Online you will see a huge amount of Forex trading software for sale which promises it can double your money each month but which software packages can actually do this? Lets find out.

If you doubled your investment each month, you would have a better performance than the worlds top traders, who earn millions per annum in salary and bonuses and the vendors of the numerous Forex Robots sold, are willing to give you this income for a couple of hundred dollars or less! However no bank, brokerage or serious investor, would ever use these cheap software packages, because they don’t work.

The vendors of these automated software packages, never produce any evidence that they have made any real money gains over the long term! By evidence, I mean an independent track record which has been verified and checked by an outside source.

If you look at the track records presented, you normally get just a simulation going backwards over historical data but that’s just paper profits, not real dollars! Anyone can make money if they know the closing prices in advance but of course we don’t get this in real time trading. Some vendors, present what they claim are real track records but there never checked by an outside source.

Its pretty obvious these systems don’t work, because if you really could double your money each month for paying a couple of hundred of dollars 95% of traders wouldn’t lose.

Of course, you can win at Forex trading anyone can but you do need to do your homework and learn skills. If you do this, you will be well rewarded with a great second or even a life changing income.

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There are many Forex trading mistakes and in this article, we will outline 6 common ones which see traders lose. You must avoid these mistakes if you want to enjoy long term currency trading success, so lets take a look at them.

These mistakes are in no order of importance, make any of them and you will soon join the majority of losers – here they are:

1. Trusting Cheap Forex Robots and Expert Advisors

Anyone who believes that these cheap pieces of software will make money is mistaken – they all lose, that’s why there sold so cheaply. If you want to win at Forex trading, you need to make an effort and learn skills – its as simple as that.

2. Trying to Predict Prices in Advance

When you learn to trade, never fall for the numerous people who tell you that you can predict prices in advance – you can’t. If you want to win, use a simple strategy that’s based on the reality of price change. Sure you miss a bit of the move but by confirming the move first, you put the odds in your favour and that means, a lot of profit to come.

3. Trading to much

Many traders think the more they trade, the more they will make but the exact opposite is true. The scalper or the day trader simply ends up taking low odds moves and losses. The smart trader, trades the high odds big trends; he trades less and earns more. Always remember, you are judged on profits made not the effort you put in!

4. Working to Hard

This is related to the above point and it’s true – you don’t get any reward for working hard. Forex trading is simple and you don’t need to make it complicated, you can learn Forex in a few weeks and soon be making big profits in just 30 minutes a day.

5. Poor Money Management and Risk Control

Most traders forget, this is the basis of any successful Forex trading strategy, you simply must place stops and keep your losses small. Most traders cannot do this and constantly let losses run or chop and change strategies and lose. If you want one bit of essential Forex education it’s – your going to have losses, so take them cheerfully and keep them small. Poor money management is generally linked to the key trait all traders need to win and it’s discipline.

6. Not Trading With Discipline

You must have the discipline to follow your trading plan, if you don’t you simply don’t have a plan and will lose. Discipline means keeping your emotions out of your trading and leaving your ego behind. You take your losses and then have the courage to run your profits. Discipline comes from a sound Forex education which leads to confidence and from confidence comes discipline.

You Can Win at Forex Trading

Anyone can win at Forex trading but traders continually make the above mistakes, if you can avoid them and get a good education, you could soon be earning a great second income in around 30 minutes a day.

NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE

For free 2 x trading Pdf’s, with 50 of pages of essential Forex info and more on how to Trade Forex Like a Pro visit our website at: http://www.learncurrencytradingonline.com

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Forex trading robots are without a doubt the hottest topic in the Forex industry at the moment. Almost every week a new robot is launched and the creators of the most popular products literally have thousands of traders using their products on live forex accounts at the moment. So, what are forex robots and why are they so popular?

Forex robots became a reality a couple of years ago thanks to the Metatrader forex trading platform. Apart from being a trading/charting station used by many brokers, Metatrader also comes with a programming language called MQL4, which allows you the trader to write your own custom indicators and trading systems (called expert advisors). Expert advisors can be written so that it places trades without any human intervention. For example – let’s say you are a daytrader and you normally use a simple moving average crossover trading strategy to trade the EURUSD pair. Using the MQL4 language and, you can write an Expert Advisor for Metatrader that will automatically place trades according to your rules and this program can run 24×7 on complete auto pilot.

Another great thing about Metatrader expert advisors is the fact that you can backtest it against years of historical data at the click of a button. You can download historical data from a data source like Alpari and use the built in Strategy Tester tool of Metatrader to do a backtest of your Expert Advisor. Something that can take you weeks with a manual trading system takes you less than 5 minutes with a Forex robot. Forex robots also make it easy for your to forward test..once you have purchased the program, all you need to do is open a free demo account with a broker and let the robot run 24×7 to do its thing.

