So you're interested in trading currencies, more commonly known as forex trading. By now you have realized there is no shortage of information about this practice, some good but mostly the information leaves you with more questions than answers. Forex trading from home or any other place where access to a computer with an internet connection is available requires some developed skill on your part. Nobody enters this arena as a novice and consistently makes a profit regardless what you read in the countless ads for forex products. I'm not trying to dissuade you from forex as I believe it is one method where the average person can make really good profits. Rather, I am trying to get you to take a realistic look at currency trading and what will be required to do it successfully.
There are two methods to trade forex successfully. There is automated trading and also manual trading based on one's own personal skill in watching price movement on a currency chart and determining the best time to enter a trade. The "skill" part of the second method is known as technical analysis and it is practiced by those who have developed the knowledge and a trading system to go along with that knowledge. Whichever way you choose to trade I recommend you learn at least some technical analysis. Trading forex is a business and should be treated as such. Educating yourself about currency trading will be an important part of running your business.
So why do we recommend learning some technical analysis if you have decided to trade forex through an automated trading robot? Contrary to what you will read about forex robots in ads and promotional websites, even the best forex robots are only about 70% accurate with most being a lot less accurate. With just a little information you will be able to intercede into any trade your robot makes that you feel will be unsuccessful. This will greatly increase the profitability of the robot by increasing the success rate. If this sounds complicated to learn it really isn't. It just takes some practice.
Many people start out trading forex with an automated forex robot. The first thing I'll tell you is the vast majority of these robots are complete junk and a waste of money. We have tested multiple robots and have settled on two robots we know work and have faith in. Don't fall into the trap of jumping from robot to robot trying to find the "holy grail"...It doesn't exist! Trade one or two and learn how they operate under different trading circumstances.
Finally, if you're new to forex, don't jump right in and invest real money right off the bat. Almost all Forex Brokers offer demo accounts that can be opened in less than fifteen minutes. Open a demo account with a broker that offers the MetaTrader 4 trading platform which is free with the account. A demo account offers the opportunity to trade forex under actual trading conditions without risking any real capital. Practice with the knowledge you gain from your chosen course and/or robot until you feel comfortable and are profitable. The time it will take will be different for each person.
As I stated before, I believe that forex trading offers the average person the opportunity to reap extraordinary profits. Do your homework and learn the craft and you too can be successful in the exciting world of currency trading.
