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  Joe
  October 23rd, 2009 at 3:25 pm

  I am not a forex pro, and I doubt anyone else answering this question is either. However, let me give you some advice:

  Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words "Forex" and "lose" to see this is the consensus.

  Forex is what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

  Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

  There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

  Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: "Go to Forexcrap . com/q2347." The "q2347" is a signal to the Forexcrap site that you are being referred to them by "q2347." If they sell something to you, "q2347" gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

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  Steve
  October 23rd, 2009 at 3:25 pm

  Well done, good to see you’re practicing, it’s a whole new ball game once you go live though, then you’ll really know how much self control you have =)

  Yes Forex robot trading systems are good, although you have to find one that’s actually profitable, there’s quite a few scammers out there (as there is in everything) so you have to be careful, oh and by the way no they are not illegal… I use them myself =) Whenever you do decide to buy a forex robot always always test it on a demo account for at least a month to see if it’s profitable or not, if it’s not then by all means refund it and get your money back, however if it is profitable you can think about going live with it. I have a few good ones on my site if you wish to have a look.

  When looking for a Forex broker make sure you choose one with a good reputation (google their company name for reviews), good customer service and good spreads. I’ve known FXDD and Alpari to be one of the good brokers out there.

  I’m currently using Forex robots myself and have been for quite a while now making nice little profits for myself, best thing since sliced bread I reckon but you can make you’re own opinion.

  Good luck! =)

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  David W
  October 23rd, 2009 at 3:25 pm

  It’s actually advisable to have a robot/system. Otherwise you’re just trading with your gut instinct and emotions, with a trading system you’ve already done the research and know that the setup has an edge. The best way to get a system that’s right for you is to make it yourself http://www.myforexdot.org.uk/ForexCurrencyTradingSystem.html If you don’t know how to make such as system, you don’t know enough to trade.

  If you live in the USA you cannot use spread betting or CFDs for trading the Forex.

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  MikeJ
  October 23rd, 2009 at 3:25 pm

  "Forex robots" seem to be the latest scheme to separate people from their hard-earned money. In my opinion, no "robot developer" in their right mind would sell their robot on the Internet if the robot was consistently effective — they’d start a fund and trade it themselves.

  One further warning — many "fx products" seem to be gaming Google’s search engine, indirectly paying others to put up dozens if not hundreds of "blogs" that offer paid "reviews" encouraging you to buy the products in question. You should be very skeptical of any "unbiased" reviews of any FX products on the Web, especially if they have a link to the "reviewed" product, which indicates strongly that they are receiving a commission from the "reviewer". (Google gets paid commissions, as well, when people click on the links on their search pages.)

  Very few retail traders can open a "real" forex account that can trade against bank trading desks. Probably need $2,000,000 minimum or so to do that, plus be able to convince them that you’re something big.

  The "forex" accounts typically promoted on the Internet aren’t the same. In so-called "retail forex", you aren’t really trading foreign currencies directly; you’re trading an over-the-counter contract issued by your "broker" (not really what I’d call a "broker", even, because they’re your counterparty)..

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  melany
  October 23rd, 2009 at 3:25 pm

  hi

  I have reviewed some of the forex trading systems currently available in the market.

  If you want ot check these out as part of your learning please visit http://www.forex-tradingreviews.info/

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