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Automated Forex Systems - The Straight Story

 

Forex Private Investment club Potential Investor Grade, Test ten leading forex robots the safe and easy way

These systems can consistently produce returns of 10-30%/month with realistic risk management. You can now opt for a combined 7 robot pool

you can now join a Fap Evolution Pool at Forex Private Investment Club - limited numbers act Now!

This program is impressing me. I have had contact with the manager. He has been great to work with and he has a very smart business plan for this gem of a program. The manager is an experienced forex trader. He developed an interest in autotrading and the use of MT4 'Expert Advisors' (EA's), or robots as they are often called. Tired of watching all the hype and rip-offs surrounding these products he decided to set up an investment pool based on the idea that he would run 7 of the leading robots and take a small cut of the overall profits. All this is good and exciting but there's more good news here. What Kevin is showing is that the old golden rule of diversify, diversify, diversify applies to this strategy. Having your funds spread across a number of robots is a brilliant approach because you get gains from each when they are doing well, you cover the occasional losses they all have in the odd month and on average you build steady profits. To you the investor in this, there is no set-up cost for the robots and no running costs. It would cost 2-3k minimum for you to set up what Kevin has going here and then there is the learning required to which is substantial. You can skip this cost and time and invest in his pool with as little as $10. Payments to your account balance are made twice monthly. This is a good answer to the reality that any one robot does some things well and then does not do so well at times or with other strategies. So this program is well conceived and manager seems to be competent. The transparency, communication and systems are spot on, all good signs. This program is worth considering and a great way to start to learn about forex trading and the robots. Even if you are setting up to do your own trading and working with robots I still recommend it from a diversification standpoint and a learning opportunity.

Private FX does all the hard work for you and allows you to get in with small amount. For as little as $10 you can join. When you sign up you can choose which robot(s) will trade your money. There are Ten robots to choose from:

1. FAP Turbo
2. Forex Megadroid
3. Forex Auto pilot
4. Fab Evolution
5. Robo Minor
6. Forex Derivative
7. Forex Espionage
8. Grid lock
9. Super 7 Robots
10. Ivy bots (4 robots in one)

Payment processors are Alertpay, Solid Trust Pay, Liberty Reserve, Paypal and Strict Pay. Actual records of the trading are available on request.

Main characteristics

• You will be investing with a group of other members in real Forex markets.
• Private FX club will disclose all gains and losses on a weekly basis. Return for April was 21% (using the FAP Turbo robot).
• They will be using Automated Robots that have been developed and used by people to make money world wide.

Most 'safe' and 'conservative' funds and investments are suffering badly in the present economic chaos. People are losing their retirement savings fast. Some have lost it all already. Private FX club felt there was a need for a solution, not a get-rich-quick overnight solution. But, a real solution based on real numbers and LIVE results, a solution that is RECESSION PROOF!

Private FX club will show you how you can see excellent monthly returns. Take Forex MegaDroid as ONE example and imagine how fast you will reach YOUR objectives with returns like this:

"Forex MegaDroid Indisputably Proves A Robot Can Trade With 95.82% Accuracy In EVERY SINGLE Market Condition And At Least Quadruple Every Single Dollar YOU Deposit."

Due Dilligence

Because this is a brand new opportunity there's no long track record yet. There is always some risk involved in trading forex but depending on how much you put in the risk can be very low. The person behind the program is Kevin Krause who resides in Canada. I didn't do a lot searching but the whois information of privatefxclub.info looks good. It is not much to go on but I figure that if I keep the risk low it is worth a dabble.

Strategy

My strategy is simple. I will let my earnings compound until I have 100% profit. I will then withdraw that profit and continue with my initial investment. I'll then withdraw half of my profits each month after that and let the other half compound. I'm going to do that for each of the robots but I'm going to start with the Forex Megadroid robot.

Don't be greedy, if this program is build to last there's plenty of time to make some good money. Start with a modest amount, this program has yet to prove itself in the long run.

You can sign up here if you want to: Forex Private Investment Club

Email us about a related opportunity which is a private pool run by that same manager a Forex Private Investment Club. This project utilises a well researched and tested aggressive strategy with the Forex AutoPilot and Fab Evolution robot. Email Us

 

More on The Forex Autotrading Strategy

We have looked at trading ourselves, we have investigated managed funds, trading pools, robot autotrader software and systems looking for a forex system that we could use. Bottom line is that like many of you we don't have the time to trade in the forex markets on a daily basis. Forex trading for those who do it well is great and extremely profitable. If you want to dedicate yourself to the task and devote long hours you can succeed, but you will loose money for sure in trading if you don't learn the business properly.

