It seems like there are hundreds of new traders getting involved in forex trading every day, and many of them are trying to find some kind of short cut or 'hack' to make it easier to learn. And even though trading is risky, there are still plenty of people happy to take those risks because the chance of making lots money are so high when you get it right.
Of course, one of the prerequisites for trading profitably is having a proven system to follow. That system will have a set of rules that trigger when you should enter and exit each trade.You already know there are literally hundreds of forex trading systems available, so it's critical that you do some digging and research before you choose the one that's right for you.
But even if you do that research and find what you think is the perfect trading system, it's certain that you'll lose money in the market on some trades. There's simply no guarantee any trade or series of trades will make a profit, regardless of what system you use - that's just the way it is. But something that's often held up as a way of increasing your chances of success is what's called an Automated Forex System.
An Automated Forex System comes with an automated trading robot that makes currency trades for you so you don't have to sit there and watch the market. In other words, the robot works on autopilot, buying and selling currencies, based on pre-determined formula programmed into the system.
Sounds like a good idea on the surface. In theory, it means that all you have to do is check on your robot trader occasionally to make sure that it's working, and the system's parameters are calibrated correctly. Over time, your trading account balance will grow on it's own, without any input or decisions from you. As I said, it SOUNDS like a good idea... in theory.
OK, now it's time for a reality check. Why would somebody sell a piece of software to anybody if it really made forex trading that easy? They would keep it to themselves and profit from the market themselves (at least most sane people would). Give me a break...
Here's the facts. Forex Robots, at least the kind that we have access to inexpensively, simply don't work. Make sure you don't fall for the 'our forex trading robot will fix your financial problems' line. Now obviously there are hedge funds, private traders and institutions that have million dollar automated trading systems that work well for them. But they are not the same 'forex robots' you'll see selling online for a hundred dollars. Just doesn't happen.
The BEST way for new and even experienced traders to make real money in the forex market is to learn a proven system from somebody who knows what they are doing. Then practice using a free demo account from a good broker until you can confidently trade the system. That's what you need to do - there is NO shortcut shorter than that. You just have to find a good trader who's willing to share his system, do what he does, and you have a good chance of succeeding as a trader.
Of course, one of the prerequisites for trading profitably is having a proven system to follow. That system will have a set of rules that trigger when you should enter and exit each trade.You already know there are literally hundreds of forex trading systems available, so it's critical that you do some digging and research before you choose the one that's right for you.
But even if you do that research and find what you think is the perfect trading system, it's certain that you'll lose money in the market on some trades. There's simply no guarantee any trade or series of trades will make a profit, regardless of what system you use - that's just the way it is. But something that's often held up as a way of increasing your chances of success is what's called an Automated Forex System.
An Automated Forex System comes with an automated trading robot that makes currency trades for you so you don't have to sit there and watch the market. In other words, the robot works on autopilot, buying and selling currencies, based on pre-determined formula programmed into the system.
Sounds like a good idea on the surface. In theory, it means that all you have to do is check on your robot trader occasionally to make sure that it's working, and the system's parameters are calibrated correctly. Over time, your trading account balance will grow on it's own, without any input or decisions from you. As I said, it SOUNDS like a good idea... in theory.
OK, now it's time for a reality check. Why would somebody sell a piece of software to anybody if it really made forex trading that easy? They would keep it to themselves and profit from the market themselves (at least most sane people would). Give me a break...
Here's the facts. Forex Robots, at least the kind that we have access to inexpensively, simply don't work. Make sure you don't fall for the 'our forex trading robot will fix your financial problems' line. Now obviously there are hedge funds, private traders and institutions that have million dollar automated trading systems that work well for them. But they are not the same 'forex robots' you'll see selling online for a hundred dollars. Just doesn't happen.
The BEST way for new and even experienced traders to make real money in the forex market is to learn a proven system from somebody who knows what they are doing. Then practice using a free demo account from a good broker until you can confidently trade the system. That's what you need to do - there is NO shortcut shorter than that. You just have to find a good trader who's willing to share his system, do what he does, and you have a good chance of succeeding as a trader.
About the Author:
This risk management article looks at how you can become professional currency traders while minimizing the risk and maximizing your profits. Check it out.
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