Forex Trading Machine Guaranteed Forex Riches: 2009

Wednesday, December 9, 2009

Mini Forex Trading - Practice For The Big League

Mini forex trading can be rightly described as an innovative method in which you can make money by trading the currencies of different countries. Both individuals and large scale financial institutions like banks can involved in this business of currency trading. It requires extreme awareness about the changes in the international commerce and the other factors that may lead to depreciation of the value of the currencies of different countries.

It works in the same pattern of a stock exchange. People invest in currencies with an expectation to sell them when market fluctuates favourably. The trade of currency market is always fluctuating with fluctuations in international commerce.

Forex is normally conducted in pairs of currency of two different countries. Most probably these currencies compete with each other in international market. This pairing of currency is commonly known as crosses among the traders or investors in forex. The most popular pairing or crosses of the present are the USD/EUR and the USD/GDP. These popular pairs are known as majors by the investors considering the high profit rate involved in the trading of these pairs.

Making money from investing in currency is not an easy thing as many of us think. Till recently global currency market was not open to the small investors and individuals. Only reserve banks and other larger industrial concerns were only permitted to invest in currencies considering the element of high risk and expertise required for trading currencies.

In the currency exchange market forex accounts are known in two names; mini account and regular account. As the very name suggests mini accounts are meant for small investors and individuals who like to participate in the international exchange. It will give individuals and small scale investors a chance to experiment with forex without making huge investment in the currency trading market.

In mini forex contracts will normally be small than a typical currency exchange. Normally it will be one tenth of the regular contract.

The main advantage of investing in this type of currency investment is that the person investing in the currency marketing will get a chance to test various currencies trading system without risking much of his capital. When he understands the technicalities and techniques of currency trading he will be able to upgrade him to typical currency accounts.

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Tuesday, December 8, 2009

Forex Killer Software Review

The Forex Killer Software is essentially a signal generator for use in trading in the market. The software analyzes the market and tells you when it's a good time to buy, and when it's a good time to sell. The beauty of this is that you don't need to be an expert in trading to make money using the software. Having said that though, it certainly makes it easier for someone with experience to trade the market too. Personally, it has enabled me to spend less time analyzing, and more time spending the money I've made.

I wasn't completely new to Forex Trading when I picked up the software, but I wasn't doing as well as I would have liked. Making some decent spare change to help with the bills, but I really wanted the big bucks. I started to feel a little despair when I can across the Forex Killer Software package. It quite literally changed my life overnight. I have been using the software for over a month now and have managed to consistently earn over $2500 per week using its signals.

I'm definitely not the only one either. The software has been purchased by more than 3000 people and so far the success rate is extremely high. Proof of this is in the large amount of positive testimonials you can find all over the net. Further to this, Forex Killer has also been featured on CNN, one of the largest and most reputable news outlets on earth.

A few other positive aspects of the software include:

It is a proven money making machine and has lead many to a path of financial security and independence
There is only one upfront payment, no need for monthly subscription fees or expensive charges to get the latest signals
You receive LIFETIME updates for the software, if anything is upgraded you will be given the latest version immediately
The creators of the software use it themselves, so you are sure you are getting the best and most accurate information possible

This is definitely a glowing Forex Killer Review, but with good reason, the product is that good. It has helped me sky rocket my profits trading the market, and I'm positive it can help you do the same wether you are a complete newbie or seasoned veteran.

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Forex Trading Tips For the Successful Trader

The Forex market is the world's largest financial market, attracting thousands of investors around the world. Traditionally, the Forex market involved trading between banks, governments, multinational corporations, and other financial markets. Recently, the Foreign Exchange market has been an area of interest for individual investors as well, thanks to the burgeoning popularity of online Forex trading. The extensive liquidity of the market and its long trading hours allows the transactions to be of a varied nature, potentially very profitable for investors.

