Maxim LivingstonMaxim Livingston
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Personally I trade with 4 of these robots and I also trade my own manual systems. By risking smaller amounts of money it wont matter if you lose it. Steps to Successful Forex Trading 1) Watch the News The Forex market is driven by economic news and data published by governments around the world. retail forex trading This is done by paper trading whereby you make pretend trades and track the currency brokerage firms results. With careful money management you can make winning trades only 20-30% of the time and still make a lot of money. Well as the trend moves in your favour move you stop along with it. You then place a stop a few points below your open position so that if the trade goes the wrong way it will be automatically shut down once you pass through your stop. With today's modern computer technology retail forex trading it is possible to trade using automatic software programs that sit on your computer and do everything for you. For example; You believe that the US$ will drop its value so you buy GBPUSD (as the GBP will rise against foreign exchange the US$ as it drops). 9) Record Your Trades It is very good discipline to record every trade that you make in order to learn what worked and what didn't. You must use money management If, for example, you have US$ 5,000 forex investment agents to trade then you should only risk 5-10% maximum on each trade or US$250-500. You are more likely to make greater profits if you trade with the general trend. For each pattern certain behaviour will 'probably' occur after you see the pattern. For example for trading short term you should look at the daily trend first and then see the direction of the market. This is a short term strategy and one must set very tight stops (see below) and watch the market very closely to capture a profit. However often it is more profitable to stay banking in the position and let it run; strong trends are key to making money. Many Forex traders will othello until announcements are due and will trade when the announcement is made. With a tight stop policy you can make successful gains and minimise your losses. 10) Paper Trading Before committing real money it's important to practice first. Remember; patterns do not work 100% of the time but with a careful money management system they are profitable. Then only trade in that direction at the smaller time frame. Patterns repeat themselves in time and in price. currency market Now in the past this literally had to be done by trading with a pen and paper; now though almost all electronic brokers allow you to set up a virtual account to practice your trading. 5) Stop Losses Stop losses are the tools you use to manage your risk. 6) Chose Your Broker Carefully You will need a broker in order to place a trade in the Forex market. Determine the general trend by looking at the greater time frame. Which time frame you trade in will depend upon your attitude to trading and your lifestyle. Remember as the position moves more and more in your favour forex opportunity you stop moves with it and your guaranteed profits increase 8) Look For The Right Patterns I am a technical trader myself although I also look at the news as it does have a big effect on what happens. 2) Follow the Trend At any one time the market will be in one of three phases; and upward trend, a downward trend or no trend at all. My ideal would be to use the robots on a full time basis and then I can stay on the beach 4) Money Management This is a crucial aspect of all trading. When you make a trade a stop loss must be placed so that you know the maximum amount of money you will lose if the trade goes against you. How can this be achieved when still protecting your position. If you look at a historical chart you will see patterns that repeat themselves. You keep you losses small and keep your profits. This is an excellent tool as it allows you to get familiar with the broker and make all your mistakes before you commit real money. A guaranteed stop is filled at the level you specify whilst a normal stop will be filled as soon as possible. In trading, price and time are the 2 most important factors. When you are trading you will make mistakes and bad decisions. I don't like spending all my time staring at the screen which you have to do if you trade intra-day. However it is very important in trading to be disciplined. It is easy to become emotionally involved with your investments and understandably so. This can cause great swings in the value of the currency and can be very profitable. News events to follow include. If you are making mistakes then record them, otherwise you will never learn. How do you determine the trend. Be rational at all times and you will succeed When things go wrong get out quickly, and when they go right then run with the profits. Do not let greed and fear get in the way. There are many factors to consider when choosing a broker including; 7) Let Profits Run When trading with a major trend and making money, it becomes very tempting to close your position and take the profits. Personally I tend to trade intra-day (within a single day) around 50% of the time, and the rest of the time I trade across multiple days (I.e. Remember; trading is a psychological battle with yourself. In many cases the trend will move so much that your stop point moves past the point where you made the trade. There are guaranteed stops and there are normal stops. Stock markets also work in cycles in time. Simple look at the historical charts for that currency pair and it will be obvious. This means that your profit is guaranteed whatever happens. Trading is a game of probability; if you see a pattern you can predict with a certain level of confidence which way the market will go next. You can predict at what time in the future a market will turn direction. The details of each trade that you record should be. Be honest with yourself, as this will provide a vital lesley back to your performance. Never go against the major trend as a general rule. 3) Time Frames It is possible to trade Forex in different time frames, from a few seconds a trade up to months or even years.
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