Autotrading robots often called 'expert advisors' (EA) working with an MetaTrader platform are a wonderful idea. Until recently EA's available to the small investor have looked promising in back testing only to fail sooner than later in live trading. The reason most often given for this failure in the 'real market' is that robots can be programed to trade in one type of situation with a strategy and be successful, but the real market is changing behavior all the time which results in the robot sooner or later falling into loss making mode. The concept has to be a good one though and the MT4 trading platform and programing language without a doubt has great potential. As time passes you can bet smart minds will create these auto systems that will successfully tap into the unbelieveable earning potential of world forex markets - the biggest and most liquid market on this planet. In the last year this is happening, but with all great opportunities there is always a mountain of hype and profiteering that comes with it right now. This too is happening right now the leading marketers of forex robots are making millions. Is this all justified and how do you get involved safely?

Read on to design your own strategy for using trading robots or if what really suits you better is to join an investment pool where an experieinced trader does all this for you go stright to Forex Private Investment Club now.

The good news is that you can start off your own system with a relatively small investment. Here is a check list of the things that you need to start your own system. Each of these steps is explained in more detail below.

1. Purchase one or more of the forex robots, prices range from $67 - $700. (see details below)
2. Set up a trading account with a borker starting with a free 'demo account' to learn and testSet-up your trading software MT4 platform and become familiar with all the basic trading functions FXOpen
3. Fund your trading broker accountSet up a virtual server account and install your software there or be prepared to have your home computer on and connected to the internet CNS Virtual Server
4. Start testing and then trading

 

Choosing and Setting up Forex Robots to Trade Yourself

We are going to list and briefly describe the top selling forex robots. It is not possible to conclusively rank them in terms of performance because in reality they are all different and they will perform differently in relation to each other in any month due to ever changing market conditions. This really suggests that the smart approach would be to trade several leading robots at the same time which would allow you to have less risk and profit more of the time. This is of course exactly the strategy in use with Forex Private Investment Club trading seven robots. You may want to start your own trading with just one or two robots and then expand from there or focus on the robot that performs best for you. All these EA's are marketed in a very competitive market and unfortunately there is alot of heavy sell going on. In the end you need to look past that and decide on one or more to test for yourself. Fortunately all of the leading robots below come with really good manuals, set up instructions and support. Even if you are new to forex trading it usually doesn't take too long to get a system set up.

Month performance results for Forex Private Investment Club

"All robots made money. The leader of the pack is the forex derivative at 15%. Forex auto pilot at 12.5%. followed by Grid Bot and fap turbo at 11%. Forex espionage was in at 10.5% robo minor at 9% and megadroid at 7%".

 

IvyBot

The much awaited forex robot, IvyBot will be released in the market on 28th July, 2009. Until now, this automated forex trading software was only available to selected few. In this IvyBot review we will look into the key features of this forex trading robot.

We are now running this robot on a live account and will reviewing the performance here in the near future.

So what is special about this currency trading software in comparison with other forex EA like FAP Turbo? One of the key features of IvyBot is that it has four different robots for four different currency pairs. This is not available in any other trading robots. Most of the auto trading software are primarily created for EUR/USD pair and though they can be used for trading other currency pairs the results might not be good. Ivy Bot eliminates this problem by developing separate forex robots for specifically for each forex currency pair.

It is too early to give you a precise conclusion on IvyBot since the product is yet to reach in the hands of normal traders like you and me. Based on Ivybot results achieved by beta testers and their feedback, Ivy Bot seems to be performing exceptionally well. Also Ivybot is the only automated forex system which offers 4 custom made forex bots specifically made for each currency pair and they offer free upgrade for life time.

Ivy Bot is developed by a Team of 5 professionals led by Byron. Other members of the Ivybot team are John & Todd, who are considered as mathematics geniuses and Sam and Max; two brilliant software programmers who created this complex software for MT4 platform.

Following are the main features of Ivy Bot Robot.

* Automated Trading Robot - Completely Hands free
* Profitable trading system
* Automated Risk Scaling
* Active Trading
* High Spread Protection System
* Easy Installation. Ivy Bot is very easy to install.
* Trades multiple currencies
* Four unique trading robots for 4 currency pairs.
* Ivybot got Build in Loss Prevention
* Extremely low Drawdown
* Profits with real money.

Ivybot Comparison:
Let's compare Ivybot with FAP Turbo one of the most popular forex software ever created. The basic working principle of IvyBot and FAP Turbo is similar. IvBot RobotsHowever Ivybot gives you 4 different robots which specially designed for four currency pairs. When you open the Ivybot package you will see the following applications inside.

* EUR/USD Forex Robot
* EUR/JPY Forex Robot
* USD/CHF Forex Robot and
* USD/JPY Forex trading robot.

