Forex Tracer, for those of you who don’t know, is a classic example of automated forex trading software. Software platforms like this are becoming increasingly popular, but are they worthwhile? A good one can make you a ton of money, but the bad ones are just a good way to throw money away. Read on to find out exactly what’s going on with Forex Tracer.
Forex Tracer is the latest in a long line of Forex trading robots…for some reason many people are obsessed with creating some kind of automated system for trading on the Foreign Currency Exchange markets, as well as in the realms of general stocks and shares…but Forex Tracer has one MAJOR difference, which I’ll explain to you in just a moment…
The program itself comes as a completely automated download, which is pretty cool as it means you won’t be swamped with all different manuals and spreadsheets which you need to study. It’s much more of a case of a quick download and then installation, and then you are pretty much ready to go. As far as advanced Forex signal systems go, this is probably one of the easiest ones to deal with. Forex Tracer was actually designed and built by professional Forex traders, so the entry signals and markets it follows are some of the most accurate around…
OK now remember how I said that Forex Tracer had a major difference from most of the other Forex trading systems on the market? Well get this…once you download and install it, you can actually set it to run on dummy accounts, using “play” money. And yes, it still connects to the real system and uses the genuine Forex feeds etc. You’ll see more details about this if you follow the links below this article, but basically it means you can test it out with none of your own capital, and see how much money it’s going to make-before you actually stump up any cash of your own…pretty cool huh?
By: Felix Gould
Posts Tagged ‘Foreign Currency Exchange’
Forex Tracer – The Truth About Forex Tracer
March 1st, 2010Forex Trading – How Much Can You Earn?
January 8th, 2010
Foreign currency exchange market is an attractive and lucrative online investment opportunity. More people worldwide are trying out their skills and luck in forex trading. And who can really blame them?
Online currency exchange is a golden door to cash balance where currencies are traded simultaneously for one another, to flexibility where every financial world headline plays an important role in decision making, to financial freedom where you can make thousands in minutes sitting next to your computer at home! The question many ask is how much do forex traders really earn? Assuming that the average forex trader is responsible, serious, well-read and patient, what is the average profit? And what factors play important role in earning cash in forex trading?
In case you are new to all of this, forex means foreign currency exchange and it basically deals with buying and selling different currencies simultaneously. Profits are based on the success of the trade. You make money in case you buy-low and sell high. You loose money when you buy-high and sell-low.
Forex trading is still considered a high risk investment overlooking the fact that high risk evolves from the lack of knowledge, practice and money management. Forex is complicated for those who don’t invest enough time into learning the basics. Funding your account with couple of hundreds will not ensure you a profitable trade if you have no idea what trading really is. So, before you seek fast and easy money, you should consider understanding the market you are getting into.
Forex profits also depend on the initial investment capital. If the initial deposit is just $5, it is most likely that you won’t collect anything larger than $10 per month.
Another overlooked trading issue is choosing the right lot size. The lot size plays a crucial role in profit making and should be taken seriously. By trading large lots with a small account fund usually leads to a complete disaster. Instead of quick-and-easy-cash you get fast-and- nonrefundable-losses.
Last month ForexExplore.com has conducted a survey “What is the maximum profit you’ve ever made in forex?” Below are results of the monthly poll:
$1- $5(12.3%)
$6-$50(5.3%)
$51-$500 (10.5%)
$501-$1,000(12.3%)
$1,001 – $5,000(21.1%)
$5,001 – $10,000 (21.1%)
$10,000 – $50,000(12.3%)
$50,001 – $100,000(1%)
more than $100,001(5.3%)
So, there you have it. Making consistent income working from home is not just a dream. Buying a new car after a month of trading is not an illusion. Spending some time with your family instead of coming home exhausted and grumpy after yet another day in a cubicle is not an unreachable goal.
There is no magic… no focus-pocus… Get serious about forex trading, dedicate your time and mind to learning the basics, practice with demo accounts and build yourself a better life, because if you won’t nobody else will.
By: Danielle Franklin
