Forex Automoney Review – How I did $2076 from $1000

Forex Automoney is a new forex signal service that has received quite a lot of praise, so I decided to give it a go and see what all the fuss was about. First thing that strikes me is that this service is aimed at delivering easy to use, turnkey style signals. No confusion or room for interpretation. Forex Automoney is developed by a certain M. Festner, with no first name. Well, I guess this forex guru does not need to show us mere mortals his first name. Jokes aside, I know Forex Automoney has grown quite popular already, so it deserves a fair review. Let me just make a short pre-emptive statement for those of you looking for a forex robot: Forex Automoney is not an automated forex robot. It’s a signal service. The difference is that this service will give you exact trading recommendations but it will not trade for you automatically. That’s not a bad thing though, which I will explain later on in this review.

Let’s dig into Forex Automoney a bit then, shall we? Forex Automoney is as mentioned already a professional signal service. The kind of membership club where you have a bunch of professionals analyzing the forex market continuously and using their advanced software to make recommendations. The end result is what you get: Intra Daily, Daily and Weekly recommendations. So, in recap, it’s essentially the same as having a trading desk work for you AND having an automated forex expert advisor crunch the numbers. Unlike a robot though, you will have to do the trades yourself, which is an advantage in my opinion as you have greater control and understanding of what is going on.

Let’s have a look at what you get with the Forex Automoney subscription:

  • Forex Trading Guide
  • Forex Trading Newsletter Updates (Free, even if you don’t buy)
  • Forex Automoney Signals (Intraday, Daily, Weekly)

So, that’s rather standard for this type of service. No fluff or fancy wrapped ebook, which I appreciate because it really comes down to the profitability of the signals. Forex Automoney gives you three choices. You can get several signals each day (Intra Day), one daily (Daily) or you can choose to receive signals on a weekly basis (Weekly). So, no matter how much time you have to trade, there’s a choice that will fit you. A signal that you receive will look something like this:

  • Currency Pair: EUR/USD
  • Type of Trade: BUY
  • Time to Enter:10:00 PM EST
  • Get Profit: 120 Pips
  • Stop Loss: 50 Pips

The signal will give you all the info you need to make a successful trade and take home the profit. Just as important it will also tell you when to stop and cut your losses.

What I liked:

  • Profitable Signals
  • Flexible Signals
  • Easy To Use and Apply
  • Good Support

What I didn’t like:

  • Little Bonus Material
  • Sometimes Too Many Signals To Choose From

Let’s get to the conclusion that you have been waiting for: Did Forex Automoney make me money and if so, how much? I currently run several systems simultaneously, including my own, which makes it easier to determine which ones work, and which do not. I started up Forex Automoney with a small deposit of only $1000, because I wanted to simulate a new traders situation. One month later my account was up $2076 for a very healthy profit. I doubt his phenomenal profit will last the year, but even if it drops somewhat in profit, it’s still a remarkable return.

Meta Trader 4 – Forex Trading Platform

Metatrader 4 is the most popular forex trading platform currently available. The platform connects thousands of traders around the world to the forex market and the forth edition has quickly gained recognition as the premier forex platform. MetaTrader 4 is developed by the company MetaQuotes, which also delivers the real time data feed and market prices. The choice of both professionals and amateurs alike, Metatrader offers a secure, stable and advanced connection to the forex interbank market.

MetaTrader is a very efficient and stable platform and has a track record of less than 1% downtime due to loss of connection or technical problems. This allows the forex trader to feel comfortable that technical issues will not interfere with trading.

The Metatrader platform has all the functions that a forex trader could wish for, yet the platform never feels confusing or clustered and the interface is intuitive and easy to get hang of, even for beginners.

Metatrader has in it’s new edition added usability for handheld devices such as PDA’s and Palm pilots.

The real time market price data in MetaTrader comes from the live data stream from MetaQuotes and is updated immediately, which means no lag and perfect conditions even when heavy trading is taking place. This is a clear advantage over those platforms which rely on data from brokers, as you can be sure that you are looking at the same price data that the rest of the world is looking at.

MetaTrader is most commonly used as a forex trading platform, but is not exclusive used for this purpose. It’s also used to trade derivatives such as CFD’s, futures, options and even stocks. More than 100 brokers currently use MetaTrader as their platform.

What really sets MetaTrader apart from other platforms is the advanced charting software, which has nice detailed graphs and graphics and is second to none.

