best forex trading robots reviews

Forex trading is one of the most viable options for someone who’s looking at bigger possibilities, bigger profit and greater ease in trading and business. Because of it’s high liquidity and speedy transactions, forex trading is becoming a popular game among players in the field of business and marketing. While it’s traditionally for companies and corporations with big capital and experience in the field, it has also proven itself to be a good venture for a neophyte though what one calls a Mini Forex account or mini forex trading.

Mini Forex Basics

Mini Forex trading is good for people who have just started in the forex market and with not enough funds to open a regular account. It requires a smaller capital compared to regular forex accounts, a minimum of $300. With mini forex trading, you can control a $10,000 currency position.

The key here is leverage. Because of leverage, a trader can trade in a commodity more than the money available in his account. Say with a $250 deposit, one could trade a maximum of 5 mini lots. This kind of leverage is greater than stocks or day trading. Of course, it is recommended to start with a manageable leverage that allows greater flexibility in transactions.

What are the perks of mini forex trading? With just a small stake involved, you get to enjoy free trading platform and benefits that regular forex traders get to enjoy. These would include state-of-the art trading software, charts and resources. With a leverage of 200:1, the trader can trade in a commodity regardless of the amount of money available to him.

Mini forex trading also allows for lesser losses as the contract size is only 1/10th the size of a standard forex account. There is also greater flexibility with regards to customizing trades and minimizing risks. Ideal for those with smaller capital, the trader has a chance of investing in more areas of the market with lesser risk as there is lesser capital to be lost. He need not be hesitant with his transactions as there is lesser capital involved.

With the same freedom enjoyed by regular forex traders, a mini forex trader can trade as many lots as he likes. Although the standard trade size is 10,000 units, you are free to trade as much as 50,000 units or more. In this way, the trader also builds up his confidence in his trading skills at the same time slowly increase his profit and trading position in the market. He gets to manage his money before going for the higher stakes in regular forex trading.

The trader likewise gets to develop a sound trading strategy without getting too emotionally involved in possible losses and profit. For practice, a newbie in forex trading can practice through paper trading. But in the real market, he can start small with mini forex trading. There is lesser capital involved and the practice builds up the trader’s trading gameplan for future explorations in regular, higher stakes forex trading.

An Example

On a regular account, a 25-pip stop loss is equal to a loss of $250. Since a mini forex account is just 1/10th of the standard forex account, this is amounting to $25 only. If you trade in units of 10,000, the trader is given more flexibility in terms of customizing his trades and lessening the risks of loss.

They say that business is for the risk-taker. But if you’re just starting out, it’s wise to be cautious and think about your moves. In the world of foreign trading, mini forex accounts provide the wisest and best option especially for a neophyte. It requires lesser capital, lesser emotional investment, and slowly builds up your skills and confidence as a trader. In a way, it’s a way to prepare the trader for the higher stakes in the more advanced world of foreign trading.

Remember using good Forex software will help you save time.

I want to learn how to do things right now.  I am going to go to a two day seminar and I am going to learn everything there is to know about knitting to basket weaving and I am going to walk out of there next week.  It just doesn’t happen that way.  So here’s how you can cut 30 to 80% off the learning curve.  Why such a big range?  Some people just have an easier time with it.  They can follow these few things and they can hack major chunks off of their learning curve.  Other people are just a little bit less.

The first thing is, you want to take twenty minutes at a time.  Go 20 minutes; watch a video; watch a portion of a video; push pause; get up; get a drink of water and do something completely different.  I don’t care if it is watching TV or if it is going out in the garden or throwing the ball to your kids or petting the dog.  Just do something different for 5 minutes.  All it takes is 5 minutes.  Let the information percolate in your brain and then go back and continue. 

The first time through, don’t take any notes.  Just listen to what I am saying.  Let the information get into your brain.  Don’t try and pass judgment on it.  Don’t try to put it into boxes.  Just listen to it one time through and relax.  You will find that find that taking those two steps; take 20 minutes at a time and relaxing, will take so much of the pressure off of you that you are automatically learning faster.

Think about it.  If you are going through a presentation and I am talking about a chart. I am talking about a pattern on the chart and I am talking about a pattern on a chart of the Great British pound U.S. dollar pair.  I am talking about flag pattern that has just come out of a triangle that has lasted for 6 months.  If all of that information is brand new, guess what?  Your brain is going to want to know, what is a British pound U.S. dollar?  By the way, what is a chart and what the heck is this flag and triangle thing? How do they relate to each other?  What are the parts of the flag?  Do you see where I am going with this?