Finally, it is important to understand that there are many Forex robot scams out there, so be prepared to do some research first before spending money on a product and always test a product on demo account first before investing any real money in it.

For more information, see my reviews of the Top 5 Forex Trading Robots at my Forex blog.

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If you want to make automated Forex profits and want a simple to understand system, you can operate in 15 minutes a day and has made profits for over 20 years this system is for you! It’s totally free and it’s enclosed.

You can of course buy Forex Robots and Expert Advisors but they all have one problem, they don’t have independently verified track records. All you get are simulations going backwards knowing the price data or figures from the vendor which have never been verified. On the other hand the free system below, has been used by some of the world’s top traders, has a real time track record of gains and has worked for over 25 years – let’s take a look at it.

This system is a very simple system and it was thought up by one of the true trading greats Richard Donchian, who is considered an innovator in trend following systems and channel analysis. His system is so simple; you don’t even need a computer to do the calculation! Here it is:

When a currency hits a new 4 week high, simply buy it and hold onto it, until a new 4 low is hit. When the low is hit, liquidate the long position and go short and hold the position, until a new 4 week high is hit. Thereafter you keep reversing, as new 4 week lows and highs are hit.

You can get simpler than that and while it’s a simple system don’t be put off, this system works, because it’s based on market logic that never changes and it’s this:

Currency prices trend for long periods (either up or down) and these big trends will last for months or even years and a closer look at any currency pair will show you that, all big trends will start from new breakouts to highs or lows and continue from them. So the 4 Week Rule outlined above will work and continue to work as long as markets trend and that looks unlikely to change.

Simple systems always work best, as they are more robust than complicated ones, with fewer elements to break. You can add exit filters onto the system to smooth the equity curve in sideways markets to restrict drawdown and exit on a shorter moving average say 10 or 20 day, either way the system will make money long term.

Most traders won’t use the system though despite the fact that it works and makes money because:

1. The system does not try and predict it just trades price change and while you cannot predict prices, traders always want to try.

2. This system requires a lot of discipline to follow as it holds trends for weeks or months at a time.

3. It’s just not trendy! It has no catchy name, no glossy box and doesn’t use lots of indicators.

The system makes money though and in 15 minutes a day, you can be seeking big Forex profits and have the comfort of knowing it’s worked for 25 years and has been used by some of the world’s best traders.

Take a look at the 4 Week Rule in more detail and you find a great system that makes money and as it’s free you have nothing to lose and everything to gain by doing so.

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Anyone can make Learn Forex trading and win but you need to understand the 4 facts enclosed or you will join the 95% of losing traders. Let’s take a look at the facts you need to know, to get on the road to Forex trading success.

These facts are in no particular order of importance – there all important!

Fact 1: Forex Robots and Expert Advisors NEVER make Big Gains

Many traders simply think they can spend a few hundred dollars, on a cheap software package and make an income for life with no effort, it looks to good to be true and it is.

These systems lose and that’s why their so cheap! You will never find one which has an audited track record, that’s verified in real time by an independent source. All you get are paper simulations or figures from the vendor, with no independent verification.

If you want to win at Forex, you need to learn skills but if you do you will well rewarded for your efforts.

Fact 2: Forex Prices Cannot be predicted

There is no hidden order to Forex price movement and prices cannot be predicted so don’t try. If you want to win trade the reality of price change, as you see it on a price chart. Don’t try and predict, simply follow market movement and when you do this, make sure your system is simple.

Fact 3: The Best Systems are simple NOT complicated

Simple systems work best and always have, because they are more robust than complex ones with fewer elements to break. If you make a system too complicated it will simply collapse, as it has too many variables to break.

Keep your system nice and simple, with just a few rules and parameters and then pay attention to the next fact, as it is the biggest difference between winners and losers.

Fact 4: Trading discipline is the Key to Forex Success

This is the real difference between winners and losers, because as we have seen anyone can learn a simple system but few traders have the discipline to execute it with discipline – why?

Because most traders can’t take losing they get frustrated, angry, change systems, run losing trades or quit. What they don’t understand is that to win long term, you have to accept losses in the short term.

If you have to decide do you want to be right all the time or make money because the Forex market won’t allow you to do both. Learn to lose, keep your losses small and you will hit winners and make huge profits over the long term.

If you understand the above facts, your all set to enjoy Forex trading success, in 30 minutes a day or less, in the world’s most exciting business – global Forex trading.

NEW! 2 X FREE ESSENTIAL TRADER PDFS
ESSENTIAL FOREX TRADING COURSE

For free 2 x trading Pdf’s, with 50 of pages of essential Forex info and more on successful Forex Trading from Home visit our website at: http://www.learncurrencytradingonline.com

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