ForexGen Press Releases

Traders are humans and like all humans, we suffer from greed. Like all humans, in crucial moments (or market conditions) we lack confidence, we have fear of what might happen and most importantly, we are usually (90% of the time) – inconsistent.

Taking this into consideration, 90% of traders WILL LOSE MONEY IN FOREX. They will consistantly give away their money to the other 10%.

This, together with the illusion of becoming millionaires overnight trading some “guru’s” trading system from an ebook, is what keeps the Forex market a great business for Forex brokers and the so called guru’s.

Looking for a profitable expert advisor to automate your trading decisions? Do you want a reliable expert advisor to relieve you of the routine functions of continuous market monitoring? Most importantly, are you looking to avoid the fear, greed, lack of confidence and inconsistency which characterizes most traders?

If so, you’ve come to the right place, because here you will find a collection of 20 of the best Forex Expert Advisors for Metatrader 4 (Mt4) which you can choose from.

Do you have a brilliant idea that you want to turn it into an automated trading system? You will also discover here how to make your own custom expert advisor.

Feel free to write your own reviews and rate the expert advisor listed below or share the information on this lens with other Forex traders.

It is almost hard to believe that a little more than 1 year ago, one Canadian dollar was worth more than one US dollar.   The USD/CAD exchange fell to a record low of 90 cents in November 2007, prompting the Canadian edition of Time Magazine to name the Loonie the Newsmaker of the Year.

However since then, it has fallen hard.  In 2008, the Canadian dollar dropped to a 2 year low against the US dollar, a 9 year low against the Euro and an 8 year low against the Japanese Yen.  However CAD weakness was not universal.  Currencies that also lost value against the Loonie include the British pound, New Zealand and Australian dollars.  Looking ahead, the odds are still skewed towards further losses for the Canadian dollar.

One you have identified one or more potential FX trading systems that you are interested in using, or even if you are you are working on developing a trading system on your own, it is critical that you take the time and effort necessary to perform thorough backtesting.

Backtesting is the act of verifying that the system actually performs as expected under diverse market conditions so you can be confident that it will not let you down when you need it the most. If you fail to backtest a trading system you will not have the confidence to do what the system is telling you to do when your instinct is telling you to do something else instead.

Backtesting a trading system involves actually executing that system against historical market data and analysing the trades you would have made according to your system’s strategies.

Backtesting in this manner not only uncovers any hidden flaws in the system, but it also gives you the ability to hone the system’s performance until it is the best that it can be.

Not only is it important that you never skip the system backtesting process, it is also important that you spend all of the time necessary to do the job right. This can be time-consuming depending upon the complexity of the trading system you are thinking about using and the amount of historical data you will be analysing.

The key to success is being able to interpret the impact that breaking news will have on the market and then deciding what you are going to do about it. Sometimes this process is limited to just an educated guess on your part. Sometimes you can look back on historical data to determine how the market reacted under similar circumstances. And sometimes you just need to use your common sense. That’s particularly true when you see a run on a currency starting up and there is absolutely no news available to support it. That’s when wise traders wait in the wings to reap the profit that the fearful and greedy leave on the floor when the dust finally settles.

There’s no room for fear and greed in the trading world. The availability of worldwide news on an instant basis is just another investment tool like real-time price data is. Use it to help you make money, not lose it. As always, practice your news trading methods, systems and strategies on a currency demo trading account before going live.

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Forex is a news-driven market. Local, regional or world events can cause sudden spikes and falls to occur in seconds. Depending upon the significance of the news, and how closely it is related to a particular currency, an amazing amount of trading can occur in a very brief period of time.

Considering the potential for a trading frenzy to occur, it is possible for you to blow right through any stop-loss you may have established without it being executed anywhere near the set price. Of course, for every losing trade there is a winning one, so being on the right side of the movement will be profitable. Absent any significant news, the Forex market is relatively tame and well-behaved.

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If your current currency trading broker is in the US, you can check on them to see how much net excess capital they have. The more capital a firm has in excess of the $5 million minimum, the better the protection for your funds.

If you have a non-US fx based broker, check where they are regulated. Europe, Canada, Hong Kong and Australia have strong regulators and capital requirements. If your firm is based in a third world backwater, the regulation may not be particularly strong. You would need to ask why a firm would locate where there is less regulation – is it because they are perhaps less reputable?

To determine the broker’s strength, you should look at the number of employees. If they are a large, strong firm, they will have hundreds of staff who can provide 24 hour support. They should also have tens of thousands of accounts. A firm that has only a handful of staff is unlikely to have a huge capitalization or be able to provide the support you need.

Other factors include the broker’s spreads (the difference between the buy and sell price), and slippage (the difference between the quoted price, and what your order is filled at.

The latter is very important because it is not normally disclosed. In my experience, the worst slippage is when a firm does not actually put your order into the market, but instead trades against you. A firm that does this should be avoided at all costs. It in their interest for you to lose so that they can take your money. I have found that when a position goes my way, it can be impossible to close it out at any price when the fxbrokerage is trading against you.

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Retail forex is a fairly new business, having started in 1998, and really only taken off in 2001. Initially, many forex brokers started with little capital. As the market has matured and become more mainstream, the requirements to stay in business have become more rigorous. The NFA (National Futures Association) is increasing capital requirements for US based firms – forex dealers will now need to have at least US$5 million in net excess capital.

This is a relatively small amount for a large firm, but only 1/3 of forex brokers will be able to meet these requirements. That leaves around 10 brokers in the US. The remainder will have to either find new capital or close their operations later in December when the new regulation takes effect.

The risk is that there may be delays in getting your money back if your broker is forced to close.

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Brokers provide access to the FX market to individual traders. Typically banks and hedge funds have direct access to the market as they are a part of the market.

A broker will provide account keeping services, execute trades and usually provides some software to place orders and allow you to look at current prices and charts.

Brokers earn their profit by charging a spread. This is a difference between the buying and selling price. For example to buy EUR/USD, the price may be quoted 15/19, which means that the broker makes a spread of 4 basis points per trade. A trade is either buying or selling a foreign currency position.

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the best online currency trading system is the one that suits you best. Many new traders have a day job and are unable to spend several hours a day trading, so some strategies may be unsuitable. For example, if your FX trading strategy was to profit from carry trades in the long term.

You could just open a position and leave it alone. However, if you wanted to scalp the forex market, this would probably require a much bigger time commitment. Of course, you can use many different strategies to try and spread your risk out as well.

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