all know what would happen next and there would be no market.

Simple Systems Work Best

The Forex strategy we are going to look at is simple and is based upon buying breaks to new chart highs and lows and its obvious why this works and that is markets trend. Any big trend starts and continues from breakouts and you can see this on any Forex Chart.

Trading the Reality

Trading a breakout has another advantage, it trades the reality of price change and doesn’t predict. I read a lot about predictive systems, but they don’t work, as predictions are really guesses and you won’t get rewarded for that, in life or in Forex trading.

Why Most Traders Can’t Trade Breakouts

It’s easy to do logical and it works but most traders have a mental block about doing it, as they want to be in at the exact top or bottom and think they have missed the move and want it to pullback, giving them a better entry point. This of course doesn’t happen, the trend continues and the trader waiting misses it.

Breakout trading is all about putting the odds on your side and on good breaks, the odds favor a continuation of the move. You miss a bit at the start but there is more profit on the way and that’s your aim – to make a profit, not try and buy lows and sell highs which is impossible!

Putting the System Together

Not all breakouts are valid and you have to find the best ones and furthermore, to put the odds on your side even more, you need to confirm them by looking at momentum and we will look at this and more in part 2 of this article series, as we put together a simple robust Forex trading strategy for profit.