The Experiment Forex Automoney has been delivering automatic signals for years, even before Forex trading really became popular on the internet. Based in the United Kingdom, the company provides signals for people around the world, whether they be expert traders or part timers just looking to make some extra cash. The indicators tell you when to trade a certain pair, with the goal of maximizing profit. It's not autopilot trading, it's 24/5 trading signals, there's quite an important difference. Since it is used by many traders of different experience levels and talents, the system has been reviewed hundreds of times and the reviews are literally all over the internet. So many reviews, some quite biased I'm sure and some probably honest, can be confusing to go through and interpret. So I wanted to make it simple. I went ahead and interviewed an expert trader, a person who doesn't need to use a trading system no matter how good it is. I asked him to try Forex Automoney for a few weeks, trade various currency pairs with it, take a look at it's real profit potential and accuracy rating and tell me what he thought. You might ask, why do I care? Why would I take the time to find an expert , ask him to try this trading system and report the results? The reason is simple: because I care. I've been trading Forex for a little over 4 years now, but I'm definitely not an expert. Sure I have some techniques that work but I could use accurate signals, of course I want to make thousands per week without having to read news, analyze charts and spend hours developing new strategies, who wouldn't? The Results (You May Be Surprised) Anyways back to the task at hand, the expert agreed ( or else I wouldn't have been able to write this review). He traded the EUR/USD pair for a month using an MT4 platform on a demo account with a $50,000 deposit of virtual money. He used the automatic signals to open & close his trades and guess what? He made money. The accuracy rating was much higher than expected and he earned a few thousand dollars per week. Granted this was only 7-10% of the initial account balance but if you can do that every week that's quite a hefty chunk of change in your wallet every week.
Monday, March 15, 2010
Forex Expert Review
Automatic Forex Trading Robots - Reviewed
To choose, and to choose wisely, one must be armed with all the facts. In the world of finance, the wrong choice will cost more than it would in any other field. To choose from among the many forex trading robots out in the market today, one can weigh the characteristics of one against the other. In order to do even that, one must be armed with news and reviews about the product. Here then is a list of just the top 3 Automatic Forex Trading Robots - Reviewed:
1. FAP Turbo. This software has garnered many positive reviews. It is said to have been tested thoroughly on live accounts and has passed these tests. It can be configured to a trader's personal specifications. It can run in two strategies, the short term and the long term, and the settings are easy to adjust. Long term strategies trade multiple currencies, while short term trade only the top pair. All these and more endear FAP Turbo to many traders.
2. Ivybot. This is the latest forex robot out in the market today. It has been designed to solve some of the problems encountered with other, older, forex robots. The Ivybot is configured so that the trading system can be constantly and automatically updated by professionals in the field. This system can therefore adjust to existing and changing market conditions at all times.
3. Forex Megadroid. It has a good market prediction strategy with a process called Reverse associated Time and Price analysis, or RCTPA. It eliminates confusion by simply trading the USD/EUR, or United States Dollar to the European Dollar. These are its main strengths.
With this selection of Automatic Forex Trading Robots - Reviewed, it is hoped that many traders will be able to have their success in the financial market that is forex trading.
Time and Timing in Day Trading
It is of utmost importance to understand the time that you choose to trade in and know what you potentially expect at that time of day. This differs from instrument to instrument so it is important to study market behavior for your particular instruments. I usually trade only 2 instruments the DAX and the GBP/USD and I am pretty familiar with their behavioral patterns during the trading day. Other instruments behave differently and I will only trade them (and I do occasionally trade WTI, Nat Gas, and other currencies) after I've studied their time related behavior. Most of my trades outside of the DAX and GBP/USD are news related and of course, when figures are released a different volatility exists which usually out of the normal patterns.
The best time to trade the DAX is close to the London open at 08:00 (03:00 EST) as the open usually brings a large surge in volume and it's and easy time to scalp. Sometimes the scalp will turn into a longer term trade if a trend develops, however it is often possible to achieve a gain of 20 - 40 points in the first half hour of trading. As my daily target is 30 points and it is often hit within 30 minutes, I can then relax and look for absolutely perfect set ups that will not risk the gain. Another good time to trade the DAX is around 13:30 UK time (08:30), but need to watch out for any news announcements as this is the time most US releases come out (CPI, GDP, NFP etc). It it a pretty volatile period and once again it's easy to capture good moves then. I have a method that I use to make a good living from just trading the open, however it is intuitive/instinctive and is difficult to describe, I've been using it for years and have developed a gut instinct for it. At some point I will go through a month or 2 of trades and try to verbalize it. In the meantime I'm come across a site that claims it has a mechanical set up for the open. I haven't looked at it yet, but will soon, I generally buy quite a few systems to test out. And as this one guarantees your money back if you don't profit on the first trade may be worth $67 (Trading Stock Indices). My library shelves are full of trading books and my C drive packed with ebooks and systems I've tried, most are useless but once in a while you get a decent one.
