Forex Manual Blog

melgonz@sbcglobal.net asked:


Could someone recommend a good book to me on carry trades in forex? Thank you for your consideration.

SERIGHT

Bob Perry asked:


There are plenty of ways to make money on the internet nowadays, but they usually require you to have your own product and website, which involves a lot of your time and energy and which is not even guaranteed to make you money.

We live in an interesting time in the history of the world. Never before has there been so many ways to make money and never before has the average person been within reach of the ability to literally make millions. And you can do it from home.

Currently the United States Dollar is at an all time low versus the Euro and at times the Canadian Dollar and the Australian Dollar. If you don’t follow such things don’t be embarrassed that you don’t know this, you probably wouldn’t even have it come to your attention unless you are planning a trip to Europe. But this is important to you even if you don’t realize it. Trade with other Nations depends on the currency value of each country. Currently the U.S. Dollar being so low is playing a part in why we are paying $4.25/gallon for gasoline.

But with every storm there comes a silver lining, or at least history would say so. You see, with the U.S. Dollar so low and knowing at some time it MUST come back up you can get into this opportunity for as little as $100. If you are new to this type of investment you should start reading up on it and also look into the program Forex Autopilot System.

Forex Autopilot System is a unique program that allows people who know nothing about trading on the forex market, to make thousands and thousands per month. It was created by Mark Copeland, who starting trading forex 8 years ago. He was an analyst at Goldman Sachs’s, and while he was there he researched the huge complicated system that the big boy uses to make killer trades for millions of dollars.

Forex Autopilot System, a simple piece of software able to run on your pc. The system only uses the most advanced technologies, running on hundreds of computers. The system runs on the Meta trading platform, which is the most famous trading platform in the forex world. You can start with as little as $100 on a real forex account or learn the ropes on a demo account without risking any money at all.

Reliable and consistent, it works everyday even when you are not at home, because it is fully automated, which means you just watch it work for you. Once your have downloaded the program it takes about 15-20 minutes to setup the system for it to be ready for trading.

With program you can expect to make around 5-25% return per month. And that means with this system you can make 75 pips or 150 pips ($7500 or $15000) per month, it all depends on your trading capital. The one drawback that I noticed is that there isn’t a stop-loss built into the software which you will have to set manually. So it is best that you do a little research on Forex Trading before you actually put real money into it. I suggest that for all types of investment vehicles, don’t trust programs 100% until you have seen them run for a while.

The reason that I said that this is a historical time in our lives is that when the U.S. Dollar comes back up it will move probably over 1000 pips (each pip is worth $10.00, you can own more than one pip so this could be a Million Dollar Move) over the next year or so. So realistically $100 can turn into $1,000,000.

Now tell me, when has that ever been possible in the history of the world?

Click Here to Visit My Blog





VINCENT

Kelly Price asked:


When you are looking at forex trading methods you have choice between following an automated trading system or trading manually to set of rules so which is best lets take a look…

Forex Robots

Have rules build into them and there simply plug and play time efficient and require very little trading knowledge.

There are some good ones about that are sold online but most (about 99%) don’t work and the track records are simply made up and simulated in hindsight. Most carry the disclaimer below, look out for it and forget it:

“CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown”.

There are some that have been traded and tested and have real time track records but be careful - you still have to follow it with discipline and for this, you need to know how and why it works long term.

You need to be confident enough in its logic, to stick with it through periods of drawdown, if you dont understand how and why it works and have confidence in its ability to win longer term, your discipline will go and you have no system.

There are even some free ones that make money. I have written frequently on Richard Donchian’s 4 week rule and this incredibly powerful but simple system, is free! Look it up in our other articles.

Trading an automated trading system ( if you find the right one) is time efficient and easy - but you must have a disciplined and patient personality, to keep executing the signals in line with the rules and this is hard, when you had a losing period!

Manual Trading

There is a right way and a wrong way when trading manually - lets start with the wrong way.

The “shoot from the hip” news and story trader - He simply trades on a whim and of course as news is instantly discounted and his emotions are to the fore he losses.

The other trader is the trader who likes to do every trade manually but is still guided by rigid rules in terms of, executing his trading signal and money management.

I am this sort of trader and it suits me as I am involved and although I use rules I can pick and choose the best trades in terms of risk reward - this trading method is obviously my personal choice and each trader will know which method is right fof them.

