There is a lot of hype at the moment about the Forex Robot craze. For those you who don’t know. Forex Robots and automated profit machines which appear in the form of software. They comb the Forex market in hunt of profitable trades and execute these trades according to your settings.
Forex itself is the $3 dollar liquid asset market which trades in currencies. Money is made in the difference of the currency being sold or bought. Say for example you decided to trade the dollar against the yen, an exciting pair to say the least, and you bought $100 worth of pips, for this example we’ll say $1 = 1 pip. So you have your pips and your watching the chart and the dollar goes up in value against the yen. Each pip you gain against the yen is profit in your pocket.
Now the thing with Forex charts is they swing both ways, up and down and if you’re still in your dollar yen trade and the market turns against you, guaranteed you’ll be sweating bullets with every pip you lose. Now some may ask why don’t you just get out of the trade. And this seems to be the most sensible option. The only thing is that the human emotions of fear and greed tend to get in the way because you see, you’ve just sat and watched yourself make let’s say 80 pips in 5 minutes. So naturally you think ok I’ll just stay in the trade a moment longer and I’m sure the market will start going in my direction. Well all I can say is I hope you’re using a stop loss to get out of this trade because with the thought process of “just one more moment†you will blow your account without a stop, which is an automatic get out. Once the system reaches the stop loss you are automatically kicked out of the trade, with I hope a profit. Continue reading ‘Best Forex Robots – What are they all about’ »