The Forex Robot World Cup has just unveiled the industry’s first SUPER ROBOT! In an unprecedented game-changing move, the FRWC has redefined the boundaries of the Forex world. This single achievement rewrites the rulebook completely.

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The Forex Robot World Cup

– The FRWC creates the world’s first SUPER ROBOT!

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Their track record speaks for itself: this year we have witnessed some truly groundbreaking work from the FRWC, but they have definitely saved the best for
last. A perfect hybrid – there just aren’t any words that can accurately describe what this means for traders around-the-world. Nothing will ever be the same again…

People starting out in currency trading often do not realize how many trading opportunities forex market offers. It can seem overwhelming to think that you can trade any combination of the world’s currencies.

Theoretically at least, a trader can deal in any currency pair: that is, any two of the 150 or so currencies of the world. Almost all countries have their own currency except for the European countries who are part of the euro system and a few small nations who use the US dollar. There are other countries whose currencies are pegged to the dollar to give them some economic stability. Still, there are a lot of currencies out there, and in combination that makes a huge number of forex pairs.

In practice of course there are limits on the currency pairs that an individual trader can access. Most brokers will only let you deal with certain pairs, or if they quote prices on unusual pairs then the spread will be high so you have a higher threshold to beat before you start making money. If you want to trade in a minor currency it is often best to do so through a broker who is based in that country.

However, for most traders this is not even an issue. The average forex retail trader (that is, somebody trading on their own account, often from home) would not touch most minor currencies because they are too volatile. For anybody starting out, certainly the best option is to stick with the major currencies.

So which forex currencies would be described as major? There can be some debate about this but most sources count 7 major currencies in order of their traded volume. They are: US dollar USD, euro EUR, Japanese yen JPY, British pound GBP, Swiss franc CHF, Canadian dollar CAD and Australian dollar AUD.

Major pairs are defined as pairs of the US dollar with any other major currency. This creates 6 major pairs which are EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD and AUD/USD. Pairs of two major currencies where neither one is the US dollar are called cross pairs. This gives another 30 possible pairs. An example would be GBP/CHF.

The most heavily traded pair of forex currencies is EUR/USD. The high liquidity of EUR/USD has three main advantages. First, you will not have trouble getting matched including having stop losses matched at the planned point without a lot of slippage. Second, the spread tends to be low because competition between brokers is intense for this pair. Third, there is a ton of forex news relating to these two currencies and you are much less likely to miss some important announcement.

With all of these factors coming into play, the recommendation for beginners is to keep to one pair and make it the biggest, EUR/USD. That is if you are trading for yourself. If you are using a robot, it may be set up for other forex currencies and you should go with the recommended pairs.

There are many Forex robots on the market. The most frequently used is

Fap Turbo Robot

Getting into the lucrative world of currency trading has become very easy since the introduction of automated currency trading systems, also known as forex robots. Instead of having to study for many years how to develop and operate a successful trading system and dealing with all the stress of trading in the fast and high powered forex market, beginners are now able to download ‘set and forget’ software that will do all of the trading for them.

What is more, you can now enter the forex market with very little capital. Since the internet has made its way into most every home in the western world and many beyond, competition among forex brokers for this huge new client base has been fierce. This has led to a massive lowering of the bar on new accounts. Where a few years ago you needed thousands of dollars to even open an account, you can now start with a few hundred or even less. Again, this favors the beginner.

But can you actually make money with forex robots? The answer, as with most things, is that it works for some people and not for others. Of course the automated currency trading systems themselves vary and some have a better track record than others. Nevertheless, even the most successful forex robot does not come with any guarantee that you will make money using it. So there are a few things that you should consider in order to decide whether automated currency trading is the way to make your financial dreams come true.

First, it is vital not to expect to make a lot of money immediately. The reason for this is that you will need some time to set up and test the robot on what is called a demo account before you risk any real money on trading. All traders make mistakes when they begin and this is one way to ensure that you do not lose your shirt when that happens. It also means that you can be comfortably convinced that you will actually make money with it. If it does not work for you, the good news is that you can normally get a refund on the cost of the robot, so provided you kept to a demo account you have no risk in getting started.

Once this is done and you are consistently making profits in the demo account, you can switch to live trading. At that point you can leave your robot to work on autopilot any time that your computer is connected up. The currency markets are open 24 hours a day, and while of course there is no way that a human being could trade during all 24 hours, an automated currency trading system sure can, so you have many more opportunities to make money than if you were trading by yourself.

There are many automated currency trading software on the market. The most frequintly used is:

No Loss Robot

Anybody involved in forex trading cannot avoid dealing with currency trading brokers. As an individual trader you cannot set up your own dealing desk, so currency trading brokers are your way in to the forex market.

