I've recently started trading forex online and have heard about forex robots that can trade currency pairs automatically for you.

I would like to know if anyone can recommend a good one and if so, what they like about it?
It has to be completely "hands off" - not just one that gives you signals which you then have to trade manually. This robot (some call them 'expert advisors') has to do everything for you ... and make good money (of course!) with minimal drawdowns to your account balance.

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You can find reviews of several forex robots by someone who has tried several at http://www.forexweek.co.uk/

Does all these Forex robots work that claims to be auto-traders work ?

If you did a search on all these Forex robots for sell .. they put up videos on how they made so much money thru Using their Robots for their Forex trades. Anyone has any REAL experience of using these robots and it actually works ? Does Auto-Trade for Forex really exist ?

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The Federal government warns there are a lot of Forex frauds out there, and these Forex robots appear to be one type of these scams. If these robots really worked, there would be scads of articles about them in the Wall Street Journal and other financial publications talking about them. When I do a web search, I can not find a single reputable news article encouraging the use of Forex robots. The link below is a Federal website warning you about Forex fraud.

There are a lot of people on the Internet claiming they have done very well using Forex robots. These appear to be of two types. One is the outright liars. For instance, you might meet a person called "Zboy227" who says "I made a lot of money using ScamRobot2000, go to their website at ScamRobot .com/Zboy227." The "/Zboy227" tells the website that Zboy227 has referred you. If you buy the product, Zboy227 gets a commission. He is only lying to you to get a commission.

There is a lot of luck in Forex. Sometimes you will run into people on the web who have tried a robot for a few days and have had some beginner's luck with it. They start bragging about how well they have done. Later, they start to lose money, but they rarely get back on the web and talk about how much money they lost. People like to brag about their successes, but rarely talk about their losses. The result is that much of the feedback about these Forex robots is positive.

I may point out that websites that sell Forex robots admit there are a lot of scams out there. Of course they claim the other guy's robot is a scam, but their robot works. If you do a web search on the words "forex robot" and "scam" you will find a lot of sites saying their competitors are scams.

I will admit I have not personally tested every robot out there, and I can not prove they are all scams. But I would be very hesitant to spend a lot of money on a robot without clear proof it really works.

I need Expert Advisors, Indicators and signals that can make near 100% a week or less or if not at least between 80%-95% a week.

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All of us would like an investment that does that.

Very few of us are silly enough to believe you can have that return reliably.

What is the best free forex tracking program for technical analysis?

I'm just starting forex trading and was wondering what tracking program would be best for me to begin to do Technical Analysis with. It would be nice if I could use a free program or at least a low cost one but if I need to I'll spring for a program to help me track currencies and develop a trading strategy. User friendliness is key because I'm a totally novice trader. Any reading materials for learning better TA or websites are also greatly appreciated.

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A lot of people seem to use MT4, and many brokers offer this trading platform free with a demo account or with a real money account. It has many technical indicators you can use for free.

I'd probably recommend InterbankFX as a good place to start. They have a lot of educational information as well as offering free demo accounts.

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Hmm the main reason for this the chart pattern will help you to learn the trader psychology... This may help to make decsision whether to buy or sell. I give you a strategy like see 5 min charts for 2 hour continuouly then you can find easily wheather to or sell. Because 5 min chart pattern will tell you everything regarding psychology of trader. If you need more abour forex trading see the source

forex trading how to use of indicators?

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For Forex i wouldn't be too concerned with fundamentals since they're too volatile to be reliable. Factors influencing the exchange rate and how they inter react are too complex even for brokers and bankers. Just when you think you figured out fundamental indicators the rules change. What i would consider "workable" is the cost of money, in other words interest rates.

The solution is technical analysis and the ultimate indicator is price itself. The logic is simple, 1) you have to find the direction: is price range bound or trending? Even a child can see that. 2) where does price bounce off? From resistance and support lines provided by moving averages, pivot points, fibonacci, boll. bands. You do have to know how to use these, some are made for trending markets and others for rangebound markets. 3) where to enter or find a reversal? Reversal or entry signals are derived from candlepatterns and the more popular oscillators such as stochastics, but like with all other indicators you use the ones that work for you, the ones you feel comfortable with....

