Forex Trading Success & Automated Trading Page 3    
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Success is possible, but you will have a better chance if you invest first in your forex education

If you don't learn how to trade forex with a proper strategy and mental attitude, you'll become another forex 'victim', joining some 90% of forex traders who lose money by thinking it's just a game. FOREX IS NOT A GAME, and even less a way to 'get rich quick'. It's a serious business and there is risk of loss. With nearly two trillion dollars worth of currencies being traded by banks, governments, brokers and private traders each day, what else could it be but a serious business?

Forex trading is certainly not for everyone, and attempting to trade forex without good training and experience, your chances of winning at a casino are probably higher. Done right, forex trading is far more potentially profitable than stocks, options or futures right now, as the markets are in turmoil. Forex, on the other hand is not affected the same way. Pairs trade up and down continuously and money is made by swings in either direction. The right knowledge and training will give you the ability to trade confidently in different market conditions.

If you're serious about becoming a successful foreign currency trader, then take a professional forex course. The money invested will be recouped rather than lost in addition to unnecessary trading losses that will inevitably occur if you start trading without the correct knowledge and techniques, including understanding risk management and the psychology of trading.

 

Understanding risk management
This is probably one of the most important yet often neglected aspects of forex trading. Far too many inexperienced or new forex traders do not realise the importance of managing the risk in each trade, especially when they have more than one trade running at the same time. The sad result is that their accounts are wiped out very quickly. They tend to blame the broker, the 'method' or strategy they have been taught to use everyone but themselves, but the reason is more often than not, greed and lack of proper risk management. The rules are quite simple, but people tend to ignore them.

Forex trading has grown enormously in popularity; so quickly that many traders who are new to forex trading have dived head-first into the waters, opened a demo account with their broker or bank and within a short time begin entering live trades without any real thought or planning. They try to trade first rather than learn how to trade, lose their capital and either quit forex or (the sensible ones who have grown wiser) get an education!

However, trading with a practice or demo account is not quite the same as trading with real money. You don't worry about losing trades so much when they're not real, so you take greater risks. Conversely, when you begin live trading and have a few losses, you may tend to play too safe and miss opportunities because you don't understand "calculated'' risk.

The solution is to reverse your thinking: learn first, trade second: learn the right way to trade first, then take that knowledge to the market and trade with it.

The cost of forex training
Expensive is a relative term. It means different things to different people. For some it's a hundred dollars while others will happily invest $2,000 in a comprehensive course and trading strategy, knowing that they will have the equivalent of a degree in forex trading at the end of it.

While it's very easy to open an account and start trading forex, doing so without sufficient understanding or professional forex market training is fatal and will almost certainly lead to loss of money very quickly. Like countless others, we learned from bitter personal experience, that "diving straight into the deep end of the pool before learning to swim" is not very clever at all!

As they make most of their money from the 'spread' between buying and selling prices, bankers and brokers benefit equally from winning and losing traders. However, the more reputable 'market makers' and brokers would far prefer clients to make money from trading, as the winners increase their account balances to an advantageous size (and withdraw the rest into their bank accounts), while the losers blow their accounts quickly then give up, fingers burnt, often blaming the broker and generally giving forex trading a bad name for the wrong reasons.

Forex trading, while no longer necessarily a profession, is not a game, and there is simply no substitute for knowledge and understanding of the markets, as well as the often played-down emotional aspects of trading involving greed and the fear of losing money.


Fully Automated forex trading systems

There is increasing demand among forex traders for an automated trading system or 'forex autotrader' that can be set and left to run on autopilot using a trading platform like MetaTrader 4. One reason is the lack of time people have to be able to trade as well as carry out other tasks at work or home. With today's new technology it is possible to develop programs that once set up with the correct parameters will enter and exit trades without user intervention. Programs that are promoted to avoid spending long hours in front of a computer screen for the 'right moment' are a waste of money as they are likely to lead to further losses.

Automatic systems are easy to learn and implement, give precise and potentially profitable buy, sell, stop loss and exit signals, and require a minimal amount of time at the computer to be set up for winning trades, without further manual intervention. However not all include updates, training, support and backup and it is important to have a basic grounding in forex trading, rather than rely on using a robot to do something you don't really understand.

 

The internet is full of both opportunities for making and losing money, as well as opportunists! People buy, people sell, and some people steal - it's what makes the world (and world wide web!) go round. Highly Trusted company in weybridge taxi weybridge, taxis weybridge cabs weybridge,taxi weybridge to heathrow and to gatwick; but if you are selective in what you choose, you can certainly avoid becoming a forex loser! Hopefully the information we have provided will help you achieve that goal. If you want to download tools now or be advised of new articles and files in the future, visit our Membership page.

There are many forex products and trading systems on the market today. Those that are worth considering will offer a free trial or money-back guarantee or both. So the risk of losing your money on worthless training is low. We found out the hard way first, however!
 

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Updated July 2017

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