As trading from home becomes more and more popular with private individuals who often have relatively low startup capital, new types of brokerage firms are springing up to cater for them. Most of these companies are completely legitimate but you do need to do your due diligence before committing your funds to them. Check which country they are registered in and whether they are regulated there.

What would happen to your funds if the company went out of business? In some cases you are protected by regulatory bodies but in other cases you are not. So this is a good question to ask before you invest.

Most forex traders work with 100 or 200 times leverage. This means that to control a position size of $10,000 you would have to commit only $100 or $50 of your own money. This gives you a lot of power because you can make a lot of money in a short time when things go your way. On the other hand of course it is also possible to lose a lot, if you do not have stops in place to prevent you. For this reason, when you are beginning it could be a good idea to sign up with a broker who will automatically close out your trades when the limit of your account is reached. This protects you from margin calls which can otherwise mean that you could end up owing the broker more than you have in your account.

Currency trading brokers provide many services to their clients these days. You will probably have access to a demo account where you can test out the brokerage software that allows you to trade in the market in real time. You can also use the demo account to test your trading systems before going live with real money.

Currency trading brokers will also usually provide some kind of technical analysis in the form of charts and indicators. You can expect candlestick, bar and line charts, and indicators including the Stochastic, MACD and Bollinger bands. Try to look at the charting services provided by several different brokers through their demo accounts and consider ease of use and whether they give you the information that your trading system requires. Of course, many traders sign up with dedicated charting services once they become more successful, but when you start out, getting good technical analysis from your broker can save you that cost.

You will want assurance that the broker’s software platform is not easily cracked by hackers. Remember this is your money and you do not want anybody to be able to access your account illegally. Ask the currency trading brokers what security measures they have in place, or check on forums.

There are many Currency Trading Brokers available. The most frequently used is

Forex Yard

If you are interested in currency trading Australia you need to know about some of the special factors that affect the price of the Australian dollar. It does not matter whether or not you live in Oz, you still may want to trade this currency from time to time. It can have benefits because the Australian dollar sometimes stays more stable when other major currencies are very volatile. This is partly because of its position as a commodity currency.

Commodity currencies are the currencies of countries whose main exports are in raw materials rather than manufactured goods or services. Raw materials can include food and other agricultural products, iron and other metals, gem stones, oil, etc. In Australia, the main commodity export is gold.

When the average consumer thinks of gold they usually equate it with jewelry. However, in the world of investments, gold is bought and sold more for its commodity value than for use. Gold is something that often preserves its value in times of economic crisis. For example if there is rampant inflation or a major stock market crash, the average person’s savings will often become almost worthless but an investment held in gold will maintain or more likely increase its value.

Australia is one of the world’s largest sources of mined gold. Production levels have fluctuated a little due to the effect of internal taxation but broadly speaking, Australian gold production has risen from just 20 tonnes a year in the late 1970s to around 300 tonnes a year today.

Because of this, there is a close correlation between the price of gold and the value of the Australian dollar. Interestingly, even though the USA is another major source of gold, even producing slightly more than Australia, the price of the AUD/USD currency pair is also closely correlated with the price of gold, other things being equal. This is because gold is not such an important factor in the huge American economy as it is in Australia.

So when gold prices rise, the price of AUD/USD will often also rise, and when gold falls AUD/USD is likely to fall. Often there is a little delay before the currency price reacts so a foreign exchange trader involved in AUD/USD has the opportunity to use this to his advantage.

You can also expect that commodity prices in general and gold in particular will go up when there is any major economic crisis in the world. Provided that Australia is not too closely involved in a crash, that is often another early indication of an upcoming rise in the price of AUD/USD.

Of course, gold is not the only factor here and if you want to trade AUD/USD you will need to stay informed about anything else that might affect the price. You can never completely remove the risk involved in forex trading. However, understanding the influence of gold prices on the Australian dollar will be of benefit to you if you want to make money from currency trading Australia.

Get the full scoop on your best next steps to start trading AUD/USD here

There are many currency trading systems out there. You could probably find hundreds or even thousands on the internet and in books. So how do you pick out a good one?

This is one of the most important questions when you start out as a forex trader. Anyone will tell you that psychological factors are vital in making a successful trader and it is true that it is very important to have discipline and the ability to apply your system consistently. But you must have a system that is capable of returning a profit in the first place.

Now you probably do not want to spend years in demo accounts trying to reinvent the wheel and design your own new system from scratch. So given all of this variety of systems set out in forex books, ebooks and video courses available online, how can you find a reliable system that will have a good chance of making you money?

One factor that you should look at when you are considering different currency trading systems is the success rate of the trades. Usually the publicity will tell you this, or you can ask.