Another advantage is that most forex software, such as signals and robots are designed and written exclusively for this platform, as MetaTrader has it’s own macro programming code, which has an active community that has developed many interesting applications.

Traders that prefer forex expert advisors or other automated forex trading systems, will be pleased that there is an abundance of choice of forex EA’s and robots developed for the MetaTrader platform. As the code is readily available, there are constantly new robots being made and an open source EA project, where members strive to improve upon the original EA’s.

In conclusion, MetaTrader is the best choice for any serious forex trader. The interface, the community, the customization options all enable forex traders to trade as profitable as possible.

FAP Turbo Review & Discount

FAP Turbo is a forex robot developed by Steve Carletti as a joint venture with Forex Guru Marcus B. Leary. The two of them teamed up with a group of expert MetaTrader programmers to develop the most successful forex robot ever. That’s what they claim at least. FAP Turbo certainly is the best selling forex robot on the market. FAP Turbo is a forex expert advisor that trades on the MetaTrader platform. MetaTrader 4 is the standard forex trading platform and has a wide support base. FAP Turbo incidentally also has a very active forum and support group.

I have used the FAP Turbo robot for over 4 months now, so I feel that I know enough about it to make a fair review. Actually, in this time period I have tried several other forex systems and robots, so being the healthy skeptic, I have been able to do some serious comparison. There’s always a lot of hype around these forex robots, because it’s a very competitive market. They all market themselves as ‘the best ever’ and so on. Most of the also claim to be ready to go with the press of a button, when they actually require quite a lot of tweaking to perform optimally.

Let’s have a look at how FAP Turbo lives up to the hype and what set’s it apart from the the other robots out there.

Most forex robots that I have seen perform very well based on historical prices. This means that they are developed and tested using stock data from the past. While it’s necessary to perform this type of backtesting, it doesn’t really prove anything in terms of how it actually trades in the current market. It only proves that it could have been successful.

Well, FAP Turbo has been under intense scrutiny because of the many sales and it’s therefore a little easier to dig up actual performance data. With FAP Turbo there is literally an army of FAP Turbo fans, that has made profits with the robot. I made money too.

I’ve heard some complaints about how the FAP Turbo is supposed to be to difficult for beginners to use, but I don’t agree. I do think that you will get better results if you go trough the material on the website and participate in the forex.

I also recommend the scalping strategy setting over the position trader setting, as the scalper setting seems to be the best of the two.

I only deposited $1500 in the beginning to use for this test. I did not have any experience with FAP Turbo, so I didn’t want to risk too much upfront. One month later I was up to $2987. Needless to say, this was a very good result, so I continued to run it. The later months have not been quite as good in terms of return on investment percentage wise, but it’s still ahead of the other robots I tried. I suggest you visit their website for more information.

Automated Forex Trading Software

Automated forex trading software and forex trading robots has been the talk of the town among forex traders in recent years. While automated forex trading software has been available to the large banks and hedgefunds for many years, it’s only with the fast growth in processing power in home computers, that they have become available to the general public. Forex robots have been used by institutional traders for years to crunch numbers and provide signals to traders. These robots used to require stand alone servers and very fast computers, but now, it’s possible to get the same results with automated forex software running on your pc or laptop. The price has gone down considerably as well from several thousand dollars to only a few hundred tops and some are even cheaper.

The influx of forex robots and other automated forex trading software has led to much debate among traders on how effective they are. Older more traditional traders that have grown up in the old school of forex trading have been less than enthusiastic about them. They claim, with some truth, that there’s no replacement for human knowledge and experience and that they can outperform them consistently. I believe there’s some truth to that, but I also realize that these professional traders didn’t get those results overnight. In truth they probably spent many years before they were profitable and that most banks and institutions employ tens or even hundreds of junior employees to crunch the numbers and do the analysis for the trader. For people that don’t have access to these resources, automated forex trading software is as good as it gets. Today, there is a whole new generation of forex traders that make money. They are young and not generally educated in a bank. They trade forex from their laptops and take full advantage of what technology has to offer.

This is why forex robots are worth looking into for private traders. With these types of software you get the same analysis that the pro’s do, but at a fraction of the cost of hiring 10 business school students. Forex robots have the benefit of being able to calculate numbers much faster than any human. This means that you will get the signals on time every time. Forex software has recently evolved to a level where it can now actually carry out the trades as well. Most robots use the MetaTrader 4 platform for this. This makes them almost turnkey, you download the robot, install it and then simply press a key and forget about it. Then check back next day to see how much money you made.

