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Automated Currency Trading – An Indispensable Tool In Earning Consistent Profits

Forex is the shortened word derived from two words: Foreign Exchange. The Foreign Exchange is the exchange of one currency for another. Hence, Forex currency trading is the exchange of a foreign currency. The understood part is ‘in order to make significant profits.’

Forex currency trading wasn’t always as easy to get into as it is today. Before the barriers were broken down and tossed aside in the Forex market, smaller investors who wanted to compete in Forex currency trading couldn’t.

It was the banker’s world and wannabe traders weren’t even allowed to play on the same playground by reason of lack of funds and lack of the tools needed to find success with Forex currency trading.

By now, when you surf the Internet and see the word Forex, you may also see the words currency pair along with it. Just know that the currency pairs are what Forex currency trading consists of. You are taking pairs of currency – and they are always in pairs, never singles – and you’re either buying those currencies or you’re selling them.

Some currency pairs are more popular than other currencies and you may see those referred to as the ‘majors.’ This is information that you will need to know a lot about when you want to be a part of Forex currency trading, so learn as much as you can about currency pairs.

Learn all the currency pairs, but concentrate mainly on the ones that trade most often and then when you’re ready to start in Forex currency trading, trade only those currencies you have become knowledgeable enough to trade.

Your main focus in Forex currency trading should be obtaining a currency that is going to go up above the other currency. It’s sort of like a horse race. When you’re at the track, you want to bet on the horse that you know the history on and feel is a winner. The same principle applies to Forex currency trading. You want the pair that’s going to come in a winner.

How do you know which currency is going to come in the winner? You go over your charts, you study trends until the images are imprinted on your eyelids when you fall asleep. A strong trend is what the banks knew and followed in the beginning when other smaller investors weren’t trading and the trend is what you need to follow as well in Forex currency trading.

Automated Currency Trading – Advantages of Using Automated Currency Trading to realize your dreams

Automated Currency Trading is a very common way of learning how the Forex markets work.

Many people who have tried trading Forex themselves have either given up completely due to the amount of money they have lost, of simply because trading Forex is not as simple and straight forward as they thought it would be.

Not to worry though! Before you get those sweaty palms and that distinct twitch in your right cheek thinking about your personal experience with Forex trading, there is another way!

Im sure you have heard or read about Automated Currency Trading? Nope?
Well to make a long story short, Automatic Forex Trading in basic terms means you are using advanced, but simple to use software to make the buying and selling decisions for you.
So, basically you do not have to trade yourself. Just let the machine do it for you…

Im sure if you Traded Forex before you might have some doubts or concerns, even questions like: “Does this really work?”
The answer is YES it does work. However – don’t you just love that word sometimes? – there is a catch to it!

Nearly all amateur traders want to make loads of money, today! So did I when I started trading.
If you speak to any seasoned Forex trader you will find that it is not about making massive amounts of money right from the start. That is the easiest and best way to go broke quickly!
The ultimate goal is to make consistent gains first. Once you understand and apply that, it’s only a matter of increasing the leverage in order to make more money.

For example, of the two methods below, which one would you say is the safest way to make say 100pips per day:
1. Make 1 trade and take your 100 pips in one go.
2. Make 5 trades and take 20pips ( plus the spread ) on each trade during the day.

Well, I think option 2 is much safer than option 1! What do you think? If you can get option 2 right, as I said, it’s just a matter of increasing your leverage ( $ per pip ) and you are making more money straight away.
when I lost money or did not make money, my mentor always said: “sloooowly catch a monkey…” Which means, take your time and get the basics right first before you try and make a lot of money.

“So how does this tie in with Automatic Forex Trading?” you may ask…
Well simply put, learning to trade Forex is not as down-to-earth as it may sound, no matter who says what or what you may have read on the internet!

You either need a mentor who will charge you whatever he is not making in the markets while showing you how to trade, or you need something that is going to cost you much less, like Automated Currency Trading software. And again, there are loads to choose from so be warned: Not all of them work!
There are a couple of tried and tested Automated Currency Trading software packages many people are using with much success. I will give you some examples in a moment, but first I want to tell you WHY they might be the right starting place for you!

