About 10 years back I started consulting Forex traders. I helped my clients trade more responsibly and in a way that would make them money. Money management and risk were my two best things that I had to preach and preach down the throats of my beginner and advanced clients Many of them became successful traders, which makes me pretty happy.
About 5 years back I was sitting in my office. I was waiting for my client to come in for an appointment. It wasn’t anything special, just a simple consultation to see if I could help him on his path to financial freedom. This big burly man with a long black beard walks in. Looks sort of like a biker you would see on the movies and in real life.
I was thinking to myself, there is no way this guy is making money on the Forex. I introduced myself to him. His name was Anthony. As we got to know each other he started to explain to me his situation. He was a smart man from the beginning, Alumni from one of the prestigious colleges of the State. He was a business man. He was a thriving Forex trader.
This is very possible to do in itself. it does require patients and time in trading to be able to keep the trades profitable. The thing about this guy is that he never actually trades. He explained to me that all he did was after work, he goes online to check his Forex trades and is done within 5 minutes.
That is all he is required to do during the day. With the rest of his day, he spends it going traveling. He takes his bike and goes on long rides, cross country. Stops at a local McDonald’s or wi-fi location and just checks his account and off he goes doing what he wants to do.
I look at him with a blank stare when he said this and asked him, “There is a piece missing, there is no way you are making this amount of money and not trading.” He sits down with me and shows me on my computer his account and shows me a piece that I was missing.
This guy had an autopilot forex robot on the account that was trading for him. I say, “This can’t be. You can’t have a robot on here trading for you.” Yet he just looks at me with a big smile and says, “It’s working for me.” Truly amazing! This guy figured out a way to beat the system, he explained to me that all he had to do is set the risk and money management and allow the forex expert advisor to trade and that was all he had to do.
The reason he came to me is he wanted to know if what he was doing was going to continue making him money and for how long. To give a long story short, I didn’t have the answer. I didn’t even know what he was talking about. I mean having a robot trade for you, it just sounds out of this world. So I researched these robots.
I was familiar with programs that helped you use analytical analysis on the Forex graphs. This helped many investors get ahead to figure out the entrances and exits of the trades they need to make on Forex. What this robot did was take it to the next level and actually open these trades and close these trades!
I researched the legality of Forex robots and found nothing. There was nothing illegal about trading with robots. I researched how well these robots were running, I actually found a whole community of these people creating and testing and putting these robots in competitions. Some with amazing results that is rarely seen in human trading! I then started experimenting with these robots.
It is now 5 years later and now I am still consulting for Forex traders. I have a flow of money that comes in from these robots. I go on vacations when I want, I enjoy telling my clients that there is another approach that they can take to help them quit wasting their time analyzing graphs and do it the smart way and let these robots think for them!
Can a Forex Robot Roll in the Trading Profits?
Advancing computer software technology has lead to a lot of interest in automated forex trading robots. After all, what could be better than to place a relatively small amount of money in a forex brokerage account, say $1000 to $5000 dollars, and see your account balance double every month or two while you are busy enjoying life? Is such a happy result possible or is it just another Internet dream?
It is important to realize that the forex market itself is huge and very genuine. The forex market is by far the largest financial market in the world and involves the world’s major banks, brokerage firms, and trading houses. The forex market is open 24 hours a day, 5 days a week. Trading volume is usually 3 to 4 trillion USD a day. There is every opportunity for a competent disclipined trader to take a juicy profit from this huge pool of liquid capital. Unfortunately, even with all of the opportunity to prosper probably a good 95% of forex traders defeat themselves, fail to cash in, and end up losing money.
Why is the lousy failure rate among forex traders so high? A few reasons follow:
1) Many traders completely lack discipline. Being unable to keep your emotions under firm control and over trading can result in a series of losses that add up to disaster.
