14. FOREX (FX) Follies: A Gamblers Heaven, IUH 2009-12, 2ND Ed, R513A

Author Notes: Reference Copy, links to Original Copy removed due to the Age of the Content. See the top Blog Menu for Copyright Concerns, Some Content Removed.

Preface
Dr. Don, Founder ICFO

 

 

14. FOREX (FX) Follies: A Gamblers Heaven

In this Chapter, you are introduced to Forex (FX), a favorite subject of mine. Like most online income topics, Forex has not escaped it share of scams and frauds. Because of the high risk involved, most newbies lose their money and blame Forex. For that matter, as we will see, most traders or 67% also lose money.

 

It is a gamble, yes because for every trade, there are winners and losers. It is high stakes, high risk and fast moving. Like any gamble, there are some winners, winners that have learned the trade, winners have a winner mindset, winners are those that have prepared, learned and understand the gamble. Winners that win more than they lose.

 

Forex is about you and the trade, it is not about networking, affiliations personal relationship, advertising, SEO and all the other factors that complicate other forms of online income.

 

Herein we cover the basic Forex tools, selected Robots or Expert Advisors, Mindset and Scams. Forex trading used to be for the “big boys” only. In the late 1990’s, online trading for individuals began, following suite with stock market programs like eTrade. These new Forex sites use software call “bots” to automate your trades. The bots make the decision to trade or not for you.

 

Because these programs are automated; most vendors advise you can simply install the bot and “walk away” Do Not! We will look at a few of these Bots. This is a grave mistake on your part if you allow the robots to run your Forex business as will be shown in this section.

 

Never invest more than you can afford to lose! If you do not have time to monitor your trades, don’t Trade

1.1      WHAT IS FOREX (FX)?

The Foreign Exchange market, also referred to as the “FOREX” or “Forex” or “Retail Forex” or “FX” or “Spot FX” or just “Spot” is the largest financial market in the world, with a volume of over $4 trillion a day. If you compare that to the $ 25 billion a day volume that the New York Stock Exchange trades, you can easily see how enormous the Foreign Exchange really is. It actually equates to more than three times the total amount of the stocks and futures markets combined! Forex rocks! Forex is arguably the best online business, prepare and never invest more than you can afford to lose.

WHAT IS TRADED ON THE FOREIGN EXCHANGE MARKET?

The simple answer is money. Forex trading is the simultaneous buying of one currency and the selling of another. Currencies are traded through a broker or dealer, and are traded in pairs; for example the euro and the US dollar (EUR/USD) or the British pound and the Japanese Yen (GBP/JPY).

Because you are not buying anything physical, this kind of trading can be confusing. Think of buying a currency as buying a share in a particular country. When you buy, say, Japanese Yen, you are in effect buying a share in the Japanese economy, as the price of the currency is a direct reflection of what the market thinks about the current and future health of the Japanese economy. In general, the exchange

 

 

 

rate of a currency versus other currencies is a reflection of the condition of that country’s economy, compared to the other countries’ economies.

 

Unlike other financial markets like the New York Stock Exchange, the Forex spot market has neither a physical location nor a central exchange. The Forex market is considered an Overthe-Counter (OTC) or ‘Interbank’ market, due to the fact that the entire market is run electronically, within a network of banks, continuously over a 24-hour period.

 

Until the late 1990’s, only the “big guys” could play this game. The initial requirement was that you could trade only if you had about ten to fifty million bucks to start with! Forex was originally intended to be used by bankers and large institutions – and not by us “little guys”. However, because of the rise of the Internet, online Forex trading firms are now able to offer trading accounts to ‘retail’ traders like us. All you need to get started is a computer, a high-speed Internet connection, and the information contained within this site.

 

BabyPips.com was created to introduce novice or beginner traders to all the essential aspects of foreign exchange, in a fun and easy-to-understand manner.   BabyPips

1.2      BENEFITS OF FOREX TRADING

There are five things give trading the Forex market some unique advantages.

24 HOUR MARKET

Since the Forex market is worldwide, trading is continuous as long as there is a market open somewhere in the world. Trading starts when the markets open in Australia on Sunday evening, and ends after markets close in New York on Friday.

HIGH LIQUIDITY

Liquidity is the ability of an asset to be converted into cash quickly and without any price discount. In Forex this means we can move large amounts of money into and out of foreign currency with minimal price movement.

LOW TRANSACTION COST

In Forex, typically the cost for a transaction is built into the price. It is called the spread. The spread is the difference between the buying and selling price.

LEVERAGE

Forex Brokers allow traders to trade the market using leverage. Leverage is the ability to trade more money on the market than what is actually in the trader’s account. If you were to trade at 50:1 leverage, you could trade $50 on the market for every $1 that was in your account. This means you could control a trade of $50,000 using only $1000 of capital.

Typical 100:1 leverage is used

PROFIT POTENTIAL FROM RISING AND FALLING PRICES

The Forex market has no restrictions for directional trading. This means, if you think a currency pair is going to increase in value; you can buy it, or go long. Similarly, if you think it could decrease in value you can sell it, or go short   Benefits

 

 

1.3      FOREX BROKERS

The Forex (FX) market has many similarities to the equity markets; however, there are some key differences. This article will show you those differences and help you get started in Forex trading.

