The currency market, or the forex market, gives many profiting opportunities for people. It operates twenty four hours a day, it does not suffer from long down periods, and it can create a profit regardless of market direction. The forex market has one more big advantage - it can be traded without any effort with an automated trading system. One such system is Forex Tracer, which seems like the ideal system.
First, it comes from a well known media group: NC Media. This group is well known for their high quality products and service. Their product description pages and download pages are top notch, and the Forex Tracer pages are not different. After purchasing their Forex Tracer, you are directed to a well explained download page with everything from the download link to a technical support address. This step ensures there is no scam in this system.
Easy installation also makes this system ideal. After downloading a little zip file, installation is the quickest thing you can do. The instructions manual is very detailed, and after the installation of MetaTrader 4, the system which Forex Tracer uses, you begin profiting within about five seconds. It can connect to most brokers, even some not popular brokers.
The biggest advantage of Forex Tracer is its ability to trade both uptrends and downtrends. After careful testing, most traders noticed that the direction of the market does not matter to this system. Money is coming regardless of market direction and the value of the United States dollar. There is always money to be made.
The Cherry Picker is sealing the decision about Forex Tracer. It is a custom set of forex indicators which works wonderfully. Traders who used these indicators claimed that a big portion of their profits came from them. The Cherry Picker comes with Forex Tracer at no extra charge.
All these reasons make Forex Tracer the ideal forex trading system. Every trader who wants an automated trading system should consider it as one of his trading tools.
To see Forex Tracer in action and download it, read the Forex Tracer review at Great-Info-Products.com.
About the author:
Nadav Snir is a stock market trader and forex trader. You can find more information about forex trading and forex brokers at his site at http://Great-Info-Products.com/Forex/index.html.
Sunday, September 13, 2009
Forex Tracer - The Ideal Forex Trading System
FX Trading Strategy - To Win it Must Contain These 3 Vital Elements
If you want to win with your FX trading strategy make sure it contains these key elements otherwise you will be doomed and join the 95% of losing traders.
1. It must be Your Strategy!
Don't fall for the hype that some junk robot will give you success or a guru or mentor there are plenty sold online with huge profits in simulation but they don't work - no one gives you something for nothing and forex trading is no different.
Even if you have got the forex education from someone else, you must understand it and have confidence in it so you can follow it with discipline - discipline is the key, you must be able to ride out losing periods and wait until you hit a home run.
If you don't have confidence you will never be able to do this make sure you have it.
2. You Must Understand Your Edge
Your trading edge is the reason you will win when 95% of other traders lose and you must have confidence and understand what it is and it must be based on sound logic.
Many people think they have an FX strategy based on sound logic and do the following and lose.
- They try and predict market prices
- They follow bogus scientific theories
- They trade news stories
- They day trade and try and scalp
- They follow experts
All the above will see you lose if you don't know why, continue your forex trading education until you do.
Your trading edge is something that is personal to you and can be based on a simple forex trading strategy you can execute with discipline - that's enough, remember simple systems executed with rigorous discipline work!
3. Play Defence First
When you are trading on leverage you need to trade great defence first and always protect what you have this means rigorous money management rules and money management is much more than placing a stop!
If you don't keep your losses small you will get wiped out - sounds obvious?
Well most traders don't heed it and use leverage of 200 or 300:1 on a few hundred bucks, 10 or 20 is enough.
Forex trading can make you a lot of money but if you expect not to have to work your in for a rude awakening.
Do your homework, get confident and make sure you have the discipline to stick with your FX trading strategy and follow it through drawdown periods, to long term success and the rewards if you can do this are huge.
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Make Money Trading Forex
INTRODUCTION
There are various methods to invest your hard earned money without having to rely on mutual fund portfolios, stocks or banks. With today’s market headed in the wrong direction, it’s just simply not safe or viable to invest your money in the stock market unless your a seasoned and experienced investor. So where should you invest your money? This article will explain how trading foreign currency can be a very profitable and satisfying investing experience. This article will detail the steps required in teaching yourself how to trade foreign currencies, what online resources are available for you to reference, which online brokers to open an account with, what kind of account to open and what kind of experience is required. After reading this article, you should have a better understanding of how you can use the foreign currencies market to invest your money.
STEP#1: Learning To Trade Foreign Currency
All it takes to trade currency is some spare time to teach yourself the basics and the motivation to be a successful investor. There are a vast amount of online resources which help teach you how to trade foreign currency. Learning what you’re getting yourself into is absolutely vital. All you really need to get started is a computer and a high speed internet connection,.
