best forex trading robots reviews

Forex is an abbreviated name for “foreign exchange.” The Forex market is a non-stop cash market where the currencies of nations are bought and sold, typically via brokers. For example, you buy Euros, paying with U.S. Dollars, or you sell Euros for Japanese Yen.

The value of your Forex investment increases or decreases because of changes in the currency exchange rate or Forex rate. These changes often result from economic and political factors, such as the price of oil or political unrest. To better understand how the exchange rate can affect the value of your Forex investment, this article shows you how to read a Forex quote.

Forex quotes are always expressed in pairs. In the following example, your “pair” of currencies are the U.S. Dollar (USD) and the Euro (EUR). The Forex quote, USD/EUR = 265.50, means that one U.S. dollar is equal to 265.50 Euros. The currency to the left of the / (USD in this case) is referred to as base currency and its value is always 1. The currency to the right of the / (EUR in this case) is referred to as the counter currency. In this example, one USD can buy 265.50 EUR, since it is the stronger of the two currencies.

Because the U.S. dollar is regarded as the central currency of the Forex market, it is always treated as the base currency in any Forex quote where it is one of the pairs. Incidentally, the U.S. Dollar is involved in nearly 90% of all Forex transactions.

In this example, your “pair” of currencies are the Japanese Yen (JPY) and the Euro (EUR). The Forex quote, JPY/EUR= 175.10, means that one Japanese Yen is equal to 175.10 Euros. The currency to the left of the / (JPY in this case) is referred to as base currency and its value is 1. The currency to the right of the / (EUR in this case) is referred to as the counter currency. In this example, one JPY can buy 175.10 EUR, since it is the stronger of the two currencies.

The goal of any Forex trading system is to profit from foreign currency movements. This requires adequate training in basic Forex principles, such as performing a Technical Analysis, using Forex charts and Stop/Loss tools, and keeping up-to-date with economic and political events. In a sense, Forex training never ends.

The rise in popularity of currency trading online has seen a huge amount of forex trading courses being offered to forex traders but how many of them are actually worth buying and likely to help you become a better trader?

Let’s find out how to find the best forex trading courses and the best forex education.

The first question you should ask yourself when you’re thinking of buying a forex trading course is:

If it’s so good why are they selling it?

It’s an obvious question!

If the advice is so good why are they selling it, when they could shut up and spend their time making money?

Yet they will make you rich for a few hundred dollars, isn’t that nice of them?

In reality their just interested in selling course and it won’t surprise you to learn that:

The Majority of Courses are NOT Worth Paying For

The vast majority of forex trading courses sold are junk and rely on enticing advertising copy, to appeal to the greed of buyers and this applies to well over 90% of information sold.

Don’t Fall For Advertising Hype

They sell their courses and hope to dupe investors with enticing copy like “make a regular income”, “90% success rate” scalp, “10 – 15 pips a day” etc

These titles make me laugh, yet it is surprising how many people fall for them, buy the course and then wonder why they lose.

No One Is Going To Make You Rich

They pay a few hundred bucks for a forex trading course and expect then untold riches to be given to them by the vendor and are bemused when they lose their equity.

The Acid Test

If you want to test how good the information sold is:

Simply ask the vendor for his real time track record and in most cases you won’t get one.

You will however get a hypothetical one, which is done knowing the closing prices, but we can all do that! Problem is we have to trade going forward not backwards.

Getting the best Forex Education

To do this, you do not need to buy a course from a vendor who has never traded or has no track record!

You can get all the basics free online.

You can learn just about everything if you take the time to look (we will cover the way to do this in part 2 of this article) and much of the free material is excellent.

You can also get some great education from your local bookstore – from traders who are genuine legends and these are traders who have walked the walk rather than simply talk the talk – and many of the books you can get are excellent value.

Think about it

No vendor on the net is going to help you get rich for a few hundred dollars.

While there are some well put together honest courses, you can get most of the information free anyway, so why buy it?

Your On Your Own

Forex trading is hard and the only traders who succeed are the ones who take the time and trouble to teach themselves and put it the hours.

They know (like all successful traders do) that the only person who can give them currency trading success is them and a forex course by a vendor is in most cases a complete waste of money.