Theoretically a system with a low success rate could be just as profitable, depending on the amount of money gained and lost on the trades. However, a high success rate is important for two reasons. One is that this is a good sign that the system works well in most market conditions. No system has a 100% success rate but something over 80% is achievable. If you put this into practice consistently, and perhaps avoid the very worst market conditions such as a choppy market, you should have a good chance of getting a profitable result.

The second reason that most traders work better with a high success rate is that it increases our confidence in the system. This helps us to keep motivated to apply the system consistently.

For the same reason, it is important to make sure that the system will give you enough trading opportunities to keep you satisfied that you are trading actively. That may sound crazy but if you only have one trade a week you will start looking around for other possibilities and probably take chances with your trading that will lead to losses.

Plus of course you need to be sure that it will only involve you in a level of risk that you are comfortable with.

The best currency trading systems are usually provided by someone who is a professional trader and using the system to make money themselves, so look out for information about the person’s trading experience, and check that they will offer support if you have questions.

There are many currency trading systems on the market. The most frequently used is

Forex Time Machine

by 35+ year trading veteran Bill Poulos

In order to trade currency successfully in the foreign exchange market, it is necessary to have some way to make forex predictions. In other words, you need to be have an idea of which direction the prices are going to move.

Foreign exchange trading seems very complicated when you first start out. The average person has no idea what is meant by terms like pips and spread. Charts and indicators are a complete mystery. We have all been in this position even if it was many years ago, so there is no need to feel ashamed or overwhelmed. Tackle the different aspects of forex trading one by one, sign up for a demo account so that you can try out the skills that you are learning, and you will find that it is much easier to understand these things when you are involved in practice trading than if you are just reading about them.

Beginners starting out usually have one of two attitudes to trends and price movements. Either the fluctuations seem completely random and they think it is impossible to predict anything, or they assume that they can just look at a candlestick chart and instantly know what will happen next. A little training and practice will soon show them that the way lies somewhere in the middle.

Forex predictions rely on two aspects. One is the national and global economic situation. This is clearly something that is going to affect currency values. You can easily see that if a country is doing well, people will want to invest in it, and the price of its currency will rise just as the price of a company’s stock rises when the company is successful. And of course the opposite is true too. So anything that affects the economic outlook for the countries whose currencies you are trading is going to have an effect on the prices that you get or pay.

Second, there is what is called technical analysis which relates to the charts and indicators that you see in your demo account software. There are many ways to use these to analyze the market. You can often identify when long term trends are forming which may cause the value of a currency pair to rise or fall more or less steadily over a period of weeks or months. If you can get in on a major trend in the early stages you can make a lot of money, but you must be patient.

There will also be small fluctuations within each day or hour when prices seem to bounce within certain boundaries. If you can identify patterns in these fluctuations you can place orders and make money from what is called forex day trading.

Movements in the currency market are difficult to foresee and you will need a well designed system and a trading plan that takes account of the funds that you have available and the amount of risk that you are prepared to take. There is no way of trading currency that is risk free, so you must be prepared for possible losses. Learning to make forex predictions will help you to establish a profitable trading history but nobody can be 100% accurate.

There are many Forex prediction systems on the market. The most frequently used is

Forex Time Machine

The currency trading chart is one of the most important tools for the forex trader. Charts are at the root of forex technical analysis, which forms trading systems based on studying price movements rather than economic forecasts which are the basis of fundamental analysis in forex trading. Most traders these days prefer technical analysis which does not require any special knowledge or training in economics.

Any currency trading chart will show price movements. Usually you can track these over a variable period of time. You can look at the last few minutes, hours, days or longer. Using a chart in conjunction with the mathematical indicators provided by most brokers and charting services, you can identify emerging tendencies and trends that can signal a trading opportunity.

Forex charts come in three formats.

1. The Line Chart

A line chart plots the closing prices at the end of each trading period, which could be anything from one minute to one day, you can set this. These are joined with a line to show the direction of movement. However, a line chart does not tell you anything about what happened at different times during the time period, only the final closing price.

2. The Bar Chart

A bar chart gives you four prices for each period: opening, high, low and closing price. You will see a vertical line for each period. The top of the line marks the high and the bottom is the low. A notch on the left side shows the opening price and a notch on the right shows the close. Usually these are at different levels but they could be the same. Either one of them could be the same as the opening or closing price but more commonly they are somewhere between.

The advantage of the bar chart over the line chart is that it shows you how wide the fluctuations were during the period, giving you an idea of the volatility of the pair at a glance.

3. The Candlestick Chart

This last type of chart gives you all of the same information as the bar chart but in a colored format which many people find easier to take in.

Again a vertical line marks the high and low prices during a period, but there is also a wider block that runs between the opening and the closing price. This block will be filled with color, usually red if the price is falling (opening price is the high end of the block, closing price is the low end) and green or blue if it is rising (closing price is the high end of the block, opening price is the low end). If shown in black and white you will see black for a falling price and white for a rising price.

