best forex trading robots reviews

Many people want to make as much profits as possible from the forex market, therefore they always want to be in the market so that they will not miss any trading opportunity. Is this the correct way to trade forex?

The fact that 95% of the people loose money in forex trading is because they lack of trading discipline, money management, patience and most of all, they are too eager to trade (trigger happy). Forex trading is about high probability trade setups, and to win in forex by trading many times a day is not easy at all. You are lowering the probability of winning a forex trade.

You can be those short-term traders and scalpers who make a few profits here and there but receive a lot of stress in return OR be a trader who takes in only one or 2 trades per week and able to satisfy your monthly needs.

Let me give you an example. Trader A needs to trade everyday to make 10 pips per day(out of 20 trading days) in order to achieve 200 pips per month. Trader B only needs to trade for 2 weeks which can make him 100 pips per week. Which will you choose? 80% chose the latter after I asked them this question.

A lot of people start forex trading with the first method because they want quick profits out from the market or lack of confidence that the trend will sustain. Every each and individual has their own preferences, I can’t say which is wrong and which is right.

But if you are trading forex for already quite sometime, you should have realized that often a perfect trade setup is the one that you are looking for. You know that you can make an excellent living from forex trading if you are able to find just 1 of the ideal trade setups per week.

I personally use some forex technical indicators to detect the high probability trade setups and will make sure that those indicators are all in the same direction before I decide to trade. I do not like to trade for small profits because firstly, I have a high risk to reward ratio (profit target of at least 60 pips if my stop loss is 30 pips) to meet. Secondly, I only go along with the real trend, and it’s the real trend that brings me the big fish.

I understand that some people will disagree by saying that a forex trend does not occur everyday. That’s the point I want to prove, there is no real trend everyday, that’s why I only trade once or twice per week, or even per 2 weeks, but already it’s enough for my income.

The main point I want to get across is that you only need a few of the high probability setups to make some excellent returns. If you are not sure what kinds of methods are able to do that, please download my FREE ebook which provides the information and forex trading system that you need to trade successfully.

If you want to learn forex and get the best Forex education you need to know about “the turtles” You may never have heard of them but these traders learned to trade in just 14 days ( they had no previous experience and went on to make $100 million! How did they do it? Let’s find out.

In 1984, trading legend Richard Dennis taught a Trend Following trading methodology to the group of students above, to prove that the skills required to trade successfully could be specifically learned by ANYONE.

Dennis was settling An argument with business partner William Eckhardt.

Dennis believed anyone could learn to trade, Eckhardt disagreed.

The “turtle” experiment was then carried out to prove who was right and all the potential traders were from different walks of life and all had no experience of trading.

The group included:

• An actor

• A security guard

• Two card players

• An auditor

• A boy fresh from school

• A woman exchange clerk

The Experiment

This group of 14 traders then proved Dennis right by earning an average annual compound rate of return of 80%, making over $100 million dollars for Dennis and many went on to become trading legends who still trade today.

What You Can Learn From The Turtles?

If you are embarking upon learning Forex trading and getting a Forex education the experiment has several key points you need to consider in your own Forex trading strategy.

The reason most traders fail is simply they cannot get the right mindset to succeed and this sees 95% lose.

The turtle trading experiment taught them the RIGHT MINDSET to trade successfully and gave them a set of rules they could believe in and have confidence in.

The system they were taught was simple, anyone could learn it and Dennis knew that simple systems work best as not only are they more robust in real time trading than complicated ones – but they are easier for traders to have confidence in as well.

Dennis taught them to have confidence in the system they were trading, and follow it rigidly to achieve success and this is the simple formula you need to learn as part of your own Forex education – if you do you could enjoy currency trading success to.

A Simple System + Discipline = Trading Success

Keep in mind they did this all in 14 days!

So its not the effort you put it in that makes a forex trader successful its working smart in the right areas that will give you success.

Remember:

You don’t get a reward in Forex trading for being clever or working hard, you get your reward for being RIGHT – PERIOD.

So when you consider your own Forex trading get a simple system that you can have confidence in and you will then be able to apply it with rigid discipline – this is really the key to currency trading success.

Of course you may not become as rich as the turtles did but if you learn the right Forex education you can become a successful trader the opportunity is open to all and the potential is huge.

Forex trading is an exciting challenge so if you have the right mindset and are prepared to work hard in the right areas you could change your financial future for ever. The question is:

The challenge is open but are you up to the challenge? -If you are welcome to the worlds most exciting business opportunity!

If there is one story recommend any trader reads it’s the story of “the turtles” – this group of traders learned how to trade in just 14 days and went on to make millions and the way they did may surprise you.

First let’s go through the background of the turtle story.