Forex is an abbreviated name for “foreign exchange.” The Forex market is a non-stop cash market where the currencies of nations are bought and sold, typically via brokers. For example, you buy Euros, paying with U.S. Dollars, or you sell Euros for Japanese Yen.

The value of your Forex investment increases or decreases because of changes in the currency exchange rate or Forex rate. These changes often result from economic and political factors, such as the price of oil or political unrest. To better understand how the exchange rate can affect the value of your Forex investment, this article shows you how to read a Forex quote.

Forex quotes are always expressed in pairs. In the following example, your “pair” of currencies are the U.S. Dollar (USD) and the Euro (EUR). The Forex quote, USD/EUR = 265.50, means that one U.S. dollar is equal to 265.50 Euros. The currency to the left of the / (USD in this case) is referred to as base currency and its value is always 1. The currency to the right of the / (EUR in this case) is referred to as the counter currency. In this example, one USD can buy 265.50 EUR, since it is the stronger of the two currencies.

Because the U.S. dollar is regarded as the central currency of the Forex market, it is always treated as the base currency in any Forex quote where it is one of the pairs. Incidentally, the U.S. Dollar is involved in nearly 90% of all Forex transactions.

In this example, your “pair” of currencies are the Japanese Yen (JPY) and the Euro (EUR). The Forex quote, JPY/EUR= 175.10, means that one Japanese Yen is equal to 175.10 Euros. The currency to the left of the / (JPY in this case) is referred to as base currency and its value is 1. The currency to the right of the / (EUR in this case) is referred to as the counter currency. In this example, one JPY can buy 175.10 EUR, since it is the stronger of the two currencies.

The goal of any Forex trading system is to profit from foreign currency movements. This requires adequate training in basic Forex principles, such as performing a Technical Analysis, using Forex charts and Stop/Loss tools, and keeping up-to-date with economic and political events. In a sense, Forex training never ends.

I’d like to know what books you would recommend to someone who would like to make it in the forex business. I’d love to learn from experienced traders talking about their struggles in this very tough market.

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.

Do you have a passion for learning how to trade currency on the foreign exchange market? If so, there is no better way to learn than by taking advantage of the wealth of resources available to you online.

Forex is a hot subject, and there are so many web sites about it, it can be hard to know which sites are relevant and trustworthy versus which ones to avoid. My goal here is to help you cut through the clutter, and find the resources you need to learn Forex trading online – the easy way!

Step One: Know Your Terms

The hardest part of learning any system is usually in the memorization of vocabulary, and the concepts represented by the ‘jargon’.

Forex is certainly no exception to this rule.

More often than not, you’ll come across a word you are unfamiliar with – and you’ll look it up – only to find the definition contains 2 or 3 other concepts you’ve never heard of before.

So, before you dive in too deeply, make sure you have a good reference handy. One very helpful site is ‘InvestoPedia’ (http://www.investopedia.com/).

Step Two: Open An Online ‘Demo’ Trading Account

You can test your basic knowledge – without losing your shirt – by opening a demo Forex account with an online broker.

Demos trades allow you to spot the weaknesses in your skills and knowledge, while also getting you comfortable with the fast-paced speed of the market and quick-thinking required to move on opportunities.

Step Three: Consider Investing In Your Education

There are more than a few top-notch Forex training courses available online. Some of these courses are run by online brokerages and are interactive in nature. Other courses may consists of ebooks,how-to videos,forum and personal mentoring put together by experienced investors-turned-teachers.

Getting a Solid Forex Trading Education

There are a lot of Forex trading courses online that promise to teach you everything you need to know to jump into the market with confidence. If you are new to Forex, though, how can you tell which ones will truly provide you with the solid Forex trading education you need?

A respectable course should include training material on all the fundamental aspects and concepts for beginners, including:

*Exchange rates

*Fixed rates versus floating rates

*Currency pairs

*Bid Prices versus Ask Prices

*Spreads

*Lot Sizes

*Margins, Margin Calls and Leverage

*Pips Values and their role in calculating profit and loss

*How to evaluate leading economic indicators

*How to read Forex signals and charts

This is just the bare minimum. A really good course should also walk you through a variety of trading examples, and show you how to perform ‘test trades’ yourself using a demo account with a reputable broker.

Another thing you can do to help speed your learning process is to immerse yourself in the literature of the market. There are scores of books and magazines available on the subject both online and off. You might want to have a look at the free, online magazine called Currency Trader (http://www.currencytradermag.com/).

