best forex trading robots reviews

There is lots of forex education available free online and here we are going to give you some tips on finding the best that can lead you to currency trading success.

1. FREE Info

Most of what you will need can be found free on the net. Many of the e-books sold by vendors simply rehash what is found on the net and you can avoid paying for it by simply seeking out the right sources – search around and see what you find and you will stumble upon some good sources.

If you are your trading on forex technical analysis you can find everything you need to know about indicators and chart patterns to build your own trading system. For a novice trader this is the best way to trade, avoid trading news – it’s simply stories that reflect the losing majority, so avoid it.

Your aim is to trade the truth and simply follow price trends and everything you need can be found free – you need something more but I will return to this in a moment.

2. Expert Systems

All over the net claiming they can make you rich with mechanical systems and most will lose. Why? Because – they rely on clever marketing copy and simulated track records done in hindsight. If you see an ad that looks to good to be true pass it by, it is – has never been traded and simply put together by a marketing company.

3. Forex forums.

I took a look around a few of the top forums before I wrote this article and my look confirmed by suspicion full of losing traders.

The guys giving advice are generally people who can’t make any money trading forex and it makes them feel better and big to give out their wisdom.

I have been a trader for 25 years and never bothered using forex forums and don’t think you should either.

4. The Edge

To make money you need a method and that’s easily constructed from free info on the net which we touched on in point 1.

You can easily build a system based upon breakout methodology, support resistance and a few momentum indicators and win at forex – just one word of caution:

Discipline

You will have heard how it’s essential in currency trading and it is but it’s very hard to acquire that’s why 95% of traders wipe out their equity quickly.

To ram home the importance of discipline, go to your local online bookstore and pick up some books by traders who have walked the walk, rather than simply talk the talk.

A few essential books are:

Market Wizards EDIT – Jack Schwager

This book interviews trading legends and lots of them and is one of the most popular investment books of all time and with good reason

The Way of the Turtle – Curtis Faith

This book tells the story of the turtles a group of 14 traders who became legends after learning to trade in 14 days and then earning $100 million in just 4 years.

The Disciplined Trader – Mark Douglas

A bit repetitive but rams home the importance of discipline better than any book I have ever read.

The three books above you can pick up for about $60.00 and their worth every cent.

They can explain far better than me my discipline is vital yet so hard to achieve.

Always keep in mind if you don’t have the discipline to trade your forex trading system, you don’t have one!

Trading looks easy yet few succeed – the ones that do build their own trading methods to get confidence which is the first step to trading with discipline.

Do the above get your method from free sources and the books above and you will have a head start on your way to learning currency trading the right way and get vital forex education, to help you win and win big.

As we turn into the New Year it’s a good time to make changes and take action – if you are trader who is not doing well or a potential trader then these 2 tips will help you make money fast not just in 2008 but at anytime and they should be a cornerstone of your forex education.

The first point I want to make needs serious thought 95% of traders lose money not because they can’t learn forex trading (anyone can) but because they believe certain myths and commonly accepted wisdoms that are wrong.

The tips below are not conventional but don’t let that worry you the bulk of traders don’t make money so being in the minority is good so here are your 3 tips

1. Be Patient Trade Less

Many traders think the more they trade the more they will win but this is simply not true in forex trading in fact the opposite is true – the more you trade the greater the chances are you will lose.

You don’t get paid for the effort or amount of trades you make – you get paid for being RIGHT that’s it. I know traders who trade every day and make nothing and others who trade a few times a year and make over 100% annualized gains!

The majority of novice traders believe the day trade and make money myth and that’s all it is a myth. Day traders don’t make money period.

If you don’t believe me, try and find a real track record on a day trading system and you will be looking for ever. You have to catch the big high odds moves and they can ONLY be spotted by looking at longer term data and data within a day is meaningless.

If you like the buzz of trading you will lose – if you are patient and wait for high odds trades you will win.