The colors give you an instant view of whether prices rose or fell during the period. This makes candlesticks quicker to read at a glance than a bar chart. You can immediately see a reversal, which will show up as a series of green blocks marking the trend followed by one red marking the reversal, or vice versa. That is why candlesticks are the favorite type of currency trading chart for many traders.

If you are new to forex trading it is essential to understand the currency trading pip. This is how your profit, loss and costs are measured. Your broker account may translate pips into dollars or other currencies for you, but it may not. In any case you will want to know what it means for yourself.

A pip is a percentage in point which is a transferable unit of measure, much more useful for the purpose of comparison than a dollar profit figure. It is used in price quotes and as a measure of the change in currency prices.

The pip is the smallest measure of movement in the quoted price. Prices for most currencies are quoted to four decimal places, so one pip is 0.0001 units of the quote currency. (The exception is the Japanese yen which is much less valuable and is therefore quoted to 0.01 yen.) The quote currency is the second of the two currencies in a pair. So for example in the pair EUR/USD, the quote currency is the US dollar.

Some brokers are now beginning to quote to five decimal places and there is some argument among traders as to whether a pip then becomes 0.00001, or whether this would just be confusing, since it would mean that some brokers’ pips were 10 times as big as others.

If you visit forex forums you will see traders all the time talking about their profitable trades in terms of pips. They will not tell you how many dollars they made, because that depends on their position size which another person would not necessarily replicate. Talking in terms of pips also means that they do not have to reveal the size of their account.

For example you may see a trader talking about making 200 pips profit on a trade in EUR/USD. They could be an amateur who traded a micro lot or a professional bank trader who traded tens of thousands of lots. Each would have made 200 pips, but the value of those pips would have been vastly different.

To know how much it would mean to you in terms of profit and loss, you simply multiply by 0.0001 and then by the lot size. The result will be the profit in the quote currency.

The quote currency for EUR/USD is the US dollar. So if the trader is dealing in standard lots of $100,000, one pip is 0.0001 x $100,000 i.e. $10 per lot. If he made 200 pips profit, that is $2,000 per lot. But if he uses mini lots of $10,000 it’s a profit of $200, and on a $1,000 micro lot it’s only $20 profit.

Still, if you assume 100 times leverage, he has only had to put up $10 for his $20, $100 for his $200 profit or $1,000 for his $2,000 profit. So it’s a pretty good return and no wonder he is haunting the forums to boast about this trade!

Anyway, you can see how it is an advantage to be able to talk in terms of pips.

Also, of course, the currency itself could vary. The quote currency will not always be the dollar. If that example trade was in EUR/GBP then the 200 pip profit would be 20, 200 or 2,000 British pounds. If you wanted to know what that was in US dollars you would need to add another step into the calculation, multiplying by the current exchange rate.

This may sound confusing at first but when you start trading, even in a demo account, you will soon understand what a currency trading pip means in practice.

You probably heard about an automatic forex trading system. This can be a useful solution for you if you are interested in forex currency trading as of the money that can be made but you do not know much about it.

So what exactly is an automatic forex trading system and how does it work?

There are many profitable forex trading systems developed by successful traders. In fact, most traders have their own system, which is a little different from everybody else’s. Nowadays with the advances in the Internet, they can have a programmer automate these systems so that they run automatically 24 hours a day. This takes advantage of the fact that the forex market runs in all of the world’s time zones, so it never sleeps from Sunday night to Friday night. With forex trading software, you can exploit this while a human trader has to eat, sleep and have a life. The computer program that does this is called an automated trading system, expert adviser or forex robot.

While some traders keep their automated systems to themselves, others are happy to share, for a price. So they sell them to other traders, especially to people who are not able to develop systems of their own. The forex market is huge, with the equivalent of almost $4 trillion traded daily, so a few people trading the same system is not going to affect things very much.

However, the market is constantly changing and some systems are better than others at predicting this. Forex trading is risky and there are no guarantees that any system will work in the future even if it worked in the past. So you do need to be careful which forex robot you buy. You will even find free expert advisers, but many of these are not profitable. It’s worth spending a few dollars to get one that works.

You may be concerned about the idea of trusting your investment funds to a computer program, especially if you do not understand it too well. That is a good attitude to have. You have to be careful with the settings and you should be sure to run the robot in demo mode so that you can see exactly what it does and whether you can be successful with it. Only then would you trust it with your real money account.

In most cases you have a guarantee period of one or two months where if it does not work for you, you can get a refund. This is great because it allows you to run it on a demo account at no risk. Almost all brokers offer a demo account these days, so you just need to find one whose software platform is compatible with the robot that you want to use. The guide that comes with the automatic forex trading system will usually recommend one or more compatible brokers.

