How To Trade Forex
Everyone knows that forex EAs are the new “hot” thing in forex trading. For those that have no idea what a Currency exchange EA is, it stands for Foreign exchange Expert aide. It’s fundamentally a trading robot. The developer of the EA sets up a trading system with lagging indicators like stochastics and moving averages, and creates a code that your trading platform uses to trade for you when you are not around. So, essentially it can trade for you while you are asleep, at work, having a shower, etc…. Sounds fantastic does not it? Well there’s one small thing you should know about them. The majority fail miserably.
Just browse through almost every single forex forum on the internet today. You will get a stomach full of forex EAs. They are all over the place. After you have spent 4 or 5 months demoing and crashing your account with them, you might have wished you’d spend your time a little bit more carefully.
A successful Forex EA is a lot like the holy grail of trading. You hear about it a lot, but you never get to see it, do you? There’s a good reason behind it : A robot can’t trade for you.
I learned this the tough way ( as I am sure many have ). We all want the easy way out. But easy logic tells you a robot can’t intuitively react to market news. It’s not like the robot can hear what the Federal government is saying about the state of inflation. Even more so, a robot does not understand how to trade the rhetoric.
The irony is if I took that time that I wasted hunting for the holy grail and spent it learning the way the market moves, I might have gotten successful a lot sooner.
Download Forex Time Machine - Bill Poulos
Find out how to trade forex THIS way…
Our research and surveying has confirmed that too many new and inexperienced forex traders simply don’t know how to manage risk in each trade — and all too often, the result’s the same : they wipe out their accounts.
here is what we find is occurring. Currency exchange has grown in appreciation so quickly that many traders who are new to forex trading have just waded into the waters, opened an account and have started putting on trades without any real thought or planning to the best way to approach trading.
It should be obvious that the difficulty with these thoughts are virtually no experience of a way to approach trading foreign currencies and the important risks to capital that it poses. All to frequently new traders attempt to trade first and learn second.
And the result of that learning is the loss of their account balances. Hey, let’s be honest, trading on a demo account isn’t the same as trading with real money. You don’t apply the same emotional control, the same trading principles or rules, you can take greater risks with the demo account and play too safe with the live account ( regularly to your own loss ).
Reverse your thinking : learn first, trade 2nd. Actually, across the board, the necessity to reverse people’s mindsets about forex is what is required. Learn the right way to trade first, and THEN take that information to the market and trade with it.
as a part of that learn first scenario - the NUMBER ONE component to trading forex that new, green or unsuccessful traders should learn is how to MANAGE RISK first in each single trade.
Today, one of the most well regarded foreign exchange educators, Bill Poulos, released a video that teaches traders exactly how they need to be trading forex. And, how traders can put more trades in their favor by erasing risk — it’s extremely cool thinking and it isn’t what’s being taught by most of the so-called ‘Gurus’ out there.
Catch the video here :
Download Forex Time Machine - Profits Run
By learning to manage risk FIRST, traders will find their trading transformed as they can approach forex trading with a wholly different mind-set, a plan for erasing risk and a solid set of rules by which to trade.