Traders Money

Article from MT4 Alert

Anybody who wants to learn day trading wishes to follow certain guidelines. I will not say rules because a lot of people don’t like the word, but beliefs. Many of them are quite well known and some of them are less so, but they’re all urgent to the successful day trader. I call them the four major guidelines of day trading.

1. The Buck Stops With You

Whether or not you are looking round for a day trading system or developing your own, remember that whatever you do is your responsibility. Ask for recommendation and help by all means, but don’t believe everything you hear. People are different and their trading styles can vary hugely, so never follow advice blindly.

Equally, you can purchase in a system but do not neglect to test it. Whether or not the guy who designed it is saying that it’ll double your money in two months for certain sure, you must test, because there are three possible issues with that. One, he might be lying. Two, perhaps it used to work well but it doesn’t work any more. Three, perhaps it works for him except for some peculiar reason to do with your spread or whatever, it does not work for you. Your cash is your responsibility and yours alone, so put the system to work on a demo account until you are sure.

2. Stay Calm

The most important enemy of any trader is his or her own emotions and this is especially true for the individual that wants to learn day trading. If you’re the kind of person who makes bad decisions under stress, you might want to think again about selecting day trading as your method. This is a fast moving world where seconds can count in thousands of greenbacks, so you need to keep a particularly cool head.

Now just about everybody likes to think they are a calm kind of person who would react way under pressure, so even if you’re convinced you’re going to be the world’s number one ice cold trader, test yourself as well as your system in that demo account. If you curve off the system even once or start altering your position size, closing out early, waiting too long etc in demo mode, sorry but you aren’t prepared for real life trading when things will be much more hairy. Work on it.

Something to look up:

Forex Powerband Dominator is a manual currency trading trading system that functions on any time frame with any currency pair, and is good for scalping as well as long term trading.

The system is sold in a package of:

A comprehensive trading manual that teaches you everything about the Forex Powerband Dominator system.
Video modules that cover: platforming and charting, how to plot “fixed” and “dynamic” support and resistance areas, how to use price action and candle formations to give you a real edge in the markets, entry techniques, the best use of time frames, position management, and more.
The demonstration of the system on live trades…

It can be worth it.

A new Forex robot:

Pip Android is the “most intelligent Forex system” that promises remarkable accuracy and profitability. Most importantly, it will show live trading results to back up its accuracy, once it goes live.

Pip Android’s main features:

Provides live results updated every 10 minutes.
Trades in different market conditions (ranging, sideway, choppy, and trending markets).
Has a profit and drawdown protection system…

I am not saying to buy it, but it’s worth a look.

A new currency trading EA:

FAP Turbo is one of the oldest Expert Advisors that is still very popular to this day. Besides the English version, it’s also available in Spanish and Chinese languages.

There’s a saying that during tough times the rich are made as well as the poor. The markets swing like crazy and any experienced FX trader would tell you that it’s a trader’s paradise. It is the time when most profits are made…

May be worth to give it a look.

Check it out:

Forex Juggernaut is an EA with a 76.48% winning rate. It’s pretty much like other Expert Advisors, with an exception that it says to use its own Juggernaut ‘SWING’ technology. It runs only with EUR/GBP and on 1 hour timeframe and is a fully automatic EA.

The website of Forex Juggernaut provides us with back-testing statement, and even without seeing live trading results there’s a lot to be said. The average stop loss of the system seems to be about 80 pips, while the exit point is at about 10 pips. That wouldn’t look good, but the system always closes the losing trades early and often closes the profitable trades early too…

I recommend it.

Have you heard about this?

USDBOT is a 2 in 1 Forex robot for two currency pairs – EUR/USD and USD/JPY. The system is built around a strategy of a group of veteran FX traders, which has taken them years to perfect. The Forex robot was built using the adaptive neural network technology which takes into account common trading strategies in addition to its own. Thus the Forex robot is able to adapt to different market conditions or trends.

The system is easy to install, it’s beginner friendly and most important of all, it comes with a live support chat for its users.

The live trading statements that I can see at the time of writing this are of a period of about a week and the USDBOT seems to be making several trades per day…

You may take a look, I think.

I’ve just heard of a new system:

Forex Mercenary is a stand-alone foreign exchange signals software developed with its own AI and based on statistical models for each currency pair. The stand alone software doesn’t need any extra platform (such as Meta Trader) and it generates signals for short-term positions. As such it should generate several signals a day.

While there aren’t many numbers for me to crunch on (at least yet), I do have one statement that shows a 96.62% winning rate. It also shows an average profit trade of $50, and an average loss of $50 as well. I don’t have the exact information about the stop loss and take profit of Forex Mercenary but these two numbers give a good hint of a risk/award ratio of 1…

You may at least take a peek, I think.

Here is something fresh. I’m not sure if it is good, but may be worth a look.

sRs Trend Rider is a unique foreign exchange trading system. It’s a hybrid system, which means there are both, manual and automated components. The description of sRs Trend Rider says it’s 95% automated. We should understand that this system is based on a trading strategy that allows automation but also requires humanly touch…

You may at least take a peek, I think.

A new foreign exchange Forex robot:

Forex Income Engine 2.0 is a limited release of a foreign exchange home study course. The course caters to beginners as well as the advanced traders. In a nutshell, the whole course consists of:

Screen capture videos explaining foreign exchange in general and Forex Income Engine 2.0 system in depth.
Manuals for each video…

I advise you to have a look.

There are thousands of different Forex systems and to reviews them requires a clear methodology. While it’s nearly impossible to review every single system, the method of reviews should cover all kinds of systems possible. These kinds are the following:

• Expert Advisors – auto trading software
• Manual trading strategies
• Forex signals
• Trading courses

By identifying the category of a system under review, we can specialize in our analysis and focus on the specifics of the respective category. The resulting Forex reviews are then complete and provide the required information to the readers.

Such specifics vary per category and they are:

• EA – winning rate and risk, is the system viable in the long run, is it user friendly, is it adjustable, the proof.
• Manual strategies – winning rate and risk, is it viable in the long run and the proof of it.
• Forex signals – same as EA
• Trading courses – the level of training material, who does it target, what systems it teaches (if any and how each perform by the above criteria)

This is just a brief look at the methodology of Forex review, it would take a whole book to write down all categories and criteria, but you can get an understanding of what’s involved.