About 1 hour after the markets open (London and NYC) we usually see some consolidation and I tend not to trade these periods, it can be quite frustrating. I'm sure you've noticed how fast the time goes by when you are in a trade that is going against you and how slow it is when a trade you've entered just hovers around breakeven. Chances are that it's the same length of time, it's just our mind playing games with us. As far as I'm concerned, I look for a trade to move my way within 2 bars (1 min, 5 min or any other time frame you trade). If it doesn't I'd rather close the trade and wait for a better opportunity. My experience is that if a trade doesn't move your way quickly, it is a less probable trade. Practice patience in entering a trade and not after you've entered it. If you've taken a scalp and it's at a good swing point and it moves your way, once you've made it a risk free trade you can let it run. Most instruments don't turn on a dime, but most have reversal points that often occur at regular times, keep your eyes open and move your stop accordingly. Forextrading system Reviews
Timing is a separate issue and depends on your trading method, one of the methods I use, is reversals at known pivot points. This is pretty much a rubber band type of trade and often one can catch a reversal and a new short term trend. In these cases, as with scalping, if you have a prticular price area in mind, timing makes a big difference, If you enter too early you may get stopped out quickly and if you enter too late you will miss out and possibly get stopped out as the momentum traders want the momentum to continue. I do occasionally set a limit or stop order at the price I anticipate the reversal but mostly I watch the action and enter manually so that I don't enter a waterfall or rocket. This is one of the main problems of robots, a robot may initiate a trade at a good level but at a bad time. As your stop is not guaranteed you can easily wipe out a few days wins in one single trade. For example, some unexpected news comes out and everyone runs, at least if you're actively trading and have a squawk box (you should, as a day trader) you stand a better chance of making an emergency exit and maybe even reversing. I've seen currencies shoot up 100+ pips in seconds as a result of some news about a central bank intervention, with a robot you could easily lose the lot. Basically the thing about timing is that if your set up happens, get in, there and then, no hesitation and manage the trade accordingly. How many times have you kicked yourself (or the cat) for not sticking to your set up? My stops for most of these reversals are pretty tight, and as they work out over 60% of the time they pretty much form the bread and butter of my trading.
Bottom line, remember that trading is 90% in the mind and if your mind is cluttered or you're not in a good state it's best to avoid trading, better to recover, get yourself back together and then go back. For those of you who have been reading my posts, you know that I am a great believer in meditation, and always make sure I am completely calm and confident before I trade. Lately I've been using this subliminal video and I find it's pretty good, 10 minutes of watching and I am ready to make money easily.Must read daily and weekly market reviews
While the forex market is not as vast and varied as some other financial markets, especially for traders who prefer to stick to the majors rather than go after exotic pairings, it can still be a rather daunting task to keep track of all the different trends in all the different time frames.
We highly recommend going over both the daily forex reviews and the weekly forex reviews available at eToro.net. While the daily review presents you with an overview of the immediately preceding day, it is important to get a larger perspective on the daily trends by placing them in a larger context. So for example, if the USD was on an uptrend yesterday, it is extremely important to see if the strengthening of the USD is part of a general uptrend, which means that the trend is going strong, or just a downtrend hitting a support area, meaning that it's bound to reverse sooner rather than later.
Both weekly and daily reviews at eToro.net are available in several languages, making it easier for non English speakers to get their does of market news. EToro also features many expert opinion pieces that will help you get an even wider perspective on what's happening in the forex market today.Are Forex Reviews All Fake? How to Safely Learn Currency Trading
If you've ever tried to find some reliable forex reviews (product reviews - to be more precise) then I'm sure you've noticed the number of review sites out there. They're reviewing all kinds of products: robots, systems, foreign exchange software, guides on how to learn currency trading and many more.
The worst part is that the results are not the same on most of them. Which means that a certain product can be ranked as #1 on one site and #172 on the other. And you know what? Some of these forex reviews are not even real... that's because the owner of the site is just an affiliate and he picked the product with the biggest commission as the first one in his ranking... in other words - it's a forex scam.
So you really should be aware of this fact when you go out on the internet trying to learn currency trading or find the perfect forex program for yourself. Just because someone rated some product as the best one, doesn't mean that it will be the perfect choice for you. And I don't mean that the product is of poor quality. I'm just saying that you don't really know what the motive was behind rating a certain product as the number one.
You should be careful when reading the forums as well. You see, often when you go to a forum you will find some bad reviews among other posts, and sometimes you'll get convinced by them. What's worth knowing is that usually the negative voices are louder than the positive ones. People just tend to write and talk about their negative experience more often than about the positive one.
(For example just watch the news. How much negative news there are comparing to the positive ones? It's just the human nature - negative information is just more interesting.)
Don't get me wrong, I'm not saying that negative forex reviews are fake or not important; this is not at all what I mean. Because by all means you should pay attention to them. (Although the truth is that there can be some fake hate-posts written by competitors of certain tools. People do that because discrediting your competition is the easiest way to get more sales.) But because of the fact that people get louder with negative opinions, you shouldn't tie too much weight to them. Of course if there are 1000 negative reviews then you should think twice before buying the product and maybe look for something else. But the truth is that every product has some bad reviews. I mean, if Bill Gates would write a step-by-step guide on how to create the biggest software company in the world, then there still would be some bad reviews of it.
