best forex trading robots reviews

It was a strange sight in the past to witness customers exchanging stacks of money with their agents at public places such as the international bus terminus, prominent official buildings or even at the airports. These agents were prepared to sell you the foreign currency that you want with a little profit given to them. However, all these have changed over generations. Forex trading is now handled by licensed companies and unsolicited individuals are not allowed to operate illegally. With the invention of new technologies and the coming of professionals, Forex trading is now made easier and more systematic. It is also much safer to do business with these professionals to prevent scams.

At the beginning stage, most of the large companies would carry out their Forex trading via the different banks or even through the major institutes that deal with finances. These institutes had to be the ones that operate internationally. Forex trading has attracted a lot of popularity today because of the presence of modern technology. Via the use of the internet and the increasing telecom market, it is easier to spread messages and to bring across information on issues such as the economic polices worldwide. With the creation of the Forex Software that you can find on the internet, you will easily get the latest news about the Forex trading online. This has actually become a platform that facilitates the exchanges of trading since it makes it easy for you to seize opportunities on the spot and to implement your decisions immediately.

Apart from some problems at the beginning stage, Forex trading on the internet has become more standardized and the people who take part in Forex trading can now get a close to 100% secured access via the different companies that deal with Forex trading. The advantage of using these companies is that they are free from restrictions and give the customers more freedom of choice. As people now become more aware of the usefulness of Forex trading on the internet, it has helped to boost the popularity of advanced technology. Since it has been so successful to trade online, more people are entering this Forex trading platform and as a result, it has become commercially possible to use the Forex Software as a mean for trading exchanges to take place.

Surveys have shown that more and more people are getting involved in Forex trading. People joined for different reasons and in fact, some are even starting it as a hobby. In the conventional Foreign Exchange Market, this was usually dominated by big companies such as banks or Multi National Companies and you don’t get commoners involved apart from brokers. However, now there are many guide books on the trading methodologies, as well as trend analysis, so it will make it easy and safe for any newbies who might want to learn Forex trading online.

If you understand the margin trading concept that you apply in Forex, you can actually save a lot of money on deposits. It refers to the margin that is traded on and this margin differs depending on the banks’ policies but it will always in percentile terms based on the initial amount. How much you are allowed to play in Forex trading depends on what is the original amount given by the bank. The actual potential can be illustrated by the example below. Let’s say a bank has imposed a 2% as the margin deposit. This means you will only have to put in $20000 USD as a deposit in order to trade for two million dollars. As such, you will be able to increase by 200% for your profit. On the other hand, should you be unlucky and loses money in the Forex trading, the margin deposit of 2% will mean a loss of 200% too. Whether you are playing Forex trading online or offline, the rules are the same.

So long as you participate in investments, there will be the impending dangers of profits or losses. As it is, the Forex trader’s luck online can be anywhere between 2 to 25% on an average each day. As a newbie in Forex trading, it is essential that you know that your deposit’s interest rates will change depending on the currencies. As such, most traders play in a few different currencies in the world of Forex, which is what is known as the variable currency and the Base currency. This is applicable both in the conventional mode as well as the Forex online mode. In order to be a successful Forex trader, you will need to have an ability to analyze, a high level of knowledge on the subject and your intuition to act appropriately when the opportunities come. You must also be able to make full use of your Return on Investment (ROI) so as to gain the most profits from this lucrative financial market.

If you are wondering if you can succeed at forex trading and don’t want to have the full risk involved with a full forex account but want something more challenging than a demo account, then forex brokers are offering an essential service you should consider. Let’s take a look at it.

Firstly, a demo account is of little or no use in proving that you have what it takes to make money in forex trading. The reason for this is there is one essential ingredient missing – the pressure of trading real money. Forex is a pressure game and that feeling is created by having real money at risk.

Today there is a new service offered by forex brokers called a protected account.

These accounts act as a bridge between a demo account and a full forex trading account.

Here are its salient features:

- You start with a small balance.

- You trade a set leverage for the duration of the account (even if you are in debit) which is normally a few weeks.

- At the end of the period any profits are yours to keep.

- If there is a loss then the broker covers it.

This means you get plenty of practice, you have a set risk and you have the incentive of knowing any profits made are yours to keep.

This gives you the experience of trading real money and limited risk.

These accounts will give you a far better chance of finding out if you have what it takes to succeed in forex trading, than a demo account.