You are going to try to figure out too much information in one time.  Okay, so when you try to figure out all of this information at once while you are learning, hopefully you are starting to understand why it can be so difficult to actually get new information, assemble that information and then use that information.

I can tell you in my life, I have literally used this technique to learn very complex subjects in half the time as very skilled supposedly, expert people.  In fact, you can use this technique inside for three weeks to become just as knowledgeable and almost as proficient as someone who has been using and understanding that information for ten or fifteen years.  Okay?

HOW DO Economic Events impact Global Currencies:

When I asked several traders about their thoughts about using fundamental analysis as a part of their trading decisions, I have received two opposite responses.

RESPONSE of Trader A

Fundamentals that you read about are typically useless as the market has already discounted the price. I am looking at (1) the long term trend, (2) the current chart pattern and (3) identifying a good entry point to buy or to sell.

RESPONSE of Trader B

I almost always trade on a market view. I don’t trade simply on technical information alone. I use technical analysis and it is terrific, but I can’t initiate or hold a position unless I understand why the market should move.

There is a great deal of hype attached to technical analysis by some technicians who claim that it predicts the future.

Technical analysis tracks the past; it does not predict the future. You have to use your own intelligence to draw conclusions about what the past activity of some traders say about the future activity of other traders.

For me, technical analysis is like a thermometer.

Fundamentalists who say they are not going to pay any attention to the charts are like a doctor who says he’s not going to take a patient’s temperature. If you want to be a successful trader in the market, you always want to know where the market is- up ? down- trending or choppy .You want to know everything you can about the market to give you an edge.

Technical analysis reflects the vote of the entire marketplace and, therefore, does pick up unusual behavior. By definition, anything that creates a new chart pattern is something unusual.

It is very important to study the details of price action to see and observe. Studying the charts is absolutely crucial and alerts to existing disequilibrium and potential changes.

For forex traders, the fundamentals are everything that makes a country tick.

The release of economic & inflation indicators (i.e., consumer spending, employment cost index, government spending, producer price index, etc.), political actors, government policy or an individual event can set the market in a frenzy. These have to be considered when making the decision ? to trade or not to trade.?

Technical analysis, is a way of using historical price data in different ways to predict the future price of a currency pair.

Fundamental analysis is a very effective way to forecast economic conditions, but not necessarily exact market prices, and you SHOULD trade in agreement with the supporting technical indicators.

Foreign exchange traders put the most emphasis on technical analysis, because traders around the world use similar charts and tools in predicting market trends.

The reason the FOREX market can be so predictable some times is that if the majority are using the same graph for determining patterns and trends, then it is highly likely that they will act in a similar manner.

So several thousand traders who have all charted the same resistance line, for example, will most likely either set their trades and direction conform to that line.

When fundamental data is made available to the public there is a reaction from investors and speculators.

Information in the form of news and economic indicators is more vague than that of technical indicators. There is a lot of gray area in this type of analysis. The market will ultimately react to how people think the economic data compares to the current market situation.

Economic indicators usually reveal information that “Should cause a currency to go up in price” or “May cause a currency to go down”. The words ?SHOULD? & ?MAY? in the quotes above reveal the ambiguity of the fundamental data.

Here is an example of what analyzing fundamental data is like. Let’s suppose there are six economic indicators (there are a lot more).

Let’s call our six indicators 1, 2, 3, 4, 5, and 6. Now we wait for the data from our indicators to be published in a financial magazine or at an online source. We get the readings for our economic data for the EURO as following:

Indicator 1: is in a range where the Euro may go up
Indicator 2: is in a range where the Euro should go up
Indicator 3: is in a range where the Euro could go down
Indicator 4: is in a range where the Euro usually goes down
Indicator 5: is in a range where the Euro could go up
Indicator 6: is in a range where the Euro may go down

By looking at the above indicators, you don’t know what the Euro is going to do. Furthermore, currencies are always traded in pairs. So you would have to get the fundamental data for another currency pair and compare it with the EURO. I think you can image that this is not a simple task.

I do not want to discourage you away from fundamental data. The best way to learn is to learn about one piece of economic data at a time. Eventually you will build a puzzle from all of the fundamental and technical data and make more informed trading decisions.

I am going to take right now, and give you probably the biggest shortcut in learning in your entire life.  In fact, you probably would have a much more pleasant time in school if they had just shared these few things with you. It deals with the actual physical way that our brains learn. If you want to learn something quickly. I mean literally, if you want to take something and virtually put it into your mind, there are very few things that you have to avoid and just a few things you have to do.  Okay?

