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Forex Scalping Expert Advisor Programs: Do They Work?

Some of the forex scalping expert advisor programs that were popular until recently have been getting a bad press in the last few months. It seems that they are selling when they should buy and buying when they should sell. So what is happening, and can you still trade successfully with a scalping expert advisor?

Scalping is a tactic that relies on making small, quick trades to exit with a profit not many times the size of the spread. In fact generally anything more than 3 times the spread is not considered scalping at all. Scalpers are aiming to move in and out of the market in just a few minutes, or sometimes even less than one minute. They plan to do this many times in a day to achieve many small profitable trades adding up to good profits over the course of time.

The first problem for all forex scalpers is finding a broker who will allow you to do this. Brokers, even if they are not deliberately taking a position against you, often have some time delay before they cover your position in the open market. This may only be a few seconds to one minute which is not significant with long term trading but can put them into a loss position with successful scalpers who may close their trade before the broker has covered it.

But assuming that you are hooked up with a broker who will accept your EA working in this manner, why does it happen that sometimes the EA itself starts to foul up the trading?

One reason is that some EAs have been based around indicators that lag, such as moving averages. It should be obvious to anybody that if you are trading on small price movements you need to react very fast to new trends and a lagging indicator is not the best to use.

However, while the market was relatively stable with slow moving trends, it was possible to profit from scalping tactics even with lagging indicators. This pattern may continue for several years, long enough for many people to believe this is a genuinely possible system and certainly long enough for scalping expert advisor software to be developed to implement these strategies.

But sooner or later the market will enter a more volatile period. This may only happen every 7-10 years but when it does, lagging indicators become useless for scalping techniques. It is better to use indicators such as Bollinger bands which do not rely on measuring movements over such a long period in the past.

So if you want to continue scalping during times when the market is particularly volatile, you should ask questions about the basis of the software that you are thinking of buying and look for a scalping expert advisor that does not rely on lagging indicators.

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Tuesday, December 7th, 2010 fx trading software, Strategy No Comments

Foreign Currency Trading Software: Shop Around For Best Results

There is a wide choice of foreign currency trading software for the forex market. When you are just getting started with forex trading you will need to shop around to find the platform that will suit you best. But what types of program are available and what features should you look for?

Online brokerage accounts are always run through forex software. Your broker may either give you access to a platform that runs on their server or you may have something that runs on your own computer.

Brokers may have their own custom forex trading platform or they may use a generic platform which they can have tailored to their company. This should provide you with many features including a wide variety of charts, tools and analytical capabilities that can indicate changing patterns and trends in the price movements. There may also be a forex alert feature or a running commentary on the financial news.

In some cases you can customize your desktop view of the software. This is more useful than you may realize at first. It can save a lot of time to have your preferred settings or combination of tools and charts load automatically when you log in.

If you choose to use automated foreign currency trading software, otherwise known as a forex robot, this will need to connect to your brokerage account to make the trades. Most robots use the platform Metatrader 4.

If you are running a program yourself, be aware that this usually means that your computer must be switched on and connected to the internet at all times while you have open trades, stop losses or orders to open a trade at a certain point. If your internet connection is often broken by storms or other factors, or if your internet provider automatically cuts the connection any time there is no activity from your machine for more than a certain time, you will not be able to trade effectively unless your instructions have already been passed to your brokerage account and are stored there.

The software should be simple to access and use. Clear instructions plus an FAQ page or manual that you can go to for reference are essential. Beyond that there should be some kind of support, either live or by email, when you need more detailed help or cannot find the answer to your question in the documentation.

Forex trading is risky and you can make losses as well as gains. In this very fast moving market it is vital to have all of the information that you need at your fingertips, plus the power to make your selected trades fast. Automated foreign currency trading software can help you massively and you need the best that you can get your hands on.

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Tuesday, June 30th, 2009 fx trading software No Comments

Finding The Best FX Trading Platform

Finding the best FX trading platform can be a challenge for both brokers and traders. Brokers will want software that is reliable, adaptable to their needs and easy for their clients to use. Traders are also looking for ease of use with good technical information.

Forex Platforms For Brokers

Many forex brokers, especially the larger organizations, will have a trading platform custom built for them. This is big business and a brokerage company will usually sneak a look at all of the platforms that competitors are using and then try to build something better. The cost of this is sure to be high. It can take a long time too. Software development, like construction, is something that always seems to take longer than expected.

Smaller brokers cannot usually afford to have all of the software designed for them from scratch. Instead, they may buy an FX trading platform that they can use out of the box. However, experienced traders will recognize this and may avoid such brokers. It is hard for traders to have confidence in a company that does not appear to be investing any resources in its trading software.

A compromise that works well for many brokers is to take a pre designed package and then have somebody customize it for you. The look of the program can be altered to include your logo, company colors and other factors. Better still, you could add more charts and offer any the technical analysis that traders are looking for but cannot get elsewhere. This way you can give the appearance of offering a unique trading platform without the cost of full scale software development.

Forex Platforms For Traders

Individual traders will generally use whatever software their broker provides. The platform is an important consideration when looking for a broker. For some traders, it is more important than cost. They may accept a bigger spread for the sake of the exact charts or information that they need to operate a system that they know is profitable.

In addition, traders who use automated systems or robots to trade the foreign exchange market will need a software platform on which their robot can operate. Experienced traders who have developed a profitable system of their own sometimes design a robot to automate their system for their own use. Most of the popular robots or expert advisors run on the Metatrader 4 platform. You need to download this for free in order to use most of the forex robots that you can buy today.

Automated trading software has many advantages, including the ability to automatically open and close trades when the market favors your system. Many forex traders are now moving into the world of robots and Metatrader 4 is probably the best FX trading platform for those traders.