CHOOSING A BROKER

There are many Forex brokers to choose from, just as in any other market. Here are some things to look for:

LOW SPREADS

The spread, calculated in “pips“, is the difference between the price at which a currency can be purchased and the price at which it can be sold at any given point in time. Forex brokers don’t charge a commission, so this difference is how they make money. In comparing brokers, you will find that the difference in spreads in Forex is as great as the difference in commissions in the stock arena.

Bottom Line: Lower Spreads Save You Money!

QUALITY INSTITUTION

Unlike equity brokers, Forex brokers are usually tied to large banks or lending institutions because of the large amounts of capital required (leverage they need to provide). Also, Forex brokers should be registered with the Futures Commission Merchant (FCM) and regulated by the Commodity Futures Trading Commission (CFTC). You can find this and other financial information and statistics about a Forex brokerage on its website or on the website of its parent company.

Bottom Line: Make Sure Your Broker Is Backed By A Reliable Institution!

EXTENSIVE TOOLS AND RESEARCH

Forex brokers offer many different trading platforms for their clients – just like brokers in other markets. These trading platforms often feature real-time charts, technical analysis tools, real-time news and data, and even support for trading systems. Before committing to any broker, be sure to request free trials to test different trading platforms. Brokers usually also provide technical and fundamental commentaries, economic calendars and other research.

Bottom Line: Find A Broker Who Will Give You What You Need To Succeed!

WIDE RANGE OF LEVERAGE OPTIONS

Leverage is necessary in Forex because the price deviations (the sources of profit) are merely fractions of a cent. Leverage, expressed as a ratio between total capital available to actual capital, is the amount of money a broker will lend you for trading.

 

For example, a ratio of 100:1 means your broker would lend you $100 for every $1 of actual capital. Many brokerages offer as much as 250:1. Remember, lower leverage means lower risk of a margin call, but also lower bang for your buck (and vice-versa).

Bottom Line: If You Have Limited Capital, Make Sure Your Broker Offers High Leverage.

IF CAPITAL IS NOT A PROBLEM

Any Broker With A Wide Variety Of Leverage Options Should Do. A Variety Of Options Lets You Vary The Amount Of Risk You Are Willing To Take. For Example, Less Leverage (And Therefore Less Risk) May Be Preferable For Highly Volatile (Exotic) Currency Pairs.

 

 

 

TYPES OF ACCOUNTS

Many brokers offer two or more types of accounts. The smallest account is known as a mini account and requires you to trade with a minimum of, say, $250, offering a high amount of leverage (which you need in order to make money with so little initial capital). The standard account lets you trade at a variety of different leverages, but it requires a minimum initial capital of $2,000. Finally, premium accounts, which often require significant amounts of capital, let you use different amounts of leverage and often offer additional tools and services.

Bottom Line: Make Sure The Broker You Choose Has The Right Leverage, Tools, And Services Relative To Your Amount Of Capital.

1.4      THINGS TO AVOID

SNIPING OR HUNTING

Sniping and hunting – or prematurely buying or selling near preset points – are shady acts committed by brokers to increase profits. Obviously, no broker admits to committing these acts, but a notion that a broker has practiced sniping or hunting is commonly believed to be true. Unfortunately, the only way to determine which brokers do this and which brokers don’t is to talk to fellow traders. There is no blacklist or organization that reports such activity.

 

Bottom Line: Talk To Others In Person Or Visit Online Discussion Forums To Find Out Who Is An Honest Broker.

STRICT MARGIN RULES

When you are trading with borrowed money, your broker has a say in how much risk you take. As such, your broker can buy or sell at its discretion, which can be a bad thing for you. Let’s say you have a margin account, and your position takes a dive before rebounding to alltime highs. Well, even if you have enough cash to cover, some brokers will liquidate your position on a margin call at that low. This action on their part can cost you dearly.

 

Bottom Line: Again, Talk To Others In Person Or Visit Online Discussion Forums To Find Out Who The Honest Brokers Are.

 

Signing up for a Forex account is much the same as getting an equity account. The only major difference is that, for Forex accounts, you are required to sign a margin agreement. This agreement states that you are trading with borrowed money, and, as such, the brokerage has the right to interfere with your trades to protect its interests. Once you sign up, simply fund your account, and you’ll be ready to trade! Investopedia

1.5      WARNING SIGNS OF A FRAUDULENT BROKER

Most brokerage firms are legitimate places of business that can give people access to the Forex market. Unfortunately, there are unscrupulous companies that attempt to scam traders. New traders are particularly vulnerable to these types of companies. The Forex market remains largely unregulated so new traders cannot rely upon governmental regulations or safeguards to protect them from these scam artists.

 

 

 

But the Commodity Futures Traders Commission (CFTC) has developed warning signs to help traders protect themselves from unscrupulous dealers. All traders should be aware of these signs and report this type of activity to the CFTC or the National Futures Association.

SIGNS

A company that guarantees large profits

A company that promises little or no financial risk

A company that claims to trade in the Interbank market

A company that refuses (or delays) giving their performance track record A company that engages in high-pressure tactics

Any company that encourages quickly transferring money by overnight delivery or the Internet Any company that contacts you by unsolicited phone calls, particularly using offshore salespersons

 

Not every company that engages in these activities is fraudulent. However, any type of high pressure sales activity, particularly involving the transfer of cash, is a cause for concern. And, of course, any opportunity that sounds too good to be true should also be cause for concern.