What is included in the Ivy Bot Package

4 Ivybot Forex Robots for four currency pairs
o 25 Page Installation guide with detailed instructions.
o 3 step by step Ivbot Installation Videos
o Free Scalper settings for Ivybot robots. Ivy Bot offers high accuracy scalping system.
o Life time Free updates.
IvyBot Bonus
You will get the following Ivy Bot bonus products when you buy Ivybot now.
o Market Watch custom indicator. (Exclusive product worth $500)
o Session Profile forex indicator

Get IvyBot System here...

 

 

FAPTurbo

Fapturbo has two strategies it can run. The scalping strategy can trade on four currency pairs. It also has a longer term trend strategy that can be used, but this requires a reasonable trading account and it does involve some substantial risk with drawdowns at time being pretty heavy.

Basically Fapturbo is able to 'scalp trade' on the EURGPB currency pair pretty efficiently, but if the market goes to a choppy condition with alot of movement the robot will can make some losses. Here's the good news...................some people are making money with the robot. What about all the hype and the 100% returns per month claims. Well I checked out the trading records and some not so good things showed up. One they often traded with ridiculous risk levels which meant that profits accumulated quickly. However if you trade at those risk levels you will go bust with any system in time - any professional trader would back me up on this. At times on these 'test' accounts they are risking 20-30% of their funds, whereas normally a trader would not go beyond 5% in any trade. Realistically this robot can consistently earn about 10% a month and some people are doing better than this. Fapturbo comes with a money back guarantee and as a clickbank product you can definitely get your money back within the 30 day period. So you can give it a try for little cost or risk. Price $139.- USD

Go to the FAPTURBO site Download the Fapturbo Operation Manual (includes good description of system)

 

 

Forex Megadroid

NEW - 2009! Forex MegaDroid is the first Forex robot to use state of the art built-in Artificial Intelligence Technology as well as a next generation Market Timing Algorithm. A 2-4 hour window is all the robot need. Forex MegaDroid bases all its strategy in very short time frames. It is a scalper rather than a day or medium term trader.

Forex MegaDroid is designed to trade EUR/USD with H1 timeframe. It is recommended to trade along with FapTurbo as their Scalper does not trade EUR/USD. You will find Forex MegaDroid started to work when FapTurbo stop trading.

Furthermore, Forex MegaDroid has a unique built-in mechanism that allows it to be undetected by Forex Brokers. Some unscrupulous Forex brokers will raise the spread on the currency pair you are trading during specific hours the robot trades (making the robot not profitable anymore). Price is $97. USD with a 60 day guarantee.

 

 

Forex Monster

Forex Monster is a completely new robot aimed at newbies who want to enter the Forex Trading market who don't have a lot of time or capital to invest. In other words, those who have day jobs and little residual cash. The product is also aimed at those who have previously tried to profit in the Forex market but have failed. The EA code we use plugs neatly into trading software and automates the whole process.

The new EA is designed specifically to profit in the currently volatile economic conditions, has been dual-tested for maximum proof... and has an incredible track record to back it up. Forex Monster has a sophisticated trend identification system and is best described as a trend trading system. During a trending and moving market period the returns can be quite high. drawdowns are quite modest for this type of trading. An important feature of this robot is that is perfectly compliments the scapling robots, because it performs when they are withdrawing from the market. forex Monster is optimized to trade the EURGBP currency pair. The EA cost $67. USD and has a 60 day guarantee.

This robot is not yet traded at Forex Private Investment Club We are currently trading this robot.

 

Forex Grid Bot

This robot claims to employ a sophisticated algorithm at the heart of the EA that is constantly calculating where price action is likely to go. Grid systems are about calculated trading ranges and the high probability that the price will move between these ranges. The EA has a comprehensive money management system and uses volatility indexes to help identify the trades. Times of high volatility and thus high risk are avoided by the robot. Forex Grid Bot trades multiple currencies in basically a scalping trading style. The Grid Bot EA comes with some attractive bonus offers and access to their member forum and upgrades. Price is $149 USD with a 60 day money back guarantee. Trading records are available on the site.

 

 

ForexBling

ForexBling has become a front runner for me I am trading this group of robots currently and the results are promising. The ForexBling robot collection is offered by the Forex Hope group which are the same people that developed the “PointBreak” robot. PointBreak was one of the first successful robots to be made publicly available several years ago. The ForexHope group are professional and in it for the long haul. The ForexBling strategy revolves around having a group of robots that all trade with different strategies thus covering all the possibilities of scalping, breakout, grid trading and trend-following. Also ForexBling is committed to ongoing research and supports its product with continual development and updates and research. If you sign up with ForexBling there is currently a bonus offer to receive the Fractals-4 robot which combines a short term breakout strategy with a long term breakout strategy. I am also trading with this robot and the results are promising. ForexBling is ideal for the serious trader as it offers so many options. A great product from a solid professional team of developers.

 

 

Forex Autopilot

Forex Autopilot is proven auto-pilot software with an in-built advisory system, developed by a professional team who have combined expertise in forex trading, mathematical logarithms and programming.

