Forex Manual Blog

Kevin S asked:


I didn’t find anything in the library, but I’m sure there are some good ones out there. Thanks for your help!

TROHA

Peter Johnson asked:


It seems the flood of forex robots being released currently is never ending. Specifically if you are new to currency trading, it can be very difficult to decide which forex robot is going to deliver results. For this article we are going to look into Doubling Stocks, Forex AutoPilot System and Forex Easy Cash which have proven to be 3 of the more popular products.

A forex robot is basically software or a web based platform which allows users to automate their currency trading. Essentially the technology bases trades on statistical information an real time algorithms to decide when is the most profitable time to enter and exit a trade.

The first thing to look at with any currency trading product is trust. There are a high amount of scams out there, and you need to be sure that you are purchasing a quality product. Doubling Stocks has been seen and reviewed on ‘interactive investor’, ‘Business Week Online’ and ‘Entrepreneur.com’. Forex AutoPilot System has received a little more exposure and has been seen on ‘NBC’, ‘CBS News’, ‘Business Week’, ‘Entrepreneur Startups’ and ‘Entrepreneur Young Millionaires’. Forex Easy Cash has received minimal exposure in comparison. I guess the creator did not have the marketing budget. Research is key and you want to make sure the proof and reputation is there before you purchase- although both products come with an unconditional 8 week money back guarantee.

In terms of functionality I have been testing all products out in tandem, and the results have been varied. The main distinction is that Doubling Stocks is essentially a subscription to a forex robot service. You basically receive predictions via email, which you then can trade manually. FAPS on the other hand is software which allows you to automate your trading in real time. Forex AutoPilot System hinges on the Fibonacci Formula which is the most efficient way to predict when to enter and exit a trade for maximum profit and minimum risk. Forex Easy Cash is also a client based piece of software which automatically creates its on signals in order to enter and exit trades for you. I personally found Forex Easy Cash to be less user friendly, and the results have left a little to be desired.

The bottom line is either Doubling Stocks or Forex AutoPilot System will provide an automated method of currency trading. Forex Easy cash on the other hand leaves a little to be desired. Personally I feel Doubling Stocks is better suited to users with some level of experience in currency trading, whereas Forex AutoPilot System is ideal for users of all experience.

Conclusion

If you are looking for a forex robot, you need to be wary of scam products. Always seek testimonials and some form of money back guarantee. Whether you choose Doubling Stocks, Forex AutoPilot System or Forex Easy Cash it is important to realise that you need some capital to achieve leverage, and get the most out of these programs. Ideally $500-$1000US is a good starting point. Finally it is important to understand that a forex robot is not foolproof, and it is always advisable to have some basic understanding of currency trading before you begin.



RIVERO

John Howard asked:


Online forex trading business is now considered as a fast growing wing of international business. The peculiar nature of forex trading makes it amenable to all who have a computer with internet facility. Unlike other businesses you do not have to go to a central business station or a particular location for doing online forex trading business. Currency market that functions twenty four hours a day and seven days a week with no holidays and working hours is accusable to people from all corners of the world.

Online forex trading business involves the purchase of foreign currency by an individual or a corporation by using the currency of some other country. Two different currencies of two different countries will get involved in this trading of currencies. And it has become the biggest and the fast developing business in the world now. The key role in this money trading activity will be played by the international banking institutions and registered futures commission merchants.

Online forex trading business begins from Sydney and will spread to all the corners of the business world when the business day in each country begins. It help all interested persons that include banks, financial institutions, brokers and speculators to trade their currencies with the currencies of other countries when the market condition becomes favorable. This business is also considered as a popular way to exchange foreign currency as it takes no time to reach the other side.

Considering the profits that one can make from investing foreign currencies millions of people all over the world are now coming forward to experiment with online forex trading business. A large number of brokers and forex trading advisors are also in the field ready to provide technical advice to those who wish to invest in currencies of other countries. A number of websites can be found on the internet that provides online tutorials for those who wants to learn the forex business. It will help the speculators of money trading market to understand the basics of Fx trading.

To help the investors a number of forex trading systems that act as an indicator of marketing conditions also are available in the forex trading market now. It includes both mechanical and manual systems. Whatever be the technology that you make use of running this business you will have learn the basics of forex trading to understand the nature of the business and to make the best out of your investment.



