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Tips On Choosing Automated Forex Trading Systems And Software

If you plan on learning Forex, or foreign currency exchange trading, software-developed automated Forex trading systems will be the way you make your real and your practice trades. Most individuals will start out with a demo, or practice account, that will allow them to simulate Forex trades in order to build their level of proficiency. When choosing Forex software, here are some important considerations to keep in mind.

There are many online brokers that will offer a variety of demo and real accounts that are easy to open, along with a variety of learning resources. Some of the demo accounts may have a small fee, which will usually be waived once you become confident enough to open a real account. It is certainly worth paying the small fee to get started, as the first step toward becoming a Forex trader should be practicing with a demo account.

To make a profit with Forex, it is essential to develop your skills, and to let the learning curve be with virtual money, rather than with real money. Once you are consistently making a profit, you can then take your knowledge to real world trading, and transition to an actual account. Another advantage of using a demo account is that it lets you become familiar with the software and the system itself, so when you do start trading you will be comfortable and can concentrate on the trades themselves.

Automated Forex trading systems usually come as either desktop-based or Internet-based software. The Internet based versions usually have several advantages. For example, by using Internet-based software, you won't have to deal with maintenance issues, and the software will usually offer more data security than software that is based on your desktop. Normally, the system will be on a data-encrypted secure server, similar to a credit card, which will protect your security.

An Internet system will also be more convenient, as you will be able to check your account anywhere, which can be a plus if you travel frequently, and you won't have to deal with downloading or storing the software on your computer. However, the effectiveness of internet-based trading systems is also determined by the speed of your internet connection. Having a DSL or a broadband connection is usually the best.

Its worth taking the time to find a Forex software system that works for you. Once you settle on a place to house your demo account, you'll want to keep your real account in the same place. You can then continue to use the demo account to test alternate moves, and also to shadow the moves you make in your real account, to see if you are being too prone to risk, or too conservative.

Forex trading can be both lucrative and exciting, and its worth spending the time finding a Forex software trading system that you will be comfortable with, and that you can understand. Internet-based software offers several advantages over desktop-based software, but whichever one you choose, ease of use and the ability to practice are essential.

Amy Wells is an enthusiast of Forex trading and writes and reports on consumer finance issues. You can get more information on forex trading software at: http://www.forex.yourtechtool.com/Foreign-Exchange-Forex/Forex-Software-1.php

Forex - How Can I Put the Odds in My Favor?

How does an investor set themselves up for success when thinking about a market as large and volatile as the Forex? Also known as the Foreign Exchange market, the Forex allows investors to speculate on the movement of currency exchange rates between different countries. It is impossible to accurately predict the movements of the market all the time but many of the top investors maintain that there are ways to increase your odds of anticipating market fluctuations and capitalizing from them. Here are just a few ways to enhance your chances for success with Forex technical trading:

1. Only trade at end of day

2. Avoid over-trading

3. Do not read FX reports

4. Backtest, backtest, backtest!

All investors are tempted to believe that they must constantly be ?in the know? or risk getting caught out of position. Thus, these dedicated investors may sit in front of a computer screen all day and monitor their investments for fluctuations. For those living in North America, the end of the business day is 5 p.m. EST or 2 p.m. on the West coast and this really is the best time to consider trading?and note the word consider!

At the end of the business day, there are two factors in your favor: First, traffic tends to be down so there are fewer chances for price fluctuations. Second, if you wait until the end of the business day, then you can look at information flowing in from the East to help guide your decisions.

Over-trading is basically like going back and back to a casino thinking your odds are actually improving?because they are not! Over-trading increases your chances of jumping into a position too late and getting burned or out of position too early and missing out on profits. Put stops in place that can safeguard you from losing more than you can afford?and then let them alone and relax!

Reading what someone else says about the outlook on the market is going to do one thing: cause you to question your strategy. None of us are going to get it right every time and no one can predict the future so reading those reports can only harm, not help, once you have purchased a position. If you are going to read those reports, do so before buying in?after that, just leave them be.

Investors buy and sell positions based upon their theory of the market and where a particular currency pair is headed. While you should not change your stops while already having a position, you can certainly continue to test your theory by backtesting. People capitalize in the Forex market by identifying trends and buying a position on that trend and riding it for as long as possible. Continuous backtesting helps investors hone their theory and better identify trends quickly and take advantage of them for profit.