Forex Auto Pilot is an effective instruments of technical analysis. It detects trend, strength of the trend, finds support and resistance levels. It can be used for Elliot waves and Fibonachi levels! This indicator surpasses all well-known indicators like ADX, Stohastic, MovingAverage. You can develop your own low risk and profitable system based on Ultra-Trend.

Forex Auto Pilot is equiped with the state-of-the-art money management programming that allows the individual trader to turn a profit even under unfavorable conditions on the market.

The system was optimized for best performance on euro/usd M1. We recommend to use it on euro/usd m1 with default setting to get maximum profit. The strategy has been designed to be useful for trading any major currency pair such as EUR/USD, GBP/USD, USD/JPY, USD/CHF etc... The examples are mostly in EUR/USD. However, our Forex system can be easily applied to any other currency pair. Price is $99.50 and there is a 60 day guarantee.

 

 

Forex Derivative

Warning - I am not trading this robot myself so only have limited information.Forex Private Investment Club got a reasonable return with this robot for June, however there are alot of bad reports coming in on this robot so the information is not consistent. I will post a more informed recommendation as soon as I am able.

This robot is claimed to be very accurate with a 90% percentage of profitable trades claimed. Trading results are available on the site. The EA trades regularly and works well just on default settings. It utilizes a scalping strategy. you can trade four major currency pairs such as EUR/USD, GBP/USD, USD/CAD and AUD/USD. The creator of the software claims that the system analyses the market condition and calculates trading strategies for each market condition within strict money management guidelines. Price is $97 USD There is a 60 day money back guarantee.

 

 

Forex Espionage

A popular robot that has had some very good results for some people. A forex training manual is thrown in with the EA to help those that are new to forex. The creators claim the robot trades with 80% accuracy following a 'swing trading' strategy, which holds trades typically a little longer than the scalper strategy robots. The robot has a high trading frequency averaging one trade a day and can rack up very good gains in strong trending periods. It trades best on EURUSD and 30min and 4hour time frames. This robot costs $97. USD and comes with a 60 day guarantee.

 

Robo Miner

EA from Forex Goldmine. The RoboMiner is available for a free demo download that can be used on any MT4 'demo' platform. You can quickly and easily set up an account and download the MT4 demo trading platform at FXOpen. To download Robo Miner simply sign up for a free membership to Forex Goldmine, and you will be able to download a fully functional copy of the RoboMiner EA that will trade on any demo Metatrader account. There is a setup video within the website that takes you through the whole process of how to set it up, and there are a number of FAQs as well, which should answer any question that you would have.

The RoboMiner is a very profitable EA that is simple to use. It is ideal for a retail user who has not had a lot of forex trading experience. Other than the unlock code, there are only 3 settings that are relevant to the day to day operation, and they are set by default, so that it is possible to run the EA right out of the box.

The RoboMiner trades only the AUDNZD and EURCHF currency pairs in a custom grid-trading system. The built in money management system is intentionally so conservative as to make trading with this EA a very low risk proposition in comparison with other forex trading systems. The AUDNZD currency pair could literally climb to the highest price it has ever traded at historically, and then it could fall to the lowest price that it has ever traded at historically, and your account will not margin out, provided you have not changed the settings from their recommended levels.  It is recommended that beginners stick with the AUDNZD pair until they have gained sufficient experience to add the other pair.

Because of the conservative nature of its trading system, at first glance, the RoboMiner may seem boring to an experienced trader. It may be hours or even days before the first trade is opened. It is for this reason that we recommend that the account owner not sit there and watch the account for hours on end. We recommend that you just put the EA on the chart, make sure it is turned on, and go on with the other details of your life. If you can manage to do this, you will be pleasantly surprised as your check your account from time to time, because, even at its more conservative settings, the RoboMiner can easily average 6%+ per month and 100%+ per year on your invested capital. You can verify this yourself by back testing the RoboMiner with the Metatrader Strategy Tester.

 Another big selling feature of the RoboMiner is that it requires no attention on the part of the account owner once the EA begins trading, other than to make sure that your computer is on, your trading platform is open and is connected to the Internet. You can literally go for weeks without having to intervene in your trading account in any manner. This is truly a trade-while-you-sleep proposition! More info on how Robo Miner works. Price is $39.99/month or $497.- USD. ROBO MINER and its new sister EA GT-Shadow can be downloaded free to test on demo trading software that you can set up easily and at now cost from our preferred broker FXOPEN Registration. This is an excellent way to learn about trading with MT4 EA robots at no cost and no risk.