The potential gains from the Forex market come from the state of constant flux the currency rates experience. Traders should look at volatile activity as something to take advantage of, instead of being alarmed by the same and cutting off trades. There is always the element of risk in Forex trading, and perhaps more so than other financial investment options, as there is no controlling body or one centralized trading system to guarantee returns. The traders agree on a credit system that they use for trading with themselves, and you will come across Forex brokers that practice arbitrage, using different spreads, and different margins. It is always a good idea to select brokerage firms that offer low spreads, and high leverage levels and have an appropriate margin figure.

Keep an open mind when trading, because the pip values are always in a state of flux. Instead of being ambitious, try to opt for reasonable trades, and look for the most opportune moments to sell off a pair, when the most profitable quote is reached for that pair. As a first time Forex trader, it is best to stay away from margin trading however, because trading larger amounts than your deposits might induce the greed factor, and hamper your investment. Know how to calculate pip values, which are basically representative of the smallest movement that is possible in the price of one currency against another currency. This will help you make a profitable investment.

Try trading in off peak hours, when the Forex trades posses a substantial advantage to small retail traders, somewhere between 2200 CET and 1000 CET, as the positions of the markets is flexible during the time when there is small transaction volume passing through. When the latest quotes, exchange rates are released, the market volume is high, and this is the time serious investors throw in large money. It is crucial that you are aware of the latest exchange rates, pip values so that you can calculate how much you stand to gain for a particular transaction.

To make the most money, always use a software to support your decision making. Such a software can mean hundreds or even thousands of extra dollars in your pocket each and every month.

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Automatic Forex Trading System

The search for an automatic forex trading system that works is often seen as the search for the so called "holy grail" which is the reason why many traders have lost huge sums of money and more are still loosing. When it comes to an automatic forex trading system, the search is likely to be long and arduous, and there is the question of why is everyone not using it?

In fact, I don't believe there can be an automatic forex trading system that can assure you of 100% successful trades as claimed by most because there is always the element of the forex market which is totally unpredictable.

It's not far fetched for a forex trader whose automatic forex trading system is based entirely technical analysis to come back the following day and encounter an unexpected reversal due to fundamental (socio-economic) news being announced lower or higher than expected resulting. So, if fundamental analysis can not be predicted, and as one author puts it "no one knows what's going to happen" in the forex market, how can an automatic forex trading system be possible?

The answer lies in the understanding that if you truly want to use an automatic forex trading system, you are going to have rules, such as not trading in the vicinity of news time where the market reaction can be unpredictable based on technical indicators due to the reaction of the market to the news such as the non-farm payroll data once per month.

Before using an automatic forex trading system then, the trader must know the online currency market fairly well. Must understand that nothing can replace basic education, no matter what system you use basic forex trading education will help you identify better with the system you choose to use. It is also important to have education and mentoring and at least training in some indicators and strategies to understand the reading of the market technically, as well as a sound understanding of the fundamental analysis aspects of the market.

Using automatic forex trading system with a stop loss is one way to ensure that even if your system is entering trades that agree with the technical analysis prior to news release, your stop loss is there to get you out if the news comes out on the other side and things move against you. But if you can altogether avoid using your system before important announcements I personally think it wise.

Conclusively, there are automatic forex trading systems that indeed can generate profitable trades for any trader but they are not without rules.

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Monday, December 7, 2009

Expert Advisors - For and Against Automating Your Forex Trading System

An expert advisor is a piece of software which works as a plug-in for your trading platform. The purpose of an expert advisor is to automate your own (or someone else's) trading system.

An expert advisor works by monitoring any market for you 24 hours a day, looking to place trades for you once it sees that certain parameters (based on your own, or someone else trading strategy) have been met.

To build your own expert advisor, you need to have a working knowledge of the MetaQuotes Language 4 (MQL4) which is the built-in language for programming trading strategies. There are companies which will (for a fee) automate your trading strategy and build an expert advisor for you based on your own settings. There are also companies which will sell you their own expert advisors.

Most forex expert advisors are developed for the Metatrader trading platform. Developed by Russian programmers, Metatrader had become the standard trading platform for many professional traders and forex brokers.