A demo account is really only useful for learning the mechanics of trading and nothing else.

Keep in mind forex trading is not just about having a method – it’s about having the discipline to apply your method.

Its lack of discipline under pressure which causes the bulk of forex traders to lose.

Keep in mind if you don’t have the discipline to apply your method, you really have no method in the first place.

Forex brokers over the last few years have started to provide a lot of services to help traders maximize their trading experience and this service is a good one for all novice forex traders to consider.

A protected account gives a more authentic trading experience than a forex demo account and with limited risk, is an option all novice forex traders should consider.

To learn Forex trading, you need to know the best technical indicators to incorporate in your Forex trading strategy.

Here we outline a toolbox of essential indicators – and give some tips on how to use them for big forex profits. Anyone serious about making profits should include them in their forex trading strategy, so here they are.

If you want to learn Forex trading, you need to spot trends and you need to confirm entry with price momentum in your favor.

1. Trend Confirmation

Trend lines are your first clue to important support and resistance, which is the basis of all good forex trading systems.

You need to know where important support or resistance is – and you can easily spot this by drawing trend lines.

Moving averages are another great indicator to identify trends, so moving averages combined with trend lines are all that you need.

Many traders simply like to buy into support – or sell into resistance and “hope” the trade is going to go their way, if you rely on “hope” you will lose you need confirmation.

2. Indicators for Entry and Exit

When you take a currency-trading signal, you should have short-term price momentum in your favour.

If short-term price momentum is not in your favour the odds of winning are dramatically reduced.

Two great indicators are RSI and Stochastic.

Both give an excellent visual picture of the strength of price.

You can learn how to visually spot price momentum changes easily and you don’t need to understand the equation behind them – just look at the visual set ups.

Many Forex traders use Bollinger bands and MACD for timing trade signals – this is wrong – they gauge volatility – so only use them for that purpose not executing trading signals.

3. Contrary Trading Tools

Do you want to get advance warning of every major trend change?

Of course you do! Then take a look at these indicators.

1. % Bullish

2. Net Traders Position Report

These two indicators are not commonly used by Forex traders – yet they give you advance warning of all the big trends and of course the big profits.

You need to gauge when to enter (use momentum indicators) – but the %

Bullish, and Net Traders Position Report will tell you when a big move is shaping up.

Consider this fact:

Currency markets have huge trend changes when the fundamental consensus is extremely bullish or bearish – and the % Bullish measures peoples view of the market.

In simple terms when the consensus is over 80%, then price is too bullish, on the other hand, when the consensus is under 20% then price is too bearish, a trend change is therefore on the cards.

After looking at the above tool you can confirm a trend change is due further by looking at Net Traders Positions, published bi weekly by the CFTC.

It relates to the futures markets, but movements in currencies tend to mirror the set ups.

You can track hedgers – these are the real pro traders.

These traders know the fair value of a currency – it’s their living. You then compare the hedger’s positions with the speculators – who always get the major turning points wrong and trade on the emotions of greed and fear.

If you’re trading online currencies and you see hedgers going the opposite way to speculators – and this is backed up by the % bullish being over bought or oversold – then a major trend change is on the way.

It’s then time to look at your charts – in order to time an entry opposite to the majority.

In Forex markets contrary trades offer you the biggest reward for the lowest risk – and the % Bullish and Net Traders Position Report will help act on these high profit opportunities.

So now you know the best tools, which when combined with your Forex education, could really make a big difference to your bottom line up Forex trading and their all easy to understand and use, so try them and see them help your currency trading success.

Many traders simply buy e-books from people with no trading experience however for just 20 bucks you can learn from a trader who has walked the walk and made millions – Pit Bull by Marty Shwartz is simply essential reading…

This book is one that will inspire you and its been one of my favorites for many years.

It always amuses me when novice traders buy over priced e-books from traders who have never made money yet for a lot less, they can pick up investment classics like this and were talking a trader who has walked the walk and made Millions.

It’s worth it For This Alone!

One of the best bits of the book is the “The Pit Bull’s Guide to Successful Trading” in 30 pages, for those seeking a quick insight into Schwartz’ success on the markets these pages are great. Schwartz outlines the tools and market analysis services he uses and some of his techniques.

An Insight from a True Pro

In Pit Bull, you get an idea of how Marty Schwartz became a champion trader.