Watch the promotion video

 

 

Choosing a Broker

This is an important aspect of trading. After trying several I have settled on FXOPEN which is a registered broker based in the Seychelles. FXOpen has all the features you want, a great MT4 trading platform, micro and standard accounts and has comprehensive digital currency facilities. They also have low spreads and fixed spreads essential for autotrading robots. The fixed spreads policy at FXOpen demonstrates their autotrader friendly policy and takes away alot of the possible funny business that brokers can and do get up to. I definitely recommend you give FXOpen a try.

FXOPEN Registration

 

Virtual Server Option

This is totally optional, but highly recommended once you get underway with autotrading. Autotrading robots need to work 24/7 to be fully effective and this can be hard to achieve on your home PC. There is now an answer - virtual servers which you can get for as low as $30/month completely solve the problem. Basically a data centre allocates a certain amount of server space to you and provides a 'virtual desktop' that looks just like your windows desktop on your PC. Once you become a member you logon from your computer via the Internet. You can open your desktop and do all the things that you do on your own PC - the difference is that your virtual server runs 24/7 even when you have your PC turned off.

We have researched the Virtual Servers and we have found one that is forex auto trading friendly and very competitive price-wise. Also we found there reliability and customer service excellent - this is very important. It is called Commercial Network Servers - Virtual Server. CNS Virtual server has a set up that is especially designed for traders and they have lots of extra features, good support, great desktop software and are cheaper than the others. Here is the link

Sign up for CNS Virtual Server

Sign-up for with our recommended Broker FX-OPEN (low fixed spreads ideal for FAPturbo)

FXOPEN Registration

MT4 EA Robots Testing and Review Site

Risk - Trading foreign exchange markets on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in the Forex market, you should carefully consider your investment objectives, level of experience, and risk
appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

 

 

Forex Trading Tips

TIP 1 Read both the books by Mark Douglas which cover trading psychology BEFORE you read or do anything else. If you don't, I'll say I told you so when you hit a failure barrier and don't know why.

TIP 2 Stop loss policy - you MUST have one and practice, more practice and even more practice at sticking to it. It will not be easy but it is an essential discipline to profitable trading.

TIP 3 Trading plan / system. Again, you MUST have one! Then you must practice sticking to it. Do not try and second guess or trade against your indicators - wait until they give you a concise signal before acting on it.

TIP 4 TRADE WITH THE TREND. DO NOT trade against the hourly trend of the market unless you are VERY certain the market has turned. Check this by watching a long term moving average (say 80 SMA on 15 minute chart)

TIP 5 Learn to sit on your hands and not trade! It's better to wait for good quality trades than take a mediocre one and loose money. A day of no trades is better than a day with one loosing one. If you don't like the market, just walk away. It will always be there later.

TIP 6 Don't set yourself false targets and expectations. Trading is not an EXACT science and if you do you will only become frustrated by your failure to meet them. Take what the market gives and be satisfied. Greed will kill you as a trader, both mentally and monetarily. .

TIP 7 The market is rarely your friend in a trade that goes against you. Cut your losses quickly and accept them as an inherent part of trading. You will not be able to trade without some loosing positions. Manage them well!

TIP 8 Try hard not to get out of profitable trades too early. Try operating a trailing stoploss of say 15 to 20 pips behind the trade (on 5 minute timeframe) and maximise your good trades by letting them run. Be patient!

TIP 9 Ensure you fully understand how to generate and use pivot points and camarilla points on your trading platform. These are crucial decision points for daily trading and you will struggle without them.

TIP 10 DO NOT overtrade your account. Read up on money management in trading to make sure you fully understand why this is important and develop a strategy which fits with your personal trading capital. NEVER risk wiping out your account because believe me, it can happen. I've done it twice myself!

TIP 11 Learn about FIBONACCI levels and how to apply them to your charts.

TIP 12 Keep your trading system simple. Do not have too much information on your trading screen. It is unnecessary and will only cause you to be confused and delay you making your trading decisions.

TIP 13 Always think in terms of probabilities. Trading is all about thinking in probabilities NOT certainties. You can make all the "right" decisions and the trade still goes against you. This does not make it a "wrong" trade, just one of the many trades you will take which, through probability, are on the "loosing" side of your trading plan. Don't expect not to have negative trades - they are a necessary part of the plan and cannot be avoided.

TIP 14 Ensure that the candle is fully formed on the timeframe you are trading BEFORE you enter your trade. Trade what you see, not what you would like to see.

 

 

Forex Peace Army

We have been carefully evaluating forex trading strategies and resources over the last three years and have some valuable recommendations for you and an opportunity which will potentially make you money in currency trading.

One trading group has stood out for us among the many trader groups that offer information and advice.