Automated Currency Trading Software allows you to:

-Use multiple systems at the same time. ( What a great idea! ) This is like having a pair of specialist traders instead of just one. Not all of these systems have been programmed to work the same way, so putting all of your money on one is just silly in my opinion. Spread the risk between a couple of them, or start using one Automated Currency Trading System and use only a small % of your capital AFTER you have tested it on a demo account. Invest in a second system when you start making money.

-You do not need any trading experience. The software is designed to do the work for you. Install it and let it run. ( Having some Trading experience or at least knowing what it is about does help, and this is where the software will help you loads. )

-Automated Currency Trading Software is unaffected by the traders psychology. If you have ever tried Forex trading yourself you would know how much more difficult it is trading real money oppose to a demo account. Automatic Forex Trading Software removes these emotions entirely and executes profitable trades without you having to do anything.

-Take the guess work out of the equation with Automatic Forex Trading! The software knows what it should do and does not miss a trade wondering if it should take it or not.

-Ideal if you want to learn how to trade Forex by studying what it is doing when taking a trade.

-24 Hour trading! The markets never sleep and there is no reason why you cannot let your own computer do the work for you while you are away watching TV, at work or even asleep in bed!

In general most people who are looking into buying an Automated Currency Trading System simply want to make sure they know what they are doing and that they will be making money, not losing it.

And that is great. I like that too. But, as with anything in life, you test any system yourself before throwing lots of money at it allowing it to buy and sell as it pleases. I use to start out with a demo account first and make sure everything works well before putting real money on the line. Something to consider.

Most new traders make the same mistake. They jump into the guts of a new system without understanding how it works. After they have failed, again, they sit back and wonder why they have lost their money…
Most of these Automated Currency Trading Systems come with online and telephone support. Use it! Why would you waste time and money if you do not have to? Someone else already has done that so you cant skip that part and get right to making money. There is a system to it so use it and be patient. Remember: “slooowly catch a monkey…”

To recap what we have covered then:

There are plenty of Automatic Forex Trading software on the market. Many work, many do not. Do your homework very well before you buy or have a look at the ones I mentioned here.

If you want to learn how to trade and you do not have the time to sit in front of a computer for 8+ hours per day, especially if you do not have loads of cash you can chuck at your brokers, then Automatic Forex Trading might be the way you want to go.

Even when you do get yourself one of these systems, make sure you test them before you start trading real money. Learn how the software and settings work and use the support they give you if you are not sure.

A Review of Automated Forex Brokers – Part 2

GFT Forex is an automated forex broker, whose DealBook FX 2 software offers the investor both a demo and a live forex trading tool in the currency market. This forex trading software offers the investor direct access to some of the tightest spreads, through a stable, standalone forex trading platform, 24 hours a day.

The DealBook FX 2 software shows live, dealable prices, real time data, free real time world and financial news, forex charts, more than 65 technical indicators, and the ability to build the investor’s own indicators.

GCI Financial Ltd., another automated forex broker, provides trading software that tracks real time prices in 20 major currencies, live charts, and real time profit and loss account tracking. The software is offered as a demo also. Market orders are confirmed within seconds at prices clicked on or accepted by the client.

The FX3K is an online automated dealing and trading platform used by automated forex brokers. The FX3K online trading environment includes real time quotes, charting, technical analysis tools, and news. FX3K integrates the client, dealer, back office and system administrator functions. Product features include high speed execution of client orders and the ability to monitor real time margin availability, net exposure and profit and loss on all open positions. FX3K has chat options to allow trader-dealer conversations.

The COESfx Level 1 Trading Platform is used by automated forex broker as an Electronic Currency Network for the execution of best prices for buyers and sellers of foreign exchange. It offers traders live and executable prices, thereby making each participant a market maker. Traders gain access to “best bid/best offer” quotes directly from price providers and other traders. COESfx pricing is derived from a number of partners in the network such as banks, Futures Commission Merchants (FCM’s), Introducing Brokers (IB’s), fund managers and other traders on its Electronic Currency Network.

A Review of Automated Forex Brokers – Part 1

GFT Forex is an automated forex broker, whose DealBook FX 2 software offers the investor both a demo and a live forex trading tool in the currency market. This forex trading software offers the investor direct access to some of the tightest spreads, through a stable, standalone forex trading platform, 24 hours a day.

The DealBook FX 2 software shows live, dealable prices, real time data, free real time world and financial news, forex charts, more than 65 technical indicators, and the ability to build the investor’s own indicators.

