My Forex Wiz » Trades

Forex Trading Software – An Exciting and Lucrative Way to Make Money 24 Hours a Day

admin — Sat, 19 Dec 2009 09:42:13 +0000

Bernice Eker asked:

Forex trading can be a very exciting and lucrative business to venture on, but it must be dealt with properly using comprehensive knowledge and best practices.

There are actually two ways to engage in foreign trade investment. The first one is to work with a broker and the second one is to do it alone. But if you are new in this trade, it would be advisable that you take advantage of the forex trading software. It features a demo program where you will learn various tricks on how to make trades.

Forex trading software can be found all over the place online. You can even find great options to choose from. But take note that not every product you see in the market guarantees quality. Many of them claimed to be worth downloading for, but do not actually provides the detailed information you need. So you really have to be keen on this. It must be admitted though that finding a 100% accurate forex trading software is never been easy. But you can still do so by paying attention to some tell-tale signs:

Forex Trading Software with Zero Support

Should you encounter a product that does not offer any customer support, do not think twice to pass on this one. Forex trading software is a sophisticated product that one finds difficult to understand and practice. It is therefore important that you can easily ask the vendor for assistance and receive relevant answers to questions during your pre-purchase and post-purchase.

No refund policy

Some program creators offer products that do not have money-back guarantee or refund policy. These are a type of vendors who are aware that they are selling inferior software so they cannot stand by their product offers. Always look for software vendors or program creators who feel comfortable about offering people high quality software with money-back guarantee.

Confusing Sales Copy

Some forex trading software have confusing sales copy on it, which makes it complicated for aspiring forex investors to figure out what are being said and how they will benefit from it. You must be able to identify the product you will be getting before giving out some cash.

Proof of Claims

Most program creators or software vendors sell products that promise 100% accuracy and effectiveness. But seldom one can give proof of his claims. It is not enough to take their word for it. You must find a reliable company who would provide you with proof or evidence that the product they are selling guarantees to be accurate and effective.

These are just but some tell-tales that you need to take your eyes on. You can also find companies that allow testing and viewing of their software before you buy it. This lessens your chance of spending your hard-earned money for an inferior product. You must also pay more attention in handing your money online. Never trust a company with no good reputation in forex trading industry. Always ask for proof of claims and check if the company offers a money-back guarantee in all of its products.

Forex Trading Systems – Want to Win 90% of the Time?

admin — Sat, 28 Nov 2009 12:14:41 +0000

Harold Hsu asked:

Online, you’ll often read about Forex trading advertisements that boast ofmore than 90% winning trades.

Sounds great doesn’t it? Would you pay $100 for a trading system that may win 90 out of every 100 trades?

If you answered “Yes”, you’re in trouble!

Unfortunately, the truth is that a high winning percentage has little to do with being a profitable trader. In reality, it’s easy to have 90% of winning trades and still lose money.

Don’t believe me? Go ahead a search online search for the “turtle traders”. If you’re familiar with them, you’ll know that they are very profitable traders with only a 20% winning trade percentage.

Allow me to explain

Imagine you make 10 trades in a month, and 9 of these trades are profitable for $1 per winning trade. This means that you have a winning percentage of 90%, with $9 in profit.

And if you have only 1 losing trade out of 10 (i.e. 10% losing trades), but you lose $10 on that one losing trade. In total, you would have lost ($9 – $10) $1 among all your ten trades.

Can you now see why a high winning percentage doesn’t mean that you’ll be a successful trader? You see, it’s not about how often you win, but how MUCH you win.

So don’t fall for the marketing tricks

Many advertisers use high winning percentages as a sales tool to get you to buy the trading systems they are selling. They know that traders like to win all the time, and who doesn’t like to win often? These advertisers try to appeal to everyone’s desire to win, and unfortunately many people fall for their trap.

