Elections in Galicia (Spain) showed great support for the ruling People’s Party (PP), which supported the gains in Euro-dollar through the Asian session. In the Basque however, PP failed in garnering votes. The Basque Nationalist Party (PNV) and the EH Bildu dominated the votes, increasing the risk for a referendum on independence. Focus will be on 28 October where regional elections are expected to take place in Catalonia, Spain. In some way Spanish PM, Rajoy may be reluctant to ask the EU for a bailout that will be intertwined with new austerity measures, a move that will make his party less favourite in the eyes of the Kingdom of Spain.
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Forex Software - How to Achieve Consistency in the Forex Market
Choosing the best Forex software to purchase can be a daunting task; a vast assortment of different programs are available, many with similar features and track records. This article is meant to provide some guidelines to follow when choosing a Forex program to buy.
The first and most obvious question is whether or not there is such a thing as good Forex software in the first place. Is there really such a disparity between different programs that you can objectively qualify some as being better than others? The short answer to this question is an emphatic "yes". The longer one is "yes, but be careful": there are some programs that are practically guaranteed to turn you a profit, but there are also those that can ruin your account. Trial and costly error is often the only way to determine the consistent winners from the consistent losers, but with the right research to back up your decision, you can avoid this process and turn a consistent profit with minimal risk through careful selection of the best Forex software.
With this in mind, let us have a look at what you'll find in the best Forex programs.
The first thing worth considering is that the field of Forex software is split into two camps. Not only do you need to determine which programs are the most likely to help you make money, but you also need to figure out which kind kind of Forex software suits your needs.
The bare-bones variety is called Forex signal software; these are programs that analyze the Forex market for profitable opportunities and signpost when you should buy in and sell out of particular investments. A wide variety of Forex signal programs are available, some more reliable than others: a few particularly good ones can add consistent growth to your equity. However, there is a dark side to this particular kind of Forex software: they do not actually perform any trades on their own. To actually profit using a Forex signal program, you must constantly monitor the software and act on its information, a task made more difficult by the fact that the Forex market is open 24/7; unlike the stock exchange, there is no closing bell for currency trading. It's possible to make money with these programs, but you absolutely must be able to spend some time to trade, perhaps keeping odd hours to keep up with the market.
The second variety, and the one most people think of, are expert advisors, also known as "Forex robots". These robots have their cousins' ability to analyze the Forex market and identify optimal trading opportunities, but they can also execute trades without any human input whatsoever: not only can these programs take much of the drudge work out of reading the market's movements, but they can trade in your place all day and all night, eliminating the need for long hours spent watching the market.
The logical conclusion that can be reached from this is that most people will find it easier and more convenient to profit using a fully-automated Forex robot; claims of their incredible reliability and uncanny ability to identify profitable trades are frequently backed up by live trading results and success stories, and further still, they can trade even when their user is not physically in front of the computer.
However, some traders may prefer a degree of autonomy, preferring to trade based on their own judgment, making Forex signal software the more attractive option: these programs can still provide valuable market analysis without intruding on the trader's ability to make their own decisions regarding when or what to trade. Still, for beginners, a Forex robot is undeniably the ideal choice: a reliable Forex program can turn a consistent profit even for those with little or no Forex trading experience.
Whether you're a novice trader looking to make some money from the Forex market or an established trader looking to increase your profits, a Forex program of any description can be a valuable addition to your repertoire. Regardless of whether you opt for an automated trading program, a good Forex program's ability to pick out the best trades and avoid costly mistakes is well beyond human capacity. Do your research to find the best software and pick the program that best suits how you intend to trade.
Forex Signals - How to Instantly Trade Like You Have Decades of Forex Trading Experience
Seriously consider forex signals if you are not yet trading profitably, have limited experience, or just don't have much time to devote to your forex trading.
From the simple one email a day variety to the forex mentor who sits with you all day holding your hand as you trade, a portfolio of forex trade alerts can be virtually free and can transform you into a profitable trader instantly.
If like us you've ever analysed a chart and placed your own trades, you will almost certainly have also sat in front of your screen wondering if you were doing the right thing.
Questions like "have I entered this trade too late ?" and "am I trading in the right direction (long when I should be short)" will certainly have entered your mind.
How many times have you wished you had an expert trader with decades of experience guiding your trades, keeping you out of dangerous trades, and pointing you towards trades with a higher probability of success ?
We were certainly in that position many times in the early days, but always imagined the cost of having an expert on hand would far outweigh any extra profits we might make. It turns out we were quite wrong.
There are numerous services available, known variously as forex signals, forex alerts, or forex tips.
Trading signals come in a variety of formats, suited to how much of your day you can devote to trading. And yes beware, there are loads of scams out there too, but we'll show you how to avoid them, and we'll direct you towards the better ones.
Forex Trading Signals - many varieties
The main characteristics of forex trading signals to be aware of are as follows;
- Cost: Free OR monthly subscription
- Complexity: Simple "one email a day" OR Full-Service
- Control: You keep full control OR the signal provider trades your a/c for you
- Trading style: e.g. frequent scalper OR low volume swing trader
Most forex trade signals charge a very modest subscription fee, usually in the region of USD $80 - $400 per month (although happily most are at the lower end of this range), while there are also websites which provide forex signals for no charge.