In 1983 Legendary trade Richard Dennis decided to prove that anyone could learn to trade. He then picked a diverse group of people to prove his point. They included an actor, a security card a boy fresh out of school and an auditor, to name but a few.

In 14 days he taught them his method, a set of money management rules and set them off to trade.

The result?

They made Dennis $100 million dollars, proved his point that anyone could learn to trade and went on to become some of the most famous traders of all time!

There are several points that any novice trader can learn and make their Forex education a lot easier, so here are the salient points to keep in mind.

1. They Did it quickly

14 days and then traded and made millions!

Not bad at all and Dennis concentrated on teaching them only what they needed to know no filler and no knowledge for the sake of knowledge. Keep in mind you get paid for being right in trading not for the hours you put in.

2. They Kept It Simple

The system they were taught by Dennis was simple and this was deliberate – it’s a proven fact that simple systems work better than complicated ones and just as importantly, there easier to understand and have confidence in.

3. Discipline

Dennis did not just teach them how to apply a method he taught them how to execute the method with discipline.

This is vitally important to any trader if you can’t execute your method with discipline then you have no method!

4. Money management

They were also given strict money management rules to preserve equity and not to take calculated risks when the time was right.

An interesting fact.

Whilst they all did well – some traders did far better than others and this is a great illustration of the importance of mindset. Trading is not just about method it’s about having the right mindset to make it work.

Trading success does actuially come from within as much as learning a great method.

The turtles proved anyone could learn a method and anyone can trade – so if you have the desire you can do it to. You can see form the above example that if you work smart not hard and get a method you have confidence in, you can trade and win.

You may not become as rich as the turtles but you should look their story up and read it – as not only is it interesting, its very inspiring and should be an essential part of any novice trade’s forex education.

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Back in the 1980s one of the most famous trading experiments of all time took place which saw a group of traders with no experience making millions after just 2 weeks training. They way they did it should be an essential part of your forex education…

The test was conducted by trading legend Richard Dennis, to settle a bet with his business partner, that traders were made NOT Born. Anyone could learn to trade with the right education and mindset.

Dennis set out to prove that he was right.

He gathered a group of people together and the only thing they had in common was they had never traded before and knew nothing about it. In the group, there was – an actor, a security guard and a kid fresh from school. These people were of all ages, both sexes and varying levels of academic achievement.

Dennis got to work and taught them. After two weeks, he set them up with trading accounts and the rest is history. This group nicknamed “the turtles”, went on to make hundreds of millions of dollars and go down in trading history.

So how did they do it so quickly and with such success, when it’s a known fact that 95% of traders lose money?

The answer to this question is essential forex education!

The method he taught was simple, just a long term breakout system with money management rules but Dennis knew that the real problem with traders is not they can’t learn – they can but they can’t get the right mindset.

Dennis needed to give them confidence in the trading system, so they would have the discipline, to trade through long periods of losses, until they hit a home run and this is what you need to do!

You Need to Lose to Win!

Most traders simply cannot do this.

They fall for expert systems which say they won’t lose from vendors and of course, there junk. They come with just a simulated track record and the trader loses and gets wiped out. On the other hand, there are another group of traders who simply cannot keep their emotions in check (for various reasons) and they totally lack discipline. These traders could win – but they cannot be disciplined and lose.

Dennis proved that learning a system is easy – but you need to have the mindset to apply it. If you don’t have the discipline to apply your trading system, you don’t have one!

In interviews with Dennis’s Pupils they all comment that the system was easy enough to learn but staying on course, with discipline was the hard part and it is. Any trader, who tells you discipline is easy, probably has never traded.

Work Smart Not Hard

You don’t have to work hard in forex trading, you need to work smart and that means learning a system from the ground up and learning how it will lead you to success and then most importantly, you need to have the discipline to apply it, rigidly in line with your rules. If you can do this, you could enjoy spectacular currency trading success.

To say forex day trading is not risky would be a lie because it is definitely the riskiest form of trading in the forex market, but you can make money if you know what you are doing and have the ability to contain your emotions in this high paced environment. The risk and tempo are what keep a lot of people out of this aspect of it and going the long term way.

I once had a student Alvin who attended my forex training course and one day, he asked me if he should go for forex day trading using the forex scalping methods I’ve thought him. I told him forex day trading may be lucrative but may not be suitable for everyone. I went on to analyze the pros and cons of forex day trading with him.

Firstly, something that is a draw to forex day trading is the fast trading cycle. Many traders like the rush and potentially, it could actually be more fruitful than long term trading. Each individual trade may not make as much as a long term trade, but because you may be making 10 trades to every one of theirs, if not more, your profitability can actually be higher than that of the long term forex trader.