Joining this group allows you to access

• A state of the art news service
• Entry into a trading room led by a very experienced trader
• Live buy and sell calls
• A proven trading strategy and a comprehensive collection of trading information.
• Daily signals and trading strategies explained
• Valuable historical information
• Introduction to fellow traders

To get all the services and access to the trading room there is a subscription to consider but the good news is that a lot of the information and daily signal service is free to members. I have followed the actual trading results of this group and carefully checked the daily signals against results and I can tell you this is worth investigating seriously. i

The name of the group is called Forex Peace Army. This is an exclusively private group you can only join club with an introduction from a current member.
We strongly recommend that you sign up and take advantage of all the free services and information you'll find there. Here is what you have to do.

Here's the free stuff you'll get when you join Forex Peace Army

• Daily news trading signals based on successful strategies and good research
• Access to information audio and video resources, here's a few example titles
• How the Forex Market Really works
• How the Banks Make Money in Forex
• How I make money in Forex (Main method)
• How I make money in Forex (Other methods)

Access to a review site that has comprehensive user reviews on the following topics

• Forex Education
• Forex Tools Reviews
• Forex Education Reviews
• Forex Alerts Reviews
• Forex Brokers Reviews
• Forex Managed Accounts Reviews
• Forex HUMOR!!!
• Forex Forum

Register for Forex Peace Army click here now

 

 

BetOnMarkets 'High risk/return'

This is a large very well established business with an excellent web site. There is lots of help to get you started. Wide range of financial market indices (currency and major stocks) are offerred. BetOnMarkets offers fixed odds financial bets; i.e. financial bets that pay a fixed amount (or nothing) on expiry. In other words, when you buy a fixed-odds bet from BetOnMarkets, you are entitled to receive a payout, which is a fixed multiple of the amount you have staked. With the BetOnMarkets dealing system a client expresses a view and makes a prediction. If the prediction comes true, the client will profit by a predetermined amount. Before any bet is placed, the client knows the entire possible downside as well as the exact possible profit. However, with most bets, you are also able to sell your bet before the final settlement date to mitigate your losses or take your profits out early. This means that your risk level is clearly defined at all times. E-buillion and a range of credit cards are used for money exchanges. Returns can be quite high as the bets can be turned over pretty quickly.

 

45 Ways to Avoid Losing Money Trading Forex

by Jimmy Young

Jimmy's FOREX Trading Experience
2004-2009 Independent FX Trader
2003-2004 FX Trader Societe Generale Bank
2000-2003 FX Trader Bank Julius Baer
1997-2000 FX Trader Fuji Bank
1994-1996 FX Trader Erste Bank
1993-1994 FX Trader Bank Indosuez
1991-1993 FX Trader Erste Bank
1989-1991 FX Trader Hill Samuel Bank
1987-1989 FX Trader Manufacturers Hanover
1983-1987 FX Trader Banque Paribas
1982-1983 FX Trader European American Bank

1. Knowledge Deficiency - Most new FOREX traders don't take the time to learn what drives currency rates (primarily fundamentals). When news or a statement is due out they must close out their positions and sit out the best trading opportunities. They are taught to only trade after the market calms down. So essentially they miss the whole move and then trade the random noise that follows a fundamental price move. Just think for a moment about technically trading the aftermath of a price move; there is no potential.

2. Overtrading - Trading often with tight stops and tiny profit targets will only make the broker rich. The desire to "just" make a few hundred dollars a day by locking in tiny profits whenever possible is a losing strategy.

3. Over leveraged - Leverage is a two way street. The brokers want you to use high leverage because that means more spread income because your position size determines the amount of spread income; the bigger the position the more spread income the broker earns.

4. Relying on Others - Real traders play a lone hand; they make their own decisions and don't rely on others to make their trading decisions for them; there is no halfway; either trade for yourself or have someone else trade for you.

5. Stop Losses - Putting tight stop losses with retail brokers is a recipe for disaster. When you put on a trade commit to a reasonable stop loss limit that allows your trade a fair chance to develop.

6. Demo Accounts - Broker demo accounts are a shill game of sorts; they're not as time sensitive as real accounts and therefore give the impression that time sensitive trading systems, such as short-term moving average crossovers can be consistently profitably traded; once you start dealing with real money reality is quick to set in.

7. Trading During Off Hours - Bank FX traders, option traders, and hedge funds have a huge advantage during off hours; they can push the currencies around when no volume is going through and the end game is new traders get fleeced trying to trade signals. There is only one signal during off hours - stay out.

8. Trading a Currency, Not a Pair - Being right about a currency is half a trade; success or failure depends upon being right about the second currency that makes up the pair.

9. No Trading Plan - Make money is not a trading plan. A trading plan is a blueprint for trading success; it spells out what you see your edge as being; if you don't have an edge, you don't have a plan, and likely you'll wind up a statistic (part of the 95% of new traders that lose and quit).

10. Trading Against Prevailing Trend - There is a huge difference between buying cheaply on the way down and buying cheaply. What was a low price quickly becomes a high price when you're trading against the trend.