In their simplest form a forex trading signal will send you a forex alert email once a day listing trade set ups for the next 24 hours.
Some of these are purely computer generated, some are computer generated and then audited by a human expert, and some are completely researched and generated exclusively by a human expert trader who may add some market commentary to their forex forecast.
Some forex trading signals are high volume scalpers, calling many trades in a day aiming to profit a handful of pips on each. Others only call a few trades a day, aiming to profit 20 - 80 pips on each single trade.
At the more full-service end of the market is the type of forex signal service which provides you with an almost 24 hour a day live online broadcast calling forex trading tips as they occur, explaining the logic of the proposed trade and backing it up with an email or even a video clip.
Some forex trading signals will even trade their signals in your own account for you, leaving you to just sit back and watch.
This is similar to what a robot does by using forex signal software, but with the added reassurance that it's being done by an experienced intelligent human trader rather than a dumb machine following an algorithm.
Think of full-service forex trading signals like a forex TV station, which you have running in the background on your pc or internet connected laptop throughout your day. The broadcast remains quiet when there is nothing to do, freeing your time for the other priorities in your day, then calls for your attention when there is a trade to place or manage.
You may be surprised, as we were, to discover that the prices charged by full-service providers are usually very similar to those charged by the one email a day providers.
This type of service usually also includes an interactive facility, enabling you to send a message to your forex mentor if you have a question.
Many forex signal services have very loyal memberships, and some even limit the number of members they will accept.
Free forex signals (virtually)
On the basis that time is money, in our opinion the amount of time we can now devote to other activities by not slaving over our charts for hours searching for the perfect trade set up, not to mention the improvement in our trading results, has more than paid for the very modest cost of the forex signal subscriptions.
Indeed if you apply this logic, subscription based services can effectively be free when you take into account the improvement in your trading profits, and the freeing of your time for other profitable activities.
If you think about it, a subscription based forex signal service has a built-in incentive to call profitable forex trading tips, as its subscriber base would soon evaporate if it failed to provide profitable currency trading tips. "Free" non subscription signals do not have this incentive.
Forex Secrets - Support and Resistance Levels in Forex Market
Support and resistance are the known cornerstones in Forex technical, wherein:
1. a current Forex rate (CFR) is surrounded by levels of:
a). resistance being superior to CFR;
b). support being inferior to CFR.
2. a level breakthrough triggers a leap to a consecutive support/resistance;
3. a false breakthrough is responsible for a rate backstroke (say, from resistance to support).
Thus, having data on resistance and support levels and being armed with R/S true/false criteria, a trader grows faultless-entry skilled to ensure smooth level-to-level trading.
To be found below is a graphic drawing of a flat followed by an R/S up/down breakthrough.
The chart 1. (For view picture see notes in end of article)
In actual sample GBPUSD trade dated January, 31, 2006 the support breakthrough has triggered a bullish in-session trend.
Simple, isn't it? Affirmative at a glance, but 95% of traders losing their forex deposits are calling for natural questions:
1. What's the reason, the world traders are getting entangled in so a seemingly simple regularity?
2. What's the way of correct detection of R/S levels for currencies to use to jet off from?
3. What attributes are inherent to true/false breach differentiation?
It is, thus, to be concluded that a trader will never achieve steady FX gains unless the answer is found to the above three simple questions.
CLASSICAL BOOKS ON RESISTANCE AND SUPPORT LEVELS
Forex scholars' books, when analyzed, are giving grounds why 95% of traders turn deposit-killers. The point is that under different technical scholars:
a). fairly different understanding is being attached to support and resistance;
b). no distinct criteria (except Demark's technique) is in service to finding a support and a resistance;
c). there is no clear-cut interfacing between R/S levels on different timeframes.
Below is sort of understanding classification:
1. A. Elder. R/S are understood by SOME SCHOLARS to be horizontal lines drawn along price highs and lows
support and resistance are horizontal (or almost horizontal) lines linking several minimums (maximums).
The chart 2. Support and resistance (For view picture see notes in end of article)
b). J. MURPHY also indicates that "points 2 and 4 represent uptrend support levels. The figure depicts uprising support and resistance under an uptrend with points 2 and 4 being support levels which use to be coincident with earlier lows. Points 1 and 3 indicate resistance levels, which use to be coincident with earlier highs" (see: "Technical analysis of the Futures Markets"
Fig. 3a and 3b. Uptrend and downtrend support-resistance levels (For view picture see notes in end of article)
2. SOME SCHOLARS believe support-resistance to be sloped lines drawn along price highs and lows (trend lines, actually) as below:
Fig. 4. Trend line-fashion support-resistance pattern (For view picture see notes in end of article)
a). T. DEMARK
Fig. 5. Bid pivot points (TD-points) building up a resistance level (For view picture see notes in end of article)
Forex Secrets - Delusion Number 2 - Who Prompts Forex Quotation to Traders?
The delusion conceptually propounds that traders operate at a spontaneous FOREX market (as stipulated by B. Williams, A. Elder, E. Nayman, etc.). But it is not the case. Traders do their job inside a well-organized and controlled currency exchange market, governed by the Consortium of the world's largest banks.
