Regardless of the trading software, there are some basic understandings one needs to have:
Good understanding of the system especially its strengths & weaknesses. There is hardly any trading software without one weakness or the other.
Understanding of these strengths & weaknesses will help you to know in what type of trade to use it. It will also help you to determine if you can manually make adjustment into any of its trading specifics if the system allows such.
The currency pairs it is designed for.
There is hardly any software that can trade all the major currency pairs. This should be well clear to all seasoned traders. The fact is that many currency pairs have one certain pecularity or the other. Many of these differ from pairs to pairs.
The trading time-frame.
An understaning of expert advisor logic and forex market volatility will make one to appreciate this important fact. Each system has its own trading time-frame - one hour, two hours etc. Having this at the back of your mind coupled with your knowledge of the forex market in respect to that particular currency pairs will guide you in entry and exit moments.
Trading specifics.
This refers to its account usage (percentage it trades with), entry & exit, stop-loss, take-profits etc. A good understanding of these will definitely help your trading to be profitable.
Performances under various market conditions.
These market conditions include volatile ones, ranging market etc. A good EA should have an in-built logic to overcome and surmount these various situations. So, when next you to use an EA, be on the watch-out for its performance under these conditions.
Verification of their claims.
Try as much as possible to verify the claims of the promoters of the EA.
Apart from these basic understanding, the use of EA requires:
Good knowledge of the forex market, the particular currency pairs and economic issues.
Many traders especially newbies have wrong notion that the use of EA replace these. The truth is that why EAs offer you a kind of leverage, they cannot completely replace the required basic knowledge you should have. It is on this knowledge that you leverage on through the use of EAs and not just relying blindly on them.
Objective evaluation - this should be by you and others.
There are many sites on the net where you can get independent results of the performance of EAs. One of such is ForexAutoTradingReviews. You can also try Forex-Robot. Check Wealthcreationseeds for list of EAs you can use.
Another way is to make use of experienced traders. Some would have used it before and their experience can be of tremendous benefit.
Forum participation offers you a very good opprtunity in this respect. You can discover many things about EAs on forums by reading posts, comments or even asking questions about them.
If you are new to Forex, you can start trade with EA under the guide of your tutor - experienced trader.
Good demo trading
Learn to demo trade with EAs before deploying them. This should be done in line with your own trading system and check out for consistencies with yours.
Limited use –
EAs are not to be used for indefinite time - Many who claim to have problem with one EA or the other usually come short of this. To enjoy trading with EAs, you should work out trading time and system for them and not be tempted to put them on forever.
Also, many EAs’ performances dwindle with time. Watch out for this and be ready to change them or upgrade as the case may be.
Limited use of account – It is good you use your own judgmental skill to determine what percentage of the account the EA should trade with at any time. In fact, as a matter of caution, beware of any EA that you cannot adjust any of its trading set-up specifics especially in aspect of usage of account.
While trading with EAs is quite good and profitable, it is good you have these at the back of your mind:
- they are just mere soft-machines.
- their usage requires certain basic knowledge and skill.
- they are likely to lose trade once in a while.
Remember, there can hardly be any 100% winning system, whether manual or automated.
Saturday, September 13, 2008
Monday, August 25, 2008
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Saturday, August 16, 2008
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Saturday, August 2, 2008
Forex Trading Advisors - Mechanical
Here are some trusted Forex Trading Advisors - Mechanical
Forex ace
Forex Raptor
Forex Killer
Forex ace
Forex Raptor
Forex Killer
Forex Automated Trading Softwares (ATS) – Robots
There are trusted Forex Automated Trading Softwares (ATS) – Robots.
Some of which are:
Forex AutoPilot
Forex BackLash
Forex Tracer
Forex Funnel
Some of which are:
Forex AutoPilot
Forex BackLash
Forex Tracer
Forex Funnel
Friday, August 1, 2008
EASIER WAYS OF MAKING MONEY THROUGH FOREX WITH LITTLE OR NO EXPERIENCE
While it is quite true that the forex market is a high risk one given its volatility and unpredictable nature, the fact is that it is also full of great potentials. These potentials have made many to spend a great deal of money and time trying to demystify the market. Some have been successful while others are not. Those who are a little scary or with low risk appetites have abandoned the market all together. Many dare not even start at all.
However, though unknown to many, they could have easily achieved their financial dream through the market. How could they?
Forex Managed Account
Like said above, there are those who have demystified the market successfully. Some of these forex professionals are willing to trade others account for them for a return. These returns could be a fixed fee charged for a period of time (a month or so), a percentage of gains in excess of the capital, or a mixture of both. Another good thing about forex managed account is that some will not only guarantee the initial capital (so that you have nothing to lose of your investment) but certain percentage of returns as well. You can even demand for guarantee of re-invested profit to certain degree. All depend on your bargaining power, skill, experience and knowledge. Forex managed account is becoming more and more popular and Wealthcreationseeds has it as one of the leading means of wealth’s growth.
One thing you should know is that this account is your own personal account under your control as per withdrawal of funds so you need not entertain fear of being defrauded. Again you can have more than one of these accounts with many different professionals. Imagine how much will be accruing into your bank account on monthly basis with you doing virtually nothing. No risk, no stress or associated tension of trading forex. You just smile to the bank. You are fully leveraged as others bear the risk.