Once you have built your own expert advisor (usually a file ending in .EX4) or purchased someone else’s, the process of setting it up with Metatrader 4 is quite simple. It is just a matter of opening and installing the file into your MT4 platform.

ADVANTAGES OF EXPERT ADVISORS:

The main advantages of trading with an expert advisor are:

1. The expert advisor has a plan. It sticks to this plan and the settings you have developed into it no matter how uncertain the market looks or how you may feel about the market at a particular point of time.

2. The expert advisor is consistent. It can eliminate the negative human aspects of trading which include fear, greed and inconsistency in trading.

3. The expert advisor frees you up from physically having to watch and analyse the charts to find a signal to enter/exit trades. It does this automatically for you so you don't have to sit in front of your computer all day.

4. Freeing you up from watching charts for entry and exit signals also has the added benefit of giving you more time to spend on actually developing your trading strategies, doing back tests and more and more tests.

5. Finally, the expert advisor (or forex robot) can monitor many markets at once, giving you access to many more trading opportunities than you can physically find and analyse by yourself.

DISADVANTAGES OF EXPERT ADVISORS:

1. The robot (expert advisor) does not and will never have the feel for the human and the soft non-programmable issues. The trader must always look at the bigger picture, the fundamentals as well as the hundreds of other important issues which affect the ebb and flow of the forex market.

2. Many traders also choose to use expert advisors for the wrong reason. They believe that simply by trading with a robot they will automatically have better results or be better traders. Essentially, all an expert advisor will help you with is with trading consistency. It will just free up your time to focus on developing and testing your trading strategies instead of physically having to look for and execute trading opportunities.

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Day Trading - Forex Currency Secrets Revealed

You have probably seen people who make a couple of thousands of dollars a month trading on Forex. You might wonder what are the secrets of successful Forex trading. Well, actually it's pretty simple: confidence and understanding the market. If you learn these two things, you are almost guaranteed to succeed. Here are some tips on how to achieve these two features.

Confidence.
A huge number of Forex traders are experiencing anxiety while watching their trades. This do not affect you in a good way. Or they do not trust in their abilities and pass on profitable trades losing the opportunity to make some money. But being too confident also leads to money loss. Emotions is a human weakness. Ignore your emotions while trading and trust only on the logical mind. It might seem a hard thing to do at the beginning. It will be easier as you gain more experience. Forex automation software can eliminate this weakness, but there is another thing to that affects your trades.

Understanding the market.

It's another important traders feature. You must understand how it works in order to succeed. A lot of newbie Forex traders fail because they do not have a basic understanding about how the Forex trading works. You need to understand the meaning of all the Forex indicators, because they are useless if you don't know how they reflect the market. However, it takes time to monitor all these indicators. In this case, the software also helps. It analyzes all the charts and graphs for you, eliminating all the hard manual labor. It also helps if you are newbie and do not have enough experience. But remember, you MUST have a basic knowledge in order to succeed.

Forex automation software can greatly improve your tradings. That's why it's important to choose the right Forex trading software. However, it's a hard and time consuming task. I had this problem, so I did a research. You can use my findings for your advantage:

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A Forex Trading System Course For the Dream Life

A dream car, a nice suit, oodles of money in the bank a trophy wife and then I'll be happy. I don't ask much. Now whilst I like the idea of sipping cocktails on the beach, my feet are firmly on the ground now I've found a forex trading system course that promises the lifestyle I want with the salary I need. It isn't really about that opening line above, it is about the right work life balance and making the most of every moment we live. Fulfilling our potential.

So what does it involve, how does it work and where do you find it?! Whoah there for a moment because the forex trading system course that works for me won't necessarily work for you. Different styles, different markets and different personalities mean you need to find what works for you, replicate it and scale it up. Only then you can start sipping your own cocktails.

So stop searching for the Holy Grail and start looking to implement your own strategy and develop your own forex trading system course. So what do you need and how do you start?

Well first you need to brush up on that all important knowledge. Build your knowledge base and put it into practise on a demo account. Paper trade to start because knowledge is nothing until you put it into action. Think back to school or college days and how the real world works is long way from the classroom.

