If you’ve ever tried to trade the Forex market before then you’ll already know that it can be a very ‘hit or miss’ venture. Going into it without proper education can cost you dearly. That cost is not just a financial one but it can also cost you in business, your personal relationships and even your standing within your organization.
What many professionals have learned is that the only real way to profit from the Forex market is to trade either semi or completely automated. Automated trading software allows the trader to conduct their business without the added complications of human emotions. This may at first seem like a cold and callous statement but once you’ve tried your hand at trading for a week or two, you’ll know exactly what I mean.
There are many professional traders who will be only to happy to either offer you training, coaching or in certain cases, even manage your entire account. Which particular professional service you decide upon will depend on your particular circumstances and requirements.
One thing that you should pay a great deal of attention to is limiting your risk in Forex. This is usually achieved by adopting risk mitigation in forex and ensuring that you do not over leverage your account. Many traders fail to heed this sage advice and end up blowing their accounts.
There are many great online articles that will explain the concept further but correct lot size is essential.
For our particular requirements we have found that allowing the computer to do the majority of the work to be the most rewarding. By adopting this style of trading the Forex market we can be sure that our trading strategy is being followed to the letter. Emotions and personal feelings are completely removed from the equation and just raw pragmatism remains.
Many traders prefer to let the computer trade for them during the entire process, but for us this is not ideal. We prefer to have the final word when it comes to the actual entry and so we would rather trade in a semi-automated manner.
The added benefit of this approach, as far as we’re concerned, is that we are able to apply a degree of logic and real-world knowledge that can’t be captured by a fully automated trading software solution. Our particular strategy calls for a precise entry and while a completely automated approach is possible, we prefer to have the final word.
Our trading robot monitors the markets 24 hours a day, 7 days a week, and alerts us to potential trades. Many traders will also allow their robot to physically enter the trade at this point but that is not our desired approach. Utilizing our semi-automated approach means that once an alert is received, we then asses the market at that precise moment and choose to either enter the trade or to pass.
After the trade is placed however, we are more than happy to let the robot manage the trade and follow our strategy as it progresses. For us this is the ideal situation and combines the best of both worlds, so to speak. We are responsible for the actual act of placing the order, deciding lot sizes and other essential details while the more mundane work is managed by the computer.
This is the way it should be not only in Forex trading but also in many other facets of the business world.
The choices of how to trade the Forex market are many and they can seem quite complicated at first. The best advice would be to seek professional help from one of the many organizations that are available online. There are a wide array of forums, chat rooms and newsletters available but we would not recommend these if you’re serious about making money with Forex.
Most of these types of places are frequented by failed traders or complete novices. Both have their own hidden agenda and personal motives and their advice and counsel can not be relied upon.
I hope you found this article useful and if you need to contact me personally then please send me an email. I’m always happy to help introduce fellow professionals to the world of online Forex trading.