The Forex market may be the largest and most volatile?but it also holds the greatest potential for profit. The few tips listed above will help ensure your success in Forex trading and they will greatly enhance your odds of success. Be sure to review them carefully!

Article by Kent Douglas, author of "The Simple Forex Solution: The Easiest Currency Trading System Anywhere." To learn how you too can succeed in Forex and Currency Trading, please visit http://www.SimpleForexSolution.com

Currency Forex Trading System - When To Abort A Trade

When the world markets, including the stock markets started to slide a few days ago, many experienced traders would only smile. Not that they were not affected, but they were smiling because they knew markets do go up and come down. It is only at what point in time is it necessary for a trader to quit a trade that has gone wrong- and these experienced traders could smile because they knew when to quit the markets, irrespective whether it is the currency markets, the stock market or the futures and commodities market.

Whether it is a smile or a smirk, these experienced traders have a good reason to do so.

Because when you quit at the appropriate moment, before a market collapse, you would make a lot of money getting out of the markets before the big drop. Those who quit immediately on the confirmation of the drop would not have done much worse, because they would also salvage a large part of their gains that have been obtained over the many months the markets have gone up. It is only those that hold on to their stocks, or shares or financial instruments they are investing in, that will feel the pain as the values of their holdings start to erode... and fall further, and further.

So the big question to ask today is"When exactly is the time to abort a trade?"

Many adopt stop losses, or make a certain cut off point to get out of their stocks.

So let us have some instruction today on the effective way to get out, or the correct timing to abort a trade.

There are two main ways to abort a trade.

The first way is to fix a time determinant to get out of a trade.

For example, for the day trader, if he or she has a basic understanding of a chart pattern leading to a trade, and believed that the chart pattern will work, and has entered a trade based on that chart pattern, but the conditions for that pattern to perform is no longer present, then he must immediately quit the trade, especially if a set number of trading bars have occurred.

For example, if you identify a break out pattern of an ascending triangle has occurred, and you have opened a trade by buying, but soon after you have purchased, your expected outbreak pattern has not occurred after 3 bars, then you may wish to abort that trade when 3 bars have occurred and yet the outbreak has not occurred.

When the time determinant as signified by the 3 bars have passed, it is easy to recognise the conditions for the trade have not occurred and you must then terminate or abort the trade.

The second way to know when to abort a trade is to do so when there is a pattern failure. Again, using the breakout of an ascending triangle as an example, if the price has broken out of the triangle, but then has fallen back into the triangle, signifying a failed pattern, then the conditions for the expected pattern have changed and it is no longer feasible to hold on to the projection of an ascending triangle. In other words the pattern has simply failed and it is the best time to abort the trade immediately.

Any delay is going to hurt you financially. It is wisest to quit a trade when the expected conditions are not fulfilled. Markets have a way to hurt the trader who procrastinates and wastes the earlier chances to get away with a profit, no matter how small.

Getting out of a trade is crucial for you to make profits. Discover how a professional trader gets in and out of forex trades with the ease and accuracy of a sharpshooter by using 3 specialized and easy to use trading systems WITHOUT INDICATORS, and how you can adopt these same powerful trading methods in your own trades to create massive profits, by visiting the author's blog at http://1forex-trading.blogspot.com

FOREX Day Trading - Day Trading Doesn't Work So Don't Try It

The logic of day trading is totally flawed and will never make you money over the longer term and will wipe out your equity.

If you want to prove it ask anyone who says it does to give you a real time track record of profits and you won?t get one.

Why? Because day trading does not make money.

Before we begin, you may ask yourself why there are so many people claiming they make money at day trading?

Well the answer is it?s a good story and appeals to peoples greed.

This creates system sales and revenue for the vendor OF these day trading methods so they make money you lose.

Here are the reasons day trading does not work:

1. Time Period

A day is to short a time period to judge market trends accurately.

Think about it.

Trillions of dollars are traded everyday and prices can go anywhere and there is no way of guessing what the volatility in a day will be or the direction.

Short term moves are simply random.

You could probably flip a coin and do as well as most day traders.

2. Stops

Day traders use the daily range to buy and sell and set stops.

