Currency Fx

Currency Fx Trading Tips

It has always been very difficult to constantly make money Trading Currency Fx. The basic rules of trading are very hard to stick with. Normally new (and not so new  Traders) make these mistakes:

·         Trade too often. It is not the number of trades but the success of your trades that is important.

·         Try to anticipate a trade rather than waiting for the market to confirm a trend.

·         Spread the risk by having multiple trades running at the same time hoping one will profit.

·         Work on the theory that if you have a losing trade the best option is to double up on your next trade. (a very easy way to wipe out your capital).

·         Not understanding Risk/ reward. It is not a good strategy to risk more than you could win or the same as you could win. Most good traders would look at a 2:1 ratio, your profit being twice your potential loss. 

·         Incorrect placement of stop losses or trading without one.

The biggest change in trading the currency fx market is the use of robots. When we first tried them they tended to show good back testing but live trading proved a disaster.

 Trading has always been 70%+ mental, having the discipline to actually stay with a system that worked. Trading under pressure and constantly making the right decisions is very difficult. That is why we were very interested in automated trading. If the system worked the robot would just keep on trading, most of the problems we traders had were results of lack of discipline.

We have just bought one of the latest generation automated trading robots and are very interested to see how we get on. Sure the results we have been told about are truly amazing but like in most things we like to test these things for ourselves.

One of the methods of trading that has always appealed to new traders is using very short time frames, watching the screen constantly and entering trades frequently. This is very high risk as the market is very volatile and if the spread is too high and your stops very close you can have many losing trades with the costs to your broker adding up very quickly.

The robot we are using has two different methods of trading, scalping using the 15m charts and longer term trading. 

If you are new to trading we would highly recommend trying this robot and reading our review on our website. Trading with a demo account first is the only way to try it.  If these robots are going to eliminate human error then trading is going to open up new opportunities for everyone. Visit our website where we are updating our results constantly and see if it is for you.

About the Author

Lyndsay is a successful entrepreneur and Forex trader. Discover how you can get the best proven forex robot
Fap Turbo Review and start trading

successfully today. For the #1 Forex System available check out http://www.squidoo.com/LiveFapTurboReview

FOREX VIDEO | New York Session Review | September 23, 2011

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