Forex robots have one big advantage over any human trader: They don’t have emotions! They do not get greedy or scared. They do not make irrational decisions or try to win back what’s lost on bad trade right away.

You should do research though before handing over your money for any forex robots as they vary a great deal in strategy and profitability. Some are very good and others are just lackluster. Check out the reviews on this page for inspiration.

Forex Trading Charts

Forex trading charts are an invaluable tool used by forex traders. The first thing you are going to notice when you fire up your trading platform will be those flashing numbers and graphs. These graphs are the bread and butter of forex trading. They will show you everything you need to know and with a little practice, you will be able to read and trade on them. In the beginning you will probably feel a bit overwhelmed by all the options and settings, but give it a few weeks and you will be reading ‘candlesticks’ and trend lines, like you have done nothing else your entire life. This article will look at some of the most commonly used signals on forex trading charts.

  • Simple Moving Average

The simple moving average is often the first signal that forex traders learn. It’s a line running trough your graph showing you the running average for each time period. The moving average shows you the average price over a period of time. It’s different from a simple average in that the simple average will only return one number out of for example a set of 30, but the moving average will show you 30 averages from a set of 30 prices. This shows you the general trend over time and can be used to determine if you should buy or sell. If the price of a currency is above the moving average, then it may be a good time to sell and on the other hand, if the price is below the moving average, then you should consider buying.

  • Bollinger Bands

Next signal on our list is the Bollinger Bands. This technical indicator shows you two lines that show you both the liquidity and volatility in the market. They are similar to support and resistance level lines. If the two lines are set far apart, it implies that there is a lot of action in the market, buying and selling. If they are close, then it means that the market is quite. After a quiet period, it often happens that the market moves in one direction forcefully. You can therefore use the Bollinger Bands in combination with other signals to look for these opportunities.

  • Stochastics

Stochastics show if the market is overpriced or underpriced by using a statistical measure. It involves using the simple or exponential moving average to test for these assumptions. Stochastics are good buy/sell signals.

  • Parabolic Stop And Reversal

Also known as SAR, this is an indicator that can be used to determine if the trend has topped or bottomed out. This indicator can be used with other indicators to make sure you enter the market at the bottom and sell on the top or the other way around if you have a short position.

These are only some of many indicators, but they will go along way to helping you max out your profits and they are easy to learn and simple to spot on the charts.

Currency Trading Strategies

This article will look at the two types of general currency trading strategies that forex traders use to make a profit. Currency trading strategies are no different in nature than from any other investment strategy or even poker and sports betting strategy, where there is a factor of random happenings. The currency market has a huge variation, that is, it’s very volatile and sometimes very unpredictable. The key to making money is to use currency trading strategies to deal with the chaos in a systemic approach. There are generally two types of currency trading strategies used by traders: Technical Analysis and Fundamental Analysis and they are very different beasts to master. Both have their pro’s and con’s. Which strategy you choose depends on what kind of person you are and how that relates to forex trading. Fundamental Analysis is popular with more analytical traders who have good deductional skills and are able to follow news releases and understand the big picture. Technical Analysis is good for traders that have good intuition and a good understanding of trading psychology.

  • Technical Analysis.

Technical analysis uses charting data to look for patterns in trading and predict the future price by analyzing market movements and price trends. Traders use tools such as candlestick graphs to see the volume traded and the variation in each time period. By putting it all together they attempt to make a qualified ‘guesstimate’ of the current market sentiments. Technical analysis uses the assumption of repetitions trough history, that trading psychology stays the same over time even if the circumstances change. So by comparing the current market with known patterns in the past, the technical trader tries to make more true projections than false ones. Technical analysis is a very important skill to learn, if you want to be a successful forex trader. Currency trading strategies based on technical analysis may seem confusing at first, particularly if you do not have a mathematical background, but luckily there’s a big market for tools that help the trader. Most of the hard grunt work can be done by software today.

  • Fundamental Analysis

Fundamental analysis is the conservative approach to forex trading. It’s similar to fundamental analysis of stocks and shares. In the stock market the fundamental trader will look at the books and key figures of a company to figure out if the company is sound and performing up to the price. In forex trading the process is essentially the same, except there are many more factors to consider. In stock trading, you can do well by only knowing the company and the field they trade in, but in forex trading you must consider a nation as a whole and everything that affects the price of it’s currency. These factors can be economical (GDP, Inflation, Unemployment) or political (leadership, elections, government stability). You must also consider geopolitical developments and central bank policy. The backbone of currency trading strategies based on fundamental analysis is an interactive forex calender that lists all releases of economic data and key figures.

