You will see lots of Forex trading systems online which tell you, they make huge gains and then fail when you try them for yourself but the one enclosed, we are going to review is different - not only does it have a real time audited track record, its also designed by a true trading legend - let's review the system.
You will get lots of robots which claim to make big money but you can never find any background to the trader (apart from the affiliates selling the system) and despite the claims of real time results, you never get an audited account statement and this is because they have made no money.
The system we are going to look at was designed by a true trading legend - Richard Dennis and it's track record is audited as making millions in profit. This system was designed to prove, that anyone could learn to trade and make money, if they had the right system and he was proved right - the traders he taught, used the rules and the system piled up millions in audited profits.
If you want to read more about the experiment and the system, its featured in one of the best selling investment books of al time - Market Wizards and has also been featured, in numerous other publications.
These rules have now been computerized and are available in the new Turtle trading robot which gives you another huge advantage - Before you buy it, you can read the rules and logic, so you can see EXACTLY why it makes money which gives you the confidence to purchase the system.
Not being a robot which has a made up track record, you will have periods of draw down but long term, the system is highly profitable and you can make a great triple digit income in around 30 minutes a day. If you are serious about making money in currency trading, check out the Turtle trading, Fore trading system and you will see, how it can lead you to long term Forex trading success.
Forex Trading Software - What to Look For
When shopping for Forex trading software, there a few things that you should look for. Make sure that these requirements are fulfilled before making a purchase. In the selection process, consider product vendors that offer extensive support (from installation to software technical issues), provide a full refund should you decide that it is not working well, present prospects with proof of the system capability and shoots it straight in their sales letter. If the company offers these things, the likelihood that they have a good system is pretty good.
Support is the first factor to consider when making a decision concerning which type of forex trading software to buy. You should be confident enough that you will be able to reach customer support if there is a question or when problems arise from installation or other technical issues. It can be quite frustrating if you find that the program is not working and no one is around to answer your questions. Whether the company is willing to answer any questions or be available after the sale, it should be written clearly in the sales letter.
The second factor to ponder upon is whether there is a money-back guarantee. Ensure that you only buy from companies that will return your payment back if you are not satisfied with their system such as if it is unable to perform as stated in the sales page. You have a right to get your payment back if the program owner was misleading or flat out lied. However, that said, be a honest consumer and do not ask for a refund even when it is working well.
Look for straight talk as the third factor. If the sales letter is using misleading or confusing language that you do not understand, even if it sounds "fanciful", don't bite. Instead, ask questions if something is unclear. Know exactly what you are purchasing before actually forking out the money for it. Some companies will throw a lot of things at their prospects but never really bring into focus what they are offering. They are hoping that if they talk long enough, you will be convinced enough to fork over your cash. Don't fall for it.
One can be more confident that any forex trading software that meets the above criteria is capable of doing what it claims to. Many a time, they will provide live proof or give visitors or prospective users limited access to the product so that users can see if it is worth their time and money. Take advantage of this and make sure that you feel comfortable using it.
Limitations of a Forex Trading Software
There are many forex trading software companies that will promise you the world. They might have prospects convinced that by simply buying their product, they will be able to install it and be rich by the time they wake up the next morning. While this sounds intriguing, especially if you are broke, don't fall for it. Be sure to always temper your expectations with a little bit of common sense.
That being said, there are different versions of foreign exchange market software/expert advisors that can help users earn a ton of profits. But one needs to understand that the system is not a magic genie. So, be ready to get involved and put in some effort.
The primary limitations of this type of product are that firstly, FX software or expert advisors will not totally eradicate all risks, secondly, one won't be able to open up the program and magically make money, thirdly, it won't do everything for its users and lastly, it will not be able to totally compensate for your lack of knowledge.
It is important to remember that there will always be some level of risk when anyone makes an investment. Don't assume that if you buy a particular top-notch trading robot, you will be able to instantly make unlimited amounts of cash and never lose a single cent. As long as you know this fact when placing your investment, you won't be crushed if the results did not turn out to be what was expected, especially right away.
