best forex trading robots reviews

If you can’t answer the question I am going to pose in this article you will probably lose all your money when you trade. The question though is one that very few novice traders consider or think about so here it is:

What is your trading edge?

THIS MEANS:

Why will you win when 95% of traders lose all their money quickly?

What separates you out from the majority of losers and means you are going to succeed?

If the answer is – I have bought a system for a couple of hundred bucks, or I like to trade off the news or on recommendations of others – kiss goodbye to your equity.

The fact is most traders in forex do not get decent Forex education!

They think it’s easy to win and believe the hype they read, or treat it as gambling and the market takes their equity.

A trading edge is the edge you have over the losing majority – for example, if I was to describe my trading edge it would be:

My use of sentiment and momentum indicators, to isolate high probability contrary trades and the ability to load these trades and remain disciplined.

I know I am good at hitting these trades and have a track record of doing it over 15 years. This is not meant to sound arrogant, it’s what makes me a good trader and I know it and you must get one to, if you want to win.

Know Your Edge and Know Yourself

Now your edge might be something different but that’s not the important point – the most important thing is you have an edge you have worked on and you know it gives you a head start on the majority.

An edge is something that comes from within and is a combination of method and the mindset, to make it work with discipline in the markets.

NO FREE LUNCH TODAY

Or any day in the Forex markets – it’s a brutal world where only the strong survive and you can only rely on yourself no one else can help you – you’re all on your own.

If you don’t like the above and like to blame everyone else for your losses – from your system, to your broker, do yourself a favour and don’t trade Forex – it’s not for you.

If you are ready to stand alone apply yourself and get the right knowledge, you can acquire the correct Forex education, get an edge and win.

We are studying the exchange rates between the indian rupee and the us dollar, as well as gold in terms of each currency

To trade to win in forex markets you need a sound and profitable forex trading strategy. Below you will find six questions, if you cant answer them correctly, you will join the losing majority so lets look at them

1. Do you understand and have confidence in the logic?

This may sound an odd question to ask but it’s a fact, that most traders don’t understand their forex trading strategy and will not have confidence in it when it hits a losing streak.

Why?

Because in most cases they are following a guru or mentor and have NOT developed the system themselves.

While developing a currency trading system is simple and anyone can do it, most traders fall for buying an e-book or trading system off the net for a few hundred dollars and expecting to win – GET REAL!

Most of the systems sold on the net are junk and if you think about it, the forex trader selling it wouldn’t have as they would be to busy making money to bother you with it!

The only way to do it is to learn a system yourself and be totally familiar with how and why it works. Not only will you avoid scams, from confidence comes discipline a vital component of currency trading success

2. Is it Objective or Subjective?

When you trade make sure your system comprises of objective rules and not patterns that require to much subjective judgement. For example Elliot wave theory and cycles mean you have to make subjective judgements – when you do this your emotions can get involved and that is a recipe for losses.

3. Does It Trade The Odds?

Do you try and predict if levels of support of resistance will hold and then hope they do?

For example, do you:

Buy just above support or a moving average or sell into a double top?

If you do then you will lose – as you are not trading the odds before issuing your trading signals. To trade the odds, you need to use confirming indicators, to give you clues to shifts in price momentum. If you predict you will lose, if you confirm your signals at critical levels you are trading the odds. and can win.

4. Is Your Trading System Simple?

By simple we mean a few simple rules (not 20 or 30) for executing a trading signal.

If your forex trading system includes a lot of indicators or rules, chances are it will lose, as it has more elements to break.

In currency trading your chances of success will increase dramatically if you keep your trading system simple.

5. Does it Work on ALL Markets?

If you constantly change the rules and parameters of forex trading strategy for different market conditions or different currencies it will fail.

Many traders back test and then tweak their systems to make them profitable. This is called “curve fitting” and means bending the system to fit the data – it doesn’t work.

We don’t have time in this article to go into all the dangers of curve fitting, so read our other articles, but if you want to avoid curve fitting your system should work with no tweaks or optimization.

6. Does it have specific Money Management System?

We don’t mean just placing a stop, that’s easy – but how to lock in profits with trailing stops on open positions and using profit targets.

Most forex traders simply think money management (after placing an initial stop) takes care of itself in a forex trading strategy – it doesn’t.

The difference between success and failure is thin and money management that maximizes gains can be the difference between you winning or losing.

7. Why Do You Believe You Will Win?

So why should your forex trading strategy win while 90% of forex traders lose?