Forex Robot Trading

Forex robot trading is a trading method that uses advanced automated forex trading systems to trade without any involvement from the trader. Many new forex traders are curious about forex robot trading, not least because of the hype surrounding new releases. Every time a new robot is launched, the internet runs wild with hype and everyone is anxious to get their hands on the newest sure thing. Some robots live up to the hype and others does not. But how can you actually make money with forex robot trading?

First of all, let’s talk about how you make money form forex trading. Forex trading covers the exchange of currency pairs such as USD/EUR, forex options and forex futures. Every time someone changes one currency into another they participate in the forex market. In essence, forex trading is no different than trading stocks or bonds and in some ways is actually easier to learn. All forex is traded on the Interbank market which is the internal bank market. To trade on the Interbank market, a trader must gain access to it by using a forex broker. Forex brokers are intermediaries between the trader and the market and offer a platform to trade on. The vast majority of forex brokers use a platform called Meta Trader 4 and this is where forex robot trading comes in.

The Meta Trader 4 platform is a small work of genius in the world of trading. The platform has it’s own development language that traders can use to develop applications and macros. Forex robots are pieces of software developed by expert traders and software programmers to trade automatically on the forex market. The way it works is that the forex robot receive the forex rate data from a feed from Meta Trader. The robot then analyses this data and uses different types of technical analysis to determine if a trade should be made. The process is exactly the same as when a human trades, but the forex robot has some notable advantages. Forex robots can analyze date much faster than any human trader, which means the robot can look for profitable trades and run trough thousands of scenarios before you could even think about executing a trade. Think of a forex robot like you would of a very advanced chess robot. Today, there is no doubt that the Deep Blue chess robot for example, is a better chess player than even the very best. The same is true with a robot. There may be forex traders with years of experience that can consistently outperform a robot, but for most traders, they are up against too much processing power.

This is of course true only for good forex robots. There is a lot of junk out there, so be careful to do your research before you buy. I have included some reviews of forex robots on this site. They are all robots that have been tested over at least one month and all have made money.

Foreign Exchange Currency Trading

This article will look at the foreign exchange currency trading basics. Forex is an abbreviation of Foreign Exchange and foreign exchange currency trading is the act of trading currencies on the forex market. As there is no physical market for forex, akin to the stock exchange, the forex market only exists when a currency is traded trough the banks Interbank market.

The forex market dwarfs all other markets in size. It’s larger and has more volume than all other financial markets put together. That’s saying something in the world of finance. It’s 50 times bigger than the equity market and 15 times larger than the bond market. The daily turnover on the forex market reaches almost 2 Trillion Dollars. With this much currency changing hands, the forex market is the closest thing to a ‘perfect’ market there is. This makes it a very attractive market to trade on for individual traders as the playing field is even. Big banks do not have an inherent advantage over the small trader.

Foreign exchange currency trading is popular because of it’s size and opportunity for quick profits, but the number on attraction for many traders is the possibility of leveraging trades over 100 times. Leveraging is trading with borrowed money with an initial deposit. This means that a $1000 deposit will allow you to trade for over $100,000. You won’t get much for $1000 on the stock exchange, but on the forex market your $1000 goes a long way if you use leverage.

Foreign exchange currency trading is a very popular and exiting way to make some extra money, trading from your home. Many traders are not formally educated in forex trading, but still make a nice additional income and some go on to become full time professional traders. Though forex trading is easy and exiting, you should never trade for money that you can’t afford to lose or trade if you can’t handle losses. There will be losses in forex trading, there’s no way to avoid that even for top traders.

Forex trading is a very exiting way to make money from home, it’s easy and simple to pick up, but you should never trade for more than you have budgeted or trade with money that you can not afford to lose. There will be winning sessions and there will be losing sessions and it’s very important to be able to handle both.

Another great thing about the forex market is that it’s open 24/7 and never closes. That means you have the freedom to trade whenever you like and won’t have to plan your day around your trades.

All forex brokers offer demo accounts for new clients. A demo account will allow you to trade with ‘play money’ but on real prices. This is recommended to learn the basics of trading before you try your hand with real money. When you are ready to trade with your own money, consider opening a mini account where you can trade for as little as $100.

