Personal Finance guide

The developers use the logic that since the forex robot is locked in on pair all day everyday, it isn’t likely to miss any of the good trades. On the other hand, some developers try to sell you on the fact that their forex robots are great across any forex pair you can think of. These guys are basically saying to you “Pick a pair, any pair and our forex robot is going to produce winners.” Let’s see if that’s true.

The Choice Is Yours And Yours Alone

Forex traders are an independent breed and we don’t like being told what to do, let alone have our trading style dictated to us by a forex robot. This is where knowing your personal trading style comes in. Being in touch with your inner trader can help you make the best decision possible when it comes to purchasing a new forex robot. This is important because who wants to spend time returning a product they don’t like when this mundane exercise could have been avoided in the first place?

Maybe you’ve discovered that you like focusing on a single pair. There’s nothing wrong with that and if you’ve found something that works for you consistently, stick with it. But if you’re the type of trader that likes to pay attention to a single forex pair, make sure your forex robot does the same thing. It would be a rather unpleasant, and potentially unprofitable surprise, to discover that the forex robot you expected to only trade the Euro/US dollar (EUR/USD) was also trading a host of other currency pairs.

Continue reading ‘Is Eight Enough Or Should Your Forex Robot Stick With One?’ »

There are dozens of forex brokers to choose from, so it’s important to evaluate at least several before deciding on one. And count this as just one more forex-related project this going to require some research and homework on your part.

Now if you know that you’ll be trading with a forex robot, the first thing you need to is make sure the broker you’re already using or will use with your forex robot has a trading platform that can accommodate your particular forex robot. As a rule of thumb, most forex robots are compatible with all of the MetaTrader brokers, so you probably don’t need to worry about finding a forex broker that works with your forex robot, but just keep this little tidbit in the back of your mind.

Questions To Ask Your Prospective Forex Brokers

There are several questions you should ask the customer service teams at the forex brokers you’re considering giving your business. Of course, you should ask if their platform is easy to use and if you can run your forex robot on it. Next, ask the the broker if it is regulated and by what regulatory bodies. A very important question to ask your broker if it’s a dealing-desk broker or introductory broker. We’ll talk more about this in future articles.

Continue reading ‘Choosing The Best Forex Broker For Your Forex Robot’ »

Perhaps you’ve noticed that there aren’t robots available for other asset classes the way they are so easily found in the forex world. Maybe that has you thinking that forex robot are some kind of holy grail that can take your trading and your forex account to previously unseen heights. Before you get too carried away, it pays to exactly what you can expect out of a forex robot.

Read The Fine Print, Keep Disappointment At Bay

When evaluating forex robots, you’ve probably taken note of the intense marketing techniques forex robot developers use to hawk their products. Flashy sales pages with videos, testimonials and some of the most outrageous profit claims you’re ever going to see. Put all that aside because a truly astute forex robot developer will never promise profits by using his product. If nothing else, making those claims is illegal in some countries and the forex robot developers can’t risk being shut out of an entire market due to a little snafu like that.

However, forex robot developers will attempt to give you the impression that you are better off using their product. They already know that the whole reason you’re looking at forex robots in the first place is to make more money so they’re going to everything they can outside of making an overt promise that you’ll make money using a forex robot. The trick is to not fall for these tactics the first time you look at a forex robot.

Continue reading ‘Forex Robots: A Guarantee Of Forex Profits?’ »

If you’ve been considering forex robots, you’ve no doubt come across the crazy sales pages and Web sites that tout some pretty sterling trading results. Perhaps the forex robot’s developers will even tell you that they used to trade at big bank and that their forex robot will put you on par with the big boys.

Not unreasonable claims, but remember the sellers of forex robots are in the game to make money, just like you are. The big difference is you want to make your money trading and they want to make their money by moving product. That is a critical point to consider when buying a forex robot. With the interests of a forex robot’s developers being different from yours, can a forex robot really help you make money?

No Such Thing As A Holy Grail

In some ways, as the potential buyer of a forex robot, you’re at a disadvantage as soon as you land on a forex robot sales Web site. It’s comparable to buying a car. As soon as you step on the lot, the car sales person knows you’re there to buy a car and they’re going to whatever you can to sell one to you. Forex robots are the same way, only a lot cheaper than a car. The traditional forex robot sales page is going to do everything it can to get you into a new forex robot as soon as possible. That said, the smart forex robot developers stop short of guaranteeing you profits.

Continue reading ‘Promises, Promises: What To Believe When It Comes To Forex Robots’ »

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.

Continue reading ‘Dreaming Big Pips With A Forex Robot’ »

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’ »