Stops therefore tend to be close to entry by the very nature of day trading.

Volatility in a single session is impossible to judge and most times simply picks off the stops and creates small losses which add up.

3. Banking profits early

Most day traders are looking to scalp a few pips here and there.

They do have some wining trades (more by luck than by judgment) but of course they break the fundamental rule of trading leveraged investments which is:

Run your profits to cover your inevitable losses.

As they have a lot of losses and marginal profits the net result is the erosion and eventual wipe out of account equity.

Day Trading is a good story, but in reality day trading doesn?t work over the long term.

Simply ask any vendor who sells a day trading system for this:

A real time track record of their profits over 3 years and see the answer you get.

The conclusion from all of this?

You guessed it ? Avoid day trading if you don?t want to lose your money.

FREE FEATURES AND ESSENTIAL TRADER PDF DOWNLOADS On all aspects of becoming a profitable trader and more on profitable forex trading methods visit our website at http://www.net-planet.org/index.html

beginners forex trading Information

Online FOREX Trading - To Be Successful Don't Listen To The News!

The online forex trader today has a vast amount of news at his fingertips due to growth of the web and many investors think the more news they study and act on the more likely they are to win, however the exact opposite is true:

Pay to much attention to the news and you will lose.

The reason for this may not be obvious, so let?s look at this question in more detail and see why.

Will Rogers once said:

?I only believe what I Read in the papers?

He was joking but the majority of new online forex traders think they can use the news to their advantage, but they can?t here?s why:

Markets discount

Let?s face it, we see stories all the time from news wires that are full of convincing reasons why a currency will rise and fall, but in most cases there simply good stories and the currency often moves in the opposite direction.

The markets however don?t move on supply and demand fundamentals and opinions nor do they move logically.

Currency prices move to the following equation:

Supply and demand fundamentals + Investor psychology = Market movement.

Investors are in the equation and it is how they view the news that is so important, not the news itself.

Investors are driven by emotions greed fear and hope and it is they that determine the price.

Markets discount news instantly in today?s world of lightening fast communications, so it is almost impossible for most traders to trade off news stories.

Throw in the unpredictably of human nature and trading news for most investors means losses.

Discipline

If you pay to much attention to the news, your emotions can well come into play.

You will hold positions you should not, simply because the ?experts? are saying they are right in the press.

Don?t forget these experts are selling stories and are not traders.

If you pay to much attention to the news you will simply let your emotions get in the way and discipline will go out the window.

It?s a fact, that:

Major market tops are formed on bullish news and major market bottoms are formed on bearish news.

A compelling conclusion

For small traders the best way to trade fore markets is with a disciplined technical system.

Why? Because it takes the news into account anyway.

All it assumes is that fundamentals are instantly discounted and will show up in price action.

Not only does technical analysis take into account the fundamentals and news, it also takes into account investor psychology.

Taking into account investor psychology is critical, as investors determine the price of anything.

Human nature never changes.

Repetitive price patterns can be seen in charts that reflect human psychology and can be traded for profit.

That is the opportunity, if you trade with a technical system and ignore the news.

MORE FREE TRADING INFO & A SYSTEM WITH A REAL TIME TRACK RECORD On all aspects of becoming a profitable trader including info and for an exclusive href="http://www.net-planet.org/finance-gann-trading.html">Gann Trading Course visit our website at http://www.net-planet.org/index.html

Successful Forex Traders Know The Value Of Paper Trading

When you open your first mini Forex trading account and start foreign exchange trading your first few trades will be purely paper trades while you find your way around and learn how the market works and how to use the various trading tools on offer. Sooner or later however you'll be ready to move on and to put your paper trading days behind you. But is this really a good idea?

Some of the most successful Forex traders, many of whom have been trading for years, have discovered that continuing to trade on paper from time to time can be extremely helpful and, more importantly, very profitable.

The problem comes whenever you find yourself in a losing trade. Despite the fact that losing trades are simply part and parcel of trading life, no matter how hard you try you're always going to be affected by a losing trade and there is often a strong, if subconscious, urge to get back the money you've just lost as quickly as possible. As a result, you invariably get right back into the market with a further trade to recoup your losses but, because you're not really in the right frame of mind, this trade often results in a further loss or a less than spectacular gain.

