Personal Finance guide

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Thankfully, there are forex cross pairs. A cross pair is essentially a pair comprised of two major currencies, neither of which is the US dollar. Some of the cross pairs you may already be familiar with are the British pound/Japanese yen (GBP/JPY), a favorite of many traders due to wide pip ranges, and the Australian dollar/yen (AUD/JPY) and New Zealand dollar/yen (NZD/JPY), which are both part of the infamous carry trade.

Other Major Cross Pairs

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Unfortunately, many traders just hear the term carry trade and they become intimidated, thinking this is something best left to the pros at the big banks and hedge funds. Well we’re hear to tell you different and show you that it is possible to even program your forex robot to automatically place carry trades for you.

What Is A Carry Trade?

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Just take a look at any forex robot sales page. The developers behind nearly every forex robot on the market are trying to entice buyers by telling them how much money forex robots can make them. Nowhere on the sales pages for forex robots do you see information about how the kinds of losses you may have to endure.

So is it appropriate for traders to dream of lavish trips, fast cars and fancy clothes just because they’ve bought a forex robot? Well, probably not and we see that more as way of tempering your expectations to keep you from getting disappointed with your forex robot. You’ve probably heard the saying that there is no such thing as a holy grail in the world of trading and that is true. While forex robots can be useful tools and some are fairly adept at making you pips, they aren’t the holy grails of the forex world.

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Another thing we know is that whatever the daily dollar volume of the forex market is, it is larger than all of the world’s stock and bond markets combined. And all this liquidity is a good thing for a forex robot.

Forex robots, most of them at least, are designed to thrive in volatile currency pairs that offer strong trends. That’s one thing the best forex robots are particularly adept at: Catching strong trends and riding them for big winners. Really good forex robots catch one trend one way and then catch the reversal to double up on the first good trade. The thing is none of this would work with a forex robot if the market itself wasn’t chocked full of liquidity. Liquidity is ultimately your ally and a friend of forex robots, so don’t shy away from it.

Continue reading ‘Stick With Basics And Don't Get Exotic With Forex Robots’ »

The premises and technologies behind forex robots have proven profitable, but the unfortunate reality is the technology behind the best forex robots isn’t widely available to the public. So while forex robots are profitable, when we talk about the ones that are consistently profitable, that do things that would make a trader’s head spin, we’re probably talking about the forex trading systems that hedge funds and investment banks use to trade nearly second of every day while making millions of dollars.

Good luck getting your hands on that kind technology. It’s almost unfair to call the trading systems used by hedge funds and banks “forex robots.” These firms spend millions of dollars developing these systems and the systems’ ingredients are kept under lock and key, making them nearly impossible to copy.

Continue reading ‘Answering The Question: Do Your Forex Robots Actually Make Money?’ »

Indeed it is. In fact, some forex robots already come programmed to use various indicators as the backbone of their trading system, but if you have a forex robot that doesn’t trade with indicators or you would like to program it to do so, that’s a good idea because some of these indicators have been around for a long time and can be quite profitable.

The first step toward making your forex proficient with indicators is making yourself proficient with them. You have to establish what indicators you think might work best with your trading style and which ones you understand. Fortunately, this is easy to do as there are dozens of free resources across the Internet that discuss topics like moving averages, MACD, Stochastics and Parabolic SAR.

Continue reading ‘Using Popular Trading Indicators With Your Forex Robot’ »

That’s fine, but the conventional wisdom among buyers of forex robots is that forex robots should help them make money. So how do you go about figuring out whether or not a forex robot can help you make tons of pips?

Well, the answer is actually pretty, but first let us tell how not to figure out how good your forex robot is. Never test a forex robot out on a demo account and never rely on the back-tested results that are always present on the sales pages of forex robots. This is the ultimate sales ploy. Now we’re not saying all forex robots are bad. They’re not, some are good, reputable products, but be leery of back-tests and simulated results. We’ll show you why.

Continue reading ‘Why A Forex Robot Must Be Used In A Live Account’ »

By now you’ve probably been to more than one forex robot sales where the developers boast about the performance of their forex robots, but scroll down a little further and read the fine print. You’ll be in a for a surprise because you’re going to discover that those forex robots with 80%, 90% and higher success rates are achieving those results either on demo accounts or through back-tests.

That’s all well and fine, but the fact of the matter is no trader can figure what works and what doesn’t work with his forex robot unless he’s using it in a live account. Simulated accounts are good for novice traders and back-tests do nothing more than you how a forex robot performed in the past, not how it will perform going forward. Let’s look at some more of the pitfalls of not testing a forex robot with live capital.

Continue reading ‘Your Forex Robot Looks Good, But How Does It Perform In Real Life?’ »

When the stock market settles into periods of benign trade, nearly all the stocks in the market succumb to this condition. You’d have to search far and wide to find a stock that was actually moving. This scenario plays out because industry groups are highly correlated in equities market and there simply isn’t as much money changing hands in stock markets as there is in forex.

Forex is a market that thrives on liquidity and it’s the most liquid financial market in the world. And this liquidity is one reason why some forex robots have shown themselves to be very useful tools over time. As we said, there’s always some volatility or a strong trend in one corner of the forex market and this really works in your forex robot’s favor if it trades multiple pairs.

There are forex robots that only trade one forex and other forex robots trade multiple and this debate is something that many forex robot users talk about constantly. While we have found no evidence to suggest that a single-pair forex robot outperforms a multi-pair competitor, we tend to lean in favor of multi-pair forex robots on the basis of versatility. With that in mind, let’s look at what pairs are the best ones for your forex robot to trade.

The Major Pairs

Just in case you’re new to forex trading, we’ll review the eight major currency pairs. They are the Euro/US dollar (EUR/USD), the dollar/Japanese yen (USD/JPY), the British pound/dollar (GBP/USD), the dollar/Swiss franc (USD/CHF) the euro/yen (EUR/JPY), the dollar/Canadian dollar (USD/CAD), the Australian dollar/dollar (AUD/USD) and the New Zealand dollar/dollar (NZD/USD).

Continue reading ‘What Are The Best Pairs To Trade With Your Forex Robot?’ »