Learn Forex Trading
Why should I learn to trade forex?
The forex market (aka fx, foreign exchange, or currency exchange market) is the biggest market in the world, with a market turnover of over US$3 trillion every day. What this translates into is that the forex market is also one of the most lucrative markets in the world.
The forex market has only recently opened its doors to retail traders (guys like you and me), making this an extraordinary opportunity to make a lot of money where only institutional investors could formerly invest. The forex market also offers several advantages over the stock and bond markets, not least of which is the absence of commission payments and being incredibly liquid.
Whether you are hard hit by the recession, you are looking for a second income, or you just want to quit your current 9 to 5 job and make a living working for yourself, forex trading can and will be a very good answer. There is just one glitch… Don’t just jump into it and expect to float beacause 95% of people doing that don’t. They all sink, and they take a lot of money with them.
Recommendations:
Forex Education
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Forex Brokers
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Forex Manual Trading Systems
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Forex Expert Advisors
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Forex Signals
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Forex VPS Services
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It is of the utmost importance that you carefully consider certain things before you risk any of your hard-earned money.
1. Get educated
I don’t mean to say that you need to go back to school and do another 4-year bachelors degree, but you do need to get yourself very familiar with every aspect of the forex market and forex trades. A good educational program is priceless, as it will save you a lot of money in the long-run.
Our Forex Trading Course Recommendation – Forex Time Machine by ProfitsRun.com
Forex Time Machine is the newest forex trading course made available by the guys from Profits Run. This is a very comprehensive course and also includes three very profitable trading strategies. By first making yourself familiar with what is in the course and then applying the trading strategies exactly as Bill Poulos (the founder of ProfitsRun.com) shows you, you will be on your way to becoming a very proficient trader. I must warn you though, that this course does not come cheap. It costs US$1995, but how much does a decent education cost nowadays? In stead of thinking of it as an expenditure, think of it as an investment in your education as well as your future earnings.
Forex Time Machine will be available at the end of November. Due to the mentoring nature of the course, which only allows for a certain number of copies to be sold, it is only sold twice a year.
2. Decide on a broker
When deciding on which broker to go with, there are again a number of things to consider,. You also have to be very weary of scam brokers out there, and there are a lot of them.
Our Forex Broker Recommendation – FXCM (Forex Capital Markets)
FXCM is arguably the largest of all the forex brokers. They have a large enough capital base for you not to worry about them going bankrupt and taking your money with them. FXCM is also regulated by all the appropriate authorities, making it one of the safest options. I would advise any trader, though, to apply for an account with FXCM Britain as opposed to FXCM USA, as there are a number of rules that were recently implemented in the US that constrict traders’ trading options.
3. Manual trading, automated trading or signals
Manual trading involves physically checking the market and placing trades according to a pre-defined trading strategy or system, and the trading strategy or system can be developed around technical or fundamental trading, or a combination of both. Manual trading can be very challenging and often times very emotional, especially to new traders. Automated trading involves the purchase of a so-called forex expert advisor (aka forex robot) that automatically places trades for you according to some preset criteria. This can be a great way of starting out for a new trader, but the number of truely profitable expert advisors are outnumbered a thousand to one by unprofitable ones. When thinking of purchasing an expert advisor, do your homework well. A third option is the buying of forex signals. These signals come in the form of email, sms, or signals directly to your trading station, and they are send when the signal provider thinks there is a good buying or selling opportunity in the market. Trades from signal services are usually of a longer term nature, meaning you only need to place a trade every once in a while, making it a good option if you are only looking to supplement your current income. Again, I need to remind you that there are inferior signal services out there, and homework is of the essence.
Our Manual Trading System Recommendation – LMT Forex Formula
LMT stands for Low Maintenance Trading and that is exactly what it involves, low maintenance. That does not mean it is an automated trading system or a signals system. What it is is a trading strategy with which you only need to trade 15 minutes each day, or so they claim. I am naturally skeptic when hearing such claims, and I don’t believe you can make huge profits only trading 15 minutes a day. Yet, the fact remains that you do not need to sit in front of the computer all day long if you use this system.
Our Automated Trading System Recommendation – Forex Megadroid
Forex Megadroid has been the most reliable forex expert advisor that has come on the retail market for a long time. Though Megadroid does not trade very often, the drawdown (potential loss) is incredibly low and the winning rate almost 100%. These figures do not only come from the vendors, they are reproduced by forex traders from everywhere.
Our Forex Signals Provider Recommendation – Forecast Trader
Forecast Trader is a well-established forex signal provider that has been helping traders earn good money from their signals for a long time. The Forecast Trader interface is very intuitive and trading from their signals as easy as can be.
4. Get a VPS Service (Optional)
If you choose the automated trading path where you employ an expert advisor to constantly scan the market and place trades for you, it is often advisable to get the services of a VPS provider. VPS stands for Virtual Private Server, and it is like having an extra computer, just in someone else’s home. It is not advisable to let your computer run 24 hours a day, 6 days a week. Instead you can run the expert advisor(s) on a VPS server that is meant for this purpose.
Our VPS Provider Recommendation – ForexVPS
If you want an easy to use, yet very inexpensive VPS, ForexVPS is just the one. Many times forex traders decide to run their expert advisors on VPS systems, just to realize that they can not figure out even how to start the VPS, let alone load programs onto it. This is not the case with ForexVPS. ForexVPS is very intuitive and even a novice would be able to use it.