One answer to this problem which an increasing number of foreign currency traders are now using is to follow a losing trade with a paper trade.

In this case you trade seriously and just as you would normally but simply run the trade on paper. You study the market indicators, open your position, set your stop loss order and then track your trade, moving your stop loss as you go, before closing the position when your market indicators tell you the time has come.

You may make money or lose money on this paper trade but, since the trade is only on paper, this doesn't matter one way or the other. What is important here is that it has cleared your mind and allowed you to put your previous losing trade behind you. Indeed, even if this paper trade also produces a loss the affect is positive because you are happy in the knowledge that you haven't actually lost any money.

Now however you are ready to get back into live trading again and can open a fresh trading position and track your trade in just the right winning frame of mind.

ForexOnlineTradingSystem.info is the ideal place to learn Forex trading and provides information on a wide range of topics including currency exchange rates and the benefits of testing the water through mini Forex trading

The FOREX Market- Trade With Your Head Not Your Heart

Sounds simple?right? In actuality, this is the number one reason why day traders lose their shirts. They let their emotions get the best of them and end up doing something real stupid. Trust me I?ve done it.

When trading currency, you need to take yourself away from the platform and look at your trades in actual bills not numerical values on a computer screen. For example, let?s say you short the USD/JPY for a 50 mini-lot right before a data release and it tanks. The USD/JPY goes down about 50 some odd pips and now you?re up $2500 in about thirty seconds.

Now, if you were smart, you would close the position and take your profit, but you?re not and you decide to let it ride. The market goes down about another 10 pips. So, now you?re up $3000 and you still won?t close it. You think that it?s going to keep tanking and that you could make 5-6k on this one trade?wishful thinking.

All of sudden the market retraces and shoots back up 20 pips, your still up about $2000, but now you tell yourself, I?ll wait until it goes back down a few pips and then close it. Too late, the market ignites and now you?re break-even and then you?re negative. In the end you take a $500 loser, which isn?t too bad, but considering you were up $3000 it?s like you lost $3500.

Now, let?s pretend you did this same trade with actual, physical dollar bills. Now or days most people trade from a three wide spread, so let?s say that you gave a trade booker $150 cash to place a short USD/JPY 50 lot. The data is released and this man keeps giving you $50 bills and before you know it you have $3000 in your hands. In order to keep this money all you have to say is close.

You decide to press your luck and wait and the market continues to trend down and now you have $3500 cash. All of sudden, the market begins to retrace and this nice young man starts taking $50 from you each pip it retraces. How many pips does the market have to retrace before you say close? Maybe, ten pips? Once you saw actual dollar bills being taken away from you, you would throw in the towel. So, how does one improve their money management skills?

First of all, realize that you are trading real money. I?m sure you realize that the money you are trading is real money, but do you conceptualize it? When you make a few hundred or a few thousand dollars trading, do you feel like someone just handed you cash? Of course not! Every time you?re trading, no matter if you are profitable or not profitable visualize and grasp the outcome. Don?t just watch your balance and equity fluctuate; you need to relate your loss and gains to every day life.

For example, let?s say you have a 10k account and in the first week you doubled that to 20k. You need to step back and understand what you just accomplished; you just made 10k in one week by sitting in front of your computer and trading currency. Now, let?s take that money and put it to everyday use. If you were handed a free 10k, what would you do with the money?

Would you pay of some debt, by a car, put money down on a home, go on a vacation, put it towards school, I think you get the gist. All I?m saying is that 10k is yours, you own it and there is no reason you have to keep in the FOREX. You are that 10% that succeeded this week, but the law of averages states that you are most likely to be the 90% next week. If not next week then the week after and if not then, eventually you will.

If you invest 10k and your account doubles to 20k, why would you pull out 15k leave in 5k and go for the gusto? If you lose your remaining 5k who cares you still made 5k in a week at your computer. Tell me another investment where I can make 50% on a 10k investment in one week. Turn around the following week pull my initial investment and my profit and still have 5k to play with. If I hadn?t experienced this first hand then I would have never believed it. DO NOT GIVE YOUR WINNINGS BACK TO THE MARKET! It?s not worth it.

http://www.myfxsecrets.com info@myfxsecrets.com