Hence, who is pushing the currencies up and down, who defines trends, corrective actions and flats?
And, who, ultimately, places a trend at a point, where the majority of traders are happy to think they have saddled the wave and are about to win an enormous profit! Now! Not to be scared! Not to close the position! Not to be satisfied with a minor profit! Later on we will discuss that sort of stupidity. Thus, one persists to continue long in spite of more and more degrading profit. Shortly, the loss starts growing with light velocity! Are you familiar with the situation?
Well, who has reversed the rate?
And who generally tugs currency rates?
Tugging is surely centralized. Compare on-line quotes of several Dealers or banks to find out that they are per second coincident. Do each bank's traders act in such synchronism, that even not seeing each other, they place identical orders so that quotation is in 100% agreement? NOTHING IS A MIRACLE HERE!
But prior to further explanation, we will listen to Bill Williams, the FOREX scholar (Trading Chaos, Ch. 6): "...let us trace a trend formation process. Earlier, the market and the market trading venue did constitute a single physical space. Majority of large grain traders were concentrated on the "floor". Their orders involved amounts, sufficient to move the market; they enjoyed better control over the market than at present. During the latest 20 years markets have grown worldwide. Now, not only "Purina Ralstone", "Kellog" and other prominent commercial associations seek hedging their cash assets transactions. So do millions of the world's minor profiteers and farmers, competing with them in anticipation of perspective grain price fluctuations? This fact also implies strong potential for traders with nowadays, trends not being constructed on the floor. The latter mainly ensures the market liquidity by way of tackling "outer orders".
The fact, that today's trends are formed rather "outside the floor" than "on the floor", as before, enables one to trace further market tendencies with trade volume being the key thereto. Our only on-line information is restricted to tick volume, time and price. Tick volume constitutes a number of price changes per a certain time period. It is not at all a number of traded contracts. Multiple researches revealed no significant difference between actual and tick volume. Using a tick volume, we may suppose, that it represents actual volume. It is a real-time volume, thus being our key to what's going on in "trading pits".
Two basic elements are organic to FOREX trading: brokers on the floor and remote traders. Local brokers constitute staff, executing orders, thus earning their salaries and/or commissions. They don't possess money to be at their disposal. They are order executors. Their prospects are not burdened by prices, they getting for the orders management.
Remote traders use their own money. They have to pay the price out of their own pockets, unless they are getting a good one. Traders have to be much superior in skill to brokers since they independently take their own decisions, while the broker's job is to follow the others' orders.
Remote traders are supposed to support the market by way of taking its opposite side. As a rule, they are not at all crazy about any long-term transactions. Quite a few remote traders have been participants to our private training programs, and it is to be admitted that a 10-minute long transaction may seem quite a long-term one for some of them.
Think back to the fact that trends are built up of orders, delivered to the floor from outside, but not of long-term positions entered by remote traders. Since the traders' job is to take the side opposite to the orders arriving from outside, they have no prospects of trading in between themselves. They follow your money. We are emphasizing again, that tick volume is our key to understanding what's going on in the Forex Market. Remote traders do not contribute any significant volume to trading, which might result from dealing with similar traders on the floor. Trends emerge from incoming orders. That is why we are to be certain about when and in what amount the outer order is supplied to the floor. It is presented via a tick volume change".
So, we, traders, turn out to be price locomotives, don't we? And brokers on the floor just allocate and execute order, incoming from us, don't they? And on April, 1, 2005 they all (meaning: we all) together decided to swivel the trend and to stay short against all the rules, news and common sense... I wonder if the scholar ashamed or not?
As regards the above quotation, I have chanced to hear a single argument in favor of Bill Williams (I guess you understood for what sake I've cited it in detail): it all pertains to the futures markets; we neither read nor use the above at Forex. Strange enough, these are the arguments of Williams's advocates, but not of Williams himself.
This book is actually intended for both: futures markets and Forex Market. That's why pictures taken from both the markets are so mixed up and the author never differentiates between the Technical Analysis methods thereof. Thus, either the author does not trace any difference between the two markets, or he is not eager to reveal it to the reader.
And neither in the foreword, nor in the remarks did Williams and his publishers refer to the fact that something of "Trading Chaos" is inapplicable to FOREX, and thus should not be made use of by a trader at FOREX.
I have repeatedly come through this peculiarity of Williams (correct specific case method definition being extended to a wider coordinates scale) and it actually induced me to write this book. In all and all, the methods and advice, absolutely true and correct for a PART of Forex Market are claimed by Williams to be universal for the WHOLE of Forex Market without being demonstrated where the above is effective and where it isn't.
The same is being done by Williams's opponents and advocates, who visualize the portion of Forex where his methods are operable only. As different from analysts and Williams's bibliographers, TRADERS require much stronger to realize a demarcation with pro-Williams trading to the one side thereof and with counter-Williams trading to the other one.
Logically there comes a question: what might be added to Williams's indicators in order to turn them effective at the point where they are presently ineffective (see details in chapter on the Williams Alligator).
And now we are getting back to the issue of who supplies traders with FOREX rates quotation, bearing in mind that it's us, traders, who exercise rates movement in accordance with Williams's standpoint. Millions of traders have actually been studying FOREX by virtue of the "Trading House" and it is really worth studying. This is one of the most interesting and instructive editions whose repeated reading each time brings about something new and useful.