 

A trader can investigate a brokerage firm that they suspect could be engaged in fraudulent activity. Any individual can perform a search on the National Futures Association online directory. The NFA will have information (including complaint and disciplinary history) on every member broker. This information can be very useful. However, since membership is voluntary, some legitimate companies do not belong to this organization. Otherwise, a trader can check on a company through the Commodity Futures Trading Commission (CFTC), the Better Business Bureau, or Consumer Protection Bureau. WarningSigns

1.6      THE FOREX CURRENCY PAIRS

Foreign Exchange trading is in general the trading of many currencies of the world. It is emerging as the largest and least regulated market providing the greatest liquidity to investors. This trading is always done in pairs – Currency Pairs, one currency is bought and the other is sold. Together, they make up what is known as the “exchange rate”.

 

For example, you may buy Euros with Dollars, anticipating that the Euro to increase in value relative to the Dollar. If the Euro rises relative to the Dollar, you sell the position and can earn a profit.

MOST COMMONLY TRADED CURRENCIES OR THE “MAJORS” ARE:

US Dollar (USD) Japanese Yen (JPY) Euro (EUR)

British Pound (GBP) Canadian Dollar (CAD) Australian Dollar (AUD) Swiss Franc (CHF)

 

 

 

MOST COMMONLY TRADED CURRENCY PAIRS ARE:

US Dollar and the Japanese Yen (USD/JPY) Euro and US Dollar (EUR/USD)

US Dollar and Swiss franc (USD/CHF) British Pound and US Dollar (GBP/USD)

 

While quoting currency pairs, the first currency is referred to as the base currency and the second as the counter or quote currency. The base currency is always equal to 1 monetary unit of exchange, for example, 1 Dollar, 1 Pound, 1 Euro.

TRADING FOREX CURRENCY PAIRS FOR MAXIMUM PROFIT

It is also known as domestic currency or accounting currency and sometimes also referred to as the primary currency of a Forex currency pair. The price represents how much of the quote currency is needed to get one unit of the base currency. When a currency is quoted against US Dollar, it is known as direct rate. Any currency not against the US Dollar is called a cross rate.

 

The quote currency is translated into a certain number of units of the base currency. This is also referred to as the foreign currency, secondary currency or counter currency. For example, if you find that a quote of USD/JPY is at 1.30, it says that for every 1 US Dollar, you get 1.30 Japanese Yen. When you quote for AUD/JPY of 67.73, it says that for every 1 Australian Dollar, you get 67.73 Japanese Yen.

 

Currency pairs are generally traded as 100,000 units of the base currency. For example, if you were buying EUR/USD at 0.95 you would be paying Dollars for Euros as follows:

100,000 x .95 = $95,000 for 100,000 Euros

 

When you find a quote going up, it means that the value of the base currency is rising or in other words, it is getting stronger. If a quote is going down, it means that the base currency is weakening.

THE DOMINANT BASE CURRENCIES ARE:

Euro – EUR/USD, EUR/GBP, EUR/CHF, EUR/JPY, EUR/CAD

British Pound – GBP/USD, GBP/CHF, GBP/JPY, GBP/CAD US Dollar – USD/CAD, USD/JPY, USD/CHF

The currency pairs are usually traded and quoted with a ‘bid’ and ‘ask’ price. The ‘bid’ is the price at which you are willing to buy and the ‘ask’ is the price at which price you are willing to sell. For example, if the USD/EUR currency pair is quoted as – USD/EUR = 1.5 and you purchase the pair, this means that for every 1.5 euros that you sell, you get US$1. If you sold the currency pair, you receive 1.5 euros for every US$1 you sell.

 

The key to successful trading lies in selecting one or two pairs of currencies that you wish to trade in as a beginner. As you gain confidence, you may wish to add more pairs in your trading portfolio. But for a new trader or investor it is always advised to have limited pair just to ensure simplicity. InstantForexIncome

 

 

1.7      THE TRADING PLATFORM

We have hopefully established and will provide some examples that Forex is dangerous and a gamble, especially to the Newbie. Since the platform is one of your main Forex tools, get a demo account and practice, get real familiar with this trading platform. The following videos will be of great help FOREXMETAVIDEOS

 

Play with the platform on your demo account; figure out how things change from a 1 minute chart to a 1 hour, 1 week etc.

Click and hold the click to move to drag the chart to the right to look at history of the trade Click on the dates at the bottom to expand the chart trades; i.e. if you are using “Candlesticks” and cannot read the signals. Clicking the dates with make the sticks more visible

Click on the right hand “values to change the scale of the numbers

1.8      FOREX CHARTS AND INDICATORS

There are 3 main types of charts in Forex; the line chart, bar chart, and candlestick chart. The line chart is constructed by connecting daily closing prices.

The bar chart is a depiction of the price performance of a currency pair, made up of vertical bars at set intraday time intervals (e.g. every 30 minutes). Each bar has 4 ‘hooks’, representing the opening, closing, high and low (OCHL) exchange rates for the time interval.

