I wish I was reading this a couple of years ago!!
It would have saved me a lot of money!
Well it might not be a lot of money to the guys who sold me their Forex trading systems, but it was to me. I spent thousands of my hard earned and saved dollars on Forex systems that promised big results, yet did not deliver for me.
Don’t get me wrong, some of the Forex systems work; I actually talked to people who did get results from the programs.
Unfortunately I was one of them!
Yes you read it correctly I made money in my first week of trading!
In Forex you basically trade long term or short term, I was doing the short term trading (a day or less).
Yes I made good money thousands of dollars, boy was I excited I was wondering how long had this been going on. Forget the 9 to 5 job that just gets you by, that pays the bills but you don’t have anything left over to live on. I was going to make a killing, retire, work a few hours a day and live the good life!
Everything was great for a couple of weeks then I lost on a few trades, no big deal I will get it back on the next one. Because I had made good money for a couple of weeks I "knew I would get it back".
Then I began to learn what really goes on in the Forex world.
Swimming in shark infested water would be safer than playing with these guys.
Sometimes little bites, then big bites that almost break you in two, yes sir these guys know how to get at you.
This is what happened to me.
The market would be heading steadily in one direction then all of a sudden reverse and take my position out; you guessed it I would lose money. The weird thing about it was that when I did not set my stop loss it hardly happened to me. (The problem with putting a trade on without a stop loss is that you have to watch the trade all the time in case the market makes a big move against you, very dangerous.)
What was going on?
Ok there is a lesson here, the Forex broker was playing games with me he would manipulate the price to stop out my position and take my money! I found that one out too late, but you need to take note there are a lot of crooks out there in the Forex World. These guys know every trick in the book and they have been doing this for years. I started a demo account with another broker and compared the price movements and that’s how I found out that my broker was playing games.
Once I knew their tactics I could change brokers and see if the next one did the same or not put a stop loss on and spend all day in front of the computer. Well I still had to work and pay the bills so that was not going to work for me and frankly I did not have a lot of money left in the account to work with.
I learnt something else during this period; you need to take all the emotion out of your trading. I found that difficult as I had made money to start with and as I am not a robot, making money to start with turned out to be part of my downfall, it clouded my judgement.
What I needed and it is what you need!!!
An honest broker that is happy earning their money from the spread they get for each trade, their commission if you like.
A system that get better than 50% winners and takes the emotion out of the trading!
I was determined to get this Forex thing working for me; I could see the potential I just could not get it working for me.
So I tried several auto trading systems, some that only cost a $100 dollars and others that cost me over a thousand.
The real cheap ones could get a 50% or better winning trade result but only in certain market conditions. If the market was not working the way they assumed I would lose (I was only using demo accounts for these, I have learnt a little bit since I started trading Forex) and all the gains made would disappear.
The systems that cost a lot more where complicated you had heaps of setting that you had to adjust depending on things like, time of day, market trends- steady market volatile market, the currency pair that you were trading etc etc.
You getting the picture? You need to be an analytical person or plainly put a rocket scientist to get it right. I not either of them so that did not work.
Frankly it was all too hard and too costly and I needed a break.
I never gave up on the Forex market I just needed to regroup and start a fresh.
A few months later I was looking at a website that promised results in the Forex market. My first reaction was oh yea I have heard that before, yet I had a look.
These days I know what I am looking for:
• An automated system, to take the emotion out of it.
• A money back guarantee, if they don’t have one then they do not believe it works, so why should I.
• An honest broker that works with the system, it not much good having a system only to find out your broker can't or won't support it.
• A broker that has reasonable spreads, the commission the broker gets on each deal. If the spread is to much it is hard for a lot of systems to make money.
When you drop a few thousand on Forex courses and systems and then a few more on Forex trading, it prompts a lot of soul searching.
These days I know what I am looking for:
• An automated system, to take the emotion out of it.
• A money back guarantee, if they don’t have one then they do not believe it works, so why should I.
• An honest broker that works with the system, it not much good having a system only to find out your broker can't or won't support it.