However, in some passages it smells being custom tailored. Is Williams ignorant of the fact that there is no single FOREX exchange and there's no single trading venue or floor? And that Pacific, Asian, European and American session classification is arbitrary?
Did You see currency rates move, while there's a day off in the USA with the banks closed? So did I. So, who has made up his mind in the USA to trade on the floor on a day off?
Then, who prompts rates, who formulates trends and turns them with no objective reason for the rate to swivel and to rush in a direction, not being requisite at all?
Here is the answer, as provided by No. 11, 2002 "FOREX Profiteer" magazine's article by Nadezhda Larina "Electronic Broker Systems at FOREX market", reading: "... an FOREX dealing "Electronic Broking Service (EBS)" enjoys wide popularity with the extra-exchange inter-bank FOREX market. It has been developed by the Consortium of largest FOREX trading participant banks in association with "Quotron" informatics expert company and launched in 1993. Presently EBS incorporates 13 world's largest market-maker banks, viz,: BN AMRO Bank, Bank of America, Barclays Capital, Citibank, Commerzbank, Credit Suisse First Boston, HSBC Bank PLC, J.P. Morgan Chase and Co.Lehman Brothers, Royal Bank of Scotland, S-E Banken, UBS AG along with Japanese Minex Corp., established by a Consortium of Japanese Banks in a joint manner with KDD Japanese telecommunications company and Dow Jones Telerate.
EBS offers a completely integrated range of dealing services for the professional inter-bank market, being a leading anonymous inter-bank FOREX trading electronic dealer. It is currently used by over 2500 dealers in 850 world banks and yields a trade turnover of about USD80 billion daily.
See there also: "Three greatest FOREX dealers - Citibank, J.P. Morgan Chase and Deutsche Bank, together with Reuters Group PLC) have started Atriax system in June, 2001.The latter terminated the operations in spring, 2002 after having failed to stand the competition.
Can you imagine a monster machine, capable of forcing three world's largest banks - Citibank, J.P. Morgan Chase and Deutsche Bank to abandon their business plans! Or capable of reversing the EURUSD from 1.3660 to 1.1865 and thus instantaneously executing orders of all the world's traders, going and standing short! And thus within, April-June, 2005, buying the EUR from traders at USD1.36, 1.29, 1.20, 1.19, etc.
Do you see the loss? Watching the EUR slip 1700 pts after having bought it at 1.36... But, possibly, there is no loss at all?
All of Larina's basic provisions have actually found confirmation 2 years later in the UK "Financial Times" article by Jennifer Hughes: "A PC occupying trading floor" (see it on Financial Times 2004).
It underlines that during the precedent 2 years the Consortiums turnover has grown by extra daily USD20 billion thus currently stretching to USD100 billion, whereas the most prominent internet-based trading platforms ensure the average of USD15-20 billion daily turnover.
So, let's jump to some conclusions:
Forex Secret Tips No 11 - Successful Forex Traders Do These
What separates successful Forex traders from the rest of the pack? Why is it that only a mere 5% really make it in Forex trading? How did these traders do it? While all successful Forex traders have their proven Forex trading strategies and systems to call and manage their trades, they know there is one more important thing to do: focus on improving themselves.
Because the trader is the ultimate resource that can act to produce the desired trading results, he or she must ensure this resource is primed and efficient to perform its best at Forex trading. As such, successful Forex traders pay great attention to the points listed below which elucidate how they go about their Forex pursuit.
Treat Trading Like A Business
Top Forex traders know that trading is a serious business and they accord it such importance by considering key factors that affect all businesses. From the Forex trading perspective, these factors include: writing a Forex trading plan; starting out with an appropriate trading account size; knowing the various costs of trading; sustaining and growing the Forex account; and acquiring the right Forex trading knowledge, skills and equipment.
Keep The Ego In Check
Trading mistakes can arise from emotional responses directly linked to one's ego. A Forex trader that needs to be right will let the ego prevail and inflict ruin to his/her Forex account, always trying to will the market which he/she denies cannot be controlled. Being egoistic also means not acknowledging one's trading mistakes and therefore not learning from them. For example, the ego will egg the Forex trader on to hold a losing trade instead of taking the correct action of cutting loss at the appropriate time.
Be Disciplined In Every Trade
The item that directly affects the Forex trading account bottom line is trading discipline. The serious Forex trader follows his/her trading plan to the letter, and adheres to it as much as humanly possible (Note: even successful traders make mistakes). Trading discipline includes protecting trading capital and sensibly allocating risk per trade; only taking trades that satisfy risk/reward parameters and set up correctly; staying on the sidelines at all other times and not forcing a trade; cutting losses quickly via pre-determined stop loss levels; letting a good trade ride but protecting a winner from turning into a loser. In essence, being disciplined allows the successful Forex trader to show profits consistently and rein in losses should any trading period turn out to be a rough ride.
Protect Trading Capital
The serious Forex trader treats his/her trading money very seriously, as it is what enables trading to be done. Additionally, it is also the objective of Forex trading: make winning trades to grow the money. Thus, the successful Forex trader will guard his/her capital zealously, ensuring that risk per trade is controlled so that losers only erode the Forex account, not chew a hole in it. This assures the Forex trader that his/her Forex business can continue, today, tomorrow and into the future.