 

The candlestick chart is a variant of the bar chart, except that the candlestick chart depicts OCHL prices as ‘candlesticks’ with a wick at each end. When the opening rate is higher than the closing rate the candlestick is black (sometimes – red). When the closing rate exceeds the opening rate, the candlestick is white (sometimes – green).

 

Technical indicators (for example, RSI, MACD, Bollinger bands, Stochastic) help to analyze the price movements, expressed in Forex charts.

THE RELATIVE STRENGTH INDEX (RSI) IS A POPULAR OSCILLATOR.

The name Relative Strength Index is slightly misleading, as the RSI does not compare the relative strength of two securities, but rather the internal strength of a single security. A more appropriate name might be Internal Strength Index. Relative strength charts that compare two market indices, which are often referred to as Comparative Relative Strength.

INDICATOR OF BOLLINGER BORDERS (BOL)

Indicator of Bollinger borders (BOL) is represented by two lines, which are built on the distance equal to certain amount of standard deviations. Since the value of standard deviation depends on volatilessness of the price, the lines controls their width automatically. The width increasing when the market is more volatile and decreasing when the market is less volatile.

MACD

MACD is the most famous indicator, which is built on the basis of difference of the average values. This indicator was suggested by Jerald H. Appler as the difference between two exponentially smoothed averages (EMA). MACD is the most effective under conditions when

 

 

 

the market swings with high amplitude in trading. The most frequently used signals of MACD are intersections, overbuying/overselling states and divergences.

THE STOCHASTIC OSCILLATOR (STO)

The Stochastic Oscillator (STO) shows the moments, when the price reaches the border of its trade diapason within predefined period of time (this is an indicator of speed of changing or the Impulse of Price). It contains of 2 curves: the fast (%K) and the slow (%D). ForexRealm

1.9      FOREX EXPERT ADVISORS AND ROBOTS

A Forex robot or bot is a piece of software that analyzes the market based on settings entered by the user. A Forex robot makes automated trades that can be carried out even as you sleep. Forex robots are a good way to trade a mechanical system that requires no human evaluation.

HOW DO YOU USE A FOREX ROBOT?

Forex Robots is a pretty general term. It can refer to different types of Forex software. The most common type is a Metatrader expert advisor.

 

Metatrader is a trading platform that is used by multiple brokers. Metatrader expert advisors can take control of your trading account and make trades according to whatever parameters you set.

TIP. Get thoroughly familiar with your trading platform, its features and how to use it

 

ARE THERE ANY PROFITABLE FOREX ROBOTS OUT THERE?

This is the question most commonly asked by traders looking for the Holy Grail answer to Forex trading. There is no holy grail that will get you around to understanding the markets and studying how they work. To answer the question, yes there are profitable Forex robots out there.

 

The problem is that it takes testing over a reasonable period to figure out how profitable they are. Most of the companies and individuals that sell these robots are great about writing sensational claims, but the customers soon find out that the Forex robot is not the “road to riches”.

 

To summarize, a Forex robot is not a substitute for learning how to trade and acquiring the necessary skills to succeed. However, if you wanted to employ an additional mechanical strategy to your trading, a Forex robot would work. Just keep in mind, there is no software that is a substitute for your good human judgment.

ROBOTS (BOTS)/EXPERT ADVISORS

These experts should have several advantages over us beginners; sure we can watch the charts, try to keep up with the news, etc., but they make their living off Forex with specialize software, charts and tools, the latest market information and should have much better resources then we could ever have. Regardless don’t put your blind faith in them – it is your money.

 

A friend of mine paid a couple of $1,000 for a Forex experts’ “How to Course” He would up losing the cost of admission, and his investment trades. Regardless of the hype you get from the affiliate ads, or

 

 

 

Forex system sites; a good broker will give you the proper disclosures and documents for you to read, understand and sign. Nothing can be guaranteed!

 

Take the advice of most brokers or experts and practice using a demo account for 3-6 months or until you have a good understanding of the platform, the charts, the indicators, and are experiencing a high probability of success in your trades. Be aware the money used in the demo account, call it USD5,000 is probably more than you will want to invest, so no matter what the result, scale the result down to the size of your investment.

1.10      THE FOREX MINDSET

Get the proper mindset for Forex; you will never always be right or wrong. Be aware of your mindset when your trading on a Demo account, you will freely play of other people’s money and may freely make profits.

 

When you go live, your mindset will likely change and you may make more mistakes because you are now using your own money. The thinking that made you profitable on the Demo account will likely make you profitable on the live account, if your mindset is ok

 

Take time to read about the market as you prepare to trade. Check the news. Remember bad news for one country, maybe good news for another. In a pair: 1 wins and 1 loses. If you do lose big, as I did on the first trade, you may not have enough money in the broker account to make a second trade and you will have to add funds to continue to trade.

 

TIP: Do not rely on the so-called experts or 100% hands off, “Just Walk Away” hype. There is no such thing a Forex Broker or Robot System that never loses.

 

EVERY TRADER LOSES ONE TIME OR ANOTHER

That why most traders quote a percent of accuracy. I don’t trust my money with my mechanic, never mind trust my financial future with 100% robot. Yes, anything about money attracts the hype, how about some reality. IvyBot claims several times in their various videos and Handbooks that all you have to do is set it up and “JUST WALK AWAY”, but before you believe that, see one of my blog entries that follows:

 

According to “About Forex Trading,” 67% of the Retail Forex traders lose money. If so, “Is it possible to be a profitable Forex Trader? You bet it is. Is it easy? Not in the least.”