Time. Our biggest most valuable asset and you're going to have to invest it. Learning is great but learning alone is resting on the wrong side of the 80:20 rule so put the time away to learn and apply. Be diligent, disciplined and don't sacrifice your family or social life otherwise the dream will turn into a nightmare as the clock ticks 1, 2, 3 and even 4am. I've been there and I've got the wrinkles to show.

To start your career, trade on a paper basis, winning, losing and refining your trading strategy until you're ready to go live. It is at this stage you need the capital to invest. Now stop and think how you would feel with hundreds, thousands or even tens of thousands on the line. Are you prepared to lose it?

This is the true test of your mettle and you will be glad of the time you spent testing on that demo account.

Now how much capital you need is a controversial issue but there are a number of forex trading system courses (eg. Forex Brotherhood) that teach you everything and throw in a $500 trade account to play with. Worth thinking about and a "no brainer" in my opinion.

With the above in place, the next step is to take action. There are stacks of forums that teach you all you need to know the only problem I have are the tangents they go off on and lack of structure. There are a good many forex trading courses that exist to teach you the ropes. I prefer this method of learning simply because I like to see live trades set up, have someone talk me through what they are looking at, why they are doing 'that' and and indicators they have in place. There is no substitute for watching and learning from a veteran trader (I hate the term forex guru).

Regular updates are a good resource although you have to be careful as one a day can be a little 'short sighted' and it is often good to get one from your forex broker account (they often do a free newsletter) along with an independent update to cross reference. A final tip would be to get involved in a tight nit forum, build relationships and make the most of the experienced members knowledge!

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What Trading Cannot And Will Not Do For You

Many new traders get pulled into the trading world, thinking that it will make them an overnight millionaire or put them at the top of the food chain. Hollywood may portray the trader as someone who makes money without trying, but this couldn't be further from reality.

Trading for a Living

Whether investing, swing trading or day trading, you must commit considerable hours to make a living. Day trading involves hours at the trading station, swing trading requires a bit more work, and investing is as good for as much as you're willing to dedicate. It is important to realize that although you might be a world-class trader, you're not going to avoid work. Trading is as much as a job as any other position, but the biggest difference is that you are paid based on your returns. How good you may be at investing will directly correlate to how much you make. This is one of the few businesses that will pay you what you're worth.

Professional Trading

Trading likely didn't come easy to professional traders, and it won't come easy to you. Very few professional traders were profitable from day one; it's almost impossible to become profitable without taking losses in the beginning. Do not expect that the markets will be forgiving - losses do happen, but you'll get better with time. Consistent profits do follow losses, and you have to be willing to wait them out.

You Have to Study to Become Great

One of the biggest professional insider secrets is that you have to be willing to learn to earn. There are many resources available, from profitable trading strategies to step-by-step instructions on money management. Risk and money management tips are often the best areas to learn first, as budgeting is very critical to turning a profit with trading. You'll soon find that money management is on the top list for professional traders; risking too much money or to little can easily turn a complete trading plan into garbage.

Trading is Different from Person to Person

Developing your own trading style depends a lot on what kind of trader you are and what kind of risk you are willing to assume. Investing involves less risk than day trading because it works over the long term, but does not provide the instant gratification of day trading. Day trading can bring big profits in a matter of minutes, but can also be a very gut-wrenching career. You need to have your own trading style to work for you, rather than attempt someone else's trading style. What works for you won't work for others and vice versa.

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Wednesday, October 21, 2009

Day Trading Rules to Live By

Most people looking to make money in the markets believe that the answer lies in finding some simple technical analysis strategies that will catapult them to profitability.

The truth is that trading is not as simple as beginners believe. It is a profession, and like any profession it requires a learning curve. Reading a book or getting a few simple "tips" is not going to turn you into a professional trader.

After studying for a length of time, it's not uncommon for students to begin their search for the "holy grail."

They search for more indicators, chart patterns, gurus, alert services or the latest secret day trading strategies and other things that will provide their answer to becoming successful.