You can make money with forex robots, just choose wisely and be prepared to have confidence and discipline in the system you follow. As a manual trader you still need discipline but it probably suits the trader who enjoys a challenge.

Which ever trading method you choose, remember to have a disciplined approach and make sure you employ rigid money management criteria, to lead you to long term currency trading success.



KNIERIM

Vikram kuamr asked:


With advances in computer technology came the dawn of automated systems, allowing for artificial intelligence to replace human intelligence. The forex community has likewise been flooded with a variety of software intended to help traders do away with algorithmic calculations and financial estimations. Almost all forex software in the market promise that forex decisions can be made in less than half the time it took when manual forex systems were used, with the goal in mind that you earn twice more money at half the effort.

However, promises are claims until proven true. Although forex softwares are designed to reduce the onerous burden of sifting through an enormous amount of quantitative data, qualitative random factors (like politics and ideologies existing in the countries whose currencies are being traded) still need human analysis. Otherwise, every financial institution engaged in forex would have no need of its staff. So before buying into any forex software, read forex software reviews and forex trading software review, most of which you can access online.

Forex software reviews can help you decide on the best forex software you need. You might need specific software to do a specific job for you; remember that not all software can do all the jobs you need it to do. Otherwise, there would be no need for the development of a separate forex forecasting software, from forex charting software and from forex trading software. Forex software reviews can assist you in determining the most appropriate forex software primarily because they will describe the functions available therein. However, caution must be observed as online forex software review companies are thinly-veiled marketing arms. Likewise, a forex trading software review must be taken with a grain of salt. Forex trading softwares usually have common features that enable you real-time access to the forex trading market, up to the minute account statements, display of statistical charts and historical data, and trading orders, among others. If a forex trading software review claims additional features that you have not heard of, ask your colleagues about the features or try out the product yourself (use the free trial period, if available).

Smart Forex Live provides forex software reviews and a forex trading software review for a variety of forex software. These include the Forex Killer, the Forex Trading Machine, the 5EMAS Forex Trading System, the Profitable Trend Forex System Review, the Easy Forex Trading Platform, and the FX Instructor. The best thing about Smart Forex Live’s reviews is that it aims to be honest about the capacities and limitations of the software, to enable potential users to use their good judgment when making a full commitment to purchase. Unlike a marketing arm, Smart Forex Live will tell it as it is, including even asserting that forex success demands human motivation and drive, something that even the most perfect forex software cannot provide. And as Smart Forex Live does not directly provide any forex products, you know that they will truly test the product before putting out a review. You have the assurance that the review is impartial and objective.



TELEP

Michael Hehn asked:


There are many companies that create forex trading software, trading systems, signals and alert services. Money management strategies and potent trading systems that skyrocket your profits. How do these forex trading systems work?

Ever since the introduction of automated trading systems, there has been a surge in interest in this type of trading. Today this market is attracting small and medium investors so banks and other financial establishments are no longer the only players. At this market currencies are traded from various countries of the world. Because trillions of dollars are traded 24/7, it makes this one of the largest and most active financial markets.

Now that there is internet and advanced computer technology in place, any one with an internet connection, a trading account and good brokering knowledge can trade in forex. Close and constant monitoring is required if you want to keep your position as the global market never sleeps. Automated systems allow you to pick up a currency and record the asking and selling price. All that’s required is a small seed amount and a broker because your buy and sell orders would be executed instantly.

You can profit from forex trading without becoming an expert as these automated systems can make this happen. The trading program acts like a human expert and manages the trading for you. You save a great deal of time with these auto systems since you do not have to carryout the trading yourself. When you monitor the market well, the auto trading system can help you trade multiple accounts simultaneously; this was never fully possible ever with manual trading. These systems have the advantage of trading with multiple systems in more than one market.

You can use automatic forex trading systems any time you like and it does not require your presence. There is no chance of missing any profitable opportunity even if you are not present in front of your computer. You can then take full advantage of several strategies and varied systems. You can plan your investment and spread your risk when you know that each system is built to be triggered by specific trade indicators.

There is no place for human emotions which adversely affect decisions; something that is not possible with these automatic forex trading systems. You can now have the capacity to manage several currencies and monitor and trade them too.

