Price action lend themselves really well to daily chart Forex trading, but so many people ignore these simple techniques in the quest for more elaborate trading systems that will have them sat in front of the computer all day long. Yet you can be a professional trader on less than one hour a day, and you can have the rest of your time to enjoy life, or you may even decide to keep your day job! 99% of the people, come to Forex for easy money or so they don’t have to sit at their desk being told what to do all day long. But after a short time in the markets most traders are doing way more hours than they did at work, and they are probably a lot more stressed out as well. Trading ends up turning into a nightmare job and eventually it becomes too much and the trader quits.
You’ll often hear it said that 95% of Forex traders fail, so there can’t possibly be any Forex EAs that actually work out there. While it’s true that 95% of Forex traders don’t end up making a consistent Forex trading income, it’s nothing to do with Forex expert advisors at all. In fact, it proves all the more that you need a profitable Forex EA to make the Forex trading income that you desire. By the end of this article, you’ll know how you can use the best Forex expert advisors to make you rich. So read this article now in order not to miss all of the opportunities.
To begin with one must understand what trading foreign exchange really means and what is required in order to make it a profitable business. Anyone above the age of eighteen and located at a place where there is a computer and an internet connection can trade foreign exchange. It does not take a lot of money to begin foreign exchange trading. In fact, some brokers offer a live trading account with as little as 30 US dollars. The bare minimum required to make a workable income every month is actually three thousand dollars.
You’ll often hear it said that profitable Forex expert advisors cannot possibly exist, because if they did then the big banks and hedge funds would just sack their trading teams and replace them with Forex EAs. This is a blatant lie that is told by people who don’t have the slightest understanding of how fund trading works. Profitable Forex expert advisors do exist, and there are very good reasons why banks and funds don’t use them to trade. By the end of this article, you’ll know why you have the opportunity with Forex EAs that the banks don’t want. Read this article to know everything about good expert advisors.
It may surprise you that a large number of the MetaTrader 4 expert advisors being offered for sale are classified as a scalping expert advisor. That’s because scalping EAs have many attractive characteristics that appeal to the average Forex trader. That said, there are hidden dangers involved with trading a scalping EA that you may never have been informed of, so you owe it to yourself to get the full truth about these EAs before you invest your hard earned money into them. By the end of this article, you’ll know the hidden dangers of using a scalping expert advisor. The Appeal Of A Scalping Expert Advisor So why is using a scalping expert advisor so popular? Scalping means taking very small profits on each trade (between 5-10 pips normally) with a very wide stop (anywhere between 50-200 pips). Scalping EAs are designed to have very high winning percentages, which appeals to Forex traders because naturally as people we like to win, and we like to win a lot. When market conditions are favorable, a scalping expert advisor can put together 20 or even 30 winning trades in a row, and it’s these long winning streaks that Forex traders love…
Learn How to Make 10 pips a Day Faster Than Other Forex Traders! Before we go to deep details about Forex Pips on how you can make 10 pips a day, we need to understand what the word “Pips” is and how you can leverage your trading profit. A Pip is normally the last digit on the right in a currency. For example: If the EUR/GBP trades at 1.2464, then “4” is the Pip and if the EUR/GBP moves to 1.2884 that would be a 420 Pip move.‘ Ready for easy profits in at least 10 pips? Get them with help of this article!
Most Forex traders are familiar with Candlestick Charts. Candlestick charts are invented by Japanese rice traders in the 16th centuries. Over the centuries these charts have been perfected into an art form. But how about another Japanese invention, the Renko Charts? Yes, Renko Charts are another Japanese creation that has been widely used in Forex trading yet, many Forex traders might never heard of these charts. These charts are based on price only not on time. On a regular candlestick chart or a bar chart after a fixed time interval, you will find a new candlestick or a bar but not on the Renko Chart.