There are many Automatic Forex Trading Systems on the market. The most frequently used is

Fap Turbo

Many people see trading forex online as a way to make money without having much idea of what they want to do that for. Of course money is useful, but with other types of investment people are usually clear in their minds about what they are looking for in terms of a return: income or wealth building. But forex traders do not always think about this.

It is important. Even though you can make money with currency trading without having a clear aim in view, the ideal strategies and trading plan will be different depending on your aims for your investment. Something that a wealth builder considers to be a successful strategy could cause an income seeker to consider that he is failing at times. So let’s look at the differences and how to handle them in your online trading strategies.

If you are seeking profits for income, then your aim will be to live on the profits of your currency trading account. You may only have a small fund now but you will probably be hoping that in a few years you can give up your day job and pay all of the bills from your forex profits.

On the other hand, somebody who is building for wealth will not plan to take an income out of his profits. He will leave them in the account to grow. He may have the aim of building a retirement fund or some other plan where he will eventually use the money, but this is a long term goal and anything taken from the account in the meantime will be lump sums for a particular purchase rather than money to live on.

So someone who is trading for income has to make a certain amount of profit per month, or at least a certain average over a few months. You’d need your income to be reasonably stable and above a certain level, otherwise you risk not being able to pay the bills.

You would need some backup in the form of savings to cover you in the case of drawdown. You would also need extremely good money management and discipline to stick to your system in difficult times. Somebody who depends on trading forex online for their living expenses is under a lot more pressure and mindset will be crucial.

Traders who are building for wealth tend to trade less often because they do not feel this same pressure. Ironically, this can mean that they wait for clearer signals and make more consistent profits than the income trader. They do not mind if their money is tied up in a trade for weeks or even months. They do not need the profits right now.

Wealth builders are also able to accept a bigger drawdown. They take a longer term view and know that they will regain the losses and then some before they ever need to cash in. This means that, other things being equal, they can afford to take a bigger position with the associated bigger risk.

The bottom line is that if you are trading for income you should be looking for a system with low drawdown and your trading plan should be set for low risk. A system that provides frequent signals for small trades will probably suit you better than a system that waits for major trends and swings. If you have clear aims for your trading and understand the implications as set out in this article, you will put yourself in a good position to make profits from trading forex online.

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You will need a brokerage account as soon as you start forex trading, and you may as well get with the best currency trading broker from the get go. Your broker is your means of access to the markets and is also your provider of leverage so that you can trade on margins and control position sizes large enough for it all to be worthwhile.

So how do you select the best forex broker? There is a lot to take into account. Here are the our top 10 points that you will certainly want to consider.

1. Funds Required

This is usually the first thing that traders look at when they are considering a currency trading broker so maybe you don’t need us to tell you, but there is a very wide range of minimum investment sizes among brokers. You will see the old style broker offering standard accounts for traders who have $10,000, $50,000 or more to invest, others with mini forex accounts which might typically require around $1,000 minimum, and micro accounts which can start around $100 or even as low as $25 in one or two cases.

You are usually best advised to go for a broker whose client base is mainly other traders with similar sized accounts to yours. That way there is a good chance that services and costs will be a good match for you.

2. Market Access

Do they provide 24 hour access to their trading platform? Most do, but you could be caught out if you make assumptions. How about support? Is that available 24 hours too, in case you have a technical problem?

3. Pairs

You will also need to check that the broker offers all the currency pairs that you are likely to want to trade. If you are a beginner, look for a broker that covers all the major pairs (USD paired with EUR, JPY, GBP, CHF, CAD and AUD) plus some cross pairs (combinations of the last six of those currencies).

4. Technical Services

You will want to look at the charts and indicators that are provided, and whether the broker includes forex news alerts. These services are less important for experienced and professional traders who probably have accounts with dedicated news and charting service providers, but a beginner can save money by choosing a broker who offers a lot here.

5. Software

Check out the broker’s software platform. Most firms offer a demonstration account so that you can test the system and services on the live market without risk. This also gives you a chance to test new systems. You may want to run in demo mode for several months, especially if you plan to test more than one system, so look for a currency trading broker who gives unlimited time on demo accounts.

6. Regulation

Look for a currency trading broker who is a member of at least one of the main regulatory bodies in their country. You cannot take this for granted because the forex market is generally not regulated by law. If you go with a completely unregulated broker there is probably nothing to stop them disappearing from the internet with all of your funds. Bodies such as the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) in the USA provide a certain amount of protection to users if the broker should suddenly fail. There are similar associations in other countries.

7. Spread

The spread is the difference between the bid and ask prices for any currency pair, and this is the broker’s edge, which is the way that most brokers make their money. The amount of the spread varies according to the broker and the currency pair, but you can expect to pay 1 to 3 pips on most of the majors. Check the spread for the main pairs that you plan to trade.