He outlines how he struggled before getting some breaks that have now made him into the millionaire trader. Schwartz tries, to teach the reader how to apply some of his formula to make them successful.

It’s Amusing To!

If you enjoy books on trading that are interwoven with the story of someone’s life you will love this book. The book makes you sometimes laugh out loud, his language is crude and he constantly brags about his gains, so what you get is Buzzy Shwartz as he is – totally honest and talking straight.

The story of Buzzy Schwartz is fun to read and will motivate you to become a trader.

Schwartz provides advice for those who hope to become successful traders and some of ideas rubbed off on me and some will influence you to. Whether you believe all the author has to say or not, (and many won’t) this book is hard to put down and you will soon race through its 320 pages.

In all a great book, from a true champion trader and one that anyone serious about making money in the markets should read.

Anyone can make Learn Forex trading and win but you need to understand the 4 facts enclosed or you will join the 95% of losing traders. Let’s take a look at the facts you need to know, to get on the road to Forex trading success.

These facts are in no particular order of importance – there all important!

Fact 1: Forex Robots and Expert Advisors NEVER make Big Gains

Many traders simply think they can spend a few hundred dollars, on a cheap software package and make an income for life with no effort, it looks to good to be true and it is.

These systems lose and that’s why their so cheap! You will never find one which has an audited track record, that’s verified in real time by an independent source. All you get are paper simulations or figures from the vendor, with no independent verification.

If you want to win at Forex, you need to learn skills but if you do you will well rewarded for your efforts.

Fact 2: Forex Prices Cannot be predicted

There is no hidden order to Forex price movement and prices cannot be predicted so don’t try. If you want to win trade the reality of price change, as you see it on a price chart. Don’t try and predict, simply follow market movement and when you do this, make sure your system is simple.

Fact 3: The Best Systems are simple NOT complicated

Simple systems work best and always have, because they are more robust than complex ones with fewer elements to break. If you make a system too complicated it will simply collapse, as it has too many variables to break.

Keep your system nice and simple, with just a few rules and parameters and then pay attention to the next fact, as it is the biggest difference between winners and losers.

Fact 4: Trading discipline is the Key to Forex Success

This is the real difference between winners and losers, because as we have seen anyone can learn a simple system but few traders have the discipline to execute it with discipline – why?

Because most traders can’t take losing they get frustrated, angry, change systems, run losing trades or quit. What they don’t understand is that to win long term, you have to accept losses in the short term.

If you have to decide do you want to be right all the time or make money because the Forex market won’t allow you to do both. Learn to lose, keep your losses small and you will hit winners and make huge profits over the long term.

If you understand the above facts, your all set to enjoy Forex trading success, in 30 minutes a day or less, in the world’s most exciting business – global Forex trading.

If you want to win at Forex trading you need to get the right Forex education from the start or you will lose. Here we will give some essential facts you need to know to avoid the mistakes of the losing majority…

Let’s start with the fact that 95% of traders lose money and that’s a huge percentage however the good news is anyone can learn to trade successfully.

To win at Forex trading, you need to understand certain facts which relate to both your method and mindset and here they are:

1. You Don’t Get Rich Following Forex Robots

Most of these are sold for a couple of hundred dollars and the vendor tells you that you will make an income for life with no effort. The claims in most instances laughable but people believe the claims and lose their money.

Before you buy a system think about it; an income for life for a couple of hundred dollars, to good to be true? Of course it is! Avoid these systems or lose.

2. You Can Predict Markets with Science

This is just ridiculous because if such a theory did exist, there would be no market, as we would all know the price ahead of time. Predicting is hoping or guessing and your predictions will end up as accurate as your horoscope.

Trade the reality of price change only and leave prediction to the far out crowd and losers.

3. Complex Theories are Better than Simple Ones

The reverse is actually true; as markets move to probabilities not certainties, a simple system will be more robust and have fewer elements to break. Never fall for the complicated mathematical system will beat the market it can’t.

Always remember simple is best!

4. You Wont Face Losses

If you were to believe a lot of so called experts, you would think drawdowns are small and last a day or two – but the fact is even the best traders lose for weeks and drawdown is related to risk.

You need to be prepared for a drawdown of 30 – 50% at some point and expect it to last for weeks not days. Sure you can still win but you must ride these losing periods out and that requires the next trait – discipline.