• A broker that has reasonable spreads, the commission the broker gets on each deal. If the spread is to much it is hard for a lot of systems to make money.
A broker that does'nt deal against you, you win he loses- you lose he wins. Guess what happens in these situations.
A broker that does'nt deal against you, you win he loses- you lose he wins. Guess what happens in these situations.
These days I know what I am looking for:
• An automated system, to take the emotion out of it.
• A money back guarantee, if they don’t have one then they do not believe it works, so why should I.
• An honest broker that works with the system, it not much good having a system only to find out your broker can't or won't support it.
• A broker that has reasonable spreads, the commission the broker gets on each deal. If the spread is to much it is hard for a lot of systems to make money.
• A broker that does not deal against you ie you win he loses, you lose he wins. Guess what happens in this situation.
When you drop a few thousand on Forex courses and systems and then a few more on Forex trading, it prompts a lot of soul searching.
by: Steve Pasfield
With Automated Forex Trading System Software, Part Time Forex Traders And Newbies Can Save Lot Of Time And Money
There are many tools available to the FOREX trader for analyzing the market as well as for buying and selling currencies. Software tools are a necessary part of FOREX because of its volume and volatility. Software can be used to automate some of the trading procedures and safeguard against losses.
In order to make rational, successful trades, the FOREX trader needs information – lots of information. Current exchange rates are the tip of the iceberg – the trader needs historical data as well as current information about political and economic conditions that could affect currency prices. All this information is provided by many FOREX brokers on their web sites.
Successful FOREX trading relies on making accurate assessments of current political and economic conditions. Being able to predict whether a currency will fall or rise against another currency allows the FOREX trader to profit from currency movements.
There are two basic trading methods for buying and selling currencies.
1. Reactive trading means the trader responds to changes in the political or economic climate.
2. Speculative trading means the trader makes buying decisions based on predictions on how the market will respond to current events.
While most FOREX trading is speculative, both types of trade require up-to-the-minute information and an analysis of current and historical conditions.
Traders rely on both fundamental and technical analyses. Fundamental analysis is based on news information about political conditions, economic policies, trade patterns, interest rates and unemployment rates. Technical analysis relies on historical charting to identify trends and patterns over time. Information needed for both types of analyses is available in real time on the Internet. Most online brokers offer live news feeds and streaming rates for observing minute by minute changes in the market.
All this information can help you decide which currencies to buy. More tools are available to help you minimize your risk and maximize your profits.
Most of the tools that are available to you in the market are like PIP calculators, Pivot point calculators, etc. But however all these tools are used to make technical analyses to predict the upcoming trends in the market.
Now a days, all these tools will be available with the forex brokers with whom you are dealing. The forex brokers also provide the demo versions on how to use them. But whatever the tools are, all the tools that are provided are used to make the technical analyses.
Knowing about all the tools and their usage is good, but you alone as a forex trader needs a lot of time to make technical analyses using all those tools. For this reason, the forex brokers and other big forex expert organizations work with all the provided tools and make analyses and provides you the information called the Forex trading signals.
Providing you the forex trading signals is nothing but, that they are doing the technical analyses for you. But for providing those trading signals to you, they do charge from $50 to $200 a month for monthly subscriptions.
Forex brokers and the big forex expert organizations who provides you the trading signals by charging you will provide the individual tools like as I said earlier the PIP calculators, the Pivot point calculators etc, but they never provide you the comprehensive tool i.e “Automated Forex Trading System Software”.
The “Automated Forex Trading System Software” actually takes a single input and does all the calculations like Pip calculations, pivot point calculations etc, and generates the forex trading signals by itself and place the buy and sell orders automatically to the forex brokers with out ant human intervention.
Now many “Automated Forex Trading Software Systems” are available at low and affordable price. They are also of one time purchase. To operate them is very simple and the inputs that it requires also available free in the internet.
If you can use “Automated Forex Trading System Software”, you can really save a lot of time which you loose while researching on the technical analysis and also saves money which you spent for trading signals on monthly basis to forex signal services. At the same time there is no need for you to depend on any forex broker or on any forex expert organization for the forex trading signals, as you never know when these signal providers system can be down.
