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If you want to be successful long term with forex you need to learn a few things. You always need to protect leverage or you’ll be wiped out. Many traders make errors that are very simple and it hurts them in the long term, changing a very profitable forex business into a game a craps at the casino.
1. Understand Standard Deviation of the Price – Most traders don’t understand this. Standard deviation comes from the math of statistics and it’s basically the difference between data points. The reason this is important is because the data that comes in isn’t going to be linear or contain all numerical posts. That means there could be differences of 0.5 in between the data.
Basically to put that into the real world you’re going to be using software like Forex Killer to handle trades and you’re going to give it variables on when to buy and sell. You need to understand that if the standard deviation is 0.5, than if you put in a number like 100.7, it’s never going to get hit. 100.5 and 101.0 will be hit. When we’re trading forex we’re talking about very little fine changes to the hundredths of a number. 0.5 is a significant amount of change if you have thousands of dollars in the game. You have to be aware of this or you’re going to give up much of your gains by simply the gap between data points.
2. Earn Slowly – Many traders get greedy or get on a high of making money. They try to make as much as they can as fast as they can. This is trouble. Rapid gains of currency happen, but they’re not common. If it’s not common, you can ride the wave, but eventually it’s going to stop and you’re going to burn. Take it slow. Don’t aim to get rich on one trade. Aim to get rich by slowly making money over time.
There’s a lot of talk about Forex Robots lately and the question on everyone’s mind is – do Forex Robots work or is it all just a big scam to take your money? In this article we examine some of the facts around Forex Robots to see if we can answer this burning question.
When looking at back testing and forward testing results of some of the popular Forex Robots, there is no doubt that these systems have a very high success rate of winning trades. Most of these systems achieve success rates of more than 70% winning trades and in some cases even as high as 95%. While these values sound very positive, it is important to understand how such high success rates can be achieved and what the risks are of using these systems.
When comparing Forex Robots, one of the most important aspects to consider is money management. What type of stop loss strategy does the system use ? What is the maximum drawdown that this system experienced in the past ? One of the top selling systems uses a fixed 250 pip stop loss strategy, while the most popular system of all doesn’t implement a stop loss at all. Some systems have a very high percentage of winning trades, but also have large drawdowns of more 30% at times, so the risk of losing a lot of your capital in one losing trade is higher. My ideal Forex Trading Robot is one that has a percentage of winning trades above 70%, with a maximum historical drawdown of less than 20% and a relatively conservative stop loss strategy that protects your capital.
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Are you looking for the best Forex Factory Predictions as voted by the members of the Forex Factory? If you’re not familiar with the Forex Factory, it’s currently the most popular Forex Forum online today, giving you up to date news on just about anything Forex related.
One powerful thread where posters have delivered vast information on a daily basis is the Forex Predictions thread.
Forex Predictions are a tool every Forex Trader seeks to acquire when trading on various currency pairs. Being able to predict the market would obviously make the Forex game a darn sight lot easier.
Here, in the Forex Predictions thread users have posted their best and worst Forex prediction software available on the market right now.
Just to clarify what Forex prediction software can actually do – it simply trades within the margins you have input, being your stop loss and take profit margins – snatching pips and scalping trades on autopilot 24/7.
Forex Prediction software doesn’t so much predict a currency pairs outcome, but it will allow you to conduct automated trading within tight margins. Here, prediction software will forecast the best rate at which to sell in order to accumulate the highest rate of return.
The Forex Factory is an excellent place to gauge real life traders feedback from various software packages and compare what works well for many traders and what doesn’t.