Forex, or FX, stands for the foreign exchange market. This is a 24-hour market in which currencies are traded in cash, which is known as a spot market. There is no central, standard trading center, such as, a stock exchange. Instead, trade is conducted "over-the-counter" via an international network of dealers. Until recently, the forex market was confined to larger traders: major, international commercial and investment banks; international corporations; international money brokers; currency traders. When the United States went off the gold standard in 1971, investors immediately recognized new opportunities for making profits. Every year, more companies start up that cater to smaller institutions and investors so they may participate in spot forex trading. A prime factor to take into account before participating in the spot market is your temperament. A risk-aversive customer is not suitable for this marketplace. You should consider not only your experience in the investment world, but your objectives, and your capacity to absorb financial losses. Certainly, you should never invest any amount of money you cannot afford to lose.
has already become the most popular way to make an extra income. Thousands of people enter the market with a dream of making easy money.
Unfortunetely Fx market is very tricky and one needs to be very knowledgeable to have success with it. Only 10% of people who initally enter the market succeed at it.
Nowadays it is much easier to trade than it used to be in the past. There are many companies who specialize in helping people to make money on Forex.
There are different kinds of software that automize trading as well. And this what this article is going to be about. The reason why every trader should use some kind of software is that it eliminates human error factor and it can make thousands of calculation every minute.
Many traders treat trading similar to gambling and they allow their emotions to influance their decision.
I am going to review three of the most popular pieces of software out there. I have used all of them. The order they appear is from the most popular to those a little bit less popular.
The most popular at the time of writting is Forex Autopilot robot by Marcus Leary. It is robotic
expert advisor that trades currencies using Meta Trader platform. Users have reported winning ratio of over 80%. I have been using this software recently and I must admit that it is very useful specially for newbies. It takes time to learn the curve but it is well worth it.
Some customers report installation problems. Here is the tip. You must have the latest Meta Trader 4 platform in order to install it. Otherwise your PC will not detect expert advisor files (.ea4)
Second most popular is Mark Copeland's Forex Autopilot System. It has been around much longer than the first one and it is often updated. The winning ratio is around 70% and many trader choose because it much easier to use than Marcus Leary's software. If you are a complete newbie, this is the one for you.
Both of above advisor will need a fast internet conections, minimum of 1MGb/sec. Your P|C must be on, all the time when robots are trading.
The last expert advisor I am going to review here is a little bit different. It is Andreas Kirchberger's Forex Killer. The reason why it is different is that it doesn't execute trades.
It uses data feed from your broker to create buy/sell signals. The wiining ratio is 70/30. Many more experienced traders prefer it to two above because it gives them more control over their trades.
All of above have 8 week money back guarantee so, you can check out all of them with no risk and see which one suits you.
Please, remember to use your demo account firts. Once you feel comfortable with the software, it is time to move to live account.
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