HOGANSON

Victor Mars asked:


The Foreign currency Exchange (FOREX) market is the largest and most liquid financial market in the world. The average daily trade in the global FOREX markets exceeds US$1.9 trillion (Source: the Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity conducted by the Bank for International Settlements (BIS) in April 2004, and published in March 2005). These huge funds are traded by governments, banks, and large institutions. For comparison, the biggest stock market on the Earth - NYSE Group (The New York Stock Exchange), has a daily trading volume of approximately $86.8 billion (Source: NYSE Group, Inc. 2006). FOREX has a 18.4% average growth rate per year since 1989. It offers trading 24 hours a day, five days a week, non-stop over Internet. This kind of massively liquid and long uninterrupted trading hours mean that under normal conditions there is no problem entering or exiting a trade.

But, in this huge market, as the story goes, at least 90% of new FOREX traders lose all their money within their first 3 months of trading. Why? Most losing traders who inquire about FOREX trading are quite intelligent, they just lack the right tools, the “Secret Weapons” to win. They are not beaten by other traders, they simply are beaten by themselves, by humans’ weaknesses.

Talking about humans’ weaknesses, let us list some as follows:

1. What is the first big weakness of human beings? if I say it should be “greed”, is there anybody will disagree? Many times we have got 1% profit, but we feel it is not fat enough. We want more, 2% or 3% will be better. While the profit really goes to 3%, we will think how about 10%? Not enough forever. But the market is so volatile, especially in Forex market, we often encounter this depressive situation: profit turns into negative from positive. and this kind of depression happens again and again.

2. Fear. All people have fear. In Forex trading, currency rate is easily jumping or dropping hundreds of pips. Few of people can make sure how the market will go. In Forex market, people all use leverage to trade, from 50:1 to 500:1, leverage will enlarge the profit or loss from 50 times to 500 times. Leverage is the wonderful feature of Forex, and it lead fear into people’s heart too. If the market goes against people, big drawdown comes, their fear comes too. Is there anybody not scary to lose money? Under the pressure of fear, people easily and often make wrong decisions, stop loss too early, then regret soon.

3. Lack of confidence. Seems better than fear, huh? But it is still not a good thing. Many times human traders are so happy once they see a little bit profit in their accounts. They are worrying what if the profit turns into loss? People always take a tiny profit and run, then regret while they see the market goes further and further along the right track. If they were confident, they would have made ten times or even a hundred times of profit.

4. Hesitation. Not only newbies, but also old-hands easily hesitate to act in Forex market. You’ve probably heard the saying “past performance does not predict future performance”. Even a very experienced trader who has made many successful trades in his/her history, while he or she is facing a new situation, needs thinking twice before making a so simple decision: Buy or Sell? For new traders or amateurs, they need longer time to think, and this kind of hesitation always leads them to confusion and missing the best and fleeting chance.

5. Weariness. How many people can keep working for 24 hours? No sleep, no rest? How about 48 hours, 72 hours, etc? Even an iron man can not use his eyes watching computer monitor, his brain thinking fast changing questions and his hands calculating complex formulas, day and night, 24 hours a day, 6 days a week, non stop. Especially, no mistakes allowed!

Nobody can!

None!

No doubt!

Don’t mention the Super Man. He has weariness too.

6. Negligence. Have you ever got trouble just because of a small negligence? such as took a wrong bus, missed an exit on highway, dialed a wrong number, misunderstood boss’ order, ignored a no-parking sign, omitted a whole page of questions in an examination, left resume at home while a vital interview, misspelled a keyword in a quote form for a VIP customer, etc. Hi, man, when was the last time you forgot your mama’s birthday, or worse, the wife’s, or the worst, girl friend’s? Mama always forgive your negligence. Wife… well, it depends. Girl friend? Huh, wish you good luck.

But unfortunately, in Forex market, no one will forgive your negligence, even yourself. Any negligence must be punished! You could get a margin call, only pennies left in account, may just because a tiny negligence.

7. Lack of discipline. Humans always think that we are smarter than machines. Sure we are. Not only we are smarter, we have freedom too. But everything has its nature, character, and rules. Rule means discipline. If we just feel smart and free in Forex trading, making decisions based on our feelings or knowledge only, and ignore discipline, there will be endless disasters waiting us ahead. Forex trading is like fighting in war, soldiers can not survive in war without discipline, neither can traders in Forex market. While we have to stop loss we must cut off and run, in spite of how bloody and painful it is, when we must take profit we can not **** the profit is too small. Discipline is discipline, perhaps some smarties can win a while, but only those people can keep obeying discipline forever can win forever.