11. Exiting Trades Poorly - If you put on a trade and it's not working make sure you exit properly; don't compound the damage. If you're in a winning trade don't talk yourself out of the position because you're bored or want to relieve stress; stress is a natural part of trading; get use to it.

12. Trading Too Short-term - If you're profit target is less than 20 points don't do the trade; the spread you pay to enter the trade makes the odds way against you when you go for these tiny profits.

13. Picking Tops and Bottoms - Looking for bargains works well at the supermarket but not trading foreign exchange; try to trade in the direction the price is going and you're results will improve.

14. Being Too Smart - The most successful traders I know are high school graduates. They keep it simple and don't look beyond the obvious; their results are excellent.

15. Not Trading Around News Time - Most of the big moves occur around news time. The volume is high and the moves are real; there is no better time to trade fundamentally or technically than when news is released; this is when the real money adjusts their positions and as a result the prices changes reflect serious currency flow (compared to quiet times when Bank traders rule the market with their customer order flow.

16. Ignore Technical Condition - Determining whether the market is over-extended long or over-extended short is a key determinant of near time price action. Spike moves often occur when the market is all one way.

17. Emotional Trading - When you don't pre-plan you're trades essentially it's a thought and not an idea; thoughts are emotions and a very poor basis for doing trades. Do people generally say intelligent things when they are upset and emotional; I don't think so.

18. Lack of Confidence - Confidence only comes from successful trading. If you lose money early in your trading career it's very difficult to gain true confidence; the trick is don't go off half-cocked; learn the business before you trade.

19. Lack of Courage to Take a Loss - There is nothing macho or gutsy about riding a loss, just stupidity and cowardice. It takes guts to accept your loss and wait for tomorrow to try again. Getting married to a bad position ruins lots of traders. The thing to remember is the market does crazy things often so don't get married to any one trade; it's just a trade. One good trade will not make you a trading success; rather it's monthly and annual performance that defines a good trader.

20. Not Focusing on the Trade at Hand - There is no room for fantasizing in successful trading. Counting up and mentally spending profits you haven't made yet is mental masturbation and does you no good. Same with worrying about a loss that hasn't happened yet. Focus on your position and have a reasonable stop loss in place at the time you do the trade. Then be like an astronaut - sit back and enjoy the ride; no sense worrying because you have no real control; the market will do what it wants to do.

21. Interpreting FOREX News Incorrectly - Fact is the press only has a very superficial understanding of the news they are reporting and tend to focus on one element and miss the point. Learn to read the source documents and understand it for real.

22. Lucky or Good - Your account balance changes don't tell you the whole story about your trading; fact is if your taking a lot of risk and making money you will eventually crash and burn. Look at the individual trade details; focus on your big loses and losing streaks. Ask yourself this; if I had a couple of consecutive losing streaks or a couple of consecutive big loses, how would my account balance look. Generally, traders making money without big daily loses have the best chance of sustaining positive performance. The others are accidents waiting to happen.

23. Too Many Charity Trades - When you make money on a well thought out trade don't give back half on a whim; invest your profits from good trades on the next good trade.

24. Courage Under Fire - When a policeman breaks down the door to a drug dealers apartment he is scared but he does it anyway. When a fireman climbs onto the roof of a burning building he is scared but does it anyway; and gets the job done. Same with trading; it's ok to be scared but you have to pull the trigger; no trigger - no trades - no profits - no trader.

25. Quality Trading Time - I suggest 3 hours a day of quality, focused trading time; that's about all your brain allows. When your trading being 100% focused; half way is bullshit it doesn't work. Don't even think that time spent in front of the computer watching the rates has any correlation to profitability; it doesn't. Spend less time but when your trading be 100% focused on trading.

26. Rationalizing - Killer - Absolute Killer. Put your trade on and let it run. If it hits your reasonable pre-determined stop your out. Think of yourself as a prizefighter; you just got knocked out. Moving your stop is like getting up after being crushed with a knockout blow; it's pointless; things will only get worse. Don't ignore the obvious; your wrong - get out. Come back the next day and try again. A small loss will not hurt you; a catastrophic loss will.

27. Mixing Apples and Oranges - Have you ever done this; you see the EURUSD trading higher so you buy GBPUSD because it "hasn't moved yet". That's a mistake. Most of the time the reason the GBPUSD hasn't moved yet is because its already overbought or some 4:30am UK news was bearish. Don't mix apples and oranges; if EURUSD looks bid buy EURUSD.

28. Avoiding the Hard Trades - Bank FX traders have an axiom; the harder the trade is to do the better the trade. This I learned from experience; when I needed to buy EURUSD and it was hard to get them that's when it's necessary to pay up and get the business done. When it's easy to get them then sit back and wait for better levels. So if your trying to get into a trade or more importantly get out of a trade don't putz around for a few points; get your business done.