5. Discipline the key to Forex Success

Discipline is the ability to keep your emotions out of your trading and keep your losses small. Most traders simply cannot do this, as they lack confidence and courage to stick to their plan but it’s the key element you need to succeed.
If you can’t trade your system with discipline you don’t have one.

The Road to Forex Success

Is open to anyone and anyone can learn a method which can make money; if this is combined with the correct mindset to apply the system, currency trading success will follow.

Always remember learning a trading system is easy, executing it is the harder part – but if you understand this, you can see that if you get the right Forex education and adopt the right mindset, you can win and make big gains long term trading Forex.

If you want good forex education forget buying an e-book from a vendor for $100 or so, who has never made money in his life and get down to your bookstore and get some forex education from traders who have walked the walk – rather than simply talk the talk!

Of over 600 books I read, I have picked six that are essential reading for any trader and you can get them for $100 bucks or so, which could be the best money you ever invested.

So check out the books below and make them part of your forex education.

1. Market Wizards – by Jack Schwager

Interviews with the top traders in the world. A look at everyday life of people who make a living trading – this is simply a classic and I still find myself visiting it after 20 years and re reading it.

If you can’t learn from such trading legends as Richard Dennis, Paul Tudor Jones, William O’Neil, and Marty Schwartz – then you can’t learn from anyone!

2. The New Market Wizards – by Jack Schwager

More interviews with top traders from around the world. This book is the same format as Market Wizards and brings together some top traders and again benefits from Schwager’s great interview technique.

3. Trader Vic–Methods of a Wall Street Master Victor Sperandeo

This is perhaps one of my favorite books and you will see why after reading it, he has been such a consistent trader and his focus on long term results, money management and long term trend following are essential reading – his “2B” test technique, it is worth the price of the book alone.

4. The Zurich Axioms: Investment Secrets of the Swiss Bankers – Max Günter

I picked this book up and read it in one sitting – an absolutely fantastic, if un-conventional book!

If you have accepted investment wisdoms such as diversify to make gains be prepared to re consider your view.

It’s the type of book that is so easy to read, yet gets your adrenalin pumping with every page, until you’re buzzing at the end and want to turn on your computer and trade!

5. What I Learned Losing a Million Dollars (Hardcover) Jim Paul and Brendan Moynihan

An inspiring story of a real person who lost a million and a half bucks and tells his tale, with great insight including, even contemplating suicide at one point. If you don’t think emotions get the better of you in trading this book will show you how they can.

There are too few books that tell us how to avoid losing money they all ocncentrate on how easy it is to make money and thats what makes this book so unique.

All the mistakes that forex and other traders make are outlined, explained, and amusingly told in this boo.

The book gives you an affinity with the author which brings makes his message even more powerful.

This book is not an outline of how to trade, but how to get the right mindset.

These are lessons about how we accept a trading loss, how to learn from losing trades, and finally how each of us can be tempted to rationalize losses.

6. Technical Analysis – by Jack Schwager

There are loads of books on technical analysis and this is simply to most complete guide you can get.

It’s more of a reference book than an entertaining read, but as with all Schwagers books there is a wealth of knowledge you can tap into – Everything you need to know about technical analysis is here and the fact that I picked over John Murphy’s work shows how highly I rate it.

So there you have it six different but essential reading for all traders novice or pro.

These six books together, present a great mix of forex education and I personally feel all traders should read these books.

I hope you enjoy the above books as much as I did and that they give you some great forex education and a head start in your quest for currency trading success.

In this series of articles I am going to share my 25 years of experience with you – I am not an article writer I am a trader, so my views are based upon experience, not just talk. Forex trading success is not easy, but it’s not hard either, it simply requires application in the right areas to succeed.

Let’s get started and look at what you need to do to become a successful forex trader.

If you want to do it you need to do it on your own and not trust the gurus and mentors who tell you they can give you success – the only person who can do that is you.

The first point that is vital to grasp is that forex trading is essentially simple, yet few traders succeed (less than 5%) but anyone can learn to trade.

The reason is that forex trading is a combination of method and mental control and the latter is very hard to achieve.

The first bit, learning your method is easy – all you need to keep in mind is to:

Work smart and not hard

Working smart means focusing only on the information you need to win and nothing else.

To learn forex trading doesn’t take long and you can get a method together in around 2 weeks by studying the right information and the good news is its all available free online.