Forex Futures Trading

The forex market, foreign exchange market, or just fx market is the market for currency exchange done trough the Interbank market. This is the place where all the world currencies are traded, but unlike the stock exchange there’s no actual physical marketplace. Yet, over 3 trillion dollars worth of currency changes hands ever day. A smaller percentage of that is done trough forex futures trading. This doesn’t mean there’s no money to be made from trading forex futures though.

Forex trading is done by buying and selling currencies against another. A currency is always valued against another so a transaction must always include simultaneously buying and selling two different currencies. The trader hopes that one of the currencies will increase in relative value so that he will make a profit. Forex futures trading is basically the same concept, but there are some notable differences. When you buy a currency pair, you get the currency right away, the trade is carried out instantly. Futures on the other hand are agreements to buy or sell a currency at some point in the future, hence the name. The buyer and seller makes a contract that has to be kept. You make money from futures if the price of the currency pairs is lower in the future than what you agreed to in the contract.

There’s not a huge market for forex futures trading and if you have traded commodity futures or oil futures, you may feel a little disappointed. This may encourage you to trade spot forex instead, which is trading currency pairs instantly on the market.

Spot forex trading has many advantages compared to forex futures. Futures, including forex futures, are regulated by the NFA (National Futures Association) and they charge fees on all futures trades. Spot forex are unregulated so you don’t have to pay any fees. Another advantage is that spot forex are traded 24 hours a day, where forex futures are only traded when the futures exchange is open. Forex spots are also much more liquid which means that you can fill your order right away and get the price that you want.

As a forex trader, you will be spoilt by choice of brokers, there are over hundred available, and most of them use the popular Meta Trader platform which has a wide userbase and many add ons.

The risk is also lower when you trade spot forex instead of futures, because you don’t commit in the same way. If you have bought a spot, you can always sell it again, unlike futures, where you are committed to buying or selling in the future.

Forex futures trading may not be the best choice for a beginner, but if you are a trader already and is looking for a new challenge then forex futures trading, may be just what you are looking for. Because of the things mentioned above, there are fewer traders who specialize in forex futures trading, so the competition is less fierce.

Forex Leverage

Fortunes are made and lost on the forex market every day, it’s the only place in the world where the action is so frenetic and the traded volume so large, that you can turn millionaire overnight, or in the case of George Soros and his attack on the pound, billionaire overnight. The forex market makes all other markets pale in comparison, it’s 50 times larger than the stock market and 15 times larger than the bond market. The number of forex traders keep growing too as brokers promote their services too an ever growing audience over the internet. Unlike stock and bonds which have plummeted in value over the recent years and wiped out savings, the forex market is a continuous source of profit and can never turn unprofitable because of it’s nature. The forex market offers the opportunity for profit in both good and bad times.

This article is about the unique aspect of forex leverage, which is the main reason why so many traders are looking to get into forex trading. Imagine if you talked to your bank about buying a few stocks or bonds and the bank offered you 100 times more stock at no additional cost. Unthinkable I know, but in forex trading, that’s actually reality. Leverage is trading with money that you borrow in the market. With leverage you can trade for hundreds of times more than what is actually in your account. The only thing you need is to meet margin payments on the total amount. Leverage lets you trade for $100,000, $200,000 or even more for just $1000 in your account. That’s a lot to throw around and that’s why forex trading is the only market where riches can be made so fast.

Leverage holds some risks though, it’s great to have leverage when you win your trades, but what happens when you lose? Since you gear your trades, you will receive profits hundreds of times larger than your deposit, but you will also risk losing hundreds times faster. The good thing is that you can never lose more than what you have in your account, so you don’t risk going into debt. The bad thing is, that your broker will cut off your account by demanding margin payments faster. If you don’t have this money, then they will simply close your account. Still it’s not the worst trade off in the world: You can make hundreds of times in profits, but you can never lose more than you deposited. That’s a good deal by all accounts.

Forex leverage levels shouldn’t be the only reason for getting into forex trading, though it’s easy to see how it can appeal to many people who are tired of being told to wait 10-20-30 years for a return on their investments. If you feel this way and is comfortable with risking your deposit, then leveraging your forex trades could be just the thing you want. Check out some brokers and see what levels they offer. Some only offer 100 times while others offer up to 400 times.