29. Too Much Detail - If your trading more than 2 indicators then you need to clean house. Having many indicators stifles trading and finds reasons not to trade. A setup and a trigger is all you need.

30. Giving Up Too Easy - Your first trade of the day may not be your best but certainly it's no reason to quit. I have a preset daily trading limit and I use it; you can't make money by making excuses; getting trades wrong is natural and should be expected.

31. Jumping the Gun - Don't be penny wise and dollar foolish; wait for your trade signal to be clear; put on your trade and give it a decent size stop loss so that you don't get knocked out by random noise. Do trades don't buy lottery tickets (extremely tight stops).

32. Afraid to Take a Loss - trading is not personal; it's business. Don't think that a poor trade is a reflection on you. It could be your just ahead of your time or a commercial order hits the market and temporarily creates a small unexpected move. Again, place your stop beforehand and NEVER increase your pre-determined risk; if it's going bad it will probably get worse; I think that's Einstein "in motion stays in motion..."

33. Over-Relying on Risk Reward - There is zero advantage in risk reward; if you put a 20 point stop and a 60 point profit your chances are probably 3-1 that you will lose; actually with the spread its more like 4 to 1 (from entry point if it goes down 17 points you lose or up 63 you win; 17/63 is close to 4-1).

34. Trading for Wrong Reasons - Because the EURUSD is going up is not in itself a reason to buy. Buying EURUSD because its not moving so little risk is even worse; you're paying the toll (spread) without even a hint that you will get a directional move. If your bored don't trade; the reason your bored is there is no trade to do in the first place.

35. Rumors - Rumors are rumors almost 100% of the time; think about where in the motion you heard the rumor; if EURUSD is up 50 points in last 15 minutes and the rumor is dollar negative, well then you missed it. Whenever you trades determine where in the motion you are entering.

36. Trading Short-term Moving Average Crossovers - This is the money sucker of the century. When the shorter term moving average cross the longer term moving average it only means that the average price in the short run is equal to the average price in the longer run. For the life of me I cannot understand why this is bullish or bearish. Easy to set up on software, complete with lights, bells and whistles, and good for the seller getting thousands for the software but in terms of creating profit it's a zero.

37. Stochastic - Another money sucker. Personally I think this indicator is used backwards; when it first signals an overdone condition that's when I think the big spike in the "overdone" currency pair occurs. To be overbought means strong and oversold means weak. Try buying on the first sign of overbought and selling on the first sign of oversold; you'll be with the trend and likely have identified a move with plenty of juice left. So if %k and %d are both crossing 80; buy! (Same on sell side; sell at 20)

38. Wrong Broker - A lot of FOREX brokers are horrible; get a good one. Read forums and chats in several different places to get an unbiased opinion.

39. Simulated Results - Watch out for "black box" systems; these are trading systems that don't divulge how the trade signals are generated. Great majority of them are absolute garbage. They show you a track record of extraordinary results but think about it; if you could build a trading system with half a dozen filters using the benefit of hindsight, couldn't you too come up with a great system. Of course going forward is an entirely different story. High-speed number crunching capabilities allows for building great hindsight trading systems; BEWARE.

40. Inconsistency - Every business (FOREX trading included) requires a business plan (trading plan). Unless you have taken the time to write down a set of rules that you can and will follow, it's likely your trading will remain unfocused and directionless. Make a plan, have rules, follow them set goals that are realistic and you will achieve them.

41. Master of None - Focus on one currency for technical trading; each currency has a unique way of trading and unless you get intimate with it you will never truly understand its underlying idiosyncrasies. Don't spread yourself too thin - focus - master one currency at a time.

42. Thinking Long Term - Don't do it. Stay in the moment. Especially if you're a day trader. It doesn't matter what happens next week or next month, if your trading with 30 to 50 point stops restrict your thought process to what's happening right now. That is not to stay the long-term trend is not important; it is to say the long-term trend will not always help you when your trading a significantly shorter time frame.

43. Overconfidence - Trading is not easy; statistics show 95% failure rate. If your doing well don't take your success for granted; always be on the lookout for ways to improve what you're doing.

44. Getting Pumped Up - The trick is to maintain an even keel; when you are in a trade you want to think exactly as you would if you didn't have a trade on. To do this requires a relaxed disposition; this is not a football game; don't get psyched up; relax and try to enjoy it.

45. Staying in the Game - I don't recommend demo trading because traders learn bad habits when trading with play money. I also don't think "letting it all hang out" right away is wise either. Start off doing trades and taking risk that is relatively small but still makes a difference to you if you win or lose; about a quarter to a third of what you expect to reach as your trading matures is reasonable

by Jimmy Young
Email: jimmy@eurusdtrader.com
http://www.eurusdtrader.com

 

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