Another drawing characteristic of day trading is that you do not have the overnight worries of the long term trader. Your money is out of the market at the end of the day and if anything happens to affect the currency of a certain country, you just roll over and go back to sleep. The long term investor will be chewing on their nails waiting for the market to reopen.

Of course, with any positive there are negatives that have to be considered. The first of these is that the plain fact of the matter is that about 4 out of every 5 people that day trade end up losing money. There are several reasons for this. One of them we have already mentioned in the risk factor and another is that traders are pulled in by the lure of making very fast money and don’t do the work that is necessary to be a successful day trader.

Also, a lot of the people that are day trading are doing so on borrowed money. They are leveraging against their forex account and they end risking too much on one trade and then they end up in massive debt when a trade goes bad. It is not the forex market that is causing this, it is the trader that is not putting in the necessary work and effort to be an effective day trader.

Another thing about forex day trading you should know is that it will take up quite a fair bit of your time as you need to monitor the forex market very closely. Some part time forex traders overcome this by using automated forex trading system that trades for them.

If you’re having a full time job, it can also be quite distracting. Having heard my analysis, Alvin said he’s just not that into forex day trading as he has a full time job and he does not have the time to monitor the forex market. Also, he said he does not need the extra excitement as his job is already stressful enough for him.

If you are still interested in day trading and have the time, give it a shot, but just do it conservatively. There are plenty of very successful day traders, but they take the time to create a successful forex day trading system that works and gives them an overall profit day in and day out. If you find that it is too much for you, just explore the long term aspect of this market niche as there is plenty of money to be made!

If you want to learn the right forex education then you need to study the story enclosed in this article. We are going to look at a group of traders who had no experience but with just 14 days training went on to make over $100 million in 4 years.

The story takes us back 25 years as legendary trader Richard Dennis set out to prove a point:

The Experiment

That anyone regardless of their educational background, age, sex or profession could learn to trade so he gathered together a diverse group he nicknamed “the turtles”

The diverse group consisted of an female auditor, an actor, a couple of professional card players and a security guard – so a diverse group.

The only thing they had in common was they had never traded before.

Dennis set them to work and in 14 days had them trained and they were given accounts to trade and the result was hundreds of millions in profit.

Dennis had proved his point – Anyone can become a trader if taught the right knowledge.

The Paradox

You maybe thinking – if anyone can learn to trade then why do 95% of traders lose their money?

You can learn the answer to this from the turtle experiment.

Dennis knew that teaching a method is easy but the problem is the trader must have the right mindset to apply the method – If you don’t have the discipline to apply your method you don’t have one.

He taught them a simple method – but also everything about it, terms of the logic behind it and why it works. This meant they could have confidence in what they were doing and the discipline to apply it.

Discipline the Key to Forex Success

A forex trading system is easy to learn, executing trading signals through is strong of losses is hard even for experienced traders. If you think it’s easy try it and see.

The turtle experiment shows that trading success is open to all – regardless of educational background, age or sex. We all have a chance to succeed, what we make of that chance depends on our forex education and mindset.

More Info

You can read more about the experiment in Jack Schwagers excellent book Market Wizards and from one of the most successful “turtles” Curtis Faith in “The way of the turtle” where he outlines everything about the experiment and its application including the rules and the challenges the turtles faced.

Finally

The story of the turtles inspired me to trade over 20 years ago and I hope it inspires you as well.

To say forex day trading is not risky would be a lie because it is definitely the riskiest form of trading in the forex market, but you can make money if you know what you are doing and have the ability to contain your emotions in this high paced environment. The risk and tempo are what keep a lot of people out of this aspect of it and going the long term way.

I once had a student Alvin who attended my forex training course and one day, he asked me if he should go for forex day trading using the forex scalping methods I’ve thought him. I told him forex day trading may be lucrative but may not be suitable for everyone. I went on to analyze the pros and cons of forex day trading with him.

Firstly, something that is a draw to forex day trading is the fast trading cycle. Many traders like the rush and potentially, it could actually be more fruitful than long term trading. Each individual trade may not make as much as a long term trade, but because you may be making 10 trades to every one of theirs, if not more, your profitability can actually be higher than that of the long term forex trader.

Another drawing characteristic of day trading is that you do not have the overnight worries of the long term trader. Your money is out of the market at the end of the day and if anything happens to affect the currency of a certain country, you just roll over and go back to sleep. The long term investor will be chewing on their nails waiting for the market to reopen.

Of course, with any positive there are negatives that have to be considered. The first of these is that the plain fact of the matter is that about 4 out of every 5 people that day trade end up losing money. There are several reasons for this. One of them we have already mentioned in the risk factor and another is that traders are pulled in by the lure of making very fast money and don’t do the work that is necessary to be a successful day trader.