First of all, you want to avoid sitting too long.  I mean, literally sitting.  Most of us sit down, plop down and go, I am going to go through all of these videos by Mac and I am going to run through all of them tonight.  Before you have known it, you have gone through probably six hours of information. It is practically midnight.  You are bone tired. You feel like you are ready to strike a match on your mouth because it is so dry.  You haven’t taken a water break. You haven’t gone to the bathroom. You are just miserable. That’s not the way to do it. Your brain literally has a physical limit with how much information you can put in it at one time. You also want to avoid and this is something, if there are any teachers on the line, you are probably going to be shocked; you don’t want to take note. Now I will qualify that in a minute.

You don’t want to take notes and here’s why. If you hear me say something and then you are writing it down, I don’t stop talking. Right? I continue talking while you are writing and I am here to tell you, you are even less likely to retain the information that is coming out of my mouth if you are writing at the same time.

Researches have found out that on any information that you read, hear or see; meaning a video or something like that you are going to forget 60% of it inside of 48 hours.

Sixty percent; in fact, most people inside of three days, are going to forget 80 to 90% of what they heard.  Most of the time it is because they are sitting too long, they are taking notes; they are trying to do what most of us found in school.  It’s called cramming which is try to shove all the information in our brains as quickly as possible.

Here is the most important part and this is something I don’t want you to feel nervous about; just give it a try.  Just trust me on this.  The last thing is, take a complete break for at least one day, preferably two days.  The ideal thing is of course, is we’re talking about going through five discs, would be to go through just one, two, three, four and five Monday through Friday, one disc per day and then take the weekend off.  Go play with the kids, go to a movie, go out with your wife, go on a two day cruise, fly to Vegas; whatever you are going to do for two days, don’t even think about it.

Then when you come back, I want you to go through the discs again but this time, you want to jot down the things that don’t make sense to you.  What have you done?  What you have done at this point is you have put the information into your brain without trying to put it into a box.  Listen, your brain learns and it knows information by association.  Think about it.  You could be walking through the Mall of America, one of the largest malls on the face of the planet; thousands, maybe tens of thousands of people there and you could spot an old friend of yours from across the room. Instantly, I mean literally in a blink of an eye, see that person’s face and out of thousands of people.  The reason why you can do that is because your brain on just a glance through a room, is going to scan each one of the faces and instantly put it up in a database.

I don’t know if you have ever seen the Discovery Channel in Las Vegas, they have got these software. Have you ever seen CSI or one of these TV shows where they are going through the faces?  That is exactly what your brain is doing.  It is trying to match up that person and all of a sudden, ding, there’s Joe.  You turn to your friend or wife and hey look, Joe.  Then you go over and talk to Joe.  You pick hit out of these thousands of people because of the associations in your brain.  So what you want to do is put the basic information inside of your mind without trying to associate it first, the first time through. Then the second time through is when now we can take this information and we can start working on associating it. You can associate different patterns.  A chart is associated with price and Great British pounds U.S. dollars is associated with currency. You are not trying to connect all of these things at the same time that you are also trying to assemble the vocabulary.

This is a common sales tactic that builds on the emotions evoked by the videos of the forex robot’s trading performance and the video testimonials of traders that are pleased with the forex robot. The idea here is to captivate buyers with all sorts of positive emotions until they are dreaming of millions of pips and they can’t resist buying the forex robot.

What’s funny about this sales tactic is that most traders know what the forex robot developers are trying to do. Despite being aware of these gimmicks, many buyers fall victim to simply buying a forex robot that they haven’t properly investigated and one of the biggest areas to investigate is the efficacy of the brokerage statements featured on the sales page.

Not All Bad, But Remember To Tread Carefully

The world of forex robots certainly has its share of good guys and bad guys. Simply put, a lot of the people trying to sell you forex robots know that all they need to is type up a ?brokerage statement? and slap on their Web site and most buyers are going to believe it’s the genuine article.

As luck would have it, forex brokerage statements are fairly easy to understand. The information you’ll see on a standard brokerage statement should include your account balance and number, the dates of your trades, the pairs you traded and your profit and loss for each trade. Pretty easy stuff to understand.

Now For The Hard Part

Analyzing the efficacy of a forex statement that you’ve found on a forex robot sales page can be a little tedious, but the work itself is easy and worth its weight in gold. While perusing this forex robot’s statement, you notice hundreds of winning trades and very few, if any, losers. A healthy amount of skepticism is generally a good thing when investigating forex robots and that skepticism should certainly be applied to reviewing of the trading statement.