So what's the takeaway from this article? Just be careful when choosing the right product for yourself, because sometimes it's not as easy as it seems.
In a nutshell - don't believe every positive review found on the review sites, and don't believe every negative review found on the forums. This should help you avoid a forex scam.
So if you want to find some reliable information, then you could go to a number of review and comparison sites (sites that are comparing things like: training courses, robots, programs, foreign exchange software, etc.), get the rankings from them, and make your own list of the best forex products. Of course you can't be sure which reviews are real, and which ones are not, but still, it would create a good overall market picture.
I know that it sounds like a lot of work, and it is. Because actually there's no point in spending hours on all the review sites when you can use this time to learn currency trading instead. But I have some good news for you. The truth is that you don't have to do all this work on your own.Automate Your Way to Success : Currency Trading Software
The forex market is fast-moving and can be very profitable - and forex currency trading software can help you maximize your profits.
The forex market is now bigger than the rest of the world's stock markets added together, and automation is the obvious way to go if you want to make the most of the enormous opportunity this highly-liquid marketplace offers.
There are advantages to manual trading, and it's a good idea to trade manually at least when you start out, so that you get to understand the market and the basics of trading. Also take advantage of the demo accounts which most brokers offer these days and build up some experience before you venture into the riskier areas of trading with real money.
Remember, at its best this is a speculative form of investment and the more you know the more prepared you will be for whatever the market chooses to throw at you. A demo account will help you learn to manage your risk, which is a skill you must learn if you hope to become a successful trader.
But even after you graduate from a demo account to real trading, as a manual trader you cannot possibly watch a number of currency pairs at the same time without missing at least a few trading opportunities. This is the area in which automated currency trading software can assist an over-worked trader.
You can choose from a number of different approaches with automated forex trading software. If you are already trading manually, and trading successfully, then you can automate your system. If you are you are the technical type you could take a DIY approach using a platform such as Metatrader 4.
If you don't have the right skills, hire a programmer. Your relatively small investment will be well worth the expense as long as you know your system is a successful one.
But if you're new to forex trading and don't have your own system, the alternative option is to purchase ready-made software to to the job for you. Such forex robots come with a pre-programmed system and all you have to do is set your preferences such as position size, risk, and so on. Link the program to your broker account and let it trade for you.
Make sure you test properly before going live; you will normally be able to do this via a demo account as well. Because most robots have a refund guarantee, if you move smartly you can run the test in a demo account well within the guarantee period. That way you don't run any risk; if you are not satisfied with the results you can ask for your money back and try another system.
Once installed and operating, your currency trading software can work online 24 hours a day, checking the markets and trading at times when you cannot. There are other advantages to using automated trading systems. The robots don't feel any of the stress that humans do when they have to make quick decisions involving uncomfortably large amounts of money. This tension can cause even experienced traders to make mistakes and miss opportunities. Stress can absolutely wipe out beginners.
But your trading robot doesn't feel a thing, and will make the decisions you programmed it to make when you were thinking calmly and clearly, in a stress-free situation.
Some software will even track the forex calendar and hold off from trading when economic news is due. This can be a huge plus, allowing you to duck possible whipsaws that often result from such data.
Obviously some forex robots are more reliable and profitable than others. Finding the right currency trading software is simply a matter of hanging out at the right forums, looking for feedback and reading the reviews.
latest forex currency trading system
IvyBot the only automated forex robot expert advisors use 4 at the same time. The aim is to use a single line forex trading system to trade any currency. This will help to better winning percentage, and better trading results.
Will it mostly hype IvyBot forex robot takes over the throne, and the Forex Megadroid FAP Turbo? Time will tell, we will report the test results and the results here. The following list of reviews, news, articles related to IvyBot.
The commercial program IvyBot getting a lot of attention recently in currency trading circles, and it is likely that there will be one of the most popular commercial robots 2009th Like a robot, which show impressive results in the automatic and 100%, and easy to install and use, it seems that nothing goes wrong with the robot. However, this is far from true. Although there are advantages majpr to IvyBot, there are also weaknesses need to know.
Cons:
1. The IvyBot only 4 trades currency pairs. Of course, most of the commercial trading only 1 pair of robots, such as Ivybot still better than most of the robot, but it would have been better if it had sold more pairs.
2. You do not learn anything involving trade, where an automated trading robot. This is something which can reduce the long-term gains. Always make sure that you continue to educate yourself about to small commercial, even if a lot of money in the machine tools.
IvyBot, of course, there is a lot of pros:
1. This 100% automatic, so trade him and do not lose your free time. You do not need a computer to work around it.
2. It's affordable and there is a 60-day money back guarantee.
3. It amazing results.
4. This update weely basis, so the robot can work well to changing market conditions, and steadily increases to perform better and better.