You can not expect consistent and sustainable profits if you do not pay attention to learning the basics of trading because no automated trading system can help you with these. Several factors and variables influence the forex market so just using an automated system can not guarantee you long term success in this venture. The automated forex trading system allows you the flexibility of customizing it to suit you.



LEIDER

Lawrence Efenure asked:


Self-directed forex trading is to automated forex trading as manual data processing

is to electronic data processing during the wake of the advent of computer

applications for business use.



Automated forex trading introduces many advantages not attainable with self-directed

trading. With automated forex trading, a forex trader is able to put his or her forex trading business on auto-pilot. What this means is that the forex trader has more time for leisure or other human endeavours while the business runs

itself. He or she is able to sleep well, go on vacation, spend time with kids, and just be plain relaxed with life while earning auto profit. More importantly, the forex trader is able to avoid the work load of constantly carrying out complex market analysis and decision making that he or she requires to stay successful trading the forex. There is virtually no learning curve in using automated forex trading systems.

The question most people will ask next is whether self-directed trading will soon face natural extinction or be phased out. If not, why not? Every good thing, they say, has a downside. So, what is the downside for automated forex trading? Most, if not all, automated trading systems are based solely on technical analysis. This leaves

much to be desired as price movement is driven by fundamental factors. A well educated and experienced self-directed forex trader can make more efficient trading decisions as opposed to an automated forex trading system that is based solely on technical analysis. This is� because, he or she can react more quickly to news effects even before they show up on the charts. As a result, you find that most automated trading systems have low equity growth curves compared to what is attainable with professional self-directed forex trading.It seems a good idea for

businesses to invest more on self-directed trading than automated trading systems. A company can hire a few experienced professional forex traders to run on a shift basis say 3 shifts of 8 hours each to cover the 24-hour timeframe. These professional traders can then be responsible for directing other ordinary-class traders on what to do via live chat or some other cheap and fast means such as an electronic bulletin board or mailing list.

This way, the advantages of self-directed trading can be leveraged and the full potential of a forex trading business realized. Nevertheless, for an individual forex trader, automated forex trading would be the best bet given the advantages of savings in time, money and effort.

In conclusion, we see that in as much as computers cannot be used to completely automate everything that humans do, automated trading cannot completely phase out self-directed forex trading.



MUFFLEY

Anne Tide asked:


For beginners, forex trading seems exciting. For those who are professionals, they know that there is a lot of hard work and effort to put into succeeding. There are many traps one can fall into on the Forex market and they can lead to important loses. So, how does one manage to trade on the forex market making handsome profits? Let’s take a look at the possibility of Forex Managed Accounts.

Forex trading is a foreign exchange market, offering many advantages especially when it comes to making profits. Just as well, if you are not experienced at trading, you can very well end up losing everything. This is why you need a specialist handling your account and trading all that money successfully. If you have a full-time job and you do not have the necessary time to spend learning the secrets of forex trading, then by all means consider Forex Managed Accounts. They represent a new way of entering the forex market without having to spend time you cannot afford wasting in front of your computer. You might even consider the profits derived from your Forex Managed Accounts as passive profits. And they can be handsome profits, be certain!

If you go for automated Forex Managed Accounts, then the whole thing is even less complicated. The automated programs are made by experienced traders and they can offer investors a great way of handling your account. Being forward-looking, the automated trading software takes into consideration all there is to know about forex trading, including recent transactions, various indicators and statistics. As perfect as these programs are, they cannot surpass the intelligence and the experience of an investor. Manually traded accounts can also generate nice profits, so make sure that you consider the benefices provided by each.

Searching for Forex Managed Accounts has been completely simplified with the help of the Internet. Now you can easily get in contact with professionals and find your way to the forex trading business. Specialized companies and their experienced investors will not only obtain for you substantial profits but they will know how to avoid taking risks. They are trained in various risk management procedures and they know how to deal with Forex Managed Accounts professionally.

The advantages of using Forex Managed Accounts are more than obvious. Sure, you want to trade on the forex market but you do not know anything about foreign exchange, charts and indicators. So, the solution is to choose a specialist to handle your account for you. No matter if you go for automated or manually managing, you can still rest assured and benefit from a huge opportunity. With the help of the Internet, you can discover all the available information about forex trading and how managed accounts are used. You just have to keep one thing in mind: they represent a sure way to maximize your profits without requiring too much effort on your part.