Conclusion

It’s easy to have 90% winning trades and still be a losing trader. At the same time, you can have a low winning percentage, but be a very profitable trader. In reality, winning percentages have very little to do with a trader’s success.

So don’t fall into the advertisers’ trap when you see their “high winning percentage” claims next time. When people use high winning percentages as a sales pitch, chances are that they know very little about what it truly takes to be a successful trader. Be careful!

Your Forex Trading System: 3 Ways To Make It More Profitable

admin — Fri, 20 Nov 2009 09:16:04 +0000

Edward Lomax asked:

rex traders are looking for a profitable Forex trading system. We want something we can follow with predictable results. And as no system can be 100% accurate… we want a trading system that is profitable… one that makes it worth our time trading.

But once we find a Forex Trading System that works… we tend to stop looking for ways to make it even more profitable. I understand the hesitation… making changes could cost you winning trades and money. So, once the profitable system is found, traders trade that system without wondering if the system could be improved.

While coming up with a winning trading system is no small feat, how do you know you are trading the most profitable way? You don’t, unless you test! The purpose of this article is to give you three things to look at that could make your trading more profitable.

Look At Your Forex Trading System Stop Loss

You should always trade with a Stop Loss. If the market changes direction, you need a safety net to keep the losses in control. But a tight Stop Loss that keeps your potential loss really low might be keeping your from a higher percentage of winning trades.

The trick is to find the “sweet spot” when placing your Stop Loss. Pay attention to the currency pair you are trading as well as the Chart (M15, H1, D1, etc), you are trading. Then you need to test different Stop Loss ranges to look for the one that lets the trade develop without stopping you out of the trade prematurely, but that also limits risk. Again, the only real way to find this “sweet spot” is to test.

Look At Your Forex Trading System Take Profit

The way you decide to EXIT the trade is just as important as entering and managing the trade. If you want a high win rate, you can set your Take Profit close to the entry level… but that is not the most profitable way to trade. Again, there will be a “sweet spot” according to the currency pair and chart time.

Imagine if you can get an extra 10 pips of profit for each winning trade without reducing your winning trade percentage. Just think of how much MORE money you make with the SAME trades. While your take profit targets should be reasonable, don’t leave money on the table.

Look At Your Forex Trading Systems Money Management

Even a trading method with a high winning percentage can lose you money if you don’t know how to manage your money. And really, your money management should be based on your Stop Loss, Take Profit targets and risk tolerance. First, you need to figure out how much of your account balance you’ll risk on each trade. Then you need to determine a LOT size that fits with your stop loss and take profit strategy.

Once you have a trading system that hits the “sweet spots” with a solid money management plan, you can rest assured you are getting the most out of every winning trade… and controlling your loses. But if there is one thing you should take away from this article it is that just because your system may be profitable… it does not mean it can’t be improved! And each little improvement means a lot more money for you.

Automated Forex Trading Robots and Software

admin — Sun, 08 Nov 2009 05:57:51 +0000

Bernice Eker asked:

There are hundreds or even thousands of companies and manufacturers in the internet that are offering the secret to winning consistently in the foreign exchange market by using an automated forex trading program.

There are more people involved in trading foreign currencies that fail and lose their money because of misjudgement. Consistency is the trick so that a trader can last long in the world of forex trading.

It is no secret that trading is difficult and mistakes are very common. Experts say that the best way to avoid this is to take up forex education first and learn about the basic principles and methods of trading. After that, they should practice using demo accounts that provide somewhat of a simulation of the market itself so the aspiring trader would be able to catch a glimpse of how the market actually works.

Sometimes all the education and training isn’t enough to make anyone a successful trader because they do not have the innate skills required for the job or they do not have the time. This is where an automated forex trading system comes in. This does everything for the trader. Monitoring trades, analyzing charts, the market and the upcoming trends and based on that information, it will do the proper action.

If it is able to predict that a particular trend is going to go up, it can immediately trade in that trend. The best part about this system is that it can react faster than any person. Once a change happens in the market it can do the proper action in milliseconds thus, minimizing the risk and maximizing the profits of the trader.