Don't Marry Your Trades
The serious Forex trader knows that a single trade alone does not determine his/her trading success. He/she is fully aware that any trade could turn out to be a loser and therefore is conscious in removing any emotional attachment to every trade. While staying disciplined entails waiting for the good trade entries, this wait and eventual trade entry do not compel the successful trader to think that he/she must be right in taking that trade. As such, should the market go against the trader and he/she sees prices approaching the stop loss level, the trader fully accepts that losing is a real possibility and does not rationalize further. Contrast this behavior to a novice trader who will often be tempted to move the stop loss further out so as to let the trade have "more room" -- such a trader feels the need to be right and doesn't know how to walk away from a loser.
Be Realistic, Practical And Persevere
Being realistic is what separates the men from the boys when it comes to Forex trading. The successful Forex trader does not have a get-rich-quick mentality and knows it is hard work; thus he/she treats trading as a business and has the mental fortitude to stay in the game for as long as it takes. Perseverance is a key asset, reinforced by the necessary trading discipline imposed in the trading plan and the personal belief that it is possible to succeed in Forex trading. At the same time, the serious Forex trader knows he/she is psychologically guided by his upbringing, attitudes and experiences regarding money and success, but is practical by admitting these limitations and working to break such self-defeating barriers. Pursuing the right Forex education and learning from other successful traders are good solutions to the problem.
Know Yourself And Let Others Help You
The successful Forex trader knows his/her strengths and weaknesses when it comes to trading, and is not shy to ask for help. While knowing there is no shortcut to success, the trader will often pursue education from the best mentors so as to acquire the right knowledge and learn the right skills essential to their progress towards successful Forex trading. As part of the trading plan, the serious Forex trader keeps a trading journal and reviews this daily to learn from past mistakes and internalize winning trade executions. The trading journal can also be used by the mentor to help the Forex trader make specific and personal improvements.
Forex Robots - Setting the Tone For Successful Trading
The FOREX is unlike any of the traditional stock markets we used to know of. Seemingly, Forex can't only be found in just one central location but apparently, it is anywhere in the world. Its business, on the other hand, is conducted by different people depending on what parties are involved. In other words, you are making business with different trades, with various groups of people around the globe. It is to say that, there is no one group that can control the prices in the Forex market, making the trading and business in the Forex market a very profitable means.
One of the major differences in Forex market is that you can trade twenty four (24) hours a day, in any parts of the world. This can be possible by the help of an internet connection, with this tool, you can manage and attend to your Forex market business and trading anytime of the day, and amazingly you could manage your own business as you want is to be. This can seriously give you big profits in the Forex.
In means of aiding you with trading and helping you grow your business, for one has to sit on his computer for long hours, just by manually putting in trades to make it work; there are now automated robots that can make the putting of trades a breeze, leaving you with free time.
You might ask, does this Forex robot work? What can this possibly do to make my trading with the Forex market a very profitable one? Or you might wonder, can I trust the Forex robot to put in my trades, even if I leave them alone, that they won't wipe out my account while they are working away?
The Forex robot is automated; it means that it relies on a mathematical formula giving you an accurate prediction on which the market is going to go. In other words, by this way of prediction, the Forex robot can provide you signals on what would happen to the market and by your decision, the system would then make the trade for you.
By this, you know now that the Forex really works, and you now that it can aid you with your trade and do the manual works for you. But on the other hand, none of the Forex robot is 100% accurate in predicting the market trend. Mathematically speaking, the Forex robot is 100% performing its duties and tasks as a computer system, but the market though is not based on mathematical formulas, but rather on the activities and trades of any group and number of people buying and selling their currencies.
Setting up your robots in your own customization in various settings can help you with the Forex Market business. With these settings, it will determine how successful your Forex account will be. A very good setting can help you grow your business and the robot can make money for you 24 hours a day! But on the other hand though, wrong settings can ruin your account, or may be wipe it out because your robots are giving you bad trades and inaccurate predictions in the market, making you lose your money and wasting your time. So, be careful in setting up your robots.
After all this, with the right settings for your robot and a wide knowledge on the existing market, automated robots or the Forex robots can and will make you good and big profits on your Forex account. Forex Robots could seemingly assist you to grow your trading business in the Forex Market and to be successful in the trade.
There are Forex Robots that can just give you signals on prediction of the market trends, and which you need to make an act on and there are Forex robots that are automatic. So, you got to make some few choices in choosing your Forex Robots.
Forex Robot - How Efficient Are Forex Robots in Forex Trade?
The FOREX robot is an automated computer software that is basically marketed to traders who have little or no knowledge of complex forex trade market algorithms. The marketers claim that profits can be earned even when you are not in front of your PC; But are they really what they are marketed out to be? Well, the FOREX trading systems may have made profits at certain times; but there is just no guarantee that they will continue to do so. Beware of promised profits that are soaring, even if you have little knowledge. You still have to be involved in the trade, despite using the system. The market carries random factors that cannot be predicted even by machines.