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Saturday, June 27th, 2009 fx trading software No Comments

Forex Trading Made E-Z Review

This Forex Trading Made E-Z review will examine the system for trading on the foreign exchange currency markets developed by George C Smith. When you order Forex Trading Made E-Z you get an ebook and 12 training videos setting out the system in step by step form.

The basic structure is that you have the ebook which you can download instantly when you place your order (any time of the day or night). Inside the ebook you have the links to each video at the point where you need it. So you will see a written explanation of a chart or a technique, and there will be a link right there to a video that you can access on the internet showing you the actual action.

Strengths

The ebook is 84 pages but there are plenty of charts so there is not a huge ton of text to read and remember. This is basically one system and George Smith tells you how he trades using candlestick charts and latitude lines with the aim of increasing his bank by 5% each day.

5% each day may not sound much until you do the math. It comes out to mean that if you had no losing days, you would double your money every 17 days. In 90 days you could grow $100 to over $7,300. Of course losing days are a fact of life and if you don’t accept that you will be tempted to take stupid risks, so it is better not to expect anything like that speed of growth. George Smith’s point here really is that you should not be trying to make more than 5% a day.

The combination of ebook and videos is excellent. Most people’s best way of learning to do something practical is to follow along with somebody else showing them, and online videos are perfect for that. But it’s also good to have something you can print out on paper and refer back to quickly when you just need to check something.

Experienced forex traders will probably skim through the first few chapters of the ebook quickly and go ahead and try the system right away. Beginners should take it step by step and watch all of the videos.

One of the strongest points of Forex Trading Made E-Z is that it explains everything for the complete beginner, in the shortest and simplest way. There is no fluff about the history of forex trading or the relative merits of different currency pairs. It explains what you need to know to start making money and that’s all.

At the same time, there is a link in the introductory section to another ebook that you can download for free that will explain the theory in greater detail for those who want it.

Weaknesses

If there is one weakness it may be that complete beginners will be tempted to rush through the ebook without watching the videos. Some people who do this may be scared off by looking at the charts and techniques in later chapters which could seem complicated if they did not take time to understand what was going on in the earlier steps.

However, the bottom line is that to be successful with forex trading you do need to be happy looking at charts and figures and dealing with money. If the sight of a candlestick chart makes you run for the hills, you probably should not venture into the live markets at all.

On the other hand, if the first time you see a candlestick chart you are eager to find out what it means and discover patterns in the blocks of color, you could be well suited to forex trading even if you are a complete beginner right now. You will enjoy getting to grips with the system laid out in Forez Made E-Z.

Just be sure to go right back to the start, watch each video as you come to it and try out every tactic step by step. George Smith is not a big fan of demo accounts but if you are just starting out with forex trading I believe you should use a demo account for this system in the very beginning just so you understand exactly how each technique works. This saves you losing money just because you misunderstood something or applied one idea the wrong way around.

Support

To receive support you must opt in to the updates notification list when you are ordering the system. Then you will have the possibility of contacting George Smith personally if you need any help or clarification.

You will receive updates with new ideas, explanations and even links to new videos from time to time. So definitely don’t miss your chance to sign up for the updates list when you get Forex Trading Made E-Z.

George seems to be a friendly guy who will help you out if he can. Keep in mind though that you are not dealing with a huge company here. He is just one retired guy with limited time who is not going to be online 24/7. Allow a few days to hear back from him.

The Bottom Line

Gives you one clear system in double delivery through ebook and videos. Great for beginners who are wondering where to start among all the conflicting ideas about forex on the internet. More experienced traders can pick up new ideas.

Forex Trading Made E-Z review verdict: 5 stars.

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Thursday, June 25th, 2009 fx trading software No Comments

Metatrader 4 Expert Advisor: What You Need To Know

The Metatrader 4 expert advisor range is the most popular range of forex autopilot software. There is a wide choice of expert advisors designed to run on this free downloadable platform or framework that sets a structure for EAs to be built on. Whichever expert advisor (EA) you choose will act as a robot on the forex market, trading for you according to the boundaries that you set.

Clearly this has many advantages over making all of the moves in a trade yourself. The EA does not need breaks for eating, sleeping and human contact. Neither does it suffer from human weaknesses such as fear and over optimism which can distract us from our systems and lead us to exit a trade too soon or not soon enough. Once you have set it up it will obey your system to the letter all the time that it is online.

An EA will often protect your interests when you could not do it yourself. The opportunity to set a trailing stop is one example. A trailing stop automatically moves up with rising prices but stays in place if the market falls. This means that on a successful trade it protects a part of your profits without exiting too soon. On an unsuccessful trade it protects you from heavy losses just as a standard stop would do.

Some of the functions of an expert advisor depend on having it constantly connected to the internet. This because MT4 and the EA run on your own computer or server, not on your broker’s servers. For example if you have set a trailing stop, MT4 sends a message to your broker account to move the stop each time and it has to be connected to the internet to do that.

This means that to make the most of the potential of a Metatrader 4 expert advisor on a home computer you have to leave your computer online 24 hours Sunday night thru Friday unless you happen to have exited all of your trades before you stop work on any particular day.

Any break in the connection will mean that no more messages are sent to your brokerage so the trailing stop will be left where it was last set. It will still protect you from a large loss but it will not move up any more so you will have lost some of the advantage of having a system that works while you sleep.

However, some EAs can be hosted remotely. This means that you can set them up on an internet server instead of your own computer. This could be your own or a facility offered by the EA company. They may offer this option as an upgrade after you order their Metatrader 4 expert advisor.

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Thursday, June 18th, 2009 fx trading software No Comments