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Forex? And Forex Robots?

by Darunner14
5 replies
I am a newb with a interest in trading in Forex. I don't know excatly where to start. I believe you can trade on forex for practice, and when your ready you can start. I know their are a lot of robots for Forex? Which works best, and are they really helpful? Thanks for you insight.
#forex #robots
  • Profile picture of the author Alexa Smith
    Banned
    Originally Posted by Darunner14 View Post

    I am a newb with a interest in trading in Forex. I don't know excatly where to start.
    Forex Trading Online: Foreign Exchange (FX) Currency Trading Made Fun and
    Trading Educators Inc. -Joe Ross- Day Trading Education are good starting places.

    "Forex robots" are very bad starting places.
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    • Profile picture of the author fxprofitmountain
      Agreed.

      Forex robots are generally misunderstood and not used properly. They can be a tool, nothing more, in your trading.

      I would suggest FXjake for free info on discretionary trading.

      There are some good robots out there, but it is nearly always better to learn how to trade first before jumping into the world of EAs (robots).

      Good luck to you!
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  • Profile picture of the author alanmoore78
    You know how in real estate, they say the three most important things are "location, location, and location?"

    In trading it's research, research, and research. Get ready to learn more than you ever wanted to not know about companies. And don't bet your 401k. This whole day trading thing has always been a no interest deal for me because I feel the risk is too great. But if you're willing to do your homework, I bet it can pay off well.

    I certainly wouldn't rely on some robot or program or technique to make you money. I would rely on good old-fashioned research and diligence. And you can still probably lose big. But I would feel better about losing my shirt due to an unforeseen circumstance than putting my trust in some code.
    Signature

    Alan Moore | Wichita Falls, TX

    "Blood is thicker than water, but money is thicker than blood!" - Boss Hogg

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  • Profile picture of the author AllanandDawn
    I have looked into many many forex robots and there is one thing that they all seem to have in common - they are triggered by basic indicators (or multiples of them) and are therefore still subject to the vagaries of the market without the ability to make subjective variations. There may be periods when they have good profitable runs but invariably the bad trades that they don't have the ability to avoid or get out of will get you in the end.
    Allan
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  • Profile picture of the author forexspinner
    There are lots of robots available, and also you being a starter I'd suggest first understand some basic concepts and strategies might sound complicated, but trust its better that way than trying out some new robot. Try manual trading in a demo account and after you gain good knowledge on trading you can go on testing with robots. But please do not blindly believe on codes. I totally agree with alanmoore78 research 100% pays of and patience is the need of the hour in forex. Your money cannot be doubled by some codes and bots its absolutely your efforts.
    ALL THE BEST!!!
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