The realm of currency trading exudes a level of tumult few other industries could claim parity to. Chaos, which is an element of any trade, asserts itself in an exceedingly authoritative manner while trading currencies leading to a superfluity of misconceptions. The Foreign Exchange dominion experiences a jaw dropping turnover approximating at $3.2 Trillion a day seducing the prudent investor as well as the fool hardy entrepreneur. What makes it’s splendor radiate brighter than the others you clamor? How about a trade that could be initiated within 24 hours and in theory promise 50% a month? Before you smirk and condone the thought, know that the above statistic has been achieved and is being realized time and again in as legitimate a way as any business. That brings us to our next quandary: What size of a liquidity pool/ Start up capital are we taking a look at? Micro accounts allow traders to indulge with amounts as small as $25. What if there were mystic paths where one could automate this profession and double his/her equity while they sleep?
Automated trading needs no translation, it is not fiscal jargon, its only a virtual robot executing orders based on a set of guidelines and trigger points, when those triggers are met money is invested. These rules are defined by the creator of this “EA” or Expert Advisor as its more commonly termed amidst seasoned foreign exchange aficionados. As much because the above elucidation appears deceptively as the definition of the Holy Grail it is actually quite the alternative. Indulging in this industry is like owning a powerful weapon, if misused by the uninformed; a catastrophe follows as regularly as it might if a deluded college dropout were to cordon a brain surgeon’s position. The actual fact that almost all think a $97-$200 virtual product bundle could run on autopilot with minimal to zero effort and end in a lifetime of financial freedom is beyond appalling. I would think we have solved the global recession conundrum. Hold your horses, halt and pay heed before you write off all the concept of automated trading. It’s a fact that you will end up loosing alarming capital in the event you rely on automated trading alone, however if used at the side of astuteness it could prove just as rewarding. The Wisdom I mention here expounds as amassed knowledge and the diligent application of it. The failure rate within this industry is boldly manifested at 95% which is an observation out of perspective. Alas, most that stumble across “Forex” seem to lack respect for it and go about it as if it were an arcade game. What failure rate would you reckon for any profession in case you attempted to tame it without the pre-requisite training procedures required? That’s right 95% or more. Similar to being a doctor or a lawyer, currency trading demands it is due honor failing which its wrath shall be unleashed and the constant derogatory effect on your capital will sting in an exclamatory fashion once you eventually do realize how ignorant this undertaking has been.
Automated Trading must only be used in its true essence as an expert adviser, which means let it suggest NOT trade. This industry has several cumulative modules that will lay waste to accounts trading solely on automated software. EA’s should ideally be used as an appendage to alert the trader when certain conditions are met, so he can further review the present setup and conclude whether or not an order would follow. Auto Pilot trading systems that predate on the unwary guarantying successful rate of 90% (winning 9 trades out of 10) or above in my view needs to be flagged as scam. Using the word “guarantee” in the identical sentence with any reference to the currency trading industry is either deceit or ignorance and is sacrilegious to the very core of this trade. Full time professional traders will accentuate and reiterate the importance of comprehending where true success lies within this sphere. The one Holy Grail is Money Management and any system that may substantiate a success rate of even 68% to 70% is a superlative find. The successful trader ignores impulse, intuition and greed, instead he relies on experience, knowledge and essential tools like risk reward, reaction to fundamental announcements, divergence etc. He understands that “winning” in this unforgiving yet rewarding dimension quantifies as the general performance over a time period, those who dismiss a system or a method after a few trades aren’t even on the teething rung of this ladder. You forever will be a student of this trade must you choose to persevere with it.
I solemnly apologize for being a dream wrecker for those that conveniently claimed to have found the definitive strategy to financial freedom. Then again, the above elaboration might have just delivered the attitude they needed: The Grey of Currency Trading which is the one real region, perhaps identical to life.
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