Auto Forex trading is one of the newest sensations to hit the market in years. While a large number of people have jumped onto the bandwagon there are still some more uneducated about the dangers and the liabilities associated with auto Forex trading. Forex robots can be as risky as trading with real human being. The reason is because if you automate a Forex robot improperly it can lose you money very quickly and very easily. You have to verify that you set the right market parameters each time, with a view to make certain that the robot doesn’t trade poorly while you are away.
QUESTION: Forex Trading Strategy?is there a good forex trading strategy that work for anyone?
Here is a great Forex trading strategy that works very well for me. No it's not the regular advice that you get everyday from other traders that are probably losing their money in the market too. Most people will advice you to read all the books about Forex, take all the courses out there, practice for 5 years then see where will that take you. We know that this is non-sense. When we decided to invest in the Forex market it was because we want to invest money and see some returns quickly without having to go through a learning curve that takes forever, then if you got really lucky it might work for you. I decided to take a different approach and think a little bit out of the box. I figured, I don't have to be an expert in Forex to make money in that market. Let me give you an example. If someone filed a lawsuit against you, You don't have to study law for 10 years so you can win in court! You simply hire a lawyer that knows what he's doing to take care of that for you. It's the same thing here, I am an investor I need to make money investing in Forex. There is no point in studying it for years and try to come up with strategies that only god knows if it will ever work or not. I even end up spending money on training courses and I find my self in the end losing money without even getting started in trading. I took a different path, some might call it laziness but I frankly don't care. All I care about is to see returns on my investment without learning how to trade from scratch for years. I invest my time looking for qualified traders that have a track record and the skills to increase my portfolio safely every day. There are traders all over the world with outstanding trading skills there is nothing wrong with hiring or following some of them and in return they take a small cut, at the end of the day everybody is happy. It's not an easy task to find a good trader with the skills needed to trade your money, But it sure is much easier for me than trying to learn all about Forex for years and even spend tons of money on courses and EAs. Let me tell you the key features that I look for in a trader. There are 7 key features makes a trader qualified to trade my account and I am going to share them with you. The 7 Key Features/Skills That Makes a Trader Qualified To Trade For Me: Risk shouldn't be more than 3% of the account in a single trade. A track record and history of live trading on a live account for at least 1 year. Risk:Reward ratio 1:1, I prefer 1:2 meaning profit should be double the risk. Open positions shouldn't be more than 3 at any given time. No Scalping! I don't go for 3-5 pips in profit per trade that doesn't work. There should be always a "stop loss" and a "take profit" targets in place TP targets should never be bigger than the TP targets. Take the time to check online traders, and I mean real traders not robots. Make sure they have the above skills, study their history carefully and start partnering up with them. Trade a small amount of your capital and as you get comfortable increase your trading balance a bit by bit. This is a very realistic approach, and it works. I advice you to cut your losses today stop spending money on courses/trainers and look for real traders that can actually trade and help you grow your portfolio.
Forex Trading is a scam dude. You'll lose all of your money
I follow the macro trends by following the weekly charts of the main currency pairs along with macro economic indicators. For instance, the CHF (Swiss Franc) is a safe heaven currency and can be seen appreciating in value over time when bad news hits the wires about Europe or other global economies. Likewise the JPY, but a lot of traders got scared because of the central bank Japanese intervention which recently devalued the JPY. But everyone knew they were going to do it… anyway, keep looking for indicators like this on the long term trades. We're talking 2 to 6 week strategies. Also get on twitter, a lot of Forex Trading Strategies are discussed there. Check out my source below, great analysts, but a lot of them are short term traders.
Forex trading is 99% Mental 1 % strategy is involved ! If you can control the human brain you are expert in it