Automatic Forex Trading For a Living - Why the Vast Majority of Forex Robots Don't Win

There is a huge industry in telling you it's easy to make money automatically and with no effort but the fact is most automatic forex trading robots will wipe you out...

First most robots are sold on the basis they work and make money and they produce track records which are astounding to support this but read this.

"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading.

And to completely ruin the track record we get this and its obvious why you should discount it

Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown".

I don't need to explain that the above discounts the track record completely.

You need to understand that clever marketing copy and a glossy package cannot disguise the fact that the system has not been proven for what you are actually buying it for which is to make money.

These systems appeal to greedy, lazy and nave traders who fall for the idea forex trading is easy and you have to make no effort to make money. They believe they are going to get financial freedom given to them and it costs them the price of a lunch. Well, common sense tell you that isn't correct!

No you knw it I know it, there is no easy money or guru about to lead us to the promised land and the whole world has not started trading and quitting there jobs (which they would do if the track records were real) for now the science fiction idea of robots working for you and you putting your feet up is a long way off in forex trading!

How to Win with a Forex Trading System

You can make good money though with a forex trading system, you just need to be realistic and find a decent system.

So are there any decent forex robots for automatic forex trading?

Yes there are a few sold with real track records and will pay for themselves numerous times over if you keep in mind the following:

1. Get a track record audited over 2 years plus
2. Check the drawdown and time to recovery and make sure you are comfortable with it
3. Make sure you understand how and why it will work so you can trade with discipline
4. Judge it over periods of years not months

Automatic forex trading can be successful just make sure you find the right system, have confidence in what you are doing, trade with discipline and look at it over years rather than months, do all this and you will be rewarded with currency trading success.

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AFP - Europe's main stock markets diverged in a narrow range on Wednesday after a slump on Wall Street overnight as traders gave a lukewarm response to a stepped-up US stimulus package.

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Forex Trading For a Profit

How many people can claim that they are able to make consistent profits when they trade Forex? Of all the Forex traders in the world only 5%can make it as traders.

This statistics is shocking but if you have been reading up on the Forex markets, you will understand that there are some people who can make it and many that fail.

To make money in Forex there are some things that you as a trader will require.

Trading Plan
Trading system
Money Management plan
Well funded account
Spare funds
DISCIPLINE
Experience

In this article and the next few articles we will cover the above points in greater detail.
Let us explore in detail how a trading plan is useful for you a trader to make profits consistently when you trade Forex.

A trading plan is the start of all trading activity. A well-formed trading plan comprises of these elements:

1. Profit objective. How much money do you want to make, there are some plans that I have seen that tell you to let your profit run when there is a chance. My view is that trading is like a business. Would you rather have a lifetime customer that comes back daily or would you sell one item and then hope another rich customer comes along? You might make big dollars each time you do a sale, but compared to the power of regular compounding these "big dollars" are nothing at all.

2. Established risk factors. This is really part of money management; then again money management should be the basis when you form your trading plans. When you have established the risks you can take, this protects your current investment. Now that you know what your risk is, each trade you do will give you the assurance that regardless of the outcome (profit or loss) you will have established a mechanical system. A mechanical system will give to you more successes in regular long term trading as it removes the human emotive state thereby reducing human error. (I cover more on this in my free ebook)

3. A moving stop loss. This is another part of the plan can't be missed out. Ok so you say you got a stop loss level set. But do you know that within certain parameters you can and should move your stop. Some examples are when you have set your primary stop at the resistance level and the price is moving closer to your trading stop. Now the trend is a down trend and that this is a news related price spike. So you can shift your stop loss 5 pips. For me, depending on the time frame I trade in, the amount of pips I shift my stop loss will range from 5 to 10 pips. But a word of caution here, you have to be absolutely sure that it is a price spike caused by news and that the trend is strong. If not do not shift your stop loss at all. Accept your defeat at this trade then move on to win a few more!

Dr. Joshua Geralds is a successful Investment Specialist with over twenty years experience increasing the income of people world wide. For a limited time get his free Money Management to a Million Dollars e-course here: http://www.pipsalot.com

Reuters - The U.S. trade deficit shrank 4 percent in December, as the global financial crisis cut U.S. imports and exports for the fifth straight month, while U.S. demand for mortgages tumbled nearly 25 percent last week as potential buyers held out for better terms.

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