3 Common Mistakes Made By Forex Traders

November 30, 2013 by  
Filed under Forex Trading System

It is widely known that about 95% of new forex traders will lose money and quit in the first 2 years, by eliminating these 3 basic mistakes you will be one step closer to success.

1. Trading Around News Events – Before considering a trade always look at the news events calendar and do not trade within 1/2 an hour of a major news event. You can look at the Forex Factory online news calendar, the major events are denoted with orange or red icons. Around these events the volatility greatly increases and the market tends to whipsaw, your position can be quickly stopped out. This is an important habit, if you’ve been trading for any length of time without checking for news you’ve likely been stopped out unnecessarily due to news events.

2. Overly Tight Stop Losses – A very common mistake that amateur traders make is using overly tight stops. Each currency pair needs some “room to breathe”. If your stops are too tight, you are at a great disadvantage. Always consider that you have to pay a spread to your broker. Let’s say that you are trading the Euro/Japan cross and your broker has a 4 pip spread. If you set a 20 pip stoploss and 20 pip take profit, due to the spread you effectively need 24 pips in your favor for a profit and you will be stopped out if the trade goes 16 pips against you. The Euro/Japan pair tends to have a greater volatility compared to most pairs. Unless you are very close to a major support/resistance area, this will not be enough breathing room.

3. Inconsistent Trade Strategy – To gain successfully with trading, you need to have a consistent strategy. There are many traders who will find a strategy that has a winning edge but end up losing because they are inconsistent. Imagine a trading system that has a history of winning 70% of trades, this means that over 100 trades you should win about 70. As long as the risk to reward ratio is even or in your favor this will be profitable. However, if after losing 5 trades in a row (which can happen) you decide to change part of the system you are no longer trading consistently. This is why it’s a good idea to trade on a demo or micro account for a couple months until you build up your confidence in the system. It’s easier to stay emotionally balanced and just take the losses when they don’t hurt your wallet.

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Automated Forex Software – Forex Trading Made Easy

October 15, 2010 by  
Filed under Forex Trading Software

Article by Allisson Wood

Automated forex software, also known simply as forex robot is a product of innovations in technology and the tricks of the best traders in the forex market. It automates trading decisions by using in built features that analyze the market in a fast and logical manner. It makes forex trading simple, fun-filled, quick and thought-free!

To make trade decisions that are profit making, automated forex software can be used. It serves both beginners as well as experienced traders; small account holders as well as large account holders. It limits risks by having ‘stop loss’ breaks in the system that automatically quits trading when some thing unexpected happens.

In automated forex software, decisions are arrived at in a methodical way. The algorithms are written to analyze various parameters and pick trades that maximize profits. The decision making process is not only precise but very fast. There fore a lot of time can be invested in actually playing around in the market, getting into action, rather than wasting time in pondering over trade decisions and analysis. Forex robots also offer high usability; they are easy to navigate and all the thought process and calculations that go into decision making is done by them. They provide reports for gathering real time information about the accounts.

Forex software is simple to use. Hence it can be used by novices too, who do not know much about forex trading and yet want to participate and make profits from the forex market. There are automated forex software available that come with real-time proof of profits and money back guarantee, if the advertised results are not achieved.

Forex Boomerang promises its users to be an ultra powerful, fully automated tool that will make profitable trade decisions. It can be set up to trade forex 24 hours a day for 5 days a week. It has a low risk and high return formula built into it.

FAP Turbo is automated forex software that is very simple to use yet guarantees exponential profits in a very short period of time. It can be used effectively with small and large trading accounts. It provides live proof of profits being made using real time accounts for its customers.

Forex Maestro is a robot that is supposed to have artificial intelligence built into its system promises that the system is fool-proof and can gather in huge profits. It claims to compare very advantageously with the other forex robots available in the market.

Are you ready to make money with automated forex software? Check the review site at http://www.automated-forex-software.com to see the benefits of using it

About the Author

Allisson Wood has been involved in forex trading business for 15 years. She is passionate about helping people in forex trading and eager to share her experiences how to achieve success on this business.

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December 27, 2009 by  
Filed under Automated Forex Trading

forex trading
by Tradingrichmom

Article by forex trading expert

Forex day trading is very popular and is probably the newest way moneychangers to test l’ call is obvious – commercial at the weak risk and of the stable construction in the long run of the profits, but how want you to gain… L’ short-term industry us commercial enormous and there exist many courses to train you and to teach you the bases all and have d’ enormous roadmaps with weak pulling and d’ enormous long-term profits. He ya a problem and if it resides in this warning, you will see: ” REGULATE CFTC 4,41 – hypothetical or simulated results obtained some have limiting. Contrary to a real performance, simulated results do not represent the reality of negotiation.

And Simulate the programs d’ exchange in general are also subjected to the fact qu’ they are conceived with the proper perspective. No representation is made that any account or is suitable for carry out benefit or losses similar to those presented “. Of course, it ya an enormous difference between knowing what s’ passed and not n’ import which and even a child can become a millionaire on paper. In real-time, c’ is a unit much more difficult In one day trying to envisage, to predict what a great number of tradesmen will do, within a few hour or a few minute is impossible that the price can go n’ import where. To gain l’ money you need for reliable data is that – c’ is as simple as that. You must be able to work on the probability d’ a price going in a specific direction on your table of exchange and its obviously obvious that you n’ do not have decent data to work and you cannot obtain an edge or the chances in your favour.

The chances are not in your favour, which means that you are intended to lose. Alas forex day trading is a good theory (if that went), but it can not reach in practice and if you n’ be not convinced, to try to find one to that the antecedents d’ a day trader over one period of a few years – you do not find one, you will find day traders with simulations – but this n’ is not difficult clear of dollars, you can use them. Not the short-term trade, the longer-term trade and you obtain the right of forex education, get you the chances on your side and to benefit from currency the commercial success.

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