Traders either love or hate Elliot Waves. Some traders regard this as an elite trading indicator, while some despise it and never employ the vast capabilities. I have been using Elliot waves for quite some time and with decent results and have seen some discussions on Elliott wave forums. It’s not an infrequent comment I see when some state “I like Elliott Wave but it’s like something isn’t quite right.” Some people just adhere to strict rules and dont invest time to fully understand its capabilities
Some Elliotticians swear by Robert Prechter and some find his wave counts change too much and find themselves frustrated.
Through hours of research and usage Ian Copsey has unearthed a fundamental error in the structural development of price behavior as defined by the Elliott Wave Principle. From his early findings that trending waves ended prematurely and the vagueness of the wave relationships he began to realize that trending waves do not develop in the manner which R.N. Elliott described in his findings.In Harmonic Elliott Wave he reveals the methodology, the common ratios that lin… More >>
Here is a video to watch introducing Harmonic Elliot wave.
Forex training classes are a great way to learn to trade forex. They are basically a method of getting a good grounding of knowledge from which to springboard a successful trading career. In this article, let me give you your first lesson of forex.
The Big Global Picture
Forex is how much you can sell one currency for to buy another – just like when you go on vacation.
But what affects forex prices is the big global picture. It is not just the economic picture but anything that affects a country.
So, forex prices will also be influenced by war, the threat of war, emigration patterns, the weather and much more. This is what makes forex so fascinating, because it is influenced by pretty much everything. Forex Lessons
Buyers And Sellers
If you look at a forex chart for today, it will look like a bunch of waves, moving up and down. What causes these up and down movements is the pulling and pushing between buyers and sellers of a currency.
At any given time, there can be more people wanting to buy or there can be more people wanting to sell.
Just understand that the price movements, although influenced by global events, are actually drive by individuals in the market. Forex Lessons
Forex Is Not Gambling!
In gambling, whether you are betting on a sportsbook or at a casino, the house has a huge edge against you. It makes it very, very difficult to consistently win.
In forex, the commissions or fees that you pay to trade are minuscule in comparison. This means that, so long as you are disciplined, it is not difficult to make consistent profits.
The only obstacle to that is yourself…
After you learn the basics, the most important thing that you need is discipline. Never trade on a “gut feel” and don’t risk more money if you’re losing. This is the mentality of a gambler soon to lose all his money.
Instead, you should trade based on good decisions, based on logic. Remove emotion from the equation as much as you can. Always practice good risk management and don’t risk too much on a single trade.
These are the traits that make the difference between a winning and a losing trader. Forex Lessons
Comments Off on Forex Robot Software – What to Look for?
The Secret Behind Forex Robots
Forex robot software is making waves. They are providing numerous benefits to traders who are venturing into the automated trading arena. What is making Forex robots so successful? Forex robots are also known as Expert Advisors or EAs. This is a fitting monicker since they are acting in the capacity of a true expert, advising on which trades to make and subsequently executing those trades automatically.
As an expert advisor, Forex robots provide advice and information about when to execute a forex trade. The expert advisor will interpret and identify the trading signals that are derived from technically analyzing the Forex market.
What do they do?
• Forex robots provides indicators when a trader would enter or exit a deal. Some traders would like to be notified first before the robot enters a deal and the trader would manually enter the deal or exit from it. But the EA could be programmed so that it could automatically enter a transaction. The trader might also be responsible for providing the structure from where certain trade information and signals would be determined, but most expert advisors come with preloaded settings that can be run right ‘out of the box.’
• Aside from entering or exiting a transaction, the forex robot can also be programmed to perform trade tasks like scaling in and out of positions, trailing stops, risk management and identifying market conditions that suggest it would be better to not take a trade.
• Forex robots automatically apply your money management strategy to their program and incorporate it in the trades that they do. Money management is all about determining how much of your capital you are willing to risk per trade, or the risk factor involved in trading. It’s importance cannot be underestimated. Some traders would not include money management and would go for a free strategy. But this could be a costly mistake, so it is better to make sure that the Forex robot already has a money management system in place. Some forex robots allow the operator to input algorithms in the system to integrate their own management style. Ignoring money management guidelines is the number one reason that retail forex traders fail.
• Forex robots are also capable of placing, changing and removing stop losses and take profit limits. Most also allow for the manual placement of entry orders, providing flexibility to those traders who incorporate a hybrid strategy of manual and automated trading.
To operate a Forex robot or an EA, it is necessary to possess a computer, stable internet connection and at least some general knowledge on how Forex trading works. You would also have to sign up for an account with a Forex broker, this is where the expert advisor will make its trades through. After setting up an account, you can get the Forex robot from a manufacturer. The EA would be downloaded to your computer and would make trades for you.
But there is another challenge when using a forex robot. Although they can do the trade for you 24 hours a day and 5 days a week, it is impossible to keep your computer working for that long, and the risk exists that an unexpected crash of the computer system running the robot could cause catastrophic losses. So, there are some companies that offer virtual hosting where traders can continue trading while giving their computers and trading robot the needed rest, eliminating the risk of sudden power loss.
These service providers would just require necessary information so that they can host your trading platform. They would be providing you would a username and password to have access to your server. When looking for services like this, it is important to have a demo account first where you can check the service before foregoing into trading real money and account.
But as reiterated by experts, having an automated trading system, in this case the Forex robot, is not an assurance of succeeding in trading and becoming a millionaire. It still relies on your trading skills, knowledge and mindset.
For more information regarding automated forex trading software, click the link below…