Forex System Auto Trading

Joe R February 12th, 2010 at 9:52 pm

I found this site that had this guy that said how much he loved forex autopilots(software that trades for you automatically). He said they have a lot of hype surrounding them with lots of big claims, and they most likely wont make you a millionaire over night.

That doesn’t mean they won’t work though. He says to try one on a demo account, and study during which trends its most successful, and when its not. Then take that information and apply it to a live account by running the autopilot only during times you know it will most likely be successful.

If this sounds interesting then I highly suggest checking his site out. Lots of great reviews…

sburtonhome February 12th, 2010 at 11:00 pm

Congratulations on starting to learn Forex. I remember when I discovered Forex myself and how excited I was about the prospects it brought. It really sounds like you are trying to do the right things to be success. Here are 3 tips I would offer anyone just getting into Forex:

1) Absorb EVERYTHING you can come across about Forex. There are literally hundreds of free education and Forex forums online. Some are very good and truly provide a great service to the new Forex trader. I personally don’t recommend you pay money to any of the gimmicky Forex sites trying to peddle education or automated trading software. While I am sure there are many that are legitimate and decent, there are also many that are scams and a waste of money. I have found that everything you need to know to trade Forex successfully you can find for free.

2) Master the art of disciplined trading. This really is the key. As is often said, “Plan the trade, and trade the plan.” Build your own trading strategy using the many resources online, create a solid money management strategy, and then stick with it. The biggest mistake new and/or unsuccessful traders make is spending hours creating a trading and money management plan only to abandon the plan a couple trades into a losing streak.

3) Every losing day is an investment into a winning one. In sales there is a saying: “Every ‘NO’ is one ‘NO’ closer to a ‘YES’. So it is with Forex. Losses are part of the business. Rather than beating yourself up every time you have a losing day, shake it offer and remember that you are that much closer to your next winning day. If you have a solid strategy and you stick with it, you will be successful in the long term.