Forex Trading is one of the means by which you can earn money and have the financial freedom we all hope to have. Forex Trading is however, by no means a walk in the park, it can be risky, especially for those who do not have enough knowledge and do not know the ropes so to speak.
It is important for those new to Forex Trading that you take the time to learn the basics. Use of forex trading robots is one of the ways that new comers can get started with forex trading without taking large risks and absorbing large losses of capital. These automated forex trading robots or systems also offer information in the form of methods and tips in dealing with the ever changing, unpredictable cirumstances of the market.
A Forex robot is basically computer software that automatically analyses the forex market for you and offers the user trading options based on its programmed algorithms. These trades are able to be made with little involvement from the user themselves. There are various forex robots available and in this post we will take a look at whether they are worth your money.
Forex Robots handle all of the mathematical calculations for the trader. It will manage all of the risk evaluations itself which is a real benefit as this can be very time consuming, especially for those starting out.
Apart from the initial outlay in purchasing the software, with a forex robot there is no commissions to be paid in the form of brokerage and clearing fees. The trader will only pay the bid/ask spread.
There are no middlemen with this kind of business. With a forex robot you are dealing directly with the market maker and an electronic exchange system online. There are only small transaction costs involved with forex trading. The trader only pays the ‘ask or bid’ spread.
The Forex market is filled with buyers and sellers who trade 24 hours a day 5 days a week making it an excellent market to be involved with. Transactions are executed immediately, with the use of a forex robot it makes the job even easier.
These robots are developed by those with all the knowledge and expertise, this saves the trader having to learn it all themselves.
It does not take a large amount of capital to make a decent profit with forex trading however one must be careful not to inject too much capitol in an attempt to leverage the system for larger profits because this can result in magnified losses if wrong decisions are made.
Forex Robots are able to analyse and continue to trade for you 24 hours a day, even while you sleep. This is a great advantage to the trader. Most forex robots are easy to use and don’t require that you read large user manuals! Also Once set up there is no need to supervise a forex robot constantly.
Research to find the best forex robot for your needs, learn the system and you will be earning money and be well on your way to financial freedom.
Why not give this forex robot a try?
Until next post!
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@aqeel3344 We look at many things and Fibs are maybe 5-10% of our system. First look at the daily, weekly and monthly statistical trends and we focus on weekly trend and if up we buy pullbacks and if down we sell rallys. We not only use Fib support/resistance but other common ones like previous days/weeks/months highs and lows, weekly and monthly pivot points and a few others. Mostly though we use real time statistical momentum and buy strongest ones and sell weakest. Watch our classes.
@bostrader If you look on our site and in youtube we have up almost 100 videos. This is just ONE small component of the way we trade and teach and we never ever claimed otherwise.
beside looking for a 30-50 pips move what else do we look for before we start to draw fib line? how can we add MVA to the ecuation ?
thanks
Very good! But the Fibonacci retracement can’t be the only one instrument for a trader! If you use it only you’ll lose your whole money! It’s 100%!
A very Interesting video
@TheZApprentice Fibs are NEVER used BY THEMSELVES. We have statistical trend tools which compare each currency to all other major currencies. Thus if you get a move back to the fibonacci retracement levels or fib targets AND our statistical trend momentum shows is not too strong (under 20 on our FX Trend Intensity tool) then it has a higher odds of stalling and usually reversing at these levels. If momentum is STRONG then we simply AVOID the trade as we feel its far higher risk.
@Freddorick Nothing other than trading for 11 years and seeing the BIGGER the pip move the more likely the 50% fib (my favorite) is likely to act as support/resistance on the pullback. I also use the Fib profit targets MORE than the Fibs themselves and on most small moves the fib targets do NOT work whatsoever. But if you see a 30-50 pip move then when price hits the 1.382 and 1.618 Fibonacci profit target it usually stalls and often reverses.
Whats the reason for Fibos working on 30+ Pips and not on 20?
I haven’t had much luck using fib analysis. Trying to pick tops and bottoms is hard and unreliable, imo. But good luck to those of you who get good at it.
Helpful Video.Easy to understand and very clear.
Great video.i find it very interesting and useful especially for the beginner using forex trading system.
The time frame of the chart is irrelevant. What is important is the number of pips in the swing you are drawing fibs on. For USD pairs use 30+ pip swings and for more volatile pairs like GBP/JPY use 40+ pip swings.
If your 1 min chart is so ZOOMED in you may be drawing fibs on 15 to 20 pip swings and this is causing them to fail for you. Also context is key and I mainly use Fibs for their intraday extensions and also longer term fibs (weekly+ moves)
In my opinion from my trading Fibonacci retracements and especially targets work better on bigger swings. I won’t even draw Fibs on moves of under 30 pips for intraday trading. If you see a swing of 50 to 75+ pips the Fib targets in my opinion are great places to take trend exits and look for counter trend trades. Also CONTEXT is key and I use our weekly and monthly statistical trend levels to decide whether to enter at the 38%, 50% or 62% retracement. See our free classes for full details.
LeverageFX now offers AUTOMATIC Fibonacci Levels on your charts. We manually pick the swing highs and lows on multiple swings and time frames and all you need to do is add our Trading Zones script to your charts to see them.
They make excellent targets, entry points and counter trend areas.
I also use this analysis and this analysis is very helpful.
Is it better to use a one minute chart or a five minute chart? I seem to get conflicting signals depending on which one I use. I’ve had some success with the one minute chart using fibonacci, but I’ve had instances where it looked like a short on the one minute chart and a long on the five minute chart.
Great vid on the Fibs. I just directed one of my clients to this video as well.
I always use fibonacci to identify the trend… and for that, I know when to enter the market either exit points. I love this video… fibonacci made FOREX easy!
Fibonacci Levels work on all time frames but only on swings of 25+ pips. We use Fibonacci levels to time entries but mostly as high probability exits. Our Total Strength currency meter shows us the strongest currencies to buy and weakest to sell and we use these Fib targets to know most likely MAXIMUM profit. I’d say 70-80% of the time price doesn’t move past the 1.618 Fib Target level.
Many of our traders also use Fibonacci Clusters in conjunction with other support/resistance levels.
How does this system work on intraday?
Keep in mind this is ONE part of our overall strategy and is NOT even in my favorite Top 5 tools! Mainly we use our Total Strength currency comparison tool and simply look for buys in the strongest currencies and sells in the weakest. Come to our 2 weeks free forex classes to learn this far easier and much more profitable system!
We have many other tools we use which show us the currencies STATISTICAL strength/weakness and that tells us the odds of it hitting the profit targets. We also always trail a stop to get us out with smaller profits when targets aren’t hit. You can also draw trendlines under the lows of the up bar. There are 3 other exit methods we use, feel free to come to our 2 weeks of free classes and learn them. Impossible to fully explain here without you seeing our charts.
How do you take profits when price does not reach the extension targets ? Thx
Absolutely. We teach in our classes clusters of Support/Resistance including Fib clusters you’re referring to ( Fib Retracements and Targets) + Previous Days/Weeks/Months highs & lows, & Weekly / Monthly Pivots. A cluster for those who don’t know is when MULTIPLE areas of support/resistance are within a tight 10 to 30 pip area or zone. Markets typically reverse at these.
In fact we do this multi time frame analysis each day for all of our mentor students and the ZONES show up on the charts.
you ever use fibonacci clusters? much better