How to Deal with Forex money making products – do they really work ?
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Foreign exchange markets - they have been touted as some of the hardest to conquer and succeed in, but for those who have done it correctly, huge profits are abound. This unique market is able to offer investors opportunities which they would never find elsewhere. However, whilst large amounts of money can be earned, equally large amounts of money can be lost. For this reason, you need to know what you are doing.
This is where Forex moneymaking products come in. A simple search on Google will provide you with hundreds of thousands of results for moneymaking systems, automatic trading platforms, trading robots, chart analysing tools, technical analysis tools, and so on. It seems that there is an endless array of products out there targeted at the Forex trader, all offering lucrative returns and profits.
The reality is that most of these do not work. After all, if they did, we would have millions of millionaires all around the world as a result of foreign exchange.
We don't. And therefore, if you are to succeed in this industry, you need to save your money, and spend it on a reliable, trustworthy Forex moneymaking product.
Given that blunt an abrupt introduction, you're probably left wondering whether or not there are any decent moneymaking Forex programs out there. Indeed, the good news is that there are. It's just a matter of finding them.
Recently, we did a quick test of the Forex industry, analysing and comparing the results of 25 different trading tools and systems. The results were particularly interesting.
Of the 25 systems tested, only two of them actually produced positive returns in the time that we tested. If you consider that an adequate return for almost $5000 that we spent on all these systems combined, then you are one of the only people to think this.
Quite frankly, we think it's outrageous that companies are able to advertise their services as providing you are €˜guaranteed' return, when in actual fact all you receive is a loss.
There has been much controversy in the foreign exchange industry lately, as a huge number of auto-trading robots hit the market and entice new traders to utilise them, in order to make a quick buck.
If only these promises held some truth. The fact of the matter is that very few auto trading systems actually work. If they did, people would be using them with vast amounts of money, and would all be relaxing on the sandy beaches of Hawaii, with no financial burdens or worries.
Take a trip to Hawaii if you have two, and look at the beaches. There are very few people there. Clearly, this illustrates the lack of success that many people have with the auto trading robots that are currently available on the market.
Having found that most auto-trading Forex robots are rubbish, is it correct to state that every single foreign-exchange trading tool is garbage?
Unequivocally - no. However, what we will admit is that you do need to do a lot of research in order to get your facts straight, and find a program that will indeed benefit your foreign-exchange account. By "benefit", we mean pushing it to levels which you may not have been able to achieve with your own trading.
So, how do auto-trading robots work anyway? The answer is really quite simple. Most robots require that you subscribe to a charting service, and then attach them as an API directly onto the chart.
This means that for as long as you have the chart is open, and an Internet connection available, the robot will monitor what is going on in the foreign exchange markets, and look for similarities between its rules in the back-end, and things which are happening right there on the chart.
As soon as something strikes a similarity, it will place a trade through your designated trading platform. As you can imagine, this takes quite a bit of setup, however for the experienced professional - it will be well within their abilities. Additionally, most auto Forex robots come with a very detailed instruction guide so that even beginners can work them through.
So if you are considering using an auto trading Forex robot, make sure that you do adequate research to find one really does provide the framework for a positive return.
Otherwise, you run the risk of falling into the same trap as many investors have done in the past, and losing money as no fault of your own.
When it comes to choosing a FX trading broker, you will want to look at the type of trading platform and forex trading charts that they offer you free of charge. Why? Because some people prefer web based trading, and others prefer to trade from the desktop.
But which is best, and which is more reliable? If the internet goes down, does that meant that the desktop trading station will still work whilst the internet based station fails, or are they equal in this respect?
Let's talk about the answers to these questions to see if you can uncover which trading system really is the best to use.
Most brokers these days have a facility where you are able to trade from the internet browser. Whilst this is not the most popular way of trading, it does hold some significant benefits over desktop based trading:
In this respect, trading through the internet is a whole lot easier and less complex.
Desktop trading requires that you download a program on to your computer before you are able to access the trading station. This is perfect for people who often trade from just one place – i.e. their home.
Also, there are a number of other potential benefits, including:
For people who don't want to trade Forex whilst they are away on holiday, and for those who really only trade from their home computer – a desktop based trading platform will probably be best. This is because it is much quicker to log in to, and you can literally be up and running and logged in within just a few seconds, versus a few minutes when you use a web based trading station.
Additionally, some argue that desktop based trading is more reliable, as there is less of a chance that an activity will cause the browser window to crash. Of course, the trading client itself could crash, but this is highly unlikely.
So which is best? As you might have guessed, the answer to that really depends on how you trade FX, and what you ultimately want out of a trading platform.