 

Rely on your gut feeling; learn Forex and hopefully, you will do better than the “experts? It is your money. Check your mindset at the keyboard. Many people practice with a Demo account and they learn to make quick and proper decisions, and create profits.

 

It is “Other People’s Money.” Something happens when suddenly you go live and it is your money. Your fears and emotions take over, and you start losing instead of winning. These same fears and emotions can attack you when you have a few losses in a row from your Forex Expert.

 

 

 

KEY CHARACTER TRAITS WHICH YOU NEED TO WIN

In Forex trading 95% of traders lose money and that is a huge percentage but they don’t lose because they can’t learn to win, they fail because they simply cannot adopt the right mindset to win and this article is all about getting the right mindset for success. 67% of the retail trader lose money.

 

When trading Forex you only need a simple trading system to win and anyone can learn a method which can win in a few weeks but even if it’s a good system. You need to trade it with discipline to succeed most traders simply cannot do this and we will look this key trait in a moment but first, let’s start with how to learn Forex correctly and that means accepting this key Fact.

ACCEPT RESPONSIBILITY

All the best traders know that no one else will give them success and there on their own Most new traders however think they will win by following a cheap piece of software, so they buy one of the numerous Forex robots or laughably named Forex Expert Advisors and think they will make money with no effort, guess what? They all Lose Money! If you want to win you have to accept you need to get an education and this is needed to give you confidence in what you’re doing, because if you are not confident you won’t be disciplined and will lose

DISCIPLINE

All the best traders know they are going to lose money at some point and their aim is to keep losses small, they don’t mind losing because they know they are going to hit trends again and run them, to cover their losses. To win you need to be disciplined, keep your losses small. This is hard for most traders, they take losses personally and let them get out of control and lose. If you want to be a winner learn to take them and your time will come, when trends and profits reemerge.

COURAGE

All traders have the courage to make their own trading decisions, are prepared to standalone, and against the majority opinion, while this can be uncomfortable, keep in mind 95% of traders lose so it’s the best place to be!

REALISM

The best traders are trading Forex for long-term gains and they have realistic expectations about how much money they can make. Don’t try to hurry profits and expose their accounts to unnecessary risks. Many new traders think they’re going to double their account in a few weeks or get rich quick but consider this – the best traders in the world aim for 50 – 100% per annum, in terms of compound growth so if you achieve that, you’re up there with the best.

YOU CAN DO IT IF YOU WANT TO!

Forex trading is simple to learn – but you must gain confidence in what you’re doing to trade through periods of losses and have the courage to stand alone and this relies on getting the right mindset. A good method needs the right mindset to apply it and if you can’t get it, you will fail – it’s as simple as that.  ForexMindSet

 

 

 

If you can get the right Forex mindset, you can enjoy currency trading success and earn a great second or life changing income. Always keep in mind in Forex trading the trader doesn’t get beaten by the market, he beats himself.

1.11      TYPICAL FOREX HEADLINES

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We Personally Use All EA’s (Expert Advisors) On This Page And Are Exceptionally Pleased With The Net Profit Results Gained!

We’re already Up To 1400% NET PROFIT Thus Far This Year – 2009.

Will We Hit The 2000% Net Profit By The End Of This Year? You Be the Judge.

AFFILIATE HEADLINES

According to your fellow affiliate headlines for their various Forex Programs, it’s simple, just click, walk and way and you never lose. Whether you have been online or you are new to the Internet, and you are seeking to earn extra income, make money; your email will bring you hundreds, if not thousands of offers including Forex affiliate offers. Taken at face value, the headline offers are almost irresistible to your emotional needs or passion to find something that will make you money.

 

By now, you should have learned to recognize the obvious signs of false and misleading advertising. These are your fellow affiliates trying to catch your eye with non-compliance spam, untrue email headlines – they want your money!

FAP TURBO HEADLINES

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Want a secondary or primary income source that is consistent.

Want to be amongst the 1% of Forex traders who grow their trading account like wild mushrooms.

 

 

 

Want to break out from the boring and frustrating routine of hard work and no money (but frequently a lot of debt!)

Want to start making money today, not 2 months from now!

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IVYBOT HEADLINES

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COMMENTS

Personally, I prefer having the choice of monitoring several trades and yes you can make trades with your broker outside of those initiated by the robot, or you can double up or more on their recommended trade if you like it. Remember with Forex MegaDroid, you can trade only trade one pair: EUR/USD.

 

If for example, the EUR is strong against the USD, then EURO may be strong against other currencies as well. I never like just putting my money into just one revenue source.

Depending on your Broker, you can double up on the trade if you like what the expert is doing, or you can trade other pairs at the same time.

 

How much you can trade, depends on your deposits and the size of the trade. If you are on a limited budget, then maybe you can only make one trade. If that trade is going against you; then you will not have money to counter-trade or to protect yourself.

 

This Ad also says “No Experience Necessary and Most Profitable” again. Since these guys are a new bot, how can it be established that they are most profitable over time?

