hay every one, am trying to find out if this forex automoney currency trading is for real or what, need some good advise from some one who actually doing this or did this before . thankx
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February 26th, 2009 at 10:15 am
most new traders lose some, all, or more than all of their capital within the first two years — according to one well known trading researcher.
and Forex is likely one of the worst about that, not one of the best.
February 26th, 2009 at 10:15 am
Yes Forex currency trading is real. It is the trading of money between different types of currency as the price of each fluctuates in hopes of making profit. It is only for serious investors and its NOT a get rich quick scheme. I have had experience trading in the Forex market for over 4 years now. You need to do your research before you jump in to anything.
When I first started, I knew little about trading so I purchased trading bots, or EAs (expert advisors), that automatically trade my accounts for me. With these I would closely monitor their actions which helped me become more aware of the signals and signs I needed to watch for while trading for myself. Forex trading is much different than trading in the stock market because signals in the stock market are more easily identifiable. In Forex there are so many different things that affect the price of a currency that it is nearly impossible to interpret. I have acheived most of my profits using various EAs throughout the years. I found that a good EA might only be profitable for about a year or less, after that I move on to a new one. Also, I usually use more than one EA at a time on different currencies; just make sure they don't interfere. You must be sure you are using quality EAs, because you could easily lose all your money with bad ones.
What I would recommend for all beginners is to open a mini account with a Forex brokerage (mini accounts usually have a $250 minimum), and use this account to practice and get a feel for things. I reccomend using MetaQuotes trading platform, it is free for download at metaquotes.net. As far as EAs go, there is no "best one" out there. I linked below to one of the EAs I am currently using that has been my most profitable for a few months now. The second link is to the 2008 Automated Trading Championship where you can see proof of how much money can be made trading Forex, it will also give you good leads for finding profitable EAs.
February 26th, 2009 at 10:15 am
My advice would be to learn a little about the Forex market and how to trade. You can set up a demo account and practice your trading without risking any of your own money…it's just like play money or monopoly money LOL!
If you want to try out any of the programs that claim to automatically trade for you try them out on your demo account that way you don't risk any of your own money. I personally don't like the auto trading robots like FAP Turbo since they automatically trade for you and I like to have control over my trades. It just sort of freaks me out to think of a program investing my real money but did use it on my demo account and it performed well
I use Forex Ambush 2.0 which gives me the power to execute the trades myself. Do it on a demo account…if you don't like it or if it doesn't perform for you get your money back…simple