There are a myriad of forex trading robots on the market, that claim to have undergone a series of extensive tests which have produced satisfactory results therefore they are marketed as absolutely effective in producing consistent profits. But which are the Top Forex Robots?
The answer is not that straight-forward. The most important factor to consider here should be the main difference between the manual versus automated trading systems.
The most attractive option therefore, for the amateur forex trader, is to trade with automated forex robots. However, when choosing the Top Forex Robots for your use, it is imperative to think about how to best maximise your trading profits.
The most prudent (but possibly not the most effective) way to ensure that you choose the Top Forex Robots is to actually buy these products, make sure you understand how to install them and optimise their settings for your chosen trading platform (for example Metatrader) and to do extensive back and forward testing on various settings for the various currency pairs.
This process appears to be simple. However, it is costly, extremely time consuming and possibly do not provide the desired level of comfort as the user is always inevitably drawn to (and biased towards) a specific product, principally as a result of the promises made and sales pitch of the creators.
Possibly the most effective way to assess which are the Top Forex Robots is to visit and subscribe to reputable websites where the Top Forex Robots are reviewed, extensively tested, and detailed comparisons between the various forex robots made and regular updates provided.
The benefits of this approach is a significant saving in costs, (someone else doing the research and comparisons on your behalf saving you lots of time and effort) and also you are always abreast of the latest developments in forex robots.
There are top 5 forex trading robots:
1. FAP Turbo
Fap Turbo took the industry by storm when it was released on 25 November 2008. The creators of Fap Turbo promised to deliver the most advanced Forex trading robot there has ever been on the market and so far they have not dissapointed the thousands of traders that were eagerly waiting for the launch. The reason why Fap Turbo is so popular is the fact that it offers a system that is more profitable and safer than the famous Forex Autopilot.That is exactly what the market wanted.
Instead of using backtesting reports to proof how profitable their system is (like everyone else does), the Fap Turbo creators have so much faith in their product that they publish real time statements of their own live accounts on the Fap Turbo homepage for everyone to see.
Another thing that is very unique about Fap Turbo is the long term commitment of the developers and owners of the system. Fap Turbo is definitely not a product that will just disappear.. it is here for the long run and the creators are very committed to help every one of their users make money in the future
2. Forex Megadroid
Forex Megadroid was launched by Albert Perrie and John Grace on 31 March 2009 and the buzz around this product launch was almost as big as the Fap Turbo launch last year. According to the creators, Forex Megadroid uses a new technique called Reverse Correlated Price and Time Analysis which they guarantee that for every dollar you deposit into your Forex account will be at least quadrupled.
Another unique feature about Forex Megadroid is the built in broker protection feature. There is a widespread belief that most Metatrader brokers trade against their clients and that, coupled together with things like high spreads, offquote errors and slippage, it has become very extremely difficult for a trading robot to consistently make a profit. Forex Megadroid is the first robot ever to be released with a broker protection or anti-broker mechanism.
3. Forex Autopilot
Forex Autopilot was one of the first commercial Forex Trading Robots to come onto the scene and it was by far the most popular product on the market before the launch of Fap Turbo. This forex robot uses various different indicators to identify trends on the EUR/USD currency and the result is an extremely accurate system that has a success rate of more than 90%. One of the big problems with Forex Autopilot is the fact that trades can sometimes go into large drawdowns of up to 500 pips and more. This does not happen often, but it does happen.
4. Forex Funnel
Forex Funnel is another automated Forex trading system like Fap Turbo, but with one major difference - it uses a much more high risk/high reward approach to trading. Forex Funnel uses a variant of a famous gambling strategy called the Martingale principle in it's trading approach.
When used in Forex trading, the strategy effectively has a 100% success rate, meaning there are no lost trades, but there is also the risk of losing your whole account on one trade if you don't have enough capital to work with.
5. Pips Leader
The Pips Leader Forex robot is not as well known as the other products on this list.The Pips Leader robot uses a "basket trading" strategy, which can be extremely profitable and low risk if you understand the margin requirements and enforce strict money management rules. The core of the Pips Leader system relies a lot on hedging, so make sure that you select a broker that allows hedging before opening a live account.
Pips Leader can have up to 30 open trades at any given time and the key to success with this system is to understand the margin requirements.
Forex Online - Become an Expert Trader
Forex online is booming, some people are now making over 6 figures a year forex trading online. Forex trading is extremely addicting and challenging, and at the same time exciting and rewarding if you work hard at it. To be a successful forex trader you need to really know the business inside and out. That is one of the forex option to success. You need to go out and buy a great forex ebook and begin learning the forex system.
Start out with some forex seminars, forex demos, and forex training courses. Almost all forex online sites offer a chance to create an account for free and begin trading for play money as if it was real money to get a feeling of how the forex global trading market works. You can get a quick idea on how fast you will succeed or see what you need to work on right away to be successful. This definitely is the best forex tool that will lead you to your success.
As with any forex investment, it is risky but the reward is so incredible that you cannot pass up an opportunity not to invest in this market. Unlike the stock market, no one can predict the direction certain forex currencies will go. It is all based on real world events which influence the forex currency market. After you get enough training you can begin investing real money into the forex market. I would suggest starting out at something around $25.00. $25.00 can get you a long long way, in a month or two that $25.00 may turn into a few thousand dollars if you play your cards right and learn the system inside and out. The great thing about the forex system is that you do not need no fancy broker forex and shed hundreds of dollars on a system. All you need is a forex ebook and a understanding and know how of how the forex trading market works.