Some brokers offer a low spread but then charge fees or commission in addition. This can be advantageous for some traders, usually those who tend to make a small number of long running trades.

8. Lot Size

There are standard lot sizes which are 100,000 units of currency for a standard lot, 10,000 for a mini lot and 1,000 for a micro. However you can find variations on these from some brokers who will offer a wider choice or even fractional lots where you can make up your own lot size. Of course, you will be trading on margins so you do not need to have this amount of money in your account. See the next point.

9. Leverage

Leverage and margin requirements can be very different with different brokers. This is what gives you the power to control large sums and make (or lose) a lot of money with only a small investment. 100 times leverage is often seen as standard but 200 is possible. Some traders prefer to work with 50 times, giving lower risk.

10. Business Model

Last but not least, the broker’s business model can have a big effect on how your trades are handled. Most brokers do not have their own dealing desk but access the market through a network. You may see this referred to as an ECN or electronic communications network.

More recently, what is known as market makers have sprung up in the forex trading world. These are not brokers in the strict sense of the word. They will find a match for your trade through a network broker or sometimes they will match your trade themselves. This puts them on the other side of your trade and means that they lose if you gain … not an ideal position from your point of view, when they hold your funds. So if you go with a forex market maker be sure to check user feedback.

In fact, it is always advisable to check feedback from genuine users before signing up with a broker. Look in independent forums and try to find several points of view. Do not pay too much attention to any one individual, who may be biased in their feedback, and look for reports from users who are at the same level as you. This will help to ensure that you find the best currency trading broker for your funds.

There are many currency trading brokers on the market. The most frequently used is FXYard

So what is a professional currency trader and how do you get to be one if you are just trading currency part time right now? This is the big question for most forex traders because just about everyone who is involved in the forex market has the dream of being able to support themselves and their families from their trading some day.

A professional currency trader could also be described as a full time forex trader but the words ‘full time’ give the impression of working 9 to 5 which is not really what it is all about. The point is to become financially free and enjoy what you do at the same time. If you continue trading consistently and successfully, you could go on to become rich.

There are two things that you need if you want to turn professional with currency trading.

1. A Simple But Profitable System

Successful traders don’t hop from one strategy to another. They develop a successful forex trading system, often by tweaking an existing system that they got from somebody else, and then they stick with it.

Usually this is a surprisingly simple system. It’s not something complex that requires insider knowledge of the financial markets or a genius mind for math. It’s the kind of system that you are probably applying right now.

The difference is that they know from experience that their system is profitable so they can apply it all of the time in a disciplined way. They trade when the signals are right and not when they are not. There may be a month when they make no money. That’s OK. They don’t panic. They know it will even out in the long term.

2. Money

It takes money to make money. The old cliche is just as true in forex trading as in any other type of investment. If you have a mini trading account with $1000 in it, you are not going to be able to turn professional tomorrow. It just is not possible to make enough money to live on from $1000 capital because that would mean turning a 300% to 500% profit a month. Get real.

What you can do, of course, is slowly build up your capital. If you can make 10% or even a conservative 5% growth per month, then you can get there in a few years. 10% growth per month, consistently for 4 years, gets you up close to the $100,000 mark where real money is made. Until that time of course you cannot withdraw any of your funds so you must have another source of income.

If your system gives you 5% growth it will take you twice as long but you are probably less likely to crash and burn in the process. However, if you start with $10,000 you can do it in half the time.

Remember to keep a low risk per trade: don’t take big risks to try to make more money. The really big traders keep their risk down to around 1% of funds or even less. When you have hundreds of thousands of dollars in your account, you want to make darn sure you don’t lose it all.

And that, in fact, is probably the biggest secret to becoming a professional currency trader: protect your capital.

There are many Forex trading systems on the market. The most frequently used is

IvyBot

Forex pairs are always involved in currency trading. The pair is the two currencies involved in your trade. For example if you are exchanging US dollars for Swiss francs, the currency pair is USD/CHF.

Theoretically you could trade any two currencies of the world, but in practice most foreign exchange trading is limited to the currencies of the larger financial powers. This does not necessarily mean the biggest or most politically powerful countries. Switzerland for example is only a small country but is a major player in the financial markets because of the global importance of the Swiss banks.

There are 6 major forex pairs which between them account for 90% of the funds traded on the forex markets.

These are:

– EUR/USD: the euro and US dollar.

– GBP/USD: the British pound and US dollar, nicknamed Cable because it used to be synchronized on both sides of the Atlantic by a cable running under the ocean.

– USD/JPY: the US dollar and Japanese yen.

– USD/CHF: the US dollar and Swiss franc.

– AUD/USD: the Australian dollar and US dollar.

