Forex Trading Robots for Newbies

| Posted: 13-07-2008 | Views: 34 | Rating: (240)

(?)

The FOREX market can be very exciting and rewarding but if not taken seriously will humble you faster then a New York second. Just look at the sobering statistics that well over 95% of the people who trade the FOREX market will lose money over their entire lifetime! There is a huge learning curve and it can take several years and thousands of dollars in losses (unless you are only trading a demo account) before a trader may start to see a profit.

Metaquotes which originates in Russia has made available a very sophisticated and flexible Forex charting platform called Meta trader 4. Many Forex brokers support this platform and there is never any fees for using the software including data.

I strongly recommend downloading your free demo platform and start practicing using this software. You can even back test your own strategies using historical data that is supplied with the platform. Another important fact is once you open your live account you can start getting paid cash bonuses from certain "introducing broker" websites that have a relationship with those Forex brokers that are willing to give back a percentage of your spread cost.

A FOREX trading robot is a completely automated currency trading system that trades the market 24 hours a day without any human intervention. The robot will place all your entries and exits without you lifting a finger. Keep in mind your computer, charting software and robot must be on for the robot to work efficiently. If this presents a problem there are third-party hosting companies that can place your robot on a VPS "virtual private server".

What should you look for if you are interested in purchasing a FOREX trading robot?

1. Make sure the product has been backed tested over many different periods and time frames whithin at least a 90% modeling quality shown on the report. More importantly, see if the software vendor gives actual trading statements which are much more important than a back test. Never except a spreadsheet.

2. Ask if you receive free updates. It's important to have excellent customer support and to know that if there are changes in the market or the way trades are executed there will be somebody behind the scenes that can fine tune the robot and to make whatever programming changes are necessary.

3. Make sure it is already set-up with the best out-of-box settings. There is no sense in using a FOREX trading robot if you can't figure out how to use it.

4. I can't tell you how many times I've been told that after the robot was purchased there was little or no customer support and e-mails were not answered. Nothing is more upsetting than sitting with a piece of software that is unusable.

5. Make sure you ask what happens in the event you change brokers in the future. Because most robots require your account number hardcoded it's important to find out up front if there is a fee for changing your live account number.

So in summary, if you are unable to sit in front of your computer and you want to participate in a very potentially lucrative business buying a Forex robot may just be what you're looking for.

Rate this Article:

Current: 0 / 5 stars - 0 vote(s).

Article Tags: Investment, Trading, Trader, Currency, Automated System, Foreign Exchange, Scalp, Scalping, Mql, Ea, Fx, 4x, Forex Robot, Mt4

Article Source: http://www.articlesbase.com/day-trading-articles/forex-trading-robots-for-newbies-482265.html

Print article

Send to friend

Publish this Article

Author feedback

About the Author:

Don Steinitz owns and operates Forex Robot Trader. He designs 100% automated Forex robots for trading the Forex market. You can visit his website at: www.ForexRobotTrader.com

Submitting articles has become one of the most popular means of generating quality backlinks and targeted traffic to your website. Join us today - It's Free!

Investment Strategies: Technical Analysis and Fundamental Analysis
By: Martin Chandra | 13/12/2006 | Investing
The two fundamental strategies in investing in Forex are Technical Analysis or Fundamental Analysis. Most small and medium sized investors in financial markets use Technical Analysis.

Successful Forex Trading with Pivot Points
By: Martin Chandra | 11/12/2006 | Finance
Pivot Points are calculated on the previous days move and trades are entered when the market hits a support or resistance line of the pivot point providing your OB/OS indicator is in agreement.

Forex Trend Detection
By: Martin Chandra | 13/12/2006 | Finance
Long term profitable Forex trading warrants long term goals and objectives. One good idea is to have an excellent trend based trading system. Just having one will not really work out if you do not follow it in a disciplined manner.

Forex Multiple Time Frames
By: Martin Chandra | 15/12/2006 | Finance
Multiple time frame trading has probably done more to increase my overall profitability than any other one thing alone. The correct use of multiple time frame trading will allow you to stay in the trade longer by better identifying where you are relative to the big picture.

Being a Technical Analyst
By: Martin Chandra | 13/12/2006 | Finance
Trading is not an exact science. You can't do X and get Y every time. It is as much an art as it is anything else. There is no magic formula. Trading is all about probability. It is the art of correctly applying a set of carefully thought out rules and allocating the probability of that event to result in success.

Forex Trading Psychology
By: Martin Chandra | 14/12/2006 | Finance
The key to successful Forex Trading unlike other financial markets, is knowing yourself. This does not certainly mean enlightenment of self but knowing your behavioral pattern under given circumstances.

Responsibility in Forex Trading
By: Martin Chandra | 15/12/2006 | Finance
An email in response to my article prompted me to consider the significance of taking responsibility in trading. There is a natural tendency for most people, in any area of life, to not take responsibility for results and behaviours that appear negative.

Foreign Exchange Day Trader
By: Martin Chandra | 15/12/2006 | Finance
I received an email from a prospective buyer of my online trading course. His question (below) caused me to think about the wisdom of pursuing trading as a worthy venture.

Got a Question? Ask.

Ask the community a question about this article:

Q&A Powered by:

Latest Day Trading Articles

Day Trading Community – a Group of Traders Dealing in Stocks
By: David Jose | 21/08/2008
A day trading community is a form of online communities where like-minded persons join to form a cohesive group and share and discuss information with one another. Read on for more.

Mortgage Bailout
By: MTnews | 20/08/2008
Daily Market Commentary for August 20, 2008 Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news from Millennium-Traders.Com

War in Georgia
By: MTnews | 19/08/2008
Daily Market Commentary for August 19, 2008 Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news from Millennium-Traders.Com

The Secret of Reduced Margin Spreads
By: Joe Ross | 19/08/2008
Discover the one of the best kept secrets in trading. Spread trading is probably the most profitable, yet safest way to trade futures.

Gann Calculator Explained
By: soumya ranjan panda | 16/08/2008
Gann calculator in the initial days of its introduction got very good response from the traders and investors. Many experienced the benefit of this calculator and expressed their experience and difficulties. I am going to describe all these aspects in this article.

Consumer Spending
By: MTnews | 15/08/2008
Daily Market Commentary for August 15, 2008 Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news from Millennium-Traders.Com

Retail Sales
By: MTnews | 13/08/2008
Daily Market Commentary for August 13, 2008 Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news from Millennium-Traders.Com

Online Trading Comparison: Information Leads to Profit
By: David Jose | 13/08/2008
Dealing in share and stock is not easy. And to make it a little bit less difficult people are using online trading comparison.

Article Categories

DAY TRADING FREEDOM

Article Marketing

Article Notepad

Stop Duplicate Content

Term Papers

Follow ArticlesBase at http://twitter.com

Need Help?

Sign up for our email newsletter

Receive updates, enter your email below

Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2008 Free Articles by ArticlesBase.com, All rights reserved. (0.17, 15)

Forex Trading Robots for Newbies

Related Articles

Got a Question? Ask.

Latest Day Trading Articles

Need Help?

Site Links

Webmasters

Business Info

Sign up for our email newsletter