Automated Trading Software (ATS) – Robot
This is another wonderful opportunity offer by forex market. There are many of these softwares. Forexmoneysecrets has list of some of these robots. They actually trade the market for you without any human intervention than you setting it up. So whether you are sleeping or doing some other work, money is being generated for you to cash. They require little knowledge to set up and such guides are usually fully provided in the manuals. For a given small amount of money, you purchase these softwares (as they are very cheap compare to the huge amount they generate), get a computer system connected to the internet, open an account of some amount of money with a broker, set up the ATS as instructed through the manuals and you are done. One thing again, you can use more than one of these robots and also have many accounts. Beautiful enough, some brokers even allow the software to sit on their servers. What this mean is that you do not have to put on your computer through out all the trading period you want to use the software. Once set up, you can shut down your system anytime you wish. What remains is for you to start cashing money.
Trading Advisors
These are softwares that help to analyse the market. You can get list of some of them at Forexmoneysecrets. They are far better than indicators as they are artificial intelligence and expert systems, not just statistical charts. With these you can trade the market with high level of confidence. Many tend to ignore these softwares on the ground that they could analyse the market themselves. The rationale behind this is quite questionable as many of these market analyses are carried out based on various charts and indicators that are basically statistical and historical. It is common knowledge that expert systems are far ahead of statistical ones and more over the best of automated trading systems – robots are developed based on these trading advisors. The use of trading advisors is quite good considering the fact that human brain can hardly comprehend all known scenarios together and that at the same time for effective trading decision. This, a software can easily do as along as it is in its configuration. So the use of trading advisors is quite helpful as additional aid in trading. Many novices have used them to make fortunes from the forex market.
Loan for Forex Trading
Many forex traders usually take loan at a very high rate. The high rate is in commensurate with the risk involved in the trade. As the forex market requires huge amount of money, individual trader at times face finance challenges. Since it is not a normal thing for banks to lend to individual forex trader, those of them who need fund have to look elsewhere. This makes them to be ready to pay high interest rate. Those who have money to lend out can benefit greatly from this. Just find out some good professional traders who need fund for trading and enter into a loan contract with them. This is a good source of passive and residual income.
It is time for anyone willing to grow wealth avail himself of these opportunities
However, though unknown to many, they could have easily achieved their financial dream through the market. How could they?
Forex Managed Account
Like said above, there are those who have demystified the market successfully. Some of these forex professionals are willing to trade others account for them for a return. These returns could be a fixed fee charged for a period of time (a month or so), a percentage of gains in excess of the capital, or a mixture of both. Another good thing about forex managed account is that some will not only guarantee the initial capital (so that you have nothing to lose of your investment) but certain percentage of returns as well. You can even demand for guarantee of re-invested profit to certain degree. All depend on your bargaining power, skill, experience and knowledge. Forex managed account is becoming more and more popular and Wealthcreationseeds has it as one of the leading means of wealth’s growth.
One thing you should know is that this account is your own personal account under your control as per withdrawal of funds so you need not entertain fear of being defrauded. Again you can have more than one of these accounts with many different professionals. Imagine how much will be accruing into your bank account on monthly basis with you doing virtually nothing. No risk, no stress or associated tension of trading forex. You just smile to the bank. You are fully leveraged as others bear the risk.
Automated Trading Software (ATS) – Robot
This is another wonderful opportunity offer by forex market. There are many of these softwares. Forexmoneysecrets has list of some of these robots. They actually trade the market for you without any human intervention than you setting it up. So whether you are sleeping or doing some other work, money is being generated for you to cash. They require little knowledge to set up and such guides are usually fully provided in the manuals. For a given small amount of money, you purchase these softwares (as they are very cheap compare to the huge amount they generate), get a computer system connected to the internet, open an account of some amount of money with a broker, set up the ATS as instructed through the manuals and you are done. One thing again, you can use more than one of these robots and also have many accounts. Beautiful enough, some brokers even allow the software to sit on their servers. What this mean is that you do not have to put on your computer through out all the trading period you want to use the software. Once set up, you can shut down your system anytime you wish. What remains is for you to start cashing money.
Trading Advisors
These are softwares that help to analyse the market. You can get list of some of them at Forexmoneysecrets. They are far better than indicators as they are artificial intelligence and expert systems, not just statistical charts. With these you can trade the market with high level of confidence. Many tend to ignore these softwares on the ground that they could analyse the market themselves. The rationale behind this is quite questionable as many of these market analyses are carried out based on various charts and indicators that are basically statistical and historical. It is common knowledge that expert systems are far ahead of statistical ones and more over the best of automated trading systems – robots are developed based on these trading advisors. The use of trading advisors is quite good considering the fact that human brain can hardly comprehend all known scenarios together and that at the same time for effective trading decision. This, a software can easily do as along as it is in its configuration. So the use of trading advisors is quite helpful as additional aid in trading. Many novices have used them to make fortunes from the forex market.
Loan for Forex Trading
Many forex traders usually take loan at a very high rate. The high rate is in commensurate with the risk involved in the trade. As the forex market requires huge amount of money, individual trader at times face finance challenges. Since it is not a normal thing for banks to lend to individual forex trader, those of them who need fund have to look elsewhere. This makes them to be ready to pay high interest rate. Those who have money to lend out can benefit greatly from this. Just find out some good professional traders who need fund for trading and enter into a loan contract with them. This is a good source of passive and residual income.
It is time for anyone willing to grow wealth avail himself of these opportunities
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