When You Are Offered Automated Forex Trading Systems, Be Careful!

The internet is full with so called automated forex trading systems and robots. Sounds great, who would not like to automatically make money? But if it were as easy as that, everybody would be rich!

A Good Forex Trading System – Learn How:

One thing is sure: Forex Trading has it’s risks, and you should NEVER (!) trade with money that you can not afford to lose. That said, there are great opportunities in forex trading, and if you use the system that is right for you, and you are disciplined, you can reduce risk and improve your odds considerably.

Automated-Forex-Trading-System - Caution!

There isn’t a perfect system or a best forex trading course, because every forex trader is different. There are however some really good forex trading books and forex trading classes, and many of them are available online.

Forex Profit Accelerator – Nearly An Automated Forex Trading System

The forex trading robots that are offered on the net are just that: robots…. Would you trust a robot to drive your car? Well, why would you trust it with your money then? So much about robots.

If you learn how to intelligently do what these robots are supposed to do, you have a hughe advantage over many forex traders. You need a system and that system needs to give you the freedom to execute it in a short time on a daily basis. If that system does only 4 things well, then you are off to a great start:

A good forex trading system

– must be a complete method, that has setup conditions, clear entry rules, initial stop rules, and – very important!- exit strategy rules. Such a system will never leave a decision to chance.

– has to include specific and highly controlled risk management, good money management, and also portfolio management guidelines.

– must be based on technical analysis, but it must not be simply a 100% mechanical system.

– finally and very important: It must take maximum 20 minutes every day to use it, once you have mastered it and learned how to trade with it.

You Are The Automated Forex Trading System!

If you apply the above rules when deciding which trading system you will employ for your forex trading, you are set for success. And you need a system! People who think they can do this just by their gut feelings lose money so fast, you can hardly see it being swept away by the market swings….

Our recommendation is to check out the tools that are offered by our sister site. Here professionals are offering great hands on training and forex trading coaching. They cover all trader levels from brand new beginner who has no idea what forex trading is, other than having heared that you can make money (and lose money!) to the seasoned trader who has made some serious money already and wants to make even more, applying the latest techniques and maybe honing his skills further.

Forex trading can be very exciting to the new trader once he’s tried his hand at it. Making money just by making a speculative investment can create an euphoric buzz but bear in mind that like all speculative investments, there is grave probability that you might lose some if not all of your money. To minimize the chance of seeing your entire fortune being drained by bad Forex trading decisions, here are some rules for you to adhere to.

Helpful Rules

avoid-bad-forex-trading-decisions

  1. Rule #1 – Don’t be overconfident: If you are somewhat a newbie at Forex trading, don’t rest on your laurels too soon after you’ve had good profits in a day. Don’t pool all your money and invest heavily. Instead, trade using small, modest margins. Use a small portion of your Forex trading funds to purchase reliable online Forex trading platform. Do not be tempted to trade what you are ready to lose as you can actually spend much more than what’s in your Forex trading coffers. Don’t let greed rule your mind and most importantly, you should only increase your Forex trading margin once your experience and expertise grows.
  2. Rule #2 – Increase your thirst for knowledge: Don’t be afraid if to crave for more information on Forex trading. Stay informed by subscribing to the right financial and political periodicals. The Internet is a good place to start. In fact, it’s one of the best places that will offer Forex trading information for free. You are free to Google for reviews on the best online Forex trading platform available.
  3. Rule #3 – Economics for Dummies? You bet! It’s never too late to sign up a college course. If you lack the time, money and commitment, another alternative is to read the Wall Street Journal as regularly as you can.
  4. Rule #4 – Stand on your own two feet Be independent and don’t be afraid to rely on your gut feelings. Don’t rely too heavily on gossips heard over the grapevine or depend too much on unfounded tips. However, if you need help, there are very user-friendly online Forex trading platform out there that you can rely on in your path to further understand and master the complex Forex business.
  5. Rule #5 – Practice, practice, practice! Test the waters before you fully immerse yourself in Forex trading by creating a demo account using online Forex trading platform.
  6. Rule #6 – Keep your friends close and your brokers closer It pays to have trustworthy brokers close by. Strike up a good relationship with them and take advantage of their expertise. After all it’s a win-win situation! It also never hurts to be chummy with other traders who know what they’re doing.
  7. Rule #7 – Keep your eyes peeled for historical trends : Study and scrutinize Forex charts whenever you can. Most good online Forex trading platform will provide these at little or no cost at all.
  8. Rule #8 – Know when to leave : The trouble with most Forex traders is that they do not know when to exit trades. If you have been suffering heavy losses, it is best that you pack your bags and leave that particular trade. Don’t hope for the tides to turn so quickly. Likewise if you are on a winning streak, don’t retreat so soon due to fear that things will go sour.
  9. Rule #9 – Know your geography … and what happens in other countries. This can be very advantageous to you once you gain insight about the financial and political activities in these countries where issues like inflations can influence your Forex trading profits.
  10. Rule #10 – Shut out the stress Lose your head and you’ll lose your funds. Keep your cool and you’ll see those cash rolling in.