Monday, April 5, 2010

Make Money Trading Forex

There are new regulations regarding advertising in the US (I'm in Canada) where the website owner is required to state if they receive revenue to promote products on their websites. My approach has always been to only endorse products that I feel will help you to profit from trading Forex.

Some of these products pay me and some do not. The bottom line is if you see something promoted here, it is because I believe it will help you and your trading, not my bottom line.

My current focus is on automated trading systems and trading robots. Many "would be" new traders are overwhelmed by all the information available and don't know how to get started. These automated systems can successfully trade your account, even if you have a very limited knowledge of the Forex market.

I buy almost every trading robot that comes along and put them through a lot of testing. Most of them don't do very well and I often end up sending them back for a refund. However, sometimes they do what they are supposed to and I put them on an account trading with LOW leverage.

For some reason they all seem to have the same trashy sales pages, but if you can get past that and are looking for EA's that can turn a profit, check out these links...

Forex Transporter

Forex Pitbull

CloveriX EA

All systems, robotic or not, will have losses and leverage should always be kept small.

Robots are a great way to make money trading Forex for those that struggle with technical analysis, or traders that can't sit in front of their computers all day and night. You still need to be aware of the market particulars, but automated systems make it much easier for new traders to get started profitably.

One of the new robots Forex Brilliance looks very interesting. I'm going to do some serious testing on this one... stay tuned!

If you have an idea for a robot strategy and you need some help to code it, send me a note from the About the Author page and I can probably help you. I have coded many EA's and will do what I can to get you going.

Trading Forex is exciting and it can also be very rewarding. You are able to trade any time of the day Monday through Friday and it can be done effectively without being glued to your computer screen.

Over $3 Trillion Daily!

The reality is you need to do a little homework to be successful at this. You can learn how to claim some cash from the $3.2 trillion (according to the latest BIS report) that trade through the Forex market every trading day, but to make money trading Forex, you need to treat it like a business and invest some of your time to achieve profitable results.

In the end, the results you get will be the product of the time and effort you put in. Do this the right way and it can change your life. If you are looking to get rich quick, Forex can do it, but it can break you just as quickly, so beware.

Typically, 95% of traders who open accounts to trade the currency market will lose all of their "investment". However, with a proper strategy, you can become a member of the successful 5%. Once you learn to make money trading Forex, the world will be a much different place for you.

Got a question you can't find the answer to? Send me a quick email from the "About the Author" page and I'll try to point you in the right direction.


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