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If you are reading this you too are probably looking for that wining Forex strategy. You probably have already read tons of articles about this and I assure you there are millions of them out there. However let me tell you a little secret. The only wining Forex strategy out there is using an automated Forex trading program. You might ask why is that. Well let me explain.
As a human you have a number of problems when it comes to Forex. For example the market is open 24 hours a day however you cant sit in front of the screen for 24 hours now can you? However with a automated trading program you can trade around the clock, and best of all you can do it while you sleep.
All successful traders know that to be able to make money in Forex you must be able to track the market at all times. Fortunately for us automated trading systems were designed just for this. So by now you are thinking how do they work and how can I start taking advantage of this technology.
With an automated program the bot will always keep a watchful eye on the market, monitoring market conditions and will also trade on your behalf. With the right programing, automated Forex program can manage all trading decisions for you. So if for example you start loosing money on a trade, the Forex bot will automatically execute your stop loss order that was put in place and minimize your losses.
Another benefit of automation in Forex is the speed of execution. A computer can process stop loss, take profit and all other sorts of information all in a fraction of a second. This way you will always get in at the right time and you wont miss the boat. Another advantage of this is that you are guaranteed to be the first one in. As any good trader knows its always good to be in first and get out before everyone else does. This way you are always making money.
On top of all this, automated Forex programs have a variety of indicators they use to interpret the data for you. This way you will always be on the right side of the trade. However always make sure to test a automated Forex system in a demo account before you start to trade. Some systems might have glitches that need to be worked out before you start live trading.
Also you can see the video related to forex strategy
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Here some answer the question about forex strategy
I have a perfect forex strategy, but i'm affraid to apply it due to big number of scams. What am I to do?
I invested time and pacient and came out with a perfect strategy to deliver considerable return in short periods with no risks (it took me years). Now I don't know what to do, because I know many reputable brokers to be involved in bad stories. What shall I do? It may sound rediculous but I can not ever believe in the reality of fx and the chance to be paid. However there are such platforms from reuters based on the spotFX and other serious platforms. I was going to open an account with exfgroup, what do you think about this? Any recomendations, experiences? Thank you
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May 31st, 2009 at 10:33 pm
Take a year to learn as much as you can and then go very slowly. Anyone that suggests to you that there is a simple way to invest in FX that "works" is either not telling the truth or is ignorant.
Keep in mind that 95% of all new traders lose most of their money in the first 3 months of trading FX. Surely the success rate would be higher if there were any "formulas" that really worked.
May 31st, 2009 at 11:43 pm
Asking people for a simple Forex strategy is like asking people if they have a simple method for playing poker that will allow you to win playing poker experts. There is no simple Forex strategy that works.
Forex is what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game using a "simple" strategy.
Actually Forex is not quite a zero sum game. It's a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It's a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: "Go to Forexcrap . com/q2347." The "q2347" is a signal to the Forexcrap site that you are being referred to them by "q2347." If they sell something to you, "q2347" gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you.
I would recommend not trying to do Forex at all, unless you are a trained professional. It's like playing poker with people better than you, with the house constantly taking a small percentage from the pot.
June 1st, 2009 at 6:04 pm
A great forex system means you need to constantly have high probability trades. You also need to be concerned with the currency pairs in real time. Hopefully this blog can help. http://www.whatisforextrading.com Remember, no system will be full proof, so be cautios about the claims some trading systems make.
June 1st, 2009 at 10:44 pm
http://www.FXCM.com
http://www.babypips.com/
Here is a couple good videos to watch,
http://www.forex.com/forex-seminars-developing-listen.html
http://www.forex.com/forex-seminars-developing2-listen.html
Here is a squido site for fxbootcamp that has several good video, if youll take the time to watch these you can learn a lot.
http://www.squidoo.com/fxbootcamp/
I like Oanda for a starting broker because you can trade with as little as 1 cent a pip on the line, of course youll only be making 1 cent a pip. then as you improve you can step it up a penny or a dime or what ever.
The only bad thing about them is 50:1 leverage and there spread gets very wide during news times.
I also agree with babypips good site.
a short but very good ebook
http://www.robbooker.com/books/Strategy10.pdf
Here is a good site to learn about the indicators. Just look all over it.
http://www.investopedia.com/university/movingaverage/default.asp
Use Oanda as a demo account. It doesn't expire so you will have as long as you need to practice.
http://fxgame.oanda.com
check out this guy: http://www.robbooker.com/
June 1st, 2009 at 11:19 pm
Candlesticks are the best indicators in the world. They're good for candlestick formation, elliot wave formation, and trend-line breakout. By mastering these 3 things, you should be able to break-even in Forex. To really make money though, you'll have to master money management.
June 2nd, 2009 at 1:56 pm
Forex futures trading is a fluctuating (exciting) game, but these are some currency trades I'm watching right now:
- USD / JPY
- AUD / USD
- USD / CAD
- EUR / JPY
- GBP / JPY
- EUR / GBP
For some reason (call it a strategy if you want) I'm watching GBP / JPY. EUR / JPY too has seems to be showing some interesting movements…. but I don't want to give anyone any ideas. Mine your data, use the right tools, and work fast.
The futures market is about speed (and profit). Factor in historical currency trends and the nature of the global political landscape. That's the best strategy in forex futures trading.
June 3rd, 2009 at 12:16 am
June 3rd, 2009 at 12:57 am