The automated forex trading system is usually based on the trading style of a successful trader. More often than not, these successful traders are the ones who create these systems to spread their knowledge about trading foreign currencies and help aspiring traders. It uses a sequence of mathematical codes and calculations to make the best possible trades and in effect, earn consistently.

When it comes to choosing one of the many automated forex trading systems available in the internet, there are a few things that you should look for. First thing is that it should be created by a forex trader who has a good background in the market. Next, the system should have a demo account so you can test its capabilities and if it has what you need or want. Another important part is making sure that the statistics presented by the company are real.

The best place to get all of this information is not with the product’s website, but through third party websites which gives a review on different forex trading programs. They also have comments from those who have tried the program. The website should be a third party so that the reviews and comments are unbiased. It is very important to do your research and your homework before buying a particular product so that you can be sure you are getting your money’s worth and not just something you will regret later on.

Forex Trading – Forex Secrets That Need to be Revealed

admin — Sat, 24 Oct 2009 12:43:18 +0000

Timothy Stevens asked:Never to be confused with gambling, forex is afield that demands strategy, intensive study, and sound decision-making. Face it: making money in this industry cannot be earned the easy way. So when you hear any announcements saying otherwise, be very suspicious. Remember that forex is an all together different matter and should never be confused with gambling. Here, relying on luck will get you nowhere, unless you would consider losing all your investments a target. This market can be treated as both a science and an art, wherein logical and analytical calculations of price moves through fundamental or technical analysis are employed.For you to be able to understand how gaining with a good investment works, you must first be aware of your losses. Money management is a crucial practice in terms of achieving profits. The ratio of your gains to losses should be 2:1, wherein you are ideally expected to earn at least twice of the amount that you could lose for every trade so that at least even if you get a 50-50 chance of gaining for all forex trades, you can still turn in profits.

Learning forex does not end. This trait has kept the top notch traders even more successful, so as a novice, there is no reason for you to assume that there is no need to. The trend constantly changes even though some situations may appear to follow a pattern. Either way, you can take advantage of the tricks of the trade and make it favourable towards you by constantly updating yourself. As this is the case, forex trading will not be as dreadful and complicated as your initial impression.

Currency Trading Lessons – How I Turn Failure Into Success in Forex Trading

admin — Thu, 08 Oct 2009 12:31:12 +0000

Daniel S. asked:

Many people who have not really traded in the market think that forex trading is very simple, it’s easy to earn quick money and get rich fast. Well, from my years of trading in the forex market, I can tell you that it’s not that easy after all if you do not understand the market well. When I recall the past, I’m happy to say that I was determined enough and did have a mindset for success before I became successful in forex trading.

I think I was like a lot of people before, whenever I saw any forex signals, I will start reacting to it and trade without thinking much… not planning…not strategizing. So I hope you are not doing what I did last time! I understand that some of you might have frustrations now, because those forex system you bought out there doesn’t seems to work or if it works in the short term, it does not give the kind of expected results you want in the long term. Many people will complain things like:

- “Why does it seems to work for other people, but I just can’t get it right.”

- “What’s the trick to become a successful trader?”

- “Am I using the wrong set of forex trading strategies?”

- “I’m trying very hard, but I still lose to the daunting forex market!”

Don’t worry, you’re not alone. About 95% of people cannot win in forex because either they do not have good money management, a proven forex trading system, patience, discipline or they can’t get past their emotional/psychological barrier.

Other than that, what is stopping you from succeeding is mindset. If you do not have a strong and correct mindset, where do you find motivation and determination to succeed in forex trading? So when you lose a trade, or after a string of losses, you should ask yourself what has gone wrong and you will strive to do the correct stuffs next time round without making the same mistake.