– USD/CAD: the US dollar and Canadian dollar.

Some traders do get involved in other combinations of these major currencies or pairs that include other currencies such as the New Zealand dollar. But in the beginning it is best to stick with the majors.

The US dollar is the most significant single currency and is involved in 85% of trades according to a 2007 study. The euro is second at 37%. Next come the yen, pound, Swiss franc, AUD and CAD in that order. If you are wondering why these add up to more than 100%, it is because there are always two currencies in every trade.

What Is The Best Currency Pair For A Beginner?

If you are just starting out in forex, most experts advise beginning with the EUR/USD pair. This is because there is a lot of information about these currencies and the high liquidity results in a smaller spread, so your costs will be lower.

Some of the other currencies have particular characteristics which make most newbies avoid them unless they have special knowledge. For example the value of the Canadian dollar is strongly influenced by the price of oil because Canada is an oil exporter. The Japanese yen can also be affected by the price of oil in the opposite direction because Japan is a large consumer and importer of oil.

You will not want to get involved in a lot of different currencies when you are starting out. The best thing to do is probably to take the EUR/USD market and stay with that for the first few months at least. GBP/USD would be the second choice of the major forex pairs for most new traders.

IvyBot – the best forex robot, which is actually made up of four separate Expert Advisors, sold in one package – a separate Expert Advisor for each of the four currency pairs.

IvyBot -  the latest Forex Trading robot – is a very sophisticated Forex trading system.

International currency exchange or forex (foreign exchange) trading has become one of the most popular ways for investors to get involved in speculative trading from home. Instead of trading stocks, you simply trade the different currencies of the world.

When a currency that you bought increases in value, you make money. However, unlike  stocks, you can also make money when a currency that you sold goes down in price. So you could say that you have twice the opportunities for a trade.

The forex market is huge and because of its global nature, you can trade at any time of day, 24 hours a day from Monday through Friday. The US dollar is the most frequently traded currency but of course, two currencies are involved in any exchange. The other major players are the euro, the Japanese yen, the British pound, the Australian dollar, the Swiss franc and the Canadian dollar.

You can start forex trading from home provided that you have a computer with a high speed internet connection and some funds to invest. There are many different types of forex trading brokers and some will let you open an account with just a few dollars now.

You can trade on margin so that with an opening balance of say $100 you could be controlling trades of $10,000. This is what makes forex trading attractive to many investors, because it means that you can make a lot of money from just a small starting fund. However, it also means that the risks are high and you should be prepared to lose this money if things go wrong.

Of course it helps if you have some practical experience in a risk free trading situation so that you can be confident about your ability to trade successfully before you start. This is easily done through a forex demo account or practice account which most brokers will offer you for free. Their aim is to have you try out their service without obligation. You can be testing a system at the same time, to make sure that it works for you before you switch to real money.

There are many forex systems available for the international currency exchange market. You will easily find free systems online, but you may be suspicious of these, since often in this world we get what we pay for. The quality may not be high and there is no point starting out with a system that will lose you money. It is better to pay a few dollars for something that is profitable. A good way to evaluate the different systems is to look at reviews online, especially in forex trading forums.

Brokers will also offer you a wide range of tools to help you implement your chosen system. These include charts and indicators that will help you to assess whether the price of a currency pair is likely to rise or fall in the short, medium or long term. Often they will also provide financial news alerts which can assist you. It is very useful to know if a national government is about to make a financial or economic announcement which will have an impact on the international currency exchange markets.

Demo currency trading accounts are offered as a great free benefit by most currency trading brokers and are promoted all over in the trading world, but are they always such a big bonus? Could they be bad for your trading health? In this article we will consider demo currency trading accounts from all points of view and take their bad points along with the good.

What is a demo account?

If you have ever used an online casino you will know that most of them have two modes: real money, where you have to actually deposit funds and risk them, or fun/demo mode, where you have an imaginary account balance. They hope you will get addicted, or win a lot of imaginary money and think you are invincible, so that you will go ahead and open up a real money account.

Demo forex accounts are very similar in some ways. Brokers offer demo accounts hoping that you will try out their software platform and like it. They give you the chance to start trading and work out a profitable system without risk, on the assumption that when you decide to invest funds you will go with the platform that you have become familiar with.

From the point of view of the beginner trader, using a demo account has a lot of advantages. It gives you the chance to apply what you have read and begin trading without risk. Ideally, you will start out with or quickly develop a profitable currency trading system and a solid trading plan. You will learn to make money from forex trading, develop a cool head and move on to become a successful real money trader. However …

A demo currency trading account has one big disadvantage and strangely, that is the same as one of its advantages: the fact that it is risk free. When you are not using your own hard earned cash you are likely to open trades on feeling rather than systems, or take risks that you would not take with real money. If you are lucky and your demo trades do well, you may open a real money account with misplaced confidence, thinking that you cannot lose. Experience will sadly soon show you that you were wrong!

