Nov
Forex Course
Forex Time Machine Review
There are a large amount of Forex expert advisors online today, in truth lots of them. It almost makes it impossible to identify the expert advisors that actually work. With so many choices and so many different Forex robots trading on multiple currency pairs there has to be a solution to identifying the right trading robot.
The first thing one must ask themselves when looking for a quality Forex expert advisor is, what type of past performance does the trading robot have? What type of trading accuracy are we dealing and which currency pairs does the trading robot trade on?
The biggest mistake that most expert advisors make is trying to provide a solution or mathematical formula that works for every currency pair. It’s simply not possible to have a Forex robot be an expert on each currency pair due to the fact that each pair has it’s own patterns and daily ranges. Thus when identifying a trading robot one of the first things we look for is an expert advisor that concentrates on only one currency. Secondly we analyze it’s past performance over the last five years. If the trading robot has performed well with minimal draw down and has sustained profitable months, than we are 1/2 way there.
Next, we research the Foreign exchange robots money management. We have to ask ourselves, what was the maximum drawdown over the past five years? Anything with less than thirty percent draw down over the past five years is a definite positive. Another query we would ask ourselves is, will the trading system employ a stop loss? Some trading systems won’t employ a stop loss and agree with it not can be terribly profitable. A system that doesn’t use a stop loss has to have a trading accuracy of 80% or higher where the winners clearly out weight the losers by more than half in terms of dollars.
Finally, determine how much risk you are willing to take. Trading with an expert advisor or any system at that matter does need a little bit of risk, yet if handled correctly can be intensely profitable. Never use a trading robot without first testing it in a demo account. Only after the trading robot is ready to sustain profits after 3 months should one think about employing the trading system in a live account. Be certain to find a system which has a very high success rate, uses correct money management and has been thoroughly back tested and you’ll be bound to end up a winner.
Buy Forex Time Machine
Why are so many forex traders NOT succeeding?
I had a chance to discuss with Bill Poulos today and posed that question to him. Did you know what he said?
‘most experienced forex traders wait too long to move stops to protect their positions and frequently watch their profits disappear.’
And that wasn’t all — he went on to clarify an easy concept, similar to Gambler’s Ruin that permeates the forex trading world.
Basically, once a trader sees profit in a trade begin evaporating they get only centered on getting back the lost profits. They forget to understand the need to guard the profits that they still have in the trade. The result? A reversal continues, the once-profitable trade becomes a loss-making trade and the trader’s frustration mounts.
I have seen this myself and it is the easiest trap to fall into, because you persuade yourself that the EU Buck just hit that intra-day high and it can get back up there! Except – it doesn’t and it continues to drag back till your 20 or 30 pip gain turns into a twenty or 30 pip loss.
that sure is a pretty dreadful example – but have you had that happen to you?
What do you do?
Bill had an answer for that, too!
he said most traders do not know what the available profit potential is for any single trading event — that is, they do not set profit targets which allow them to take what the market gives them and then exit the trade in multiple steps. And, without a technique that protects capital first and manages profits second, there isn’t any way the average forex trader can survive in the foreign Forex markets.
to position yourself properly, traders MUST have a multi-part technique — one that teaches them how to identify the BEST available trades, obviously sets out a profit target, helps manage the taking of those profits and from the outset, teaches traders how to protect their valuable capital!
He calls this handling risk first, taking profits second – and it’s really groundbreaking thinking.
Watch the first part of his new, free video series on this right here [*CO].
Profits Run – Mentoring Program
By learning to manage risk FIRST, traders will find their trading transformed as they are able to approach forex trading with a wholly different mindset, a plan for erasing risk and a solid set of rules by which to trade.