The best online resource I’ve been able to find that virtually breaks down every aspect of currency trading into easy and user friendly modules is http://www.a7laweb.blogspot.com/. This site breaks down currency trading perfectly and structures its offerings into different classifications, such as kindergarten (Beginner) to University (Expert). Following the www.a7laweb.blogspot.com forex education program will give you all the necessary information and education you need to dip your feet into the forex world. The course itself is quite lengthy and requires an initial investment of your time. I can honestly say from experience, that this investment was one of my best. I took the time to read over the course and familiarize myself with the currency market. The foreign exchange market trades 1 trillion dollars worth of currency everyday!! Learning how to take advantage of the currency market is a great investment opportunity Taking this course will also distinguish if this investment method is right for you or not.
Automated Forex Trading Robots
Automated Forex Trading vs Manual Forex Trading
Forex can be traded in a number of different ways, and in this article we discuss the basic differences between automated trading using forex robots, alias forex expert advisors, and manual trading.
What are the Differences Between Manual and Automated Forex Trading
The Foreign Currency Exchange (FOREX) market is the largest and most liquid financial market in the world. But, in this huge market, at least 90% of new FOREX traders lose all their money within their first 3 months of trading. Why? People who enter the world of forex is commonly of a fairly high intellect, however, they usually lack the right tools to make profits in the long run. The right tools does not neccesarily mean for instance analytical tools, but rather tools that take away the "human-factor", for we as humans have a number of inherent weaknesses that make us seem almost self-destructive.
FX Automated Trading ReviewsLet's discuss a few human weaknesses...1. Greed. Many times we have a 1% profit, but we feel it is not enough. We want more, 2% or 3% will be better. When the profit really goes to 3%, we will think how about 10%? It's never enough. But the forex market is so volatile, and profits can and often do turn into losses.2. Fear. Fear of losses is often the cause for people to make irrational choices and end up losing all their money. 3. Lack of confidence. A lack of confidence can mean taking a small profit on a trend that goes a very long way, and making larger losses all the time. A lack of confidence is the opposite of greed in this case, but a good trading strategy should dictate where entry and exit points are even before the trade is made.4. Hesitation. Hesitating and not sticking to your plan can be detrimental to your trading performance. Not only does it mean that you might get confused when thinking too much, it also means you loose that vital window of opportunity that would maximize your profits. 5. Weariness. Taking a break is something we all need every now and then. However, taking a break in the fast-paced world of forex can often be the difference between making a profit and a loss. 6. Negligence. We often neglect to pay attention to the smaller things in life, and more so do traders often neglect to pay attention to the minute details of every trade. This can lead to constant losses as every bit of detail often proves to be vital.7. Lack of discipline. Forex trading is often compared to fighting in a war, as you need absolute confidence in both or you will almost definitely perish.
Forex Robot ReviewsTo 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. There are many advantages in Automated Forex Trading: 1. Automated trading is executed by computer. Computer technology advancements mean that computers can now process millions of times as many calculation per timeframe as humans can, giving them a clear advantage in the fast-paced world of forex.2. Taking the emotion out of trading. Computers do not trade based on emotions. Period. They only trade based on a certain set of criteria that was programmed into their algorithms.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. Computers can run multiple programs simultaneously, so we can use automatic trading EA robots to take multiple trades synchronously. We cannot monitor multiple currency pairs over multiple timeframes all at the same time, yet computers can, and what's more is that you can even run multiple different ea's on the same computer at the same time.5. For day traders or other short term trading fans, automated trading robots are very helpful tools to deal with the high frequency of trades using tick data. Day trading keeps traders exposed in the 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 whether you are doing long or short term trading, the forex market is always volatile and moves 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.
FX Automated Trading Reviews
Forex Market
History, Size, Location, and Users
As the world’s largest financial market, the forex trading market moves the global economy,
sometimes seeing over USD $3 trillion traded each day.
Forex Market History
Historically, the forex trading market was reserved for central banks, commercial financial institutions, and multinational corporations. However, with the advent of web-based trading applications, small retail traders and even individuals can now participate directly in the forex market on equal footing with these large institutions.
The forex market is an inter-bank or inter-dealer network that was first established in 1971 when many of the world’s major currencies moved towards floating exchange rates (as opposed to fixed rates). It is considered an over-the-counter (OTC) market, meaning that transactions are conducted between two parties that agree to trade by phone or over an electronic network.
