Forex Automoney is a membership service which provides Forex trading signals. But is Forex Automoney a scam or does it work?
If you ask different people you get different answers to that question. Why? It’s all due to perspective and action.
I say this is a matter of perspective since Forex Automoney provides 3 types of signals for 18 currency pairs. This makes it extremely difficult for the individual home trader to monitor the outcome of each of these signals, especially the intra-day ones. It’s just too much. Since not all of the signals end in a profit (yes, ForexAutomoney doesn’t work 100% of the time) one trader can select the losing signals of a specific day while another can choose the winning ones. Therefore, one will be satisfied while the other may feel cheated. It’s all a matter of perspective.
It is also a matter of action because you have to diversify your trades and so diversify your risk as well. What I mean by that is that if you trade according to just one signal, you have a much higher chance of losing than if you play on several of the trading signals which Forex Auto Money offers.
Again, if you choose one signal and it’s a losing one, you’ll end up dissatisfied and may believe that Forex Automoney is a scam. However, if you trade widely, you’re likely to see that this isn’t the case.
So you see, the question of whether Forex Auto Money is a scam or not cannot be answered with a simple Yes or No. One thing you should be aware of is that you can try this service for 3 days for just $4.95. This makes it a very affordable way for you to see for yourself whether you like this service or not.
By: John J. Drummond
Posts Tagged ‘Money’
Is Forex Automoney a Scam Or Worth a Try?
April 27th, 2010FOREX Investment Strategies That Work
April 19th, 2010
Are you an investor looking to make some money in a new way? Have you previously been investing in the stock market and are you now thinking of switching to the foreign exchange? There is a big difference between investing in the stock market and investing in foreign exchange. The strategies used are much different and many people are afraid of FOREX. They think it is too risky or too complicated.
But what if there was a method that took a lot of the risk out and made it easier, even if you have never traded before to succeed in the foreign exchange? Wouldn’t you want to know these strategies?
We have a FOREX investment strategy that can do just that! The first thing you need to know is that they don’t try to teach you how to trade in foreign currency. Instead you receive proprietary software that is used to teach you how to set up a trading account at the brokerage that you choose. This account then buys and sells all your investments for you.
FOREX is perfect for the careful investor that is interested in earning as much yield as possible along with preserving principle and earnings. The investment strategies used by FOREX include achieving this balance. They do it by using two different currency pairs that move in complete opposite directions for trading. This is a great strategy because when one pair is going down and experiencing loses the other pair is normally going up because they are opposites.
There is data that can be supplied that supports this strategy. For instance, if you were to view a chart of the past year, you would see that when comparing the two currency pairs it is almost like looking in a mirror. This proves that the strategy used works. This is why the FOREX investments strategies work so well; when you trade two pairs that move in opposite directions you dramatically reduce your risks. Any loses that you receive from one is partially offset by what you are gaining from the other pair. There is no type of stock market option that can offer you this type of strategy.
The FOREX investment strategies really do work and they are so simple to learn because you are not trying to learn everything there is about investing. Therefore, it only takes an hour or two to learn how to set up the accounts and then a few minutes throughout the week to monitor the account. With this amount of little effort it is possible for you receive more of an increase in a month than many mutual funds and banks do in a whole year.
By: Mark Molina
Auto Forex Trading – Profitable Or Not?
April 3rd, 2010
Auto forex trading is signals based. That is the cause the ‘programs’ recognise signals that are chart based and then execute an ‘order’ for your through your nominated broker based on interpretation of these signals.
Beware!
If you’re looking to get into forex, perhaps as a second income, opting for an auto forex trading system could be the kiss of death to your savings and investment!
Think of it this way would you hand $3,000 of your hard earned cash to someone you don’t know to place ‘bets’ on computer program – I’d say no way! This is what you would effectively be doing if you went down this course of action.
Membership of the 90/10 Club!
This is the club where 90% of the traders lose money and 10% make money. You will have membership at the 90% level if you participate blindly.
Now, don’t get me wrong there are some good programs out there – but they’re as rare as hens teeth!
If you are starting out in forex you need to learn as much about the market as possible – you need to do an apprenticeship. If you think you can do this and make money with no knowledge, no experience and no work – you have another thing coming to you – it’s called a ‘hole in the pocket’.
OK that’s my rant over – down to the business of whether or not these programs (the reputable ones) help make YOU money! Can They?
Yes and No is the Answer!
I’m not trying to be smart here. An auto forex trading program is automatic from the sense that you can program the levels (support/resistance), take profit, stop losses and various other pieces of market information that experienced traders know about – the difference is that it takes knowledge and experience to get this combination right and to be honest while many experienced traders sometimes use some form of automation – it is highly unlikely that they continue to do so on an ongoing basis.
In addition automated forex systems can make money in a trending market, which sometimes exhibit predictable behaviour (ever heard of the trends you’re friend?) but to be brutally honest, it’s not hard for an inexperienced trader to make money in a trending market – so why should it be hard for a ‘machine’?
It is unlikely that an automated forex trading system will make you money if you are inexperienced but it can help you make money if utilised as a ‘tool’ when you have more experience.
So what should you look for?
If you’ve got a lot of money to spend and want to try a system out then OK but at least look for the following essentials:
1. It is essential that any trading system that you select has a track record – not just for one month but going back at least 18 months and preferably longer (that’s why they’re as rare as hens teeth!)
2 Watch out for simulations! Many ’salesy’ sites put in demo trades (Paper based) that show you how wonderful the days been – profits, profits and more profits! These simulations are often based on ’selected’ favourable prices to show a profit – Ever seen one showing a loss?
3. Avoid super hyped up sites that claim no work needed just ‘plug in and profit’.
This is a control and competence product. It is necessary to constantly adjust signals and trading parameters even when you are making both profits and losses and requires discipline if you are going to try and make a system like this work.
Having said that – if you have experience, and you have a large draw-down already built up in your brokerage account – then it’s up to you but remember an auto forex trading system is not a profit machine!
By: Peter Burke