2. Diversification

You will have heard it countless times diversify; don’t put all your eggs in one basket etc. On a small account of $1,000 or less you don’t have enough to diversify and make big gains at the same time.

All diversification does is dilute gains – wait for the big moves and load them up with as much as you can afford.

3. Take Bigger Risks

You will hear many give you the advice of only risking a maximum of 2% on a trade – well on 1,000.00 that’s $20 you won’t make much doing that!

Wait for the good trades and load them and risk up to 20% on a small account.

You can only diversify and risk less per trade if you have enough cash and that’s $10,000 + if you don’t you need to risk more – period!

4. Have Courage

Learn to accept big gains!

Hang on you may say all traders can do that because that’s why their trading currencies.

They are – but they don’t understand accepting a big gain is harder than taking a loss.

Why?

Because as soon as a trader sees a profit he wants to take it and the bigger it becomes the harder the temptation is to resist. As open equity swings keep eating his open profit it becomes too much and he snatches a mediocre or minor gain.

What happens next? The trade goes on to make 10,000 20,000 or more and he’s not in.

If you want to make money you need to have courage and accept that open equity will eat into your profits and have confidence to hold for a bigger longer term gain.

If you want to make more money from your forex trading and you are starting off with a small account make the above part of your forex education and you will see your profits increase dramatically.

Forex is hugely popular, and plenty of people (including you) have only good things to say about it! Probably, it is because you have seen others getting lucrative profits from this business? And now you are keen to get into the business yourself! Find out if the successful ones had taken any Forex trading education beforehand!

You cannot start any business without proper background research. It is the same with trading. There is no need to rush headlong into things. Since you are responsible for your own time, utilize it to study how the business actually functions before you start playing around with real money.

Beginner or expert, if you are planning to make an entry into Forex, you would be well advised to go in for Forex trading education; learn at least the basics. Treat it as a degree that will fetch you a greater income in future. Once you have educated yourself and feel confident, you can step right in!

But determine whether the learning that you have received is going to serve you as just a guide, or you are planning to put the whole thing into practice step-by-step. As a matter of fact, during the process of training itself, it will be made clear to you whether you and Forex are well matched or not!

Forex trading education comes for free on certain web sites. There is no need to purchase anything. You will get to learn some strategies that will guide you to success, which should go a long way in boosting your self-belief.

Forex trading education can be divided into three stages–

(1) The first stage involves getting acquainted with Forex and how trading takes place on this platform. To put it more simply, you will get an idea about how the financial market functions.

At this early stage itself, you will realize how unpredictable the twists and turns of trading can be! What is important is that you train yourself to sense the subtle movements of the Forex trading market. Armed with this knowledge, it should be easy for you to supervise the changes taking place as well as turn them to your distinct advantage.

(2) So you are clear about about the perils that lie ahead once you enter the arena of Forex! Get to know as much as you can, so that you are well insulated against any future shocks that might come your way!

In fact, this Forex trading education should even help you devise strategies to get the upper hand where these risks are concerned. You will learn to control your impulses too, that is not make hasty decisions. All this time, if you have been taking everything too lightly, your mindset is going to undergo a serious change!

Pay close attention at this stage of your education. Once you enter the Forex world, or even if you have been in it for sometime already, your decisions are going to prove vital–either you are going to stay in the business, or you are on your way out!

Another fact to bear in mind is that no business is going to ensure big profits at the very beginning. There are bound to be initial losses before it picks up. Also, you do not still have enough experience. So learn to be objective about the whole thing and not get emotionally involved. Just determine to succeed.

(3) Finally, Forex trading education tutors you about your account with Forex. How best is this account to be managed? Now that your education has come to an end, foray into the Forex world!

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

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

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

Why?

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

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

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

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

2. Is it Objective or Subjective?

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

3. Does It Trade The Odds?

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

For example, do you:

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

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

4. Is Your Trading System Simple?

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

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

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

5. Does it Work on ALL Markets?

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

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

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

6. Does it have specific Money Management System?

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

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

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

7. Why Do You Believe You Will Win?

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

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