If you cant answer this question quickly and with confidence, say goodbye to your equity and get back to your forex education!

Your forex education must help you answer the question below correctly. If you can’t answer the question below – then don’t trade forex as you will lose.

The question is:

What is your trading edge ( defined)?

A trading edge to clarify is something that will help you win, when 95% of traders lose and enable you to join the 5% of winners.

Below we have listed some common beliefs which many forex traders hold that are NOT a trading edge and simply see traders lose.

- I Follow an expert as he knows best.

- I have bought a trading system from a vendor with a simulated track record.

- Day trading is a great way to make money.

- I use a predictive scientific theory as markets are scientific.

- I Like to predict the big moves in advance.

- Buy low sell high is a great way to make money.

- I don’t have money management rules I Just place a stop.

- I have a lot of knowledge and learn more all the time to win.

If you hold any of the above beliefs – you will lose.

So what should your trading edge consist of?

It doesn’t really matter – so long as you know what it is, you have confidence that it can make you money and is based on sound logic. It’s personal to you – but must be in line with the following equation.

Logical Forex Method + Understanding Logic = Confidence = Discipline to apply it = forex success.

Lets start with – it must be logical and all the beliefs we listed above are myths and not logical.

You must of course understand how your method works, not just follow a mentor or guru because – if you don’t understand your method, you won’t have the confidence to follow it, with discipline, and if you cant followit with discipline you no method.

In the method itself, there must be an edge and it can be anything you like but you must understand how and why it goes you one.

For example – my edge is hitting contrary trades at turning points. with four indicators combined I have confidence will work.

Yours could be anything – but so long as you know what it is then that all that matters.

Your edge is personal to you.

When acquiring your forex education, understand that method is only part of the equation for success.

The really successful traders know that success is as much based upon understanding, confidence and discipline, as it is on the method used – its an overall understanding your after.

Today, too many traders will not get the right forex education and take short cuts. They believe they can buy success from a guru or vendor for a few hundred dollars and of course lose.

Success comes from within.

If you learn forex trading the right way and focus on getting the right forex education, you can get an edge and you can win.

The fact is everything about successful forex trading can be specifically learned, by those willing to put in the time and effort.

If you put in the time and effort, your forex education will be richly rewarded – as you will be able to enjoy currency trading success and pile up huge long term profits.

Your forex education must help you answer the question below correctly. If you can’t answer the question below – then don’t trade forex as you will lose.

The question is:

What is your trading edge ( defined)?

A trading edge to clarify is something that will help you win, when 95% of traders lose and enable you to join the 5% of winners.

Below we have listed some common beliefs which many forex traders hold that are NOT a trading edge and simply see traders lose.

- I Follow an expert as he knows best.

- I have bought a trading system from a vendor with a simulated track record.

- Day trading is a great way to make money.

- I use a predictive scientific theory as markets are scientific.

- I Like to predict the big moves in advance.

- Buy low sell high is a great way to make money.

- I don’t have money management rules I Just place a stop.

- I have a lot of knowledge and learn more all the time to win.

If you hold any of the above beliefs – you will lose.

So what should your trading edge consist of?

It doesn’t really matter – so long as you know what it is, you have confidence that it can make you money and is based on sound logic. It’s personal to you – but must be in line with the following equation.

Logical Forex Method + Understanding Logic = Confidence = Discipline to apply it = forex success.

Lets start with – it must be logical and all the beliefs we listed above are myths and not logical.

You must of course understand how your method works, not just follow a mentor or guru because – if you don’t understand your method, you won’t have the confidence to follow it, with discipline, and if you cant followit with discipline you no method.

In the method itself, there must be an edge and it can be anything you like but you must understand how and why it goes you one.

For example – my edge is hitting contrary trades at turning points. with four indicators combined I have confidence will work.

Yours could be anything – but so long as you know what it is then that all that matters.

Your edge is personal to you.

When acquiring your forex education, understand that method is only part of the equation for success.

The really successful traders know that success is as much based upon understanding, confidence and discipline, as it is on the method used – its an overall understanding your after.

Today, too many traders will not get the right forex education and take short cuts. They believe they can buy success from a guru or vendor for a few hundred dollars and of course lose.

Success comes from within.

If you learn forex trading the right way and focus on getting the right forex education, you can get an edge and you can win.

The fact is everything about successful forex trading can be specifically learned, by those willing to put in the time and effort.

If you put in the time and effort, your forex education will be richly rewarded – as you will be able to enjoy currency trading success and pile up huge long term profits.