You also won't be able to use forex trading software and make money without any effort. You will have to get involved, make some basic decisions and keep track of your trades. If you fail to do this, you will likely end up losing your investment capital.
Forex trading software will be able to automate many of your related investment tasks. However, it will not do everything for you. This type of system can make your life much easier but it won't take you out of the equation completely.
Many foreign exchange expert advisors will give users a lot of great information, and even assist in making the buy-sell decisions. However, the onus is on you to research the market yourself so that you understand the basics and the risks. If you do this, your confidence level will be greater and you will feel more in control of the process.
Benefits of Forex Trading Software
Forex trading software has a number of benefits. It can automate many of the common tasks that you will need to perform when investing. Using such a program will allow its user to look at trends and statistical analysis so that users can make better decisions. It also allows you to trade online directly and overall, simplifies the investing process.
If you choose to invest on your own, the process can get pretty redundant and sometimes confusing, especially for someone who is just starting out. Forex trading software will make the process much easier and streamlined. Simply log into your computer, execute trades, look at the past transaction history and get advice. This can prove to be extremely helpful and may give you the little extra something that you need to make bigger profits.
The ability to look at trends, your personal history and perform statistical analysis allows you to take a much more educated and deliberate approach to investing. In this way, its investor will be able to do much more then simply making guesses.
Instead, with the tools in hand, it will help you reap more profits and have greater success. Your personal information and that of the market will be presented in a well formatted and easy to read manner. This will allow you to know exactly where your investment portfolio stands, when and if there are any profits and how the market is performing.
Forex trading software will also allow you to trade directly online. In many cases, you will be able to do just about everything needed in order to get your trading career started and on track.
Overall, the biggest advantage of this type of applications is that it simplifies the entire process. Most of the analytical tools that are built into the program will give its user the greatest chance of being successful in making profitable trades. Of course, this will require that one picks the right product. The wrong one will have absolutely no benefit and may cause you to lose money.
Where to Learn Forex Trading Online and Why
With all the information available it can often be confusing to know where to learn Forex trading. Practice is the best way to learn any new skill but relax, I am not suggesting you risk losing your hard earned dollars.
You will need to open up a broker account if you want to start buying and selling foreign currencies. The first step is to ask your new account manager to set up a demonstration account for you. This will allow you simulate placing a real deal without risking any of your cash. Now as you begin to understand the process involved, you can place trades and see how you get on. Each deal you make will teach you something and you won't have lost a penny. You also won't make any money either even if your demo deal returns a profit of 1000 dollars. It is all just paper trading. Don't move onto trading with your real money until you can see consistent profits over a period of time.
You should learn to read the financial pages of a good quality newspaper or online website. Currency price movements are caused by the demand and supply of a currency. Factors such as the economic conditions in the relevant country will have an impact on price.
When you do start trading do not let your emotions dictate your behavior. Imagine being at the races and you have won the last three bets. You feel you are on a winning streak so you keep on betting. Then your losses start and you often end up with less money than you began with.
The same can happen with trading currencies. Sure, you may be on to a winner and the price keeps moving in the direction you want it to. But as the Forex market is so liquid and open 24 hours, the price can change dramatically. It is much more prudent to set your limits and stick to them.
For example, if you believe that the dollar is going to rise against the pound then place your trade. But when the dollar price increases to a certain point, you should close your position. This will protect your profits. Small and regular profits are better than having huge gains and then even bigger losses.
You can program most dealing software with preset limits so that you can't let your emotions overtake your judgment. These are called the stop-loss and take-profits points. As the name suggests, the computer will automatically close your deal if the currency moves against you and your losses reach a certain level. In the same way, if they move in your favor, your deal will close as soon as you hit your preset profit margin.
Knowing where to learn Forex trading and taking the advice of the professionals is the fastest route to making profits.