The basic fundamentals of the forex trade market is that you buy currency for low, and sell it for a much much higher price. You never want to hold forex currency for to long after you buy it. The forex market is constantly changing and you need to stay on your toes. You need to use the basic fundamentals and the training you have gained over time to constantly make a stable income in the forex market. Staying on your toes and being aware of whats going on in the forex news will get you a long way in this market. The best part of all about the forex market is that you can trade on it 24 hours, 5 days a week. It fits your schedule perfectly so there is no excuse being able not to trade on this market. Watch for forex signals, as they are constantly changing and pay attention to the market as a whole. Trust your instinct and discover all forex secrets to trading as you can. Good luck!
Forex Money Manager - Have You Considered This Option?
Forex Money Managers are online managed Forex accounts that offer to manage, trade the markets on behalf of clients in Forex. Forex fund managers are ready to provide their services to you. It goes without saying that this option gives investors a great number of advantages due to the fact that vast majority of managed Forex accounts make more cash when compared with ordinary retail investors.
For an average retail Forex trader who is just starting out in Forex trading, it forms a rather difficult activity to master Forex trading. Most novice Forex traders fail within a couple of months. It must be pointed out that most novice Forex traders lose money not only when trading currencies but also when dealing with managed Forex accounts which fail to be reputable. The problem is that finding a really reputable and high performing money manager is rather a challenging exercise but worth the efforts
Benefits of a Forex money manager
The significant benefits of choosing to invest through Forex fund managers is that investors don't need to come to the table with huge investments in order to access this particular managed Forex accounts. The general assumption is that a vast majority of managed Forex accounts require investors to invest at least one million dollars. While this is true, but in most cases managed Forex accounts require only a $5,000 approximately to get started. One of the key benefits of managed Forex accounts is that an investor retains the full control over their investment.
A Forex fund manager is one of the most sought after commodity, as more people look to the Forex markets to increase returns on their portfolios. So why hire a Forex money manager to look after your funds? in the first instance, it is the belief that they will make you money. So what would compel investors to choose a Forex money manager and how, in practice, can a Forex money manager help to assist an investor get superior returns? The fact that investors get the ability to access the complex and volatile world Forex trading with a small amount well managed in expert hangs with low deposits of $5,000 gets you in to most managed Forex accounts.
Forex money managers offer retail investors a lot of possibilities to invest in the Forex market, where before they just didn't exist. Finding a reputable and high performing foreign exchange manager can sometimes be hard, but it well worth the search.
Why choose a Forex money manager
Having your investment looked after by a Forex money manager offers a variety of possibilities and advantages for the retail investor. Most Forex fund managers do make more money than an ordinary retail investor. Questions as to why so many people are now investing with a Forex money manager or why hire a Forex money manager to look after your funds are best answered below
- In the first instance, it is the belief that they will make you money
- On average most novice Forex traders tend to lose their investments with the first 3 months
- Investors either tend to switch back to investing in stocks, or can look to find a suitable Forex money manager to manage their money in the Forex market.
Finding a decent and high performing foreign currency manager can sometimes be hard, but it well worth the search.
So what is so great about these so called managed Forex accounts? Opting to make use of a managed Forex account gives investors the access to quality Forex fund managers who have the requisite experience. On the higher end of the scale, there are fund managers that require investors to put in atleast a minimum of a million dollars, but at the same time a majority of managed Forex accounts seek retail investors to access the potential gains of the currency market with as little as $5,000.
So what are the advantages of investing in a managed Forex account, and how, in practice, can a Forex money manager help to assist an investor get superior returns? For starters, investors don't need to be a millionaire to access a managed Forex account. However, with the majority of managed Forex accounts, retail investors can access the potential high returns of the currency market with as little as $5000.
Forex money managers are paid a percentage of the profits they generate. For example, if you make $100 in the Forex market, the manager might keep $20 or $30 of it as a performance fee. Although the performance fees might seem a bit too high, remember that you might not have made any profit in the first place if not for trading with the help of a Forex money manager. And in the same note, if the Forex money manager does not make any money in your account, you typically do not have to pay for the service. This is basically a no win no gain kind of a business model and a choice that novice traders with disposable investments can look to in order to maximize their returns.
Forex Megadroid - Explore the Prominent Features of the Forex Megadroid
The expert Forex traders benefit from the gains of trading with automated tools. For the Forex trading newbie, trading with Forex robots is the easiest way to commence Forex trading. This is contrary to the conventional Forex trading that demands in-depth knowledge of Forex trading before ever practicing the Forex trade; Forex robots are new-users friendly. One of the Forex robots that can be trusted to produce outstanding result is the Forex Megadroid.
Since its inception, Forex Megadroid has remained the Forex traders's favorite. However, if you have not used this Forex robot before, you have to pay attention to its features and functionality in order to maximize its benefits. This review is focused on the prominent attributes of this exceptional automated Forex system.