8. Inconsistency. Long term or short term? buy or sell? prosperity or depression? over bought or over sold? high or low? support level or resistance level? fundamental analysis or technical analysis? including automated trading or manual trading? etc. There are too many inconsistent news, facts, information and methods, strategies in Forex market, easily cause human traders make inconsistent judgments and decisions. And these inconsistencies will cause only one same result: failure!

To overcome these terrible weaknesses of humans, people have developed many methods. One of them is called “Automated Trading”. Automated (or Automatic) Forex Trading means to trade Forex (Foreign Currencies) using some trading systems, programs, software or robots (on Metatrader MT4 platform it is called as Expert Advisors - EA), without needing a human to physically trade. An automated trading system is a group of specific rules and parameters, governing entry and exit points, having the ability to both generate signals and execute trades automatically. An EA is an automated trading “robot”. Robots can beat human beings at chess games, EA robots can beat humans at FOREX trading also.

Programmers consider many components synthesize while they are developing an automated trading system or EA robot, including: Nature of Market, Math Modeling, Time Frame, Entry and Exit Signals, Stop Loss Trigger, and Profit Target, etc. After the system is created, they do back testing and forward testing rigorously both in demo and live accounts. A fully automatic trading system created like this way is able to analyze the market independently, work completely on its own and constantly generate signals, auto-execute in a trading platform. Alternatively, programmers can design the system as a kind of ’semi-automated’ whereby users can be alerted when the Entry, Exit, Stop Loss or Take Profit trigger occurs. Alerts can be audible through computer, sent to E-mail address or even sent as a message to cell phone. Once the user confirms, the robot will obey the order to finish the trade.

There are many advantages in Automated Forex Trading, such as:

1. Automated trading is executed by computer. Today, computer science and information technology have been developed to a very high level. Computer can perform calculations thousands of times faster than humans, workout logical computations without error and store memory at incredible speeds with flawless accuracy.

2. Taking the emotion out of trading. Unlike humans, an automated trading system will never be misguided by greed, fear, hesitation, and inconsistency. It just trade mechanically (but fully programmable), unaffected by a trader’s psychology. It performs based on the set criteria and disciplines. Obviously, this reduces the risk of panic trading.

3. Automated trading can take trades day and night, non-stop, no weariness and negligence. EA robots free their owners of the necessity of sticking in front of the computer at all times. Once an effective system is developed and optimized, it can be left to run full automatically and independently. A successful automated trading EA robot will allow its owner to focus on optimizing strategies and money management rules rather than having to constantly watch the market.

4. Computer can run multiple programs simultaneously, so we can use automatic trading EA robots to take multiple trades synchronously. That means we can include multiple conditional entries and exits, profit targets, protective stops, trailing stops, and more in our strategies, and have them all automated at the same time. This powerful function can help us to maximize our return of investment, and reduce risk.

5. For day traders or other short term trading fans, automated trading robots are very helpful tools to deal with high frequency of trades using tick data. Day trading keeps traders exposed in market very shortly, so sometimes it is safer than long term trading, but it is really difficult for a human to handle. However, for automated trading EA robots , it is just a piece of cake.

6. No matter long or short term trading, Forex market always is volatile and waves fast, only automated trading can afford faster identification of signals and reaction to them. No doubt, computers will typically beat human beings in the speed of identifying a trading signal and the entry and execution of the corresponding orders. No more missing a trading opportunity.

Automated trading is not perfect yet, and EA robots can not think instead of humans. If the programmer’s skills are at a low level, or the strategy idea is untenable or nonlogical, the corresponding product will not succeed. However, the practical experience shows that a high quality automated trading system always guaranties some kind of financial success for its owner working on Forex market. The latest fact is: in the Automated Trading Championship 2007, a world competition, all participants use EA robots, the champion won 1204.75% profit, the runner-up won 450.42%, and the third place won 299.45%, just within 12 weeks.

Isn’t that amazing?



SURITA

Milton Ziegler asked:


As the Internet grows in popularity, more and more individuals are learning about the benefits of trading currencies on the Forex market. In recent years, Forex trading has become known as a great way of investing money. But if you do decide that you want part of the action, you should do some quick research on the Forex software packages on the market. They can help you trade easily and from the comfort of your home and office.