A lot of traders gave up easily just because they lost some trades and think that it’s impossible to succeed or they have busted their trading capital. So if you really want to succeed in forex trading, you have to keep a close look on your money management to make sure you have enough capital to continue trading. You must also be patient, give yourself some time to learn and be fair to yourself, no one can succeed the first day when he comes into forex trading.

Forex Trading – Tips and Tricks

admin — Sun, 04 Oct 2009 09:11:11 +0000

Ladi Dairo asked:
Tips and Tricks To Help Improve Your Trading

Simplicity – Always keep your trading systems simple. Too many information at one time on your trading screen could confuse and delay your decision to trade

Broker – A lot of FOREX brokers are in business only to make money from yours. Read forums, blogs and chats around the net to get an unbiased opinion before you choose your broker.

Sample the Environment – It is important to remember that many registered and online trading agents have fictitious platforms which mirror the real-time, live platform clients register and trade on. It is not only advisable, but it is also actively encouraged to initially open a ‘dummy’ account where fictitious forex trades can be undertaken that closely reflect what real trades may be like when they are eventually undertaken. Such platforms are designed to give those that are new to forex a feel and an idea what real trades on live markets will be like when the decision is made to begin trading.

Buy low, Sell high – Forex trading does not involve the physical purchase of the currencies, but rather involves contracts for amount and exchange rate of currency pairs. The potential for profit comes from the fluctuations in the currency exchange market. Regular daily fluctuations in the value of one currency against another give a clear advantage over conventional stock market equities and instruments. See Trading Illustration Only

Manage Losing Positions – Trades will sometimes inevitably on occasion go against you. It is important to accept them as an inherent part of trading. Cut your losses and move on having learnt from any mistakes made. Always remember however that you will not be able to trade without losing some positions. It is important to manage these well.

Patience – Do not over-trade your account. Good money management practice is important and will help with profitability. This will go a long way in helping you develop a strategy which fits with your personal trading capital. Operate a trailing stop loss policy say 15 to 20 pips behind the trade. Minimise your good trades as long as you are confident.

Flexible Mindset – Don’t set yourself false targets and expectations. Experts will tell you trading is not an exact science and setting oneself unattainable targets will only lead to frustration and feeling of failure when these targets are not met. Always maintain an open mind. The market is a constantly changing environment tunes your mindset to understand this.

And lastly but definitely not least, it is most important for all market participants to remember that unique experiences and past performances do not guarantee future results. Trading results can vary in any combination of circumstances. If you do not have extra capital that you can afford to lose, you should not trade in the foreign exchange market.

Invest wisely and take advantage of the resources and technology available to you in the market

Forex Trading Website to Guide You All the Way to Massive Forex Wealth

admin — Sun, 19 Jul 2009 21:19:30 +0000

Bernice Eker asked:

Everyone craves for money so most people think about getting on business these days. You are probably one of those who consider venturing on Foreign Exchange industry. And since a key to achievement is knowledge, you have to boost your level of comprehension and be able to analyze the market you are in.

Spending more time on research will help you get started. Just like anyone, you also aim for a long term sustainable success and this can be achieved when you fill your mind with knowledge on the most fundamental concepts of Forex trading to its most effective strategies. But remember to rely only on a Forex trading website that provides good and accurate information on Forex trading. It must have positive product reviews, and is able to educate you on the in’s and out’s of Forex trade industry. Should you find one, then you are increasing your chances of making large profits.

At some point, you may encounter a Forex trading website that is easy to use, but the information is vague, leaving you clueless on how to do it right on Forex trades. There are some websites flooded with information but seem complicated to digest. You are yet to find websites that can provide you with the best of both worlds. And most of them charge a fee. It is alright though as what the saying goes, “You get what you pay for.”

As you do your research, have with you a piece of paper and a pen, and write down all the questions that come across. It is important that you get all the answers to your questions before you do an actual trading. As soon as you filled your paper with questions, go and contact customer support using the Forex trading website you found, and start asking them all the questions you listed. This is one way to determine whether that website is worth searching for or just like any ordinary Forex trading source online.