So how do you test the efficacy of the forex robot’s statement? It’s easy. Let’s say the forex robot you’re investigating shows a bunch of USD/CHF trades in its trading statement. Using the date of the trades, use a chart to see if the pair actually traded around those prices at the time and date the forex robot is saying it took those trades. If the forex robot doesn’t feature dates or times in its trading statement, consider this a red flag. A forex robot that has nothing to hide will give you all the data you need to verify its trades.

Sure, this little project is going to require some time on your part, but it’s free to do this homework and a lot more expensive to endure trading with a forex robot that wasn’t completely honest about its trading results.

In the last article on “9 Reasons on Why You Must Trade Forex (Part 1 of 2)”
You have understand the:

1. Round the clock trading
2. No need to choose from too many counters
3. Liquidity
4. Good Leverage

Next you will understand more on why you must trade forex.

5. No Brokerage fee or commission

Forex brokers mostly make from the spread between the bid and ask prices. Unlike other stock brokers where on top of the spread between the bid and ask prices, they will charge a commission based on the percentage of total value of contract.

6. Able to short currencies

In forex, there is no restriction on short selling as all currencies are traded in pairs. i.e. you buy or sell one currency against another unlike stocks and shares. Without the restrictions, a trader can react quickly to the changing dynamics of the market unlike in the equities market where short selling is discouraged or made inconvenient to do.

7. Minimum investment

You can start trading in forex from as little as USD200. The amount is dependent on the broker you are opening an account with. This is due to the leverage a trader can obtain from the broker which allows such low minimum deposit.

8. Trade globally

With the overwhelming prevalence of internet and the many easily accessible forex trading platform provided by the forex brokers, we can now trade anytime and anywhere in the world as long as we have access to the internet.

9. Unlimited Real time Demo Account Practice

Most forex brokers will allow you to open a demo trading account to practice your strategy and also get familiar with their trading platform. What this means is that you do not have to paper trade. It allows you to get as close and as real as trading in the real market without losing a cent first.

Forex Options Trading can do a very good model for people who want to do Forex Trading. What you need is a right system, the willingness to work and determination to not give until you reach your goal. If you are willing to take action, then this Forex Trading is suitable for you.

Fap Turbo review – Inside The Forex Trading Software That Doubles Your

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.

As a trader for over 25 years I have tried lots of ways to make money and learned forex trading the hard way. Here I am going to look at the basics of building a currency system in simple steps and show you how to get one that not only works but suits your trading temperament and lead you to currency trading success.

The first point you need to consider before devising a currency trading system is what type of trader are you – Do you have lots of patience or do you like a bit more action?

You essentially have two choices, swing trading or long term trend following.

A common error made by most new forex traders is they are tempted by forex day trading but it doesn’t work. The biggest myth of forex trading is that day trading makes money, yet of all the systems sold on the net you will never find one with a real time track record of profits.

The fact is all short term volatility is random and you can never get the odds on your side, so it’s doomed to failure.

Let’s look at the benefits of swing trading:

You are trading moves of about 3 to 5 days, you get plenty of action, get profits and losses quickly and don’t have to have the patience of a long term trend follower.

Long term trend following is hard mentally however it’s potentially the most rewarding in terms of cash, but you have the mental turmoil of seeing open equity dip – if you can overcome the mental hurdle you can make excellent gains.

The two basics of any currency trading system are:

You need to be able to spot support and resistance and then you need to enter trading signals in line with market momentum.

Many traders simply hope levels of resistance and support hold or break, however if you want to learn forex trading, you must learn to confirm each and every trading signal before entering.

We will look at the best indicators to use in the next article but what we want to concentrate on now is the most essential part of forex education that traders fail to learn – money management.

This is much more than learning to place a stop – that’s easy. The hard bit ( particularly when trend following) is moving the stop and how to maximize your gains.

If you are trading using support and resistance the stop obviously goes behind the level the opposite way to the way you’re trading. The problem is:

How to follow trends and get out with large profits?

Most traders simply cannot accept a large profit.

They get so excited when they get a profit they move their stop to quickly to protect what they have and then get stopped out by normal volatility. They then get frustrated when they see the trade pile up $10,000 or more in profits and their not in!

If you want to long term trend follow your stop needs to lag a long way behind and you need to have confidence your target will be met. Either exit on a target or accept you will give back a lot of the gain – this doesn’t mean to say you wont make money you will but you will of course miss some.

It’s frustrating but that’s forex trading

With swing trading you should never use a trailing stop always use a target and bank just before the next level of resistance or support.

In the next part of the article we will look at the best indicators to use and how to apply them for profit.