 

 

 

If all trades are International; how are these how are these guys doing so well? Then I must be doing something wrong, as you will see

 

As discussed in the following, IvyBot has and continues to be a loser for me. Now whenever IvyBot want to make a trade, and I am not there to watch the trade, I feel I am at risk. I have no confidence in IvyBot; or their support system.

 

If IvyBot is making multiple trades, some of which are profits; take your profit to help offset your losses, before you leave or shut down the computer. If there are no trades; one way to protect yourself, is to click the “Expert Advisor” tab, before leaving your computer.

 

This will keep Ivy from executing trade while you are gone and you may want to leave the computer running, if you have other trades, or “whatever”

 

Smiles, I understand that the word “whatever” was recently voted the United States most annoying word? I wonder what was second. IvyBot’ tale of set it up and “Just Walk Away” – doesn’t work. Leave the computer and let the Bot do its thing – doesn’t work!

 

Obviously, after taking such a loss on my first trade; I have been trying to dig my way out of the hole. The other day, I finally reduced my loss to something less than 50% (sounds a little funny, but going from 82% down to 50% down is a reduced loss). I left the computer and IvyBot running and retired for the night. The next morning, I found the Ivy has struck again during the night on another bad trade (a buy, instead of a sell), and I had lost 56 pips before it shut itself down. Talk about losing money while you sleep, and another DO NOT Just Walk Away lesson.

 

Take your time to learn about the platform, orders and charts, etc. For those of you are still laughing, you’re correct, I didn’t know I could “right click” on the order number and close it or modify it. Let us call it a good first trade mistake and an expensive lesson. See the video link above

I LOST 82% OF MY INVESTMENT ON MY FIRST TRADE WITH IVYBOT

Hello, Thanks for stopping by. I pulled my original post, which was a strong complaint, and offer this replacement post as a Constructive Update for my fellow Forex “newbie’s” and those that are using or considering using the IvyBot Program.

 

I first reported my loss problem 22 Aug 2009 to IvyBot support who pro-ported to have a personal interest in all questions since this program was a new Affiliate Launch for them.

I was down about 55-56% at that time, and ended up with an 82% percent loss by the time the Bot shut down. After several follow-ups to support I finally receive a form response on 29 Aug which read like this:

 

“We’re very sorry you are having difficulty. We are seeing much better results than this. Please make sure you are using a recommended broker and that you are using default settings. We are seeing results much like at this site.

 

 

 

..http://www.forexpeacearmy.com/metatrader_expert_advisor/ivy_bot/demo Thanks, IvyBot team”

 

Of course, I felt that this autoresponder form of response was less than humane and certainly lacked the personal touch that a client who had just lost 82% of his portfolio should have received.

 

I guess the Ivy League School’s do not teach customer relations or basic business. After some, more follow up from me, which included a constructive review and evaluation of their site; the errors of omission, the conflict between their videos and printed matter, etc., guess what after all my efforts, I finally got another reply:

 

“We’re very sorry you are having difficulty. We are seeing much better results than this. Please make sure you are using a recommended broker and that you are using default settings. We are seeing results much like at this site.

..http://www.forexpeacearmy.com/metatrader_expert_advisor/ivy_bot/demo Thanks, IvyBot team”

 

I would have expected something like, “Thanks for your input, we are working it, we will get back to you soon”, etc.

 

Fundamentally, I just wanted to know what went wrong; my IvyBot are properly configured, per the video; and once set up “Just Walk Away” which they “hype” several times on their site. My mistake – I did walk away, expecting that the system would take care of me, and protect me against such an “extraordinary” loss.

 

I found an article on the web saying that IvyBot doesn’t use a “Stop Loss” and upon pressing IvyBot, they claim they have an internal trigger that doesn’t show on the order. I guess the trigger did not work in my case.

 

Since this experience, I do not walk away and have watched other Ivy trades that were going bad, and then were cut short. This has left me with the impression that this is a Manual “Close Order” rather than the so-called robot doing it thing. Manual must have been asleep at the switch on my 1st order. The experts will tell you to use a “demo” account, practice until you are profitable for most of the time, before going “live”. Again, this is great advice for learning the platform, orders and charts. Too bad, I am from the old school of OJT (On the Job Training). I guess I like my knuckles cracked a few times, and when you are “live”, you pay more attention – least I do now. It is a job, not a hobby; it real money not play money.

 

TIP: This Is Where I Should Say Do as I Say and Not As I Do; Practice With the Demo Account Take a meal break before you set up your trades and decide to take your profits and/or losses or let them ride.

 

 

 

If you leave the computer running as I said before, the IvyBot can get you while you are gone. We all would like to believe a bad trade can be offset by a good one. However, I am still waiting the really good one, up 206 pips (EURJPY) or 56 pips (USDJPY).

 

TIP: Read and Listen, Join Forex Forums. One misspoken word or a decision can rile the markets.

MEGADROID HEADLINES

No Forex Broker in the World Will Ever Know You Are Trading With Forex MegaDroid™; No Forex Broker Will Ever Be Able To Stop Forex MegaDroid™

From At Least Quadrupling Every Dollar You Deposit; setting a new standard in automatic FOREX signals is FOREX MegaDroid™. What separates it from the rest is the 38 years of experience the creators have trading FOREX & the software is undetectable by FOREX brokers (which is why most systems don’t work).