This is where Forex moneymaking products come in. A simple search on Google will provide you with hundreds of thousands of results for moneymaking systems, automatic trading platforms, trading robots, chart analysing tools, technical analysis tools, and so on. It seems that there is an endless array of products out there targeted at the Forex trader, all offering lucrative returns and profits.
The reality is that most of these do not work. After all, if they did, we would have millions of millionaires all around the world as a result of foreign exchange.
We don't. And therefore, if you are to succeed in this industry, you need to save your money, and spend it on a reliable, trustworthy Forex moneymaking product.
Are There Any Decent Ones?
Given that blunt an abrupt introduction, you're probably left wondering whether or not there are any decent moneymaking Forex programs out there. Indeed, the good news is that there are. It's just a matter of finding them.
Recently, we did a quick test of the Forex industry, analysing and comparing the results of 25 different trading tools and systems. The results were particularly interesting.
Of the 25 systems tested, only two of them actually produced positive returns in the time that we tested. If you consider that an adequate return for almost $5000 that we spent on all these systems combined, then you are one of the only people to think this.
Quite frankly, we think it's outrageous that companies are able to advertise their services as providing you are €˜guaranteed' return, when in actual fact all you receive is a loss.
FOREX AUTO-TRADING ROBOTS – DO THEY WORK?
There has been much controversy in the foreign exchange industry lately, as a huge number of auto-trading robots hit the market and entice new traders to utilise them, in order to make a quick buck.
If only these promises held some truth. The fact of the matter is that very few auto trading systems actually work. If they did, people would be using them with vast amounts of money, and would all be relaxing on the sandy beaches of Hawaii, with no financial burdens or worries.
Take a trip to Hawaii if you have two, and look at the beaches. There are very few people there. Clearly, this illustrates the lack of success that many people have with the auto trading robots that are currently available on the market.
Having found that most auto-trading Forex robots are rubbish, is it correct to state that every single foreign-exchange trading tool is garbage?
Unequivocally - no. However, what we will admit is that you do need to do a lot of research in order to get your facts straight, and find a program that will indeed benefit your foreign-exchange account. By "benefit", we mean pushing it to levels which you may not have been able to achieve with your own trading.
How They Work
This means that for as long as you have the chart is open, and an Internet connection available, the robot will monitor what is going on in the foreign exchange markets, and look for similarities between its rules in the back-end, and things which are happening right there on the chart.
As soon as something strikes a similarity, it will place a trade through your designated trading platform. As you can imagine, this takes quite a bit of setup, however for the experienced professional - it will be well within their abilities. Additionally, most auto Forex robots come with a very detailed instruction guide so that even beginners can work them through.
So if you are considering using an auto trading Forex robot, make sure that you do adequate research to find one really does provide the framework for a positive return.
Otherwise, you run the risk of falling into the same trap as many investors have done in the past, and losing money as no fault of your own.
WHICH IS BEST - DESKTOP OR WEB BASED FOREX TRADING?
When it comes to choosing a FX trading broker, you will want to look at the type of trading platform and forex trading charts that they offer you free of charge. Why? Because some people prefer web based trading, and others prefer to trade from the desktop.
Let's talk about the answers to these questions to see if you can uncover which trading system really is the best to use.
Web Based Forex Trading
Most brokers these days have a facility where you are able to trade from the internet browser. Whilst this is not the most popular way of trading, it does hold some significant benefits over desktop based trading:
- You can trade from any computer, anywhere in the world.
- No software to install and no chance of the program being corrupt.
- Internet based trading stations are often easier to understand and simpler to use.
- Obviously, the biggest benefit to using a web based FX trading station is that you will be able to log in to it from anywhere in the entire world. If you are away on holiday, you can even waltz straight in to an internet cafe and open up the trading station – no download or install needed.
In this respect, trading through the internet is a whole lot easier and less complex.
Desktop Based FX Trading
Desktop trading requires that you download a program on to your computer before you are able to access the trading station. This is perfect for people who often trade from just one place – i.e. their home.
Also, there are a number of other potential benefits, including:
- More complexity and a better range of trading platform features.
- More information and a better ability to monitor trading positions and market moves.
- Quick and easy to log in to – no need to navigate to the website first.
For people who don't want to trade Forex whilst they are away on holiday, and for those who really only trade from their home computer – a desktop based trading platform will probably be best. This is because it is much quicker to log in to, and you can literally be up and running and logged in within just a few seconds, versus a few minutes when you use a web based trading station.
Additionally, some argue that desktop based trading is more reliable, as there is less of a chance that an activity will cause the browser window to crash. Of course, the trading client itself could crash, but this is highly unlikely.
So which is best? As you might have guessed, the answer to that really depends on how you trade FX, and what you ultimately want out of a trading platform.
About Kuldeep Nikam
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