One great benefit about Forex software is that it can perform many tasks for you, and keep you up-to-date on the values of the currencies you are trading. If you had to do these tasks manually, you would have to spend many hours fiddling with newspaper reports, charts and graphs. But with the push of a button, you can know how and when to trade. With a general knowledge of where the currency is heading, you can allow your trades to run, or stop them as your position reverses.

But not only does Forex trading software allow you to manage your funds, it also provides you with the opportunity to withdraw or deposit money into your Forex account when you need to. This means you can leave your money in an interest bearing account until you are ready to trade. This way, you earn interest on your money and avoid having extra money sitting idly in your trading account.

Also if you want you can set up the Forex software so when the currency drops to a certain level or has reached a specified value, then it will automatically sell it for you. By doing this you are not only minimizing your risks, but it also means that you do not need to keep a constant watch and control over your profits.

However the best way of ensuring the software you are buying is right for your needs is to test it before you start investing your hard earn money. A good Forex software package will allow you to practice with the software using play money while you learn. Then once you are comfortable with trading, you can deposit some of your money into a trading account and start trading. It is best if you practice as much as possible before. This way you will be ready for any losses that may occur in the beginning. From the start it is best if you only invest small amounts of money when trading until you feel more confident with the software.

Forex software comes either as a desktop or Internet based package. The Internet software systems have several advantages over the desktop versions. One of these advantages is that you

do not need to deal with maintenance issues. The software seller often looks after these technical goings-on. Security is another issue you don’t have to concern yourself with.

The seller will already have in place more security measures than you can afford on a desktop version. The systems offer data encryption on a secure server and will therefore protect you for hackers and thieves. Plus, Internet based systems offer you more convenience than a desktop model. You can check your account no matter where you are in the world. All you need to do is key in your login and password information. You can then view your currency trading account in a secured environment.



MALLER

nouman929 asked:


Can anybody tell me where to get free advice and education(in form of free E-books)or articles.

And do tell me how much you can earn from Forex trading.

Thanks in advance.

HICK

Max Branner asked:


You may have heard a thing or two about forex automated trading software whether you’re new to the market or if you’ve been trading for awhile now. No matter your level of expertise, you should think about implementing this software into your own forex enterprise as an added safety net and to make your life that much easier.

If you’ve ever heard of forex automated trading software but never gave it a try, consider this review. No matter your level of expertise, you should consider investing in some software to build your own auto forex enterprise. This adds an extra safety net to your manual campaign as you no longer have to stay on top of your account every waking minute, worrying whether your forex pair will shift and you’ll be left in the red. Instead, at the indication that your currency pair is about to fall against itself, the automated software will sell off your currency, thus minimizing your losses and maximizing your profits. The best and most accurate programs predict trends in the market so that you can trade ahead of the curve.

At the time of this article, I have tested 13 different trading programs. My main criteria consisted of ease of use, presentation, and most of all accuracy. I found three programs to be better than the rest and I have included short reviews of each of these below. If you want to read more about each product and forex automated trading software, then follow the link at the bottom of this article. Now to the reviews:

Forex Killer – The name may be a bit dramatic, but I found this program from Andreas Kirchberger to be the forerunner in what I had been looking for above all else: accuracy. No other program which we tested was quite as accurate in their signal generations. The interface and program itself take a little bit to get used to, but this business is all about the pips and this product gets the job done unlike any other.

Forex Tracer – I really liked the interface and professionalism associated with this product and would rank it a close second just behind the Killer. This was by far the easiest program to pick up and get started with which is a major plus as many of these programs were far too complicated to use and that is a serious turn off when you’re looking to auto trade.

Forex Autopilot – This program has been around for quite some time now, it is the longest running program which I tested. It may very well be the top seller at the moment in this market and I’m sure much of that comes from its spotless reputation. Some criticism I had is that it is a little more difficult to get into than its newer peers, and relies a bit too much on its reputation and less on the performance, but still a very powerful program.

If you want further information, visit http://www.forexautotradingreviewed.com where I review forex automated trading software further and break down each product along with recommendations.



CANTO

Kenyath asked:


I would like to enter the Foreign Exchange Market but I realy know very little about it. Does anyone know where I could get some accurate information (e.g.: websites)? Are there any good books I should take a look at? What about the Forex programs advertised on the television? Are they worth looking at or are they just a waste of money?

MORAGA

Charles P asked:


I trade forex on marketiva platform, and I am looking for a good trading manual system I could use to get more pips trading on marketiva mini forex account

HAMMEL