Forex Profiting is certainly much easier to achieve with the help of Forex Managed Accounts. These experts know how to play with real money and they have all the knowledge required. For them, Forex Profiting is an easy achievable dream. They work long and hard, being committed to trading efficiently and they only require a small percentage of the profit obtained. It is a win-win situation for both of you and a wise decision indeed.

What you need to understand about Forex Profiting and forex trading in general is that it is a risky business. It requires a great deal of knowledge and cold analysis; it requires a company that is specialized in managing forex accounts for some time now. They have a particular trading style, executing trades that are beneficial and that ensure you regular profits. As forex trading stands both for huge profits and incredible losses, you need a person that is knowledgeable in the field to be sure of your success. Forex Profiting is not a simple thing to obtain and you must take all the measures you can. That includes having a professional handling your accounts. So, do not waste any more time and go online. Search the Internet for forex managed accounts and see for yourself how profits are made!



LOUCKS

Yarcofin asked:


Hola,

I’ve been trading Forex in a demo account for over 2 months now. I’ve lost everything once in the process, made over $1,000 some days, etc. But I would like to research forex trading more to get more expert opinions. I’ve read the whole beginner’s guide on www.babypips.com (good resource for people brand new to Forex!)

Anyway I was just wondering…… are there any people out there famous for trading Forex full-time and being successful at it? Are there any widely-acclaimed books or articles or schools of thought? Keep in mind I’m not referring to systems you have to pay for, ie. scam artists.

My forex blog:
www.yarcofin.wordpress.com

ANSPACH

gazap2005 asked:


Can anyone recommend a good forex candlestick trading manual?

RATTAN

Winston McCafferty asked:


It’s important to succeed at Forex trading, is it not? So, what’s it like when you imagine quickly and painlessly trading the Forex successfully?

Then, just imagine how great you’ll feel when you can quickly and easily spot the market conditions and setups that will lead to successful and profitable trades.

It’s easy to do for traders who use proven methods , tested Forex trading strategies, and most importantly good coaching and training. After all, winning is what proven coaching and Forex training does for you.

The role of the truly effective trading coach is to create the right conditions for learning to happen, and to continually motivate their students. Most Forex traders are already highly motivated and therefore the task is to maintain that motivation and to generate excitement and enthusiasm.

The roles that an effective trainer/coach undertake are many and varied. At some stage they will be your: instructor, assessor, friend, mentor, facilitator, demonstrator, advisor, supporter, fact finder, motivator, counselor, organizer, planner and the fountain of all knowledge - so it’s important to find a good one.

With the thousands of different Forex training courses available, how do you know who’s got one that works? There are many to choose from, all making the same claims. Plus, Forex training is notorious for being filled with charlatans out there selling their get-rich-quick snake-oil.

The reality is that not everyone can make thousands of dollars overnight. If you could, we would all just buy the latest “Miracle Money System” DVD set for $500 and quit our jobs tomorrow. Yeah right!

The problem with being new to the Forex is that you don’t know who to trust. So let me show you seven “must haves” to get a real, genuine education in Forex.

You should get, as a minimum:

One - 24/7 Access to online training materials - professional videos, recorded live trading sessions etc. It’s important to be able to have access to them on your own time, and at your own pace. Plus, it’s nice to review things when you’re trading.

Two - A comprehensive written manual - some people learn better by reading than watching videos and nothing can substitute for well written teaching materials.

Three - Look for courses that offer live interactive sessions that let you look over the shoulder of a professional trader in real-time. These should be offered at least monthly but weekly or daily is even better.

Four - You want live monthly extended day-long online classes that allow you to review, all the information you received, get updates on the current market, and learn what’s working now.

Six - One-on-one mentoring (this one should probably be #1) to give you specific actionable trading advice. Encourage you to make progress and correct bad trading habits or techniques. This is the big one! Nothing works better than personalized coaching.

Seven - The live onsite option - Look for courses that offer periodic onsite training opportunities. An in-person seminar has its own dynamic and its own unique learning opportunities that you miss in ebooks, videos, or email and telephone mentoring.

Look for those seven features in a Forex training course that is offered by a successful professional trainer, with proven abilities to teach. After all, just because someone’s a great trader does not mean they can teach. Michael Jordan was a legendary basketball player, but openly admits he can’t coach.

Remember, success comes with commitment and action “period”.



DOCHERTY