GCI Financial Ltd., another automated forex broker, provides trading software that tracks real time prices in 20 major currencies, live charts, and real time profit and loss account tracking. The software is offered as a demo also. Market orders are confirmed within seconds at prices clicked on or accepted by the client.

The FX3K is an online automated dealing and trading platform used by automated forex brokers. The FX3K online trading environment includes real time quotes, charting, technical analysis tools, and news. FX3K integrates the client, dealer, back office and system administrator functions. Product features include high speed execution of client orders and the ability to monitor real time margin availability, net exposure and profit and loss on all open positions. FX3K has chat options to allow trader-dealer conversations.

The COESfx Level 1 Trading Platform is used by automated forex broker as an Electronic Currency Network for the execution of best prices for buyers and sellers of foreign exchange. It offers traders live and executable prices, thereby making each participant a market maker. Traders gain access to “best bid/best offer” quotes directly from price providers and other traders. COESfx pricing is derived from a number of partners in the network such as banks, Futures Commission Merchants (FCM’s), Introducing Brokers (IB’s), fund managers and other traders on its Electronic Currency Network.

Robot For Forex: Why Do You Need One?

Forex trading is growing at an incredible rate and there are many people involved in manual trading who have to go through a lot of information and data that is available to them to run their successful operations while sitting for hours at their computer terminals. This is actually an archaic form of foreign currency trading. Many traders have had to use an automated system and have literally taken their lives back.

Finding a robot for forex trading is something that you need to put some research into, but you will be very well rewarded if you do your homework. These software programs are designed to automatically enter and exit trades in the forex market with the intention of turning a profit. Having one of these programs can allow you to profit in forex without having to sit in front of your computer all day or even make trades.

The vast, worldwide Forex market is very fluid and its size grows every day. There are extremely little regulations among countries to monitor these global transactions.

In order to yield a profit in this intricate market requires nonstop monitoring of every element of the constantly changing numbers. It doesn’t take a lot to fail to notice a vital detail, causing you to waste a lot of your investment.

The difficulties involved are causing a growth in the amount of traders trying automated software, or foreign exchange robots. To be profitable, traders need well-defined information, good data collection, and the power to make decisions based on statistics instead of gut reactions.

The widespread mistakes made by individual interpretation can be lessened or even eliminated by applying Forex robots. They can communicate thorough data, decreasing the weight of endless pressure that comes with trading in this elaborate market. This automated software will constantly observe the market and execute trading actions as instructed by the trader. This will be done even if the trader is busy.

A robot for forex that is automatic is basically a computer program that is part of your trading system to conduct foreign exchange operations on your behalf. The automated software is designed to analyze the market based on the configuration of the user – you – give it. The forex software is able to produce reports based on daily operations and can use these reports to adjust the settings every day. An automated robot offers the possibility of trading foreign exchange around the clock, trade for you even when you are sleeping.

Robots for forex are actually easy to use if you know the parameters of your traing plan, and are slightly different from one another. Some are more complex than others and this is not always the best way for beginners. The simpler the system, the better it will work for you. Metatrader, a type of automated Forex software are full blown systems with expert advisor to give you everything you need to make educated trades. Using multiple platforms may improve the operations and control of your trading account on the basis of the parameters.

Most robots for forex have been created by experienced investment managers who know how to program the advanced mathematical algorithms used in the field in the software. These programs are constantly being updated to have the best system for your trading needs. Robots automated forex trading is used by professional traders, brokers, companies and institutions and each of them is able to offer this software for the average person interested in making money foreign currency trading.

If you choose to use an automated operations software, then it could easily double or triple your profits. It is still necessary to understand how the forex market works to use the software correctly.

 

Automated Forex Robot Trading Systems Offer Faster Trading

The concept of automated Forex trading system is mind-catching.

Before the automation of the Forex market, exchange-traded futures market was the first to switch on automation. Then, the traders on the Interbank spot FX market decided to catch up with the latest trend and moved too to the new system.

Automated Forex trading system enables traders to execute their trade on spot Forex market automatically and anytime of the day, based on existing technical indicators and custom trading rules. There are various features included in the automated trading system, such as:

• Automatic trailing stops especially if the trader is losing in a particular trade position;

• Account equity management;

• Stop and/or limit orders;

• Discretionary market orders; and

• Various technical analysis indicators within your discretion for enabling trend-following systems.