I highly recommend part time forex traders and newbie’s to use automated forex trading system software as they can really save lots of time and money.
by: Venu Modalavalasa
In order to make rational, successful trades, the FOREX trader needs information – lots of information. Current exchange rates are the tip of the iceberg – the trader needs historical data as well as current information about political and economic conditions that could affect currency prices. All this information is provided by many FOREX brokers on their web sites.
Successful FOREX trading relies on making accurate assessments of current political and economic conditions. Being able to predict whether a currency will fall or rise against another currency allows the FOREX trader to profit from currency movements.
There are two basic trading methods for buying and selling currencies.
1. Reactive trading means the trader responds to changes in the political or economic climate.
2. Speculative trading means the trader makes buying decisions based on predictions on how the market will respond to current events.
While most FOREX trading is speculative, both types of trade require up-to-the-minute information and an analysis of current and historical conditions.
Traders rely on both fundamental and technical analyses. Fundamental analysis is based on news information about political conditions, economic policies, trade patterns, interest rates and unemployment rates. Technical analysis relies on historical charting to identify trends and patterns over time. Information needed for both types of analyses is available in real time on the Internet. Most online brokers offer live news feeds and streaming rates for observing minute by minute changes in the market.
All this information can help you decide which currencies to buy. More tools are available to help you minimize your risk and maximize your profits.
Most of the tools that are available to you in the market are like PIP calculators, Pivot point calculators, etc. But however all these tools are used to make technical analyses to predict the upcoming trends in the market.
Now a days, all these tools will be available with the forex brokers with whom you are dealing. The forex brokers also provide the demo versions on how to use them. But whatever the tools are, all the tools that are provided are used to make the technical analyses.
Knowing about all the tools and their usage is good, but you alone as a forex trader needs a lot of time to make technical analyses using all those tools. For this reason, the forex brokers and other big forex expert organizations work with all the provided tools and make analyses and provides you the information called the Forex trading signals.
Providing you the forex trading signals is nothing but, that they are doing the technical analyses for you. But for providing those trading signals to you, they do charge from $50 to $200 a month for monthly subscriptions.
Forex brokers and the big forex expert organizations who provides you the trading signals by charging you will provide the individual tools like as I said earlier the PIP calculators, the Pivot point calculators etc, but they never provide you the comprehensive tool i.e “Automated Forex Trading System Software”.
The “Automated Forex Trading System Software” actually takes a single input and does all the calculations like Pip calculations, pivot point calculations etc, and generates the forex trading signals by itself and place the buy and sell orders automatically to the forex brokers with out ant human intervention.
Now many “Automated Forex Trading Software Systems” are available at low and affordable price. They are also of one time purchase. To operate them is very simple and the inputs that it requires also available free in the internet.
If you can use “Automated Forex Trading System Software”, you can really save a lot of time which you loose while researching on the technical analysis and also saves money which you spent for trading signals on monthly basis to forex signal services. At the same time there is no need for you to depend on any forex broker or on any forex expert organization for the forex trading signals, as you never know when these signal providers system can be down.
I highly recommend part time forex traders and newbie’s to use automated forex trading system software as they can really save lots of time and money.
by: Venu Modalavalasa
How Do Forex Brokers Make Money?
Forex brokers are paid commissions on the outcome of your spread. The spread is measured in pips and is the difference between what you offered and the bid. Since the market moves so quickly your broker needs to be readily available to accommodate your trading, provide advice and reliable quick access to the market.
When you begin to review the various forex brokers available make sure part of their service is to provide current advice on all currency trades, the current economic environment and options available for your best spread for your trades. These services are essential for successful trading.
The broker you select should be accredited to ensure their familiarity with the terms and rules established by the exchange for currency trading. A competent full service broker will be constantly abreast of the current market conditions and currency rates available. Their advice should guide you to making viable trades.
An accredited broker should provide the flexibility in swapping currencies depending on current market conditions without charging you high or variable commissions. You should be able to swap currencies based on your trading expectations no matter what your trading platform without outrageous commissions or fees going to your broker.