Demo accounts are great for experienced traders who just want to get to know a new broker’s platform before they commit to switching their account. They are also good for beginners, but only if they use them properly. You absolutely must learn to apply a trading plan consistently and with discipline before you start trading with real money. If you do not do that, a demo currency trading account may be worse than useless.

There are many Currency Trading Brokers who offers a free demo account. The most frequently used is Forex Yard

If you want to make money with currency trading, you will know that of course you are going to need some good currency trading strategies. Foreign exchange trading is like anything else in this world. If you want to do it well, you need some training and some practice. And if you are going to get into this activity you better do it well otherwise you could lose your shirt.

Getting the practice is easy enough because most currency trading brokers will let you open a free currency trading demo account. In fact they encourage it, because they are hoping that once you are making money with your currency trading demo account you will go ahead and invest some money with them. Then they can profit from the spread or the fees that they charge on your account. Hopefully you will make enough money to pay the broker and then some, so everybody benefits.

Finding profitable currency trading strategies is a little harder. There are plenty of systems out there, but some are very complicated for the beginner. What you probably want is something very simple so that you can start trading with your demo account today. Notice that I said "with your demo account".

So let’s take a look at a simple currency trading strategy using what is called support and resistance. You can put this technique into action when you have a situation where the market is fluctuating up and down within certain boundaries. So if you look over a long period it is within an upper position and a lower position.

You can see this on the charts that you will be able to access in your demo account. Look at the candlestick chart over a large number of time periods. You can probably identify a time when the price was moving up and down between certain points.

You could draw a line along the top points. This line is called the resistance line and it will be horizontal. When the price hits this line it moves down again to keep within the boundaries. So at that point you could sell the currency pair.

Similarly if you draw a horizontal line along the bottom points this is called the support line. When the price hits this line it moves up again, so you could buy at that point.

If you try this in your demo account on live prices you will find that sometimes the price does not bounce back into the zone and on those occasions you will lose. Usually this is because a trend was beginning to form. You can use the indicators in your charting software to check when a breakout like this might be expected. From this you can develop your own system based on support and resistance on the one hand and following new trends on the other.

Be sure that your system is working profitably over a long time (several months) before you start using it to trade with real money. Currency trading is always risky but by testing your system in this way you can be more confident that you have created a profitable system from your currency trading strategies.

There are many currency trading brokers on the market. The most frequently used is Forex Yard

Currency day trading strategies are becoming more and more popular among both beginners and established forex traders. These strategies, similar to scalping, can be a way of making quick profits on the forex market.

In case you do not already know, there are trillions of dollars worth of currencies exchanged on the forex markets around the world every day. Traders make money by buying a currency whose value they think will rise, or selling one whose value they think will fall, always by exchanging one currency for another. After all there is no way to buy currency other than with a different currency!

The majority of traders probably take a long term position where they identify an emerging trend in price movements, open an order and then wait several days, weeks or even occasionally months before they consider that the trend is about to turn and they can close out at a profit.

Day trading, as you might guess, is very different. It involves opening and closing a trade within one day, and in fact most day traders or scalpers will close a trade in less than an hour, often just a few minutes. They go for ‘little and often’, frequent trades for a small profit each time.

Forex trading is always risky and this strategy is perhaps more risky than most. However, it has advantages for some traders. Some people like to see results fast and do not have the patience to wait out a long term trend. Others can only trade at certain times because of other commitments, and do not like to leave a trade open for the long hours that they cannot be online. Some just enjoy the rush of the successful scalper, sneaking in and out with his profits while others are still hesitating over their charts.

There are certain factors that you need to have in place in order to be successful with currency day trading.

1. As always, you will need a profitable system. Use a demo account to check that it works for you in practice before you try it out for real.

2. You need the right currency trading broker. Some brokers do not like scalpers and will close you down, especially if you make a lot of money. Check the forums and ask for recommendations from other successful day traders.

3. You need to be familiar with your charting tools and able to use them quickly. Having an analytical mind will help. Again if you are new to forex trading or changing to a new platform, you will need to work in demo mode for a while to master this.

4. You must be free of distractions during your trading time. You may only be online for a few hours each day but it must be uninterrupted time. Lock your door if necessary, close your email and switch off the cellphone.

5. You will need a cool head and a very clear trading plan. The day trader who hesitates or panics is lost.

Currency trading is a risky business and the short time scale of day trading makes it more risky than many other methods. Self discipline and complete confidence in your system are vital if you want to be successful in currency day trading.

There are also Automated Currency Day Trading software on the market. The most frequently used is

Fap Turbo – Automated Currency Trading Software