Also, a lot of the people that are day trading are doing so on borrowed money. They are leveraging against their forex account and they end risking too much on one trade and then they end up in massive debt when a trade goes bad. It is not the forex market that is causing this, it is the trader that is not putting in the necessary work and effort to be an effective day trader.

Another thing about forex day trading you should know is that it will take up quite a fair bit of your time as you need to monitor the forex market very closely. Some part time forex traders overcome this by using automated forex trading system that trades for them.

If you’re having a full time job, it can also be quite distracting. Having heard my analysis, Alvin said he’s just not that into forex day trading as he has a full time job and he does not have the time to monitor the forex market. Also, he said he does not need the extra excitement as his job is already stressful enough for him.

If you are still interested in day trading and have the time, give it a shot, but just do it conservatively. There are plenty of very successful day traders, but they take the time to create a successful forex day trading system that works and gives them an overall profit day in and day out. If you find that it is too much for you, just explore the long term aspect of this market niche as there is plenty of money to be made!

It’s both impossible and necessary to stay on top of the forex market 24/7 if you want to be successful. Otherwise, you risk missing out on the profitable trades which can change your life. Forex automated trading software was created for this very purpose so that you can relax and achieve peace of mind at knowing your auto forex enterprise is in good and capable hands. Many traders agree with this logic, with the number of traders who use it is up to 25% now in 2008. This is up from the 18% who were doing it just three years ago. As forex automated trading software is becoming more popular and the norm, it is getting more sophisticated and consequently accurate.

As I said, the forex market is open practically 24/7. Forex automated trading software trades on your behalf and watches your account for every second of each week. You decide how independently you want it to work from you. Stop loss and take profit protocols automatically minimize your losses and conversely profit you the most if the market makes a sudden change, so you don’t have to worry about one of your investments bottoming out or even dropping in the slightest. You’ll be on the winning side of trades near 100% of the time.

Arguably the biggest reason traders employ forex automated trading software is for the accuracy factor. These programs generate signals or predictions as to which way the market is going to go in certain areas. This allows you to trade ahead of the curve. Obviously the more accurate the signal generator, the less guesswork and room for error when you trade. The more reliable signal generators are the most sought after and can consequently earn you the most money if their information is used to the fullest. With constant updates, the best programs stay up to date and are constantly perfecting their signal generating. With all this competition to stand out in the market between rival signal forex auto traders, you the customer stands to be the winner.

Honestly, most traders turn to forex automated trading software because of the accuracy it brings to their auto forex campaigns. These programs offer signal generation which predicts the market based on analysis’ of its recent trends and history. Some of these signal generators can get incredibly accurate as they follow mathematical algorithms, so there’s no room for human error. Via constant free updates from their publishers, the best programs are constantly kept up to date and constantly offer precisely accurate predictions. For better or worse, it’s getting to the point where you need accurate signal generation to keep afloat and profitable in the competitive forex market.

As I said, there are a number of differing programs on the market today. Some are sloppily thrown together products just out to capture your eye and your buck, whereas there are a small number of winners who are single handedly keeping this market alive. After testing a number of these programs, I set up a website where I review forex automated trading software at http://www.forexautotradingreviewed.com which I advise you visit and do some reading to determine which product is best for you in building up your forex enterprise.

Ivybot is an automated trading software program that will allow for a more hands off approach to Forex trading. It manages your accounts and even lets you know when you should buy or when you should sell. This advanced product was created back in the nineties by Ivy League student developers. They were running day trading operations from their dorms and doing quite well I might add. So right away you know you’re dealing with a professional grade robot that was made by traders who know what they are doing and making money doing it. I would say that is very unique and beneficial.

Ivybot is unlike other automated trading systems in that it employs not one mathematical algorithm to calculate its trades, but four separate systems for four different Forex currencies. This makes Ivybot highly adaptable and quite capable of optimizing your trading operation in order to gain you results in multiple conditions. More power equals more profits. In the end that is what we want to see. This was very impressive to me. Add to that the ability to start with a minimal investment of fifty dollars and you have a system that is really challenging its competition.

So how do you know if Ivybot is right for you? Of course this will be your decision to make. Only you can truly know what system is best for the type of operation you run. With that said, you should just ask yourself a few qualifying questions to make your decision an easy one. Do you want full control over your operation or will you take a more hands off approach? If you are the latter of the two then Ivybot may be the solution you are looking for. Plus it is always active-making trades as often as three times per minute.

Ivybot is a unique tool for day traders because of its ability to trade automatically and do it very often. You can enjoy your free time instead of just staring at your monitor all day, unless you are the type of trader who needs more control, in which case another solution will be more valuable to you. So for the beginner, just take a step back and evaluate your situation. You will rest better knowing that you have invested in a Forex robot that will seemingly invest in you just as much as it does in the market.