Automated Forex Robot trading systems supports most of the following indicators (the technical support will depend on the technology used as well as the available features of the system):

• WMA (weighted moving average);

• EMA (exponential moving average);

• SMA (simple moving average);

• VMA (variable moving average);

• TMA (triangular moving average);

• TSMA (time series moving average);

• WATR (wilder’s average true range);

• VHF (vertical horizontal filter);

• Standard deviation;

• Trailing stops;

• Mass index;

• Fixed limits and stops, and others.

The success of the automation process to the Forex market is attributed to several factors, such as the following:

• Its ability to perform or execute trades in real time. Because of the automation, a trader can close trades within a few milliseconds. It is impossible in manual systems, as previous trades are normally closed after several hours. In addition, there are also instances wherein a trader incurs several losses in a row that prevents him from making any fresh transactions. Thus, with automated Forex trading system, this problem could be avoided.

• Its ability to greater diversification. With automated trading system now in place, a trader can trade in various local as well as international markets within varying time zones. In other words, you can place trade or close deals with different traders from various markets around the world even at the middle of the night.

• Its ability to analyze short-term data. This feature is not available in manual trading system. Thus, traders using automated system have the bigger advantage since they can predict market trends in less than an hour.

If you will consolidate the features as well as the benefits of automated Forex trading system, it will give you a solid conclusion: with the Forex market on automation, you will be able to place more trades on a single day, thus increasing the average volume trades daily.

To further clarify the conclusion. Let us take the following scenario: If you are trading using the manual system, you will notice that it takes time before a trader confirms if he will accept your deal or not. He will look on the market condition first as well as the exchange rate of the currencies that you are trading with. Thus, if it takes time before a transaction will be finalized; there would be fewer trade volumes.

Now, if you are using the automated Forex trading system, the evaluation of exchange rates and market conditions could be done within a few minutes, since Forex data are now updated in real time. Probably after less than an hour, you will be able to take your position whether you will push through the deal or not.

If a Forex transaction per trader is averaging within an hour, a single trader can place as much as 8 trades within the regular trading hours (if he is following the day trading schedule) and additional trades beyond the regular trading hours. There are thousands of traders in just a single market who can place such average number of trade per day. Combining it with the number of Forex markets around the world, the figure is just huge enough.

In addition, the technology is changing continuously, thus there is a tendency that the average number of trades per day will increase, thus a possibility of increased trade volumes on daily basis. With faster trade execution, that is a certain possibility.

Be thankful, the Forex market is now at the helm of automation. Transactions are now faster, and earning money through Forex trading is now easier.

 

 

A Review of Automated Forex Brokers

In the following articles, you’ll find brief reviews of each.

What forex brokers offer automated services?

GFT Forex is an automated forex broker, whose DealBook FX 2 software offers the investor both a demo and a live forex trading tool in the currency market. This forex trading software offers the investor direct access to some of the tightest spreads, through a stable, standalone forex trading platform, 24 hours a day.

The DealBook FX 2 software shows live, trading prices, real time data, free real time world and financial news, forex charts, more than 65 technical indicators, and the ability to build the investor’s own indicators.

GCI Financial Ltd., another automated forex broker, provides trading software that tracks real time prices in 20 major currencies, live charts, and real time profit and loss account tracking. The software is offered as a demo also. Market orders are confirmed within seconds at prices clicked on or accepted by the client.

The FX3K is an online automated dealing and trading platform used by automated forex brokers. The FX3K online trading environment includes real time quotes, charting, technical analysis tools, and news. FX3K integrates the client, dealer, back office and system administrator functions. Product features include high speed execution of client orders and the ability to monitor real time margin availability, net exposure and profit and loss on all open positions. FX3K has chat options to allow trader-dealer conversations.

The COESfx Level 1 Trading Platform is used by automated forex broker as an Electronic Currency Network for the execution of best prices for buyers and sellers of foreign exchange. It offers traders live and executable prices, thereby making each participant a market maker. Traders gain access to “best bid/best offer” quotes directly from price providers and other traders. COESfx pricing is derived from a number of partners in the network such as banks, Futures Commission Merchants (FCM’s), Introducing Brokers (IB’s), fund managers and other traders on its Electronic Currency Network.

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