How to Make Money with Forex Trading

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Jan 142011
 

Forex trading is much like many other types of investment. The main goal is to create a profit, through buying one thing and selling it after some period of time. This is the way it goes for shares, options, bonds, real estate, hyip’s, and many more, with forex trading being no different.

Forex trading is different to the others in a few ways. Many say that it is more predictable, and the trends are easier to read because the charts tend to repeat themselves on a regular basis. It is typically a fast paced industry that includes a lot of day traders who work from home. Another way it differs is that there are only a certain number of currencies (far less than the number of stocks).

Here is a basic example of how you make money with forex trading works;

Trader’s Action EUR USD
You purchase 10,000 euros at the EUR/USD exchange rate of 1.1800 +10,000 -11,800
Two weeks later, you exchange your 10,000 euros back into U.S. dollar at the exchange rate of 1.2500 -10,000 +12,500**
You earn a profit of $700 0 +700
This is an example I’ve taken from Continue reading »

How To Edit Forex Robot Settings In MetaTrader4

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Jan 082011
 

Firstly, let’s clarify the reason for changing the settings in your forex robot…

All forex robots come with a list of default settings which the creator of the forex robot has made to hopefully find that sweet spot between profits and consistency. However the sweet spot they are looking at is more on the side of consistency, so profits can be hindered severely.

With plenty of testing, it is almost always possible to get more profits, more consistently (so you have less losing trades), than the standard default settings.

Now moving on to why I’m writing this article…

I am frequently getting asked how to edit the settings that forex robots come with by default, so I thought I’d make a quick reference guide to help you get the job done with ease.

Step 1.

You’ll need to have your forex robot set up in your MetaTrader platform before you can even begin editing the settings. So if you haven’t done this, head over to the members area of your forex robot and watch the setup tutorial they provide.

Step 2.

Click the smiley face icon on the chart which you’d like to edit the settings for.

Step 3.

Double click the parameter that you’d like to change. Change it. Then repeat this for all the parameters that you’d like to change.

Step 4.

Click Ok.

Step 5.

You’re done!

Now you just need to wait a little while and give your robot a chance to make some trades.

Warning: You should only edit the settings in a demo account unless you know what you’re doing, or unless you’re inputting professionally optimized settings that have been proven to work. Fiddling with settings in a live account could cause you to incur losses.

Why Automated Forex Trading Software?

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Jan 062011
 

Automated Forex Trading SoftwareIf you’re reading this article then there’s probably a few things you’re thinking about.

First, you’ve come across this automated forex trading software stuff, and it looks interesting,  but you’re not sure exactly what it is, or how it work.

Second, you want to know how this type of an investment any different to trading stocks, bonds or options, and you want to know why it’s better than investing in real estate or a simple high yield bank account.

Well, let’s quickly discuss what forex is.

Forex stands for foreign exchange, and is basically the buying and selling of currencies around the world. The way you can make money in currency trading is for example, if you put 1000 of your US Dollars into European Currency (Euro), and hold it for a little while… if the difference between Continue reading »

Forex Trading Robots in 2011

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Jan 032011
 

So it’s just rolled over to 2011 and we’re all excited about the prospect of trading with forex robots, and the new expert advisor’s that we’ll see coming into the market this year.

Last year, in 2010, we saw a variety of robots come into the market and my fellow traders had very mixed opinions about which was the Best forex robot, and why they thought so. However as a collective group, I can confidently say that we as a community would agree that FAP Turbo was the Best forex robot of 2010. This is based on all the reviews I read, along with discussion in forums, other peoples trading accounts, along with my own personal accounts. It seemed to do really well in 2010, and I hope that it continues to grow throughout 2011.

As you know, my goal is to provide the most up to date information about the Best forex robots, along with the help that’s required

Continue reading »

Best Forex Expert Advisor – The Holy Grail?

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Dec 182010
 

You’re probably like I was back when I first started looking into the world of forex robots. I was on a search to find the holy grail of automated trading systems. I knew the best forex expert advisor must be just around the corner, so I didn’t end up buying anything for a while, even though I found a few with great reviews and proven results. I was convinced that something better was waiting for me to find it.

Eventually I realised that there is no ‘best forex expert advisor’, it’s simply not possible. The only way to attain that would be to Continue reading »

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