Is there really such as thing as automated forex trading? Not
that I know of. I have been trading forex on demo platforms for the past
7 years. It was only during the last year and a half that I started
trading live. During my learning years I ruthlessly destroyed hundreds
of demo forex accounts from almost every forex broker on the Internet.
I know the blood and gore that the forex markets are filled with. I know what helps brokers make money and why most forex traders lose money. I didn't learn all that from the forums. However, I did learn not to trust everything one reads in the forums. People who are really making money won't spend time at the forums; they spend it making money on a 24/5 forex market.
A few people who praise their broker on the forums may either be employed by the broker to do so, or they may be one of the lucky traders to have made a bit of a fortune by sheer luck and cannot hold back their glee, therefore, they come out in praise of a broker now and then. Sure, I've been there.
Coming back to the topic of automated trading, there's no such thing. The markets work on emotions driven by news - and a few new traders out to commit forex "hara kiri." Guys like me love guys like these because what they lose, we gain.
Now, consider this logical fact about automated trading software: Why would someone want to sell a software that professes to make millions overnight on autopilot? Give it a thought. If I found something like that, I'd be using it, not selling it.
There is just one way to make money automatically, I feel. That is to outsource your trading to the experts.
People who have spent years following the currency markets can tell just when and how the markets are going to turn. They're called Account Managers and they make you a whole lot of money with minimum risk.
Cost of hiring services and Tips on choosing a money manager
Hiring money management services typically cost up to 20% of your gains from each trade and no hidden costs. Now, this segment is not free from its share of scam runners, either. So, if you come up against a manager who is showing you a whole load of charts where he marked entry and exits and became a millionaire overnight, drop him like a hot brick.
A good manager will offer you a week's long demonstration on a demo account you open and he trades, while you can check the results every day. No doctoring charts or results! What more proof do you need?
Money managers can make money because they use their clients combined accounts to avoid margin calls.
Don't get me wrong. Money managers don't risk more than 0.5% of the total capital and if they have a combined account amounting to a few million, it is easy for them to make consistent winning trades.There is one manager who delivers a consistent 5% per week in profits after deducting broker commission and his commission.
So, without having to trade personally, and without handing over the keys to the bank to a manager, one can sit back and make money from the forex market.
Now that's automated trading for you!
Article Written By Dexter C Figg
I know the blood and gore that the forex markets are filled with. I know what helps brokers make money and why most forex traders lose money. I didn't learn all that from the forums. However, I did learn not to trust everything one reads in the forums. People who are really making money won't spend time at the forums; they spend it making money on a 24/5 forex market.
A few people who praise their broker on the forums may either be employed by the broker to do so, or they may be one of the lucky traders to have made a bit of a fortune by sheer luck and cannot hold back their glee, therefore, they come out in praise of a broker now and then. Sure, I've been there.
Coming back to the topic of automated trading, there's no such thing. The markets work on emotions driven by news - and a few new traders out to commit forex "hara kiri." Guys like me love guys like these because what they lose, we gain.
Now, consider this logical fact about automated trading software: Why would someone want to sell a software that professes to make millions overnight on autopilot? Give it a thought. If I found something like that, I'd be using it, not selling it.
There is just one way to make money automatically, I feel. That is to outsource your trading to the experts.
People who have spent years following the currency markets can tell just when and how the markets are going to turn. They're called Account Managers and they make you a whole lot of money with minimum risk.
Cost of hiring services and Tips on choosing a money manager
Hiring money management services typically cost up to 20% of your gains from each trade and no hidden costs. Now, this segment is not free from its share of scam runners, either. So, if you come up against a manager who is showing you a whole load of charts where he marked entry and exits and became a millionaire overnight, drop him like a hot brick.
A good manager will offer you a week's long demonstration on a demo account you open and he trades, while you can check the results every day. No doctoring charts or results! What more proof do you need?
Money managers can make money because they use their clients combined accounts to avoid margin calls.
Don't get me wrong. Money managers don't risk more than 0.5% of the total capital and if they have a combined account amounting to a few million, it is easy for them to make consistent winning trades.There is one manager who delivers a consistent 5% per week in profits after deducting broker commission and his commission.
So, without having to trade personally, and without handing over the keys to the bank to a manager, one can sit back and make money from the forex market.
Now that's automated trading for you!
Article Written By Dexter C Figg
No comments:
Post a Comment