2) Forex traders tend to use far too much leverage. When you trade at 100 to 1 leverage, which many forex brokerage firms offer, only a 1% adverse market move will wipe you out. You would be wise to trade at no more than 10 to 1 leverage or even 5 to 1, but few forex traders are able to contain themselves and trade at the maximum (and dangerous) amount of leverage offered.
3) Most traders have a poor money management strategy. They enter the markets far too often and at price levels where they take on poor risky trades.
4) New forex traders often lack a solid forex education. Many beginners believe that they can open an account, throw a couple of thousands dollars at it and easily make a profit. Usually this is not the case. In order to become a successful trader, you need to educate yourself in every aspect of trading, like learning how to read charts, practicing in a demo account, computing the risk of entry, learn to follow major trends, and others.
5) Novice forex traders don’t use the right trading tools. It is essential to follow a solid well developed trading plan and to use reliable forex software and a trading platform that can help you to determine the direction of the major market trend for the currency you are trading. You will need help in determining pin point high potential, low risk, entry points.
One very serious problem in trading forex markets is that they are open continuously from early Sunday evening (in the USA) until late Friday afternoon. No one can stay sharp and focused over that long of a time period.
A good forex expert advisor trading system will trade better than the majority of traders. For one thing the robot is not at all influenced by emotions. For another, a good automated forex trading software will only enter the market when there is a good chance of a favorable outcome. Trying to monitor the forex market 24 hours a day is crazy and nearly impossible. By using an automated forex robot trading system and following a sound money management plan most traders will stand a much better chance of trading at a profit. Another big plus…once set up the forex trading robot is a tireless unselfish worker who toils away 24 hours a day and yet gives you all of the profits.
It is important to realize that the forex market itself is huge and very genuine. The forex market is by far the largest financial market in the world and involves the world’s major banks, brokerage firms, and trading houses. The forex market is open 24 hours a day, 5 days a week. Trading volume is usually 3 to 4 trillion USD a day. There is every opportunity for a competent disclipined trader to take a juicy profit from this huge pool of liquid capital. Unfortunately, even with all of the opportunity to prosper probably a good 95% of forex traders defeat themselves, fail to cash in, and end up losing money.
Why is the lousy failure rate among forex traders so high? A few reasons follow:
1) Many traders completely lack discipline. Being unable to keep your emotions under firm control and over trading can result in a series of losses that add up to disaster.
2) Forex traders tend to use far too much leverage. When you trade at 100 to 1 leverage, which many forex brokerage firms offer, only a 1% adverse market move will wipe you out. You would be wise to trade at no more than 10 to 1 leverage or even 5 to 1, but few forex traders are able to contain themselves and trade at the maximum (and dangerous) amount of leverage offered.
3) Most traders have a poor money management strategy. They enter the markets far too often and at price levels where they take on poor risky trades.
4) New forex traders often lack a solid forex education. Many beginners believe that they can open an account, throw a couple of thousands dollars at it and easily make a profit. Usually this is not the case. In order to become a successful trader, you need to educate yourself in every aspect of trading, like learning how to read charts, practicing in a demo account, computing the risk of entry, learn to follow major trends, and others.
5) Novice forex traders don’t use the right trading tools. It is essential to follow a solid well developed trading plan and to use reliable forex software and a trading platform that can help you to determine the direction of the major market trend for the currency you are trading. You will need help in determining pin point high potential, low risk, entry points.
One very serious problem in trading forex markets is that they are open continuously from early Sunday evening (in the USA) until late Friday afternoon. No one can stay sharp and focused over that long of a time period.
A good forex expert advisor trading system will trade better than the majority of traders. For one thing the robot is not at all influenced by emotions. For another, a good automated forex trading software will only enter the market when there is a good chance of a favorable outcome. Trying to monitor the forex market 24 hours a day is crazy and nearly impossible. By using an automated forex robot trading system and following a sound money management plan most traders will stand a much better chance of trading at a profit. Another big plus…once set up the forex trading robot is a tireless unselfish worker who toils away 24 hours a day and yet gives you all of the profits.
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