You only need two or three signals, use more and you end up being confused. So the rules are find the direction, find a support/resistance level and find the reversal/retracement. thats all there's to it. There is no indicator out there that will make you bundles of money each and every time so you need a money management plan in order for the winnings to outweigh the losses. A good and simple risk/reward ratio is 1:2, for example for every 15 pips loss you risk you try to gain 30 pips.

An example trade is when the exchange rate is trending up you might want to use 20, 50 and 200 EMA is a means of finding a support level, and a popular candle pattern as an entry.

This is the basic strategy, however don't stop yourself from developing and experimenting yourself with your own logic and personality. It doesn't mean because you're doing what others do that you'll be armed with the best trading system. There are many profitable strategies and its up to you to find one that suits you best.

the most popular indicators are: pivot points, fibonacci, MACD, stochastics, moving averages, RSI, boll.bands, candle patterns and ofcourse handdrawn support and resistance lines...

You also need to be aware that the larger the timeframe the more reliable signals are. The absolute minimum is a one hour chart. If daytrading with a 5 min or 15 min chart is your thing then be sure to watch a larger timeframe first....

successful trading often means leaving out what doesn't work....so its no use adding one indicator after another on the charts..

Technical analysis works because its extremely popular..

Hi guys,
Recently i've seen so many sites that speak about forex trading and brokers and so on. I saves a bit money and i was thinking to start trading forex and double it. Please i need some advice. Preferably someone who has past experience with it. Is it a good or bad idea. Please advice

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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 similar to 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. The net winnings of everyone combined equals zero. 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.

I would recommend not trying to do Forex at all, unless you are a trained professional. It's like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

Read the warnings in the links below:

Which genuine online trading forex system is suitable for a new comer?

I have always wanted to trade forex online and have done a lot of reading including attended a short course. Now Iâm looking for a genuine online forex system to use. Please share what you actually have tried out and found profitable.

P/S Please don't share what you have not tried out yourself, please.

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I've read a lot about Forex, but I've never seen a proven profitable forex strategy, despite the claims of some scam web sites.

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.

I would recommend not trying to do Forex at all, unless you are a trained professional. It's like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

i want to invest in foreign currency but dont have any idea where to start or where from i can get actual and most recent rates. do they update the rates hourly or daily? i dont have any idea.
any help?

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We will suggest you dont invest do trading by your own. This is not a rocket science. I can advice you best forex trading education course and its FREE really its free.

For better understanding regarding this topic you must visit forextradingevo.com. This website is providing FREE FOREX EDUCATION with FREE CERTIFICATION to the successful candidates. They have wide range of forex courses. forextradingevo.com

how to hedge against falling PAKISTAN RUPEE?

I want to sell Pak Rupee in 2012 for US$ at current rate,,,,,, is it possible to do that based on forward forex trading?

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I have no idea. Check with Forex to see if you can trade this currency.

I am 18 years old and I am considering trading currencies as a home based business. I've had practice with ordinary spot forex and find it okay. I want to know what is better if I was to trade ordinary spot forex or currency options? Which is better, and which has the best chance of you becoming successful and becoming a millionaire out of?

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Currencies tend to trend long term and be volatile in the short term.

Have a look at this chart from finviz & see if you agree.

http://www.finviz.com/forex_charts.ashx?t=ALL&tf=w1

I only trade currencies using long term call options. Why?

1. I have a known level of exposure (I can't loose any more than I put in)

2. I feel its lower risk, as I am trend trading - trends can also revert.

3. It is definitely lower risk than spot trading, as I am not trading on margin - I can still loose everything though.

4. I've had a few friends take up currency trading (spot), do quite well for a bit then have a bad run, only one out of 6 is still in the game.

5. It suits my personality. If you can handle the swings, spot trading might be the thing for you.

Open up a demo account and see how you go.