When you select a brokerage firm make sure you start out trading in small quantities until you become familiar with your broker. Get to know them by constantly speaking with them over the phone to get advice and an understanding of their services and experience level.
Determine whether your forex broker understands the markets trends, stays current with economic and currency news and the world markets impact on your exchange. Make sure they stay current along with providing multiple means of advice through conversation, newsletters, email and other sources.
These are all extremely important items to determine when reviewing the right forex broker to meet your trading needs.
by: Andy Richards
When you begin to review the various forex brokers available make sure part of their service is to provide current advice on all currency trades, the current economic environment and options available for your best spread for your trades. These services are essential for successful trading.
The broker you select should be accredited to ensure their familiarity with the terms and rules established by the exchange for currency trading. A competent full service broker will be constantly abreast of the current market conditions and currency rates available. Their advice should guide you to making viable trades.
An accredited broker should provide the flexibility in swapping currencies depending on current market conditions without charging you high or variable commissions. You should be able to swap currencies based on your trading expectations no matter what your trading platform without outrageous commissions or fees going to your broker.
When you select a brokerage firm make sure you start out trading in small quantities until you become familiar with your broker. Get to know them by constantly speaking with them over the phone to get advice and an understanding of their services and experience level.
Determine whether your forex broker understands the markets trends, stays current with economic and currency news and the world markets impact on your exchange. Make sure they stay current along with providing multiple means of advice through conversation, newsletters, email and other sources.
These are all extremely important items to determine when reviewing the right forex broker to meet your trading needs.
by: Andy Richards
Forex - Futures - Currency Brokers - Which Do You Need
Forex brokers deal in foreign exchanges and foreign currency trading. They are different from most brokers because the commissions for forex brokers are derived from the trader's spread that is offered by the broker. This spread is the difference between the offer made and the actual bid obtained. Since the market moves so quickly these brokers need to be constantly available and have a fast reliable platform on which to trade.
Some full service brokerage firms have brokers specializing in foreign exchange and currencies. There are other brokerages firms that only deal in foreign trading. Either way the forex brokers have to be accredited so they are familiar with the terms and rules established by the exchange for trading currencies. Based on current market conditions they should have the flexibility to swap between various currencies at any given time without a wide range of commissions to the broker.
Forex brokers should provide the trader with advice on profitable investments based on their current knowledge and strategies used around foreign exchanges and foreign currencies. They should also provide the trader with a reliable platform in which to make their trades, including current information, newsletters, charts and trends to assist the trader in making a wise investment choice.
Your forex broker should offer and guarantee stop losses with reasonable charges and fees. They should also minimize slippage. Stop losses and slippage are some of the most important aspects of training on a foreign exchange so your forex broker should offer the best support and services available for traders.
A reputable bank should be used to hold your trading funds rather than the brokers holding account. When you start using a new forex broker, start out investing small until you become more confident with their abilities and your returns. This can also help minimize your investment and trading risks.
by: Andy Richards
Some full service brokerage firms have brokers specializing in foreign exchange and currencies. There are other brokerages firms that only deal in foreign trading. Either way the forex brokers have to be accredited so they are familiar with the terms and rules established by the exchange for trading currencies. Based on current market conditions they should have the flexibility to swap between various currencies at any given time without a wide range of commissions to the broker.
Forex brokers should provide the trader with advice on profitable investments based on their current knowledge and strategies used around foreign exchanges and foreign currencies. They should also provide the trader with a reliable platform in which to make their trades, including current information, newsletters, charts and trends to assist the trader in making a wise investment choice.
Your forex broker should offer and guarantee stop losses with reasonable charges and fees. They should also minimize slippage. Stop losses and slippage are some of the most important aspects of training on a foreign exchange so your forex broker should offer the best support and services available for traders.
A reputable bank should be used to hold your trading funds rather than the brokers holding account. When you start using a new forex broker, start out investing small until you become more confident with their abilities and your returns. This can also help minimize your investment and trading risks.
by: Andy Richards
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