Finally, consider enhancing your knowledge of other financial marketplaces. You’ll find some concepts and terms repeated when reading about how to trade on the Stock Market, or how things like interest rates fluctuate for bonds, bills and other instruments.

This is especially useful if you feel more comfortable in one area of financial knowledge than other because you’ll be able to see some related concepts from Forex in a context with which you are already familiar.

Make sure you choose a course that suits your needs, learning style and budget. Avoid any courses that sound too good to be true in terms of the financial gains they promise you. Forex takes time and you won’t get rich overnight on currency trading. It requires patience,practice and most of all dedication.

Above all, remember to have fun!

Forex AutoCash Robot is an automated Forex trading software system. Let’s dig a little deeper and see what this Forex trading software is all about.

Before we get started I’d like to tell you that this isn’t going to be another one of those, “this Forex trading system is the greatest thing since sliced bread” reviews. If you look around you’ll find out that those are a dime a dozen and are typically written by people that don’t have a clue about what real-time, real-life, in the trenches trading is all about. With that said, let’s jump straight into my review.

Right off the bat I can tell you this…the claims that this product makes are some of the boldest I have ever seen in any Forex trading software. For instance when is the last time you heard a Forex trading system that has never had a losing trade? Not only that but when the last time you heard of a trading system that is never had a losing trade in the last 8 years?

The claims don’t stop there… there is a video in the sales literature that mentions that you could use the system without any experience and without any risk. You and I both know that there is no such thing as potential reward without potential risk. Perhaps the creators were talking about trading in a demo account because trading in a real money account always, and I mean always, has risk associated with it.

By taking a closer look at Forex AutoCash Robot I did see that it had a trade-by-trade track record being shown. I like to see a track record when evaluating any Forex trading system as this definitely gives me a feel for how that system has performed. After carefully looking over all 597 trades in the track record it appeared to me that for all the 597 profitable trades shown that the profit was very small.

In my personal experience whenever I have seen a large number of consecutive profits it typically meant that the trading system has set a very small profit target in order to accumulate many consecutive profitable trades. While this looks impressive on paper and in some hypothetical back tests, in real-life trading I believe the results would be very, very different.

It is this reviewer’s humble opinion that the odds of you or I ever attaining 100% winning trades with Forex AutoCash Robot in real time, real money trading is slim to none.

I know that some people will read what I said and think that I’m just some super-critical guy who looks for every opportunity to shoot down what others think are extremely exciting Forex trading systems. I can assure you that this is not the case at all and that when I see something that really, in my humble opinion, looks like it could make you money over the long haul I will be more than thrilled to tell you so.

With all that being said, you are, of course, more than welcome to take Forex AutoCash Robot out for a risk-free test drive. As with most products I review this product also comes with a 100% money back guarantee. Should you decide to you can very easily use this trading software with a free demo Forex trading account and not risk one thin dime while evaluating Forex AutoCash Robot to your satisfaction.

There are plenty of people who will give you forex education at a price but you need to check a couple of essential facts to check the merit of their use to you in making profits.

Here are the two essential facts you need to check.

1. Is the vendor a trader or simply a writer?

If you are taking driving lessons you will at least want to know the person teaching you can drive and it’s the same if you are getting forex education.

Can the vendor trade and how successful are they?

Ask the question:

“Do you trade and can I see your track record in real time of money you have made”

You normally won’t get one.

At best you will get a hypothetical one and there done with hindsight knowing the closing price so you won’t see one that losses!

Of course, you may also get some testimonials of lucky trades. Don’t accept them get at least a 2 year real time track record to show the merits of the advice.

2. When getting education make sure you get money back guarantee

Assuming you can find someone that has a track record then also check that you get a money back guarantee so that you can test the material.

I see a lot of e-books and education sold where really all the information is freely available on the net.

A lot of the forex education sold on the net is from traders who are simply writers and they rely on the copy to appeal to the greed of the buyer.

There is a lot of good forex education out there, but the vast majority is not worth the money so make sure that you do the above two checks and hopefully you will get some good education

Always remember this

At the end of the day the forex education you can get on the net that is free can help you become a professional trader.

In further articles in this series we will look at all the best free sources that can help you become a confident disciplined and successful trader.