Learn The Whole Truth About Automated Forex Trading Softwares!
Automated Forex Trading Softwares or Forex Trading Robots are Nothing more than Computer Programs that could be integrated into your Forex Trading Platform to Notify or Execute and Manage Trades on Your Behalf governed by the Trading Rules of some Forex Trading Strategy.
The Major Problem Most Newbie and Struggling Intermediate Forex Traders face is not understanding what an Automated Forex Trading Software Really is. They rush to buy the Latest Revolutionary Forex Robot that will make them a million dollars from a $100 investment overnight. Now that is just pure Gambling.
Before using any Automated Forex Trading Software you should know what Trading Strategy it was designed to take advantage of.
Try Trading Manually to Properly Understand the Trading Strategy and To Get a Feel for How it works, aim for that Intuitive Trader Status using that Particular Forex Trading System till you get to Cherry Pick the Trading Signals it gives you because you know form Experience the High from the Low probability Trade Setups, before Automating anything.
Automation sure does Help, but only when you know what it is that’s being Automated. It is always best to Learn How to Drive a Manual Transmission before moving on to an Automatic.
No Single Forex Trading Strategy was Designed to work in all Market Cycles. Your Trading Robot might just have been Created to Trade in a Mark Up, Mark Down, Accumulation, Transition/Reversal or even an Inside the Range Market Cycle, You have to find that out before attaching the Robot to your Forex Trading Charts.
The Forex Trading eBook By Raghee Horner “Forex on Five Hours a Week” will help you a lot understanding the concept of Market Cycles and How to Read them with the best Visual Aid.
Most Forex Trading Robots Function Abnormally During Periods of Extremely Volatile Market Conditions simply Because the Large Swings Caused by News Releases Trigger Trades which they only willingly obey and since this times are usually followed with wide Spreads by some Unethical Forex Brokers, You don’t only Get Bad Trades During News Hours using your Automated Forex Trading Software, you also Get Very Expensive Trades Due to the Spreads being Too Wide.
Newbie Traders have it the worst because after being advertised the Liquidity, Volatility, Leverage and Flexible Lot Sizes in the Foreign Exchange Market and the Forex Trading Robot that Magically Wins every Trade it places in the Forex, they rush to open a Forex Trading Account with the Highest Leverage they can get, Placing Standard Lot Size Trades from a $100 Account looking to Make a Zillion Percent (%) Return on their Investments only to Loose everything from a Single Trades.
Always be very careful when using a Forex Trading Robot or Better yet switch it off during or some seconds before any Forex Trading News Release to avoid your account being burned out.
Always Understand and trade manually on a Demo Account the Forex Trading Strategy your Robot was Designed to work on, so that you can predict what its likely
That’s all People. Love to hear your comments and don’t forget to ask any questions you might have, ok? I’ll be glad to help! Cheers…
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Anas Abba is an Active Forex Trader and Fund Manager at DigiTrix Fx Firms. His "Crack-the-markets-with-your-mind" Style of trading has helped 100+ of Aspiring Forex Traders all over the world achieve their dreams of Financial Freedom Through Currency Trading. Connect With Anas Abba (Forex Coach) on Google+ or Join His "Schooling Y'all on Forex" Community to get The Hottest Forex Trading Tips, Techniques and Strategies.
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