Online Forex Trading: Easy Access to Making Higher Profits?

Log onto to the internet and you will easily find many ways to make money. You’ll find business programs, internet marketing strategies, internet income opportunities, bond trading, stock trading, affiliate programs and all other kinds of online money-generating programs.

In fact, online businesses have been around since the internet began and it seems nothing can stop these programs from proliferating. The latest craze has been centered on the popular online currency trading business because of the many flexibilities and beneficial activities it has been producing. This is more popularly known as foreign exchange currency trading. It is also called by many as Forex trading or simply, Fx.

24-hour Online Forex Trading Websites Have Advantages

The Forex trading system is a 24-hour based market, giving you flexible access to it at any time of the day or night. Unlike with other market, such as stock exchange, you can continue dealing with the currency trading market without worries over it closing at the end of the day. The online Forex trading websites are giving this 24-hour access for you to monitor what has been happening around the market at anytime.

Learn Forex Trading Basics and Practice

Through these online websites you are able to learn all the basics about the market. They also provide some tools in the website to help and guide you through all the process and mechanics of the trading.

Another advantage is that you can practice your trading skills before actually investing your money on the currencies. Through free guidance, demos, and market news provided by these Forex trading firms, beginners in the industry are already trained to be the expert in the business.

Once you feel you are confident enough to trade and invest a little amount of your money, sometimes in as little as $200, you can start taking advantage of the many forex trading benefits.

Thanks to the online Forex trading websites, learning the Forex trading market does not necessarily mean you must become a market analyst or economy expert to be successful in the field.

How to Access the Forex Trading Market?

In most cases, you can access the most extensive market, Forex trading, through an intermediary or Forex trading brokers. Just like stock brokers, they can provide you accurate information and advice on how to deal with Forex trading strategies. Advice includes all the aspects of the Forex trading market which extends to research approaches and technical analysis to improve the member’s trading performance.

Naturally, because this market has apparently been providing a great return on investment, large financial institutions have been proactively monopolizing the market. However, with the online Forex trading firms, small-time individuals also have the opportunity through Forex trading brokers.

The online Forex trading firms, as mentioned earlier, have been giving out free website tools for you to familiarize and navigate the whole concept of the market. Your choice of Forex trading broker will largely depend on your need in the trading market. Many houses (online Forex trading brokerage sites), feature simulators and advice, as well as detailed research designed for the use of the beginners. Furthermore, these websites typically provide experienced online Forex traders who offer in-depth advice to forex traders of all levels. Beginners can try these tools and find out if they cater exactly to their needs.

The secure online forex trading websites of today offer another advantage which is important to many people: to work and deal with the market in the comfort of your home. You can initiate your Forex transaction in the morning, leave for the day, and return at night with results all ready for your assessment.

Forex trading online is an outstanding way to test the waters and hone your trading skills while still working full time.

Learning Forex Trading Online – Where to Start?

There are so many sources available online today that “teach” many would-be traders about Forex trading – but how many of these sources actually offer an unbiased, balanced education… for free?

In my humble experience, most free sources of Forex education will have some sort of commercial motive – they’ll either want you purchase their trading platform, or to become a customer of their trading broker.

And in case you didn’t know, most brokers online today benefit when you LOSE money in trading. Talk about a conflict of interest huh? It’s sad, but it’s the truth.

So be very careful about where you learn about Forex trading.

Here are 2 suggestions where you can get genuinely useful Forex trading information online for free:

1. Online forums

A good place to start is through online forums about Forex trading. Forums are usually filled with good-intentioned people, many of whom are willing to share valuable thoughts and experiences with other traders like you and me. You’ll find some of the most open and honest opinions about Forex trading in forums. And did I mention that you’ll get all this information for free? Forums are a great place to learn.

However, try to stay away from forums that are owned and moderated by Forex brokers… for obvious reasons you wouldn’t want to be taking advice from people who make money when you lose money!

2. Forex News Sites

There are a couple of good Forex news websites that can provide a pretty decent foundation for beginners. A quick search for the phrase “Forex news” will provide you with ample choices.

However, the content in many of these websites are (in my humble opinion) too shallow for any real learning. But if you’re completely new to Forex trading, these sites are a great place to start.

Conclusion

Although paid information is almost always better than free information, there are indeed very useful (and free) websites available where you can learn the PROPER way to trade Forex. But remember – not everything you’ll learn online is always true… take everything you learn with a healthy dose of skepticism.

Forex Trading Made Easy – MetaTrader Expert Advisor

MetaTrader, the famous forex trading platform

MetaTrader 4 is a free-of-charge program specially designed for online trading in the Forex market. The built-in technical indicators allow you to analyze securities’ quotes, whilst the MQL4 network enables the development and usage of automated trading strategies. In order to trade in the financial market, traders need a program that allows them to analyze quotes, make trades and develop strategies.

MetaTrader 4 is a complete online trading package designed for providing brokerage services to Forex markets. The system has all that is needed for brokerage companies and at present, is considered the best online Forex trading platform. Until now, there are over 200 brokerage companies and banks worldwide that are using the MetaTrader 4.

MetaTrader 4 allows you the possibility of developing and using automated trading programs, known as the Expert Advisors (EA), to do the trading for you.

The Expert Advisor is a small program that you can embed/install into MetaTrader software. It is written in a specific programming language called MetaQuotes Programming Language Version 4 (abbreviated to MQL4). It can be switched on and off to automate your trades. It can analyze the chart as any indicator do plus it can, at specific conditions, open, modify and close trading orders for you.

Why Do Average Forex Traders Lose Money?

According to DailyFX.com, A Premier Site For Forex Trading News, Charts, Signals, & Strategies, most forex traders lost money due to poor money management. A lot of traders just do not seem to follow a simple good money management strategy: Take your profit quickly and cut your losses short. Unfortunately, this strategy is actually harder than it sounds because of a few natural, built-in traits that all humans have. Humans are made greedy, fearful and thus, inconsistent. That is why, according to DailyFX again, most traders would probably lose all their money in one single trade right after winning a few.

Making money by trading forex is all about consistently taking profit, no matter how small it is and consistently cut your losses at losing trades. The BEST forex trading strategy is to do all that, plus consistently look for currency pairs that would give you indication of a winning trade. Has anybody done this? sure. Can just ANYBODY do this? I think not. This is why Expert Advisor is needed.

  • It runs 24/7
  • It consistently look for winning trade
  • It consistently cut loses to minimal
  • It has no greed, no fear and very consistent
  • It does all of the above for all currency pairs simultaneously
  • Most importantly, it has ingrained strategies in its mind and will stick to it no matter what

Again, can a human do this? yes. you would need at least 4 PC monitors and probably a few computers to cover the need of the processing power and you, sitting in front of them for hours and hours. Or, you could save yourself from a lot of trouble by using a profitable expert advisor instead.

How To Select The Best And Most Profitable Expert Advisor

There are 4 things that you would have to look for a money-making expert advisor:

  1. High percentage of winning trades – means the EA would detect a lot more winning trades than losing ones. In other word, the EA that has the least drawdown percentage (losing trades).
  2. The least loss in each trade – means the EA has strict stop-loss policy to ensure minimal losses on losing trades.
  3. Software maker/seller that can show proven, Live forex account results that meets both requirements above on their website.
  4. Have huge customer base – indicating satisfaction of the product usage.