To start trading Forex, there is a quick way to get you going... I get tons of letters from people asking how they can get trading on a limited budget and it's very easy.
Essentially you need to open an account with a reliable broker such as Alpari, IBFX or Forex.com and get yourself a robot, such as the Leo Trader Pro.
The robot costs $67 and the rest goes into your trading account. Keep your risk settings at a sensible level, use protective stops and you will make money. Keep in mind that all robots are designed for certain market conditions and may suffer draw down from time to time.
Many EA's don't use stops and if that is the case with an EA you are using, add a stop of your own to each trade opened. Even if it is set a several hundred pips, you need the protection in today's volatile market conditions.
A Little History
Years ago to start trading Forex, you had to spend hours analyzing charts, looking for patterns and setups and try to find or develop a system that would return a profit.
If you have tried this method, you know how hard it is to make money on a regular basis. Sure, there are systems you can buy that should help you win, but there are so many other variables that profits usually are very slow to materialize.
Add to that the "free" coaching the brokers give you, which actually encourages you to over-trade and places you at higher risk of losing your money.
The Solution? It's Automatic
Manually trading the Forex market is very tough. You can spend hours watching and waiting for setups that never come. It is also impossible for anyone to watch it 24 hours a day.
My most recent additions to this website have focused on automated trading systems and the robots (EA's) they use to trade your account. The beauty of this type of system is it allows you to have a life while your trading account is making money.
Trading is very emotional and I can assure you it is very tough to be trying new systems or strategies and losing money at the same time. Once the fear, worry and uncertainty start, it's very hard to turn them around.
If you are serious and want to start trading Forex the safest way, read on and make the process easier on yourself.
The Big Plan
Automated trading robots can produce profits by themselves, but they do even better if they get some help from you along the way. News releases and other activities greatly influence market prices and sometimes these robots are slow to react and would have better results if you were to intervene.
That said, a good plan is to get the EA started and while it is doing it's job, you are free to learn more of the trading game yourself and gradually move up so that you and your cyber friend work together to maximize your profit potential.
To really understand the Forex market will take months, if not years. Like anything else, your interest level and determination will play a big role, but an EA is a great way to start trading Forex and then you can be making money while you learn.
You don't even need a large account to get going. To find out how even an account which starts with only $250 can make you some serious money,
Stick to an EA such as Crescendo or Leo Trader Pro which can safely grow your account. This can turn even a small account into something very nice in a reasonable amount of time.
The Action Steps
Here are the steps I would suggest you take:
1) Open a MetaTrader Account - Find a reputable Forex broker that offers the
trading platform and open a demo account. This is a very versatile platform, perfect to start trading Forex with.
2) Get Yourself a Robot - Purchase a good trading robot and attach it to your account. I suggest you try the Forex Crescendo or Leo Trader Pro to get the proper level of reliability and sophistication you need to succeed. There are others and some are even free, but they will usually lose more than they win.
3) Grow Your Basic Knowledge - While your robot is making you profits, learn everything you can about the market you're trading. There are endless resources,
such as this one
, that will teach you the details of this giant market. ;o)