If you are not yet satisfied, go deeper and search for exclusive Forex trading website because it is just out there and waiting to be knocked. As you stumble on one website, check if it has everything you need for Forex trading information. You will know if it is worth your search when it teaches you more about Forex, how to trade on Forex, and how to invest properly. It is also important that the website features a 24/7 customer support so you can always turn to them for any future queries or issues that you may have.

A profit is guaranteed when you only make the right decision in Forex trading. You will know at instant if Forex trading works for you based on your researches. Should you realize that you will excel in this kind of business, then you will more likely increase your chance of making money a lot easier and faster.

So if you are really eager to make more cash in the Forex market, you should start improving your winning percentage. Remember to rely on a professional Forex trading website that caters to your needs and provides you with more winning Forex trading tricks.

The Psychosocial of Forex Trading

admin — Thu, 11 Jun 2009 22:22:11 +0000

Timothy Stevens asked:

Trading in the foreign exchange market could be intense. Its movement can be likened to a rollercoaster, only this time, you do not know exactly how and when the ride will dip, flip, surge, or plunge. You have to in the right frame of mind if you are to emerge successful in your forex options trading and currency trading business or you will go loco. Early on in your trading career, you should already develop your own forex trading style depending on the type of risks you are willing to take. If you cannot handle heart-stopping risks, you should not even attempt to take positions that put you at risk of losing on your trades.

Forex trading is all about mental processes in making trading decisions, managing risks, and dealing with the outcomes. Staying on top of the forex trading game necessitates the right psychological makeup to succeed in the forex options trading and currency trading business while at the same time maintaining a sound social life. Keeping emotions at bay in times of losses and being less cocky in gains will allow a forex trader to stick to his trading strategies, objectively evaluate his current condition, and then move on to plan his next moves.

Man is not an island, definitely not in the world of forex options trading and currency trading. There are other players in the market. While you do not necessarily have to maintain social relations with any of them, it would help if you do maintain a support group with whom you can swap forex ideas and from whom you can learn a few forex tricks.

Automated Forex Trading Software to Make Money Fast Online

admin — Wed, 13 May 2009 01:04:04 +0000

Daniel S. asked:

One thing is for sure, there is not a forex trader around who cannot get better and one way to improve your trading ability is to use automated forex trading software to add a few new tricks to your bag. Some traders believe that not only can it help them make money fast online, a software forex robot is also very good at helping you to add profitability to your good trades and decreasing your losses on the bad ones.

This software forex robot is not something to replace the trader, it is actually quite the opposite. You are still going to have to know the basics of trading and set the software within your limits, but a lot of the manual task work and guess work is taken out of the equation.

Once you get the forex software rolling, it is quite obvious that anyone involved in the forex market should want to use it. No more figuring out numbers by hand or even keeping records, the software will handle all of these mundane tasks for you.

One thing that a lot of people do not consider when they are talking about automated forex trading software is that it can not only handle the basic tasks for you, but it can ever teach ‘an old dog new tricks.’ There are different simulations or backtesting that you can run to help increase your every day skills as a forex trader. Everyone involved in forex trading should always seek to learn as much as they can at all times and this software is a wonderful learning tool.

While the automatic forex system is definitely great in most areas, it does have a few shortcomings. The most prominent of these is the software’s inability to compensate for a sudden change in the market that is based off late news. Whether it is the database information or some other reasons, the forex trader themselves will need to keep an eye on the trades when this happens to ensure that their money is protected.

As we mentioned before, this forex software is not to replace a trader, it is more of a tool than anything else. The value of it is in its ability to track and record all information and to keep an eye on your forex investments. In just about all areas it is very successful in doing just that, but this one small shortcoming will have to be watched. Regardless, this is something that every successful forex trader needs to educate themselves on and use in order to increase their level of success.