Forex Megadroid foresees into the future with great accuracy and precision of 95.82 percent; this feature has contributed to the popularity of this auto Forex trading tool. The users of the this trading robot have reaffirmed that the robot predicts the market trend accurately in the following two to four hours interval; the more amazing thing is that the program have the capability to adapt itself to the prevailing market situation.
Incorporated in the Forex Megadroid, is an extraordinary artificial intelligence technology that powers the high precision and accuracy of prediction of this Forex software. This technology is known as the Reversed Correlated Time and Price Analysis, usually represented with the abbreviation RCTPA. This technology is quite recent; it was quite thoughtful and a work of expertise for Albert P and John Grace to incorporate this powerful technology into this Forex trading program. This Forex robot is the sole Forex trading software to use the RCTPA in the most recent time. Profitable trade execution is facilitated by the Forex robot under review, powered by the RCPTA, which is able to adjust to the prevailing market situation.
The Forex Megadroid is reliable to produce consistent results un-endlessly; this has been made possible by the artificial intelligence-based technology at work in this robot; this is another great reason why this automated Forex program stands out from the crowd. Other Forex robots would usually work with particular market situations; this not very ideal since the market situation is not a static one. The joy of the Forex trade derived when it is executed with the most reliable information as possible; this is the only way a Forex trader can be guaranteed of profitable trade with the use of Forex robot.
These features are prominent in Forex Megadroid and have basically accounted for its popularity.
Forex Killer Review - Why is ForexKiller Considered the Best Retail Forex Signal Generator Software?
Forex Killer is a software package that allows you to create Forex signals for yourself with just minutes of work a day and is a low risk system with high returns and is considered to the best home based business. As you will read in our review it has been developed by a professional Forex trader, a psychologist and a math professor.
Forex Killer Advantages
Some of the features of this product include that it works in any country with any broker, can be easily used by professionals and amateurs alike and works with all common currency pairs available in Forex. Another feature worth mentioning is that this product works with all platforms used for trading Forex, because it is a standalone application. It can be used anywhere at any time, it is reliable and consistent. All programs purchased will have free upgrades for life. This is an application that the creators still use to trade in the Forex market.
These are just some of the features of Forex Killer. A detailed Forex Killer review on Yahoo Business states that "Andreas Kirchberger's System is proven to be an easy trading system, allowing newcomers to enter the Forex Market." Forex Killer was easy to use right from the start when all you had to do was feed the software with the market data, hit the 'Calculate' button and place your market orders according to the software's recommendations. This is no rocket science, right?
Well, today, the system is even easier to use, because a recently released plug-in app relieves the trader even from this simple task of feeding data into Forex Killer! The add-on, called Forex Killer Automater of AutoFxK for short, will grab the currency quotes automatically from your MetaTrader platform and feed it into Forex Killer, 100% automatically! By the way - the add-on is FREE with your ForexKiller purchase!
One more thing we must mention in this review is that there are many bonuses offered with the purchase of the FK software: the Forex Killer automater, which we already described above, an exclusive Forex e-book, a money manager, a risk calculator and a non-farm payroll strategy. It is also offering a cash bonus to open a Forex trading account with a Forex brokerage firm. Another recent detailed review of Forex Killer also indicates that this product doesn't have any monthly fees to it and you can start trading on any free demo account!
Forex Killer has nothing to do with MLM, Network Marketing and does not require a website or selling or sending emails or any other multilevel marketing schemes.
If you are looking for ways to make Forex trading more affordable and profitable and want to spend less time creating your own signals, then this is the system for you. No longer will you have to experience the frustration of missing signals or misreading the signals with this software. With all the positive reviews and the simplicity and ease of use of this product, it is little wonder that it is so popular. The price for the ForexKiller currently stands at under 90 dollars. This is a very easy system to use with a potential for a great return on investment. With the addition of the Forex Killer Automater - this software does it all, what's left for the trader is simply follow the signals... and count their money!
As much as we like the system this review would be incomplete if we did not mention some of its shortcomings...
Forex Killer Limitations
a) As good as it is it is not human. It is software, a very well designed and thoroughly tested software but is only software. I can not take into account subtle details like economic and political news, what time of day it is and which markets are closed and which are still open. Statistically over a long period of time these details will not have a great impact on your trading results but it is something to think about
b) Unlike the so-called "Forex Robots" which are completely automated trading software applications which make decisions and open and close positions 100% automatically, Forex Killer will only inform you of a potentially profitable trade. The trader is the one that needs to take action and execute the trade. This actually may be reviewed just as much an advantage by those traders (especially beginners) who feel safer when they know that they have the final say in whether to open a position or not.
c) The Forex book that comes as a bonus with Forex Killer is really basic. If you want to learn more about Forex then you'd do good to find another educational resource on the topic of Forex trading. don't worry - there are many forex related web sites offering numerous free or paid Forex education resources online.
d) If you want to use the AutoFxK plug-in then you will need to use the MetaTrader 4 platform as the plugin only works with this trading platform. This is not a huge limitation, though, as MT4 is free and most brokers out there support this platform!
Review Summary
Despite these few shortcomings the conclusion of this review is that Forex Killer is an excellent signal generator: it is easy to use, well automated, reasonably well maintained, and, last but not least - quite affordable!