Forex Market Location and Hours
Unlike some equity stock markets, such as the New York Stock Exchange (NYSE) or the Chicago Options Board Exchange (CBOE), where options and futures are traded, OTC trades are not centralized in one location. Currently, London, England contributes the greatest share of transactions with over 32% of the total trades. Other trading centers—listed in order of volume— are New York, Tokyo, Zurich, Frankfurt, Hong Kong, Paris, and Sydney.
Since these trading centers cover most of the major time zones, the FX market is open 24 hours a day, five days a week. For example, traders in New York can start trading on Sunday evening when the market opens in Sydney, and continue trading around the clock as the other trading centers around the globe come online. The week finishes with New York closing at 4:30 PM EST on Friday and starts up again on Sunday evening, when Sydney reopens for trading.
Forex Market Size
The FX market has become the world’s largest financial market, sometimes seeing over USD $3 trillion traded each day. The NYSE—the world’s largest equity market—is dwarfed in comparison, reporting daily trading volumes in the USD $60–$80 billion range. Even when combining the US bond and equity markets, total daily volumes still do not come close to currency market figures.
The most commonly traded currencies are the US Dollar (USD), Euro (EUR), Japanese Yen (JPY), Great Britain Pound (GBP), Swiss Franc (CHF), Australian Dollar (AUD), and Canadian Dollar (CAD). The sheer volume of trading completed every day in the FX market makes it by far the most liquid and efficient market available. Because of the magnitude of trades, it is virtually impossible for individuals or companies to influence the exchange rate of the more commonly traded currencies through any form of open market operations. No single individual has the resources required to manipulate pricing through targeted buying or selling on the market.
Who Uses the Forex Market?
Individuals and organizations use the forex market at various times.
Consumers and Travelers
Consumers typically need to exchange currencies when they travel or purchase items from foreign vendors. While travelers go to banks or currency exchange offices to convert one currency (typically, their home currency) into another (often the currency of the country they intend to travel to) so they can pay for goods and services while abroad. Travelers need to be aware of exchange rates to ensure they receive a fair deal.
Consumers may purchase goods in a foreign country or over the Internet with their credit card, in which case the amount they pay in the foreign currency is converted to their home currency on their credit card statement.
Although each consumer currency exchange is a relatively small transaction, the aggregate of all such transactions is significant.
Businesses
Businesses typically need to convert currencies when they work outside their home country. For example, if they export goods to another country and receive payment in that foreign currency, then the payment must typically be converted back to the home currency. Similarly, if they have to import goods or services, then businesses will often have to pay in a foreign currency, requiring them to first convert their home currency.
Large companies convert huge amounts of currency; for example, a company such as General Electric (GE) converts tens of billions of dollars each year. The timing of when they convert can have a large effect on their balance sheet and bottom line. To offset the potential negative effects of currency market volatility and ensure they do not incur losses over time, many businesses use hedging strategies.
Investors and Speculators
Investors and speculators require currency exchange whenever they trade in any foreign investment, be it equities, bonds, bank deposits, or real estate. For example, when Swedish investors buys shares in Sun Microsystems on the NASDAQ, they will have to pay for the shares in U.S. dollars, likely converting Swedish Krona to USD in the process. Similarly, a Japanese real estate investor who sells a New York property may want to convert the proceeds of the sale in U.S. dollars to Japanese yen.
Investors and speculators also trade currencies directly in order to benefit from movements in the currency exchange markets. For example, if an American investor believes that the Japanese economy is strengthening and, as a result, expects the Japanese yen to appreciate in value (go up relative to other currencies), then she may want to buy Japanese yen and take what is referred to as a long position. Similarly, if an American investor believes that the euro will go down over time, then she may want to sell euro to take a short position. Interestingly, investors and speculators can profit equally from currencies becoming stronger (by taking a long position) or from currencies becoming weaker (by taking a short position).
Speculators are often day traders, trying to take advantage of market movements in very short time periods, buying a currency and then selling it again within hours or even minutes. They are attracted to currency trading for numerous reasons:
The size and daily volatility of the market, which provides some individuals with an unparalleled level of excitement.
The almost perfect liquidity of the currency exchange market.
The fact that the currency exchange market is "open" 24 hours a day.
The fact that currencies can be traded with no brokerage charges.