We decided to give this baby a try using a free account prefunded with $ 25. In 30 days we had generated nearly $ 1,250. And all we did was enter the trade when it said and exit when we wanted to pocket the cash!

You don’t have to baby sit your trades at all… You don’t use any form of judgment….

You can fit it around your 9 – 5 (if you have one)…

You just spend 5 minutes setting up the software, and then let it automatically give you advices and be off for the day…

Forex MegaDroid™ HAS Proven To Spit Out Unheard Of, Industry Breaking Performance, YEAR AFTER YEAR…Steadily And Consistently Producing As Much As 100% NET Profit Per Month…

Not Only Has Forex MegaDroid™ Withstood the Test of Time in the “Old” Market Reality… Because of RCPTA Technology, it has adapted to the NEW Market Reality to the Tune of OVER 100% NET Profit per Month…

100% No Questions Asked Money Back Guarantee…

COMMENTS

I strongly disagree with their statements “You don’t have to baby sit your trades at all, You don’t use any form of judgment, You can fit it around your 9 – 5 (if you have one), You just spend 5 minutes setting up the software, and then let it automatically give you advices and be off for the day”

 

MegaDroid only trades one pair; the EUR/USD. I don’t know how these jokers claim to have funded a free account with $25 and claimed to have made$ 1,250? I have not seen MegaDroid initiate enough trades to earn that much on a $25 bill. Ok someone tell me I have been out of the country too long.

 

Demo accounts are usually pre-loaded with $5,000 or more. This $5,000 package gives you a false sense of earning lots of money, which you will not earn, especially if you only fund your account with

$50-500.

 

My first trade with MegaDroid resulted in a minor loss (4.5%). What was strange was that I like the trade, would have made it myself; but the robot cut it off early and did not cover the spread. The next

 

 

 

two trades were profitable but small; again barely covering the spread. Some of the EUR/USD trades available that I thought the bot should have participated in – it did not.

 

Over the last 3 days 12-15 October the EUR has climbed through the roof while all the experts said to sell. My mistake was listening to the experts and was heavily invested when I should have done my usual thing. Instead of realizing this steady increase and taking advantage of it – MegaDroid did nothing, unless there was some wrong with my machine. No Buy trades were made

 

WARNING, Broker FXDD (or any broker) will not let you continue your losses while you wait for the market to come back. It will execute a “StopOut” that will close All your transactions (winners and losers) once your equity is gone.

1.12      FORGET THE FOREX HYPE

Regardless who makes the claim; does it make sense; use your gut and your brain. Like most things in life, it is still up to you, your decisions. It is still one winner and one loser on every transaction.

IvyBot and others prepare and use some Affiliate Guidelines for advertising; “the IvyBot program that never loses, or the most successful Bot available” What an insult to the professionals who have been doing this for years and years, who may have their own bots or strategies. Where is the track record for IvyBot??

 

For that matter, even the IvyBot Program oversells itself. Let us not forget, IvyBot needs a support system makeover.

 

Lastly, for now, make your own decisions. Experts are there like consultants; do not take their advice and blindly follow them; you will lose. IvyBot has made a few decisions that I did not agree with so when they enter a trade, I usually cancel the order; then make an opposite order and continue my recovery from my original loss. Sometimes when you see the charts, it is better to do nothing, regardless of what the experts say. Learn how to read the charts.

 

TIP: One more time, pay attention to your trades and don’t let the experts run your business. Use the experts as a guide, or shut of the “expert advisor tab. All-in-all; IvyBot trades has been losers for me

Let me mention couple more Forex Programs that the forgoing ad didn’t advertise, but ones that I use. If my memory is correct, the above sites are all onetime fees.

1.13      IS FOREX A GAMBLERS HEAVEN?

In the simplest of terms, whether you roll the dice, play a hand of cards, or spin the wheel – or make a Forex trade, someone wins and someone loses. For all practical purposes, and disregarding the potential for side bets, there is generally one hand, one bet and one winner. You can bet all your money with one bet. You can walk away from the dice or the wheel to take a break, and you can leave your hand of cards on the table till you return, or fold the hand. If you do leave your hand on the table; then your hand, the dealers and the other players’ cards won’t change.

 

 

 

HOWEVER WITH FOREX:

You can have several trades (bets) going on at the same time. I will call it a bet, because I am betting that I am going to be right and win the trade. You can bet all your money to the limits of your account, with one or more trades.

 

Each trade can have difference Stop Loss and/or Take Profit settings, or you can ride the trade without limits and close when you want. You can change your bet, for example if the trade is going against you, you can close the trade to minimize your loss.

 

If you see a long-term trade that you like, but it is temporarily going against you; you can double up with the opposite trade, take your profits and continue with the original trade. If the trade is in your favor, but weak, you can close the trade. Watch the charts for the optimum time to close. If the trade is in your favor and going better than you expected, you can increase your take profit settings.

 

If you particularly like a certain trade, you can place multiple trades and bets for that same trade. You can hedge yourself if you are unsure of the trade, place a buy and a sell, or maybe two buys and one sell for the same pair. If you walk away while you have an active trade or several trades, you can lose everything!