But here's the fact. Success lies within you .. and it won't come easy.

In fact, one of my favorite success principles is this:

"Successful people do what unsuccessful people are unwilling to do."

Let's apply this to trading in the form of my list of "Day Trading Rules to Live By" ... all of which have to do more with you than with the market.

The consistency you need is in your mind, not in the market. Many in the market get frustrated because the market often behaves differently than they expect. You can't rely on the market to be consistent. It is largely a random walk. But there are times when the market does setup with a probability scenario that gives you an edge. Your job is be consistent in trading those probability setups and trade them every time they occur.
Trade like a cat. Most beginners over trade. It's one of the most common trading sins. Your job is to be better than other day traders in having the discipline to wait like a cat in the brush until just the right moment (your high probability setup) and then jump on the trade without hesitation.
Successful trading is simply a game of not making mistakes. Keep a list of your day trading rules posted on the wall or on your monitor and then follow those rules perfectly. You must be more disciplined than the average trader. Never depart from your rules no matter how good a trade "looks" or "feels" to you if it violates your objective and back-tested rules.
Only trade when you are in an optimal emotional state. Never trade when you are tired or are in an emotionally unstable situation (after a fight with a spouse or friend for example). Day trading is more like athletics than academics. Trading on such a short time frame requires you to be able to make split second decisions, and you're risking a lot of money when you do. Make sure your mind is sharp and your emotions are centered.
Keep a detailed trading log. Every day trading course I've seen has a trading log. Yet my experience in dealing with trading students demonstrates that less than 10% of them actually use it. This is a huge mistake. Not only should you log every trade, but you should also record how you felt and what you were thinking as you took the trade. In this way your logs will become a type of "biofeedback" mechanism for you. Personally, this was the difference that made all the difference for me.

These 5 day trading rules are not the type of rules that you were probably looking for. The masses want rules about indicators, price bars, where you get in and where you get out.

Granted, you definitely need clear objective rules about those things as well. Yet thousands of traders have those types of rules, and yet continue to fail because those rules are about market action.

They fail because they don't have, or don't follow, the more important rules the rules about their own action.

If you find yourself resisting the importance of these rules about your own behavior, realize that you are one of the masses who feels the same way. But since the masses fail at day trading, you must set yourself apart and do something different than them.

Following these 5 day trading rules are what the retail traders fail to do. Not because they can't do them, but because they are unwilling to do them. And remember, "Successful people do what unsuccessful people are unwilling to do."

Sunday, September 6, 2009

Forex Trading Machine - The Closest Thing to Guaranteed Forex Riches

Some arrogant veteran traders may think that they are a human forex trading machine. They could not be more wrong! The bottom line is that computers have been outdoing humans for years now. Computers are extremely intelligent and they are now starting to be used in the forex market to make excellent trades on total autopilot.

A forex trading machine, or an expert advisor as I will call it for the rest of the article, is a piece of software that can change anyone's life. The profits that people all over the world are making on a daily basis are incredible, yet this aspect of making money on the internet is often completely overlooked.

Here's how an expert advisor works:

You get the software and install it on the trading platform, let's say the free Metatrader 4 platform with detailed video instructions. Then you let it go to work! It's really that simple.

Expert advisors are selling like hotcakes due to the ease of installation and how convenient they are. You can enjoy your day while the software makes you money. In my first few days of using an expert advisor (which is reviewed on my website linked to below) I made roughly $1200 on a $5000 demo trading account. What a forex trading machine!

I recommend to anyone that is looking to get into forex, and more specifically expert advisors, that you use the advisor on a demo account for about 30-45 days. If it performs well, then let it go live on your real money account. If it does not perform well, then simply get your money back with the 60 day guarantee.

I have spent hours researching expert advisors. On my website I review the top ones and test them out with an updated daily trading journal.

The best reason to get your hands on an automated Forex trading software is that it can make much more money for you because it works on sound mathematical

models and doesn't make stupid mistakes which every person does.
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