Give your self time to learn before putting your own money down - once its gone, its gone.

Where do I find good currency charts for Forex?

I'm loking for currency charts to keep up on a separate monitor. I've found one site with just charts so far, but I'm looking for something just a bit easier on the eyes.
What's MT-4?
oh I see - that's an idea

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I make my own using EOD downloaded data. Just import into Excel or any charting software. That way I can apply my own paremeters and indicators to the data. Most of the online charts are really poor in quality and lack the ability to do much analysis. If interested in raw data download try one of these....
http://freeserv.dukascopy.com/exp/
http://www.fin-rus.com/analysis/export/_eng_/default.asp

There are many forex strategies on the net but all have their risks. also mentioned. What could be the simplest, safest forex strategy for someone with $ 1000 who loves to be in the forex game.

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Take a year to learn as much as you can and then go very slowly. Anyone that suggests to you that there is a simple way to invest in FX that "works" is either not telling the truth or is ignorant.

Keep in mind that 95% of all new traders lose most of their money in the first 3 months of trading FX. Surely the success rate would be higher if there were any "formulas" that really worked.

anyone with real and successful experience on the FOREX?

I am investigating trading on the FOREX. Their are so many seminars offering this and that, and plenty of warnings on youtube to stay off the ForEx. Research Ive seen suggests 95% of traders fail and go broke, Ramsey says 7 in 10 traders lose money...I'm looking to find and hear from any traders with actual experience who are consistently profitable. Please Help!

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I made good money trading forex during 2005 and 2006, and actually made more than trading stocks and futures because of the high leverage. I was already a successful trader, and this was too good to be true. But then it became real popular and I had to rework my strategy. And then the rules changed.

Forex is largely unregulated and run by the banks. It wasn't enough for them to make money from the newbies. They were taking on too much risk trading against real traders. If I could see their heavy-handed moves and fakeouts and stop running, then others could as well. I exploited their weaknesses and used their strengths against them. They began denying my market orders when it was clear I would make money and they would lose. What kind of crap is that? Are they making a market or not?

Too many outside traders were making too much money. So they changed the rules.

Their algorithms work perfectly now to take advantage of fear and greed of the masses. They know just how much to move price to make you cave in and give up, or feel like you're missing out and get you in, then reverse it. They are masters of exploiting weak hands. Getting caught up in the middle of useless plundering is no fun.

There is almost no such thing as a trend anymore in forex; until there is and you wonder how you missed it.

I still occasionally trade forex, but trading stocks and index futures makes so much more sense, I find myself going for days without seriously even considering forex anymore.

The lure of forex is being able to start with so little money, high leverage and it's easy to learn how to push a few buttons to make trades.

Unfortunately, it is the most difficult market you could choose, and those very same things spell disaster for the newbie: high leverage and being underfunded and little experience.

Save your money and learn to trade stocks and ETF's. Develop a Trade Plan, and trade the simulator with fake money until you can show a consistent profit.

Contemplating making a living from trading is a pipe dream until you've done something; 90% of all traders fail in the first year, and there's some pretty smart people in that group. Trading isn't like other jobs, where you learn all you can, work hard, get the experience, and bing, you're successful. There are no guarantees with trading. It can drive you insane with frustration because it's more than 50% psychological, and not what you think you know.

The key here is that forex is a "trading" vehicle for experienced and advanced traders with lots of tools and computer power at their disposal. Even my two super-fast computers and eight monitors are no match for the mainframe computers used by the banks and hedge funds and currency traders around the world. You and I are just suckers to them; part of a little game they play for amusement on the side of their real business.

Are you a successful trader? If not, steer clear of forex until you are. You will lose your money and learn nothing more than how to push a few buttons.

Forex is no "game" like a video game. It's a pool of sharks ready to feed and eat you alive; always circling your position. You will find yourself on the defense immediately, and it is no fun. Unless you can learn how to join them and go on continual attack, you will lose. Nobody ever made any any real money playing defense. Investors beware -- this is not for you.