YES IT IS A “GAMBLERS HEAVEN” IF YOU CANNOT AFFORD TO LOSE; STAY OUT OF FOREX. IF YOU DO TRADE – TO KEEP AN EYE ON YOUR TRADE

1.14      MY FOREX EXPERIENCE

As a newbie to Forex trading, my experiences should be of help to others that want to venture into Forex trading. Most of us newbies will most likely start with a Forex Bot. Which one? Most of these new bot sites are marketed through Affiliate Programs. Anybody can be an affiliate, whether they know how to spell Forex or not.

 

Unfortunately most of these sites do not monitor the affiliates and this Laissez Faire management of the affiliate’s communications has resulted in a lot of false, untrue hype being used to sell these programs.

 

Even the robot site owners have hired the wrong copywriters and programmers to design their sites. As a result; they give the buyer a lot of false as to their mystical expertness and profitability claims. I imagine that they have to pay to meet more support staff to cover all the beginner’s questions.

 

I am a “new” Forex Trader (2009), I am not an expert. Not sure that there are any experts; some are just more successful than others. In any case, I have been in data services, charts analysis, etc. for nearly 40 years. I can interpret the charts with some success and I am an active trader. When I am paying attention to my trades and not writing this Handbook, I seem to make more money than these experts. I want to stress “paying attention” because you cannot allow the experts to run your business. Think of these experts as consultants, they are there to offer you advice and recommendations, but the final decisions that are to be made should be your own.

 

 

 

I am comfortable to discuss my experiences, mistakes, etc. If you decide to venture into Forex, I hope that you will learn and gain from my mistakes and not repeat them.

 

Let there be no question about it, it is dangerous, fast moving and yes – you can lose everything fast; it is a gamble. Later I will tell you why I love it.

 

While most sites offer you a demo account, you will need a broker to trade live. If you read the fine print offered by your broker; then the real picture, the real risks are explained, and all of the hype provided by the site and their affiliates will be dispelled. Regardless of what you have been sold or led to believe, you can lose and lose big fast in Forex trading. I lost 82% of my investment on my very first trade! Most brokers are regulated; site owners and affiliate are not.  Regulated

 

The experts will tell you to use a “demo” account, practice until you are profitable for most of the time, before going “live”. This is great advice for learning the platform, orders and charts. Too bad, I am from the old school of OJT (On the Job Training). I guess I like my knuckles cracked a few times, and when you are “live”, you pay more attention – least I do now. It is a job, not a hobby; it real money not play money.

 

TIP: This Is Where I Should Say Do as I Say and Not As I Do; Practice With the Demo Account TIP: Take a meal break before you set up your trades and decide to take your profits and/or losses or let them ride. I lost money just going to the toilet, but at least I was a bit relieved, while my wallet was also relieved of some cash.

 

If you leave the computer running as I said before, the IvyBot can get you while you are gone. We all would like to believe a bad trade can be offset by a good one. However, I am still waiting the really good one, up 206 pips (EURJPY) or 56 pips (USDJPY).

 

TIP: Read and Listen, Join Forex Forums, Etc. One misspoken word or a decision can rile the markets. Recently while still trying to recover from the Sept 29-1Oct AUDUSD market which went rapidly north of nearly every expert and Bot order to ” SELL”

 

Hype: Does it make sense; use your gut and your brain. IvyBot should put out some Affiliate Guidelines for advertising; the “the IvyBot program that never loses, or the most successful Bot available” What an insult to the professionals who have been doing this for years and years, who may have their own bots or strategies. Where is the track record for IvyBot?? For that matter, even the IvyBot Program oversells itself. Let us not forget, IvyBot needs a support system makeover.

 

Lastly, for now, make your own decisions. Experts are there like consultants; do not take their advice and blindly follow them; you will lose. IvyBot has made a few decisions that I did not agree with so when they enter a trade, I usually cancel the order; then make an opposite order and continue my recovery from my original loss. Sometimes when you see the charts, it is better to do nothing, regardless of what the experts say. Learn how to read the charts.

 

 

 

WHY I LOVE FOREX?

I avoided getting into Forex, for years, because I did not have time to learn about it. When I finally signed up, I took a heavy loss due to a robot. Which led to my first Forex blog entry which ended with: Thanks Again – Take Care, Jump in, I love it

 

Most of my affiliate experiences have been a learning curve for me, the people, the scams, the ridiculous claims, the un-kept promises, false guarantees, the paid and unpaid advertising all provided me little to no results. Many thousands of dollars and hours after hours were wasted, except for the learning: the big people have got us over a barrel. For me, it did not matter whether I joined a site on the recommendation of my big boy membership, a pre-launch – with advance warning, a new launch, or an older established program – until your prepared yourself and learn, they all just take your money.

 

It is difficult to compete against the same person who created the program, because they have their established downlines, marketing plans and advertising that the big boys can afford. We all wind up selling the same program; the creator, their downlines and us wannabes. Further, I cannot hype my potential customers so maybe that why I am not so successful online. Spillover seems like just a word, because I never got any. No sponsoring required never happened for me, Help from my sponsor never was there. Just join have never produced the so-called guaranteed results. Support systems are a farce; you get no response, or you get a useless response.

 

Thanks for Reading – Introduction to the Internet

Dr Don, Founder, ICFO

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