1. You should use a technical analysis system,

2. Base you’re trading on long term trend following (forget day trading it doesn’t and will never work)

3. Base it on support and resistance and a breakout methodology and use momentum indicators to confirm your trading look them all up in our other articles and get familiar with them.

Finally keep it simple!

Many traders think the harder they work at forex trading the more they will make, but you only get rewarded for being right in forex trading NOT for the effort you put in.

Don’t make your system complicated keep it very simple – it’s a proven fact that simple systems work best and beat complicated ones as they have fewer elements to break in the brutal world of real trading.

25 years ago when I started trading we didn’t have access to all the tools that traders do today, but the ratio of winners to losers is no greater today than it was then which leads to an obvious conclusion:

That the trading world is constant and technology and information overload won’t help you win – in fact it will help you lose which will be the subject of another article

Now you know the basics of devising a currency trading system the next step will be to construct one that works – this will be the subject in part 2 & 3 of this article.

If you are new to online FOREX trading you will realize that 95% of traders lose and lose quickly.

To win at currency trading you need the right FOREX strategy – incorporate the following 10 tips and you will get a head start in your quest for consistent FX profits

1. Don’t believe the hype

You will read a lot of information on how easy FOREX Trading is and how you can buy an e-book for $100 and become rich – this is not the reality.

While there is some good advice out their – you can get all the information you need free on the net.

If you want to read about the top traders of all time and get advice from traders who have walked the walk -rather than just talk the talk, go to Amazon and pick up some books from the top traders of all time.

2. Don’t day trade

The biggest myth of FOREX trading is you can make money FOREX day trading.

You can’t!

Many novice traders fall for this myth and lose quickly.

All short term volatility is random and there is no way of predicting where prices may go, so you may as well flip a coin.

If you want proof that FOREX day trading systems don’t work ask a vendor for a track record of real time profits over the long term and you won’t get one – PERIOD.

3. Work smart not hard

You don’t need to work hard in FOREX Trading, you need to work smart.

This means focusing on the RIGHT FOREX education and learning FOREX tools that work.

You can easily learn to trade FOREX markets in a couple of weeks.

You just need to focus on the right information.

You don’t get rewarded in FOREX trading for working hard, you get rewarded for being right and that means working smart.

4. Risk = Reward

If you don’t like risk forget currency trading and do something else.

Many traders simply want to avoid risk as much as possible, putting stops to close, or snatching profits.

If that’s you – you will NEVER achieve currency trading success.

You need to cheerfully accept risk and loses to succeed in online FOREX Trading.

5. Do It on your own

Only you can give your self success.

You need to be confident in your ability to succeed and if you are, you will have the discipline to apply your method for long term gains.

If you follow someone else you will not have the right mindset to succeed.

You will lack discipline and will throw in the towel as soon as a string of losses occur.

Do it yourself and your chances of success are enhanced.

6. Get a simple method

Simple methods work better than complicated ones, as they are more robust with fewer elements to break in the face of ever changing market conditions.

There is no correlation between how complicated a system is and how much money it will make.

If you are starting out in currency trading, use support and resistance, a breakout methodology and some confirming indicators and that’s it.

The above way of trading is perfect and will help you get the big profits from the big moves.

7. Trade Breakouts

A timeless way to trade FOREX markets.

It works and will continue to work, simply read out other articles for more info on this simple but powerful methodology.

8. Be patient

You don’t get rewarded for how often you trade online FOREX – You get rewarded for spotting and acting on the best trades and these don’t come around every day.

Be patient and only trade FOREX signals from your system – don’t be tempted to trade for the sake of trading.

9. Be realistic

You can make a lot of money in FOREX Trading so what’s realistic?

The top traders compound 50 – 100% per annum so this is a good number to aim for.

These gains will compound quickly and build real wealth longer term.

Be realistic and don’t try to get rich over night

10. Know your edge

If you understand the other 9 points, you will understand that you need an edge to make money longer term in online FOREX markets.

If after you have devised your FOREX trading strategy you don’t know what your edge is – you don’t have one!

You need to know what your edge is over the majority of losing traders to win.

Final words

If you incorporate the above 10 tips into your online FOREX Trading plan, you will be well on your way to making money in the worlds most exciting investment market.

Welcome to the world of FOREX trading!