Friday, February 8, 2008

A Killer Forex Strategy: Three Ways to Turn Yourself Into a Profitable Forex Trading Machine

A Killer Forex Strategy: Three Ways to Turn Yourself Into a Profitable Forex Trading Machine
Can you imagine having a killer forex strategy that allows
you to extract cash from the biggest market in the world at
any time you choose, day or night? You could trade at any
time, and from anywhere. You could be sitting trading
currency in Dubai or in Denver, making forex profits in the
Maldives or in Malta - all with a few clicks of your mouse!

Sadly, for most people, it's really not that easy.

Here's a frightening fact: nearly 50% of foreign exchange
traders lose money to the point where they have to stop
trading altogether, and go and do something less risky
instead.

If you're trading currencies right now, or you're thinking
about starting, then you have a 1-in-2 chance of losing
your trading pot.

They're not very good odds, are they?

I've been trading currencies for over twenty years, on and
off, and mostly without great success. When I discovered
that nearly half of all traders lose money over time, I
nearly gave up myself!

The one thing that kept me going through the dark days was
the knowledge that the foreign exchange trading software
that is available now to the individual trader for modest
sums, or even for free, are better than the software that
professional City forex firms were paying thousands a year
for only a decade ago.

I reckoned that the quality of the trading software tools
available to us would continue to go up over time, and
prices would continue to come down. And one day, we'd have
access to some of the best foreign exchange software at
silly prices!

I believe that day has now dawned.

As individual foreign currency traders, we now have three
options open to us that enable us to "play with the big
boys" - and play to win.

Option 1 - Pay For Trade Signals
There are plenty of companies and 'expert' individuals out
there who will deliver trade signals to you by phone, SMS
or email. I've used a couple of them myself, and they can
be pretty good.

Just so we're all clear, trade signals basically come from
the market. They are either fundamental (good farm payroll
numbers, an interest rate change and so on) or they are
technical, from patterns forming on the charts, or a
combination of the two.

There are literally hundreds of different signals to choose
from, and a service should pass on to you only those they
think have the highest probability of creating a profit. By
the time you get a trade signal, though, it will simply
tell you the currency pair, whether it's a Buy or a Sell,
and some idea of stop-loss and profit-take levels.

The problem in this system lies in the information being
delivered at the right time, and you being on hand to act
upon it. The other problem is cost - some of the better
ones will charge you several hundred dollars a month for
their service. Of course, this adds to the pressure on your
trading account, as you have to make the cost of the FX
signal service back before you start to make any money for
yourself.

Option 2 - A Managed Forex Account
Here, you hand over your trading capital to a professional
forex trading company who will trade for you in the markets.

There are several advantages to this route...
* You are hiring a team of full-time professionals to trade
on your behalf
* No matter how good your trading software might be, theirs
will be even better!
* You need spend no time at all staring at screens and
analysing charts
* If you find a good team, it can work out very profitable
for you.

However, there are fees to be taken into consideration.
Generally, you will be charged a yearly management fee of
between 1% and 3% of your trading capital, and a
performance fee (usually charged quarterly) of between 10%
and 35% of any profit made.

(If the performance fee seems high to you, think of it this
way. Your team of foreign currency traders are trading
currencies for a living, and you are benefiting from their
expertise. Plus, if they charge you 25% of profits, you're
still getting 75% of a sum that would not otherwise have
been made. And, last but not least, a performance fee will
motivate the team to do well for you - and that's what you
want!)

The downside, for me at least, is the lack of control. I
get a real buzz from trading, and I don't want to lose that
by handing over my trading capital to a professional team.

You'll also need at least $10,000, probably nearer $50,000,
in order to get started with a managed account.

Option 3 - Generate Your Own Trade Signals
Years ago, this meant pouring over yesterday's paper charts
(for which you had to pay a small fortune to get!) with
pencil, ruler, and a stack of charts going back several
months.

Nowadays, all that can be done with a good paid charting
service such as eSignal, or even for free with BigCharts.

However, it still takes time, and you still need to know
what you're looking for, and it takes further time to build
up a skill and an affinity with charts before you start
making consistent, profitable trades. (And that's if you're
in the lucky 50% of traders!)

Recently, a new solution came onto the market that takes
away the potentially expensive learning curve, and all this
time-consuming analysis, and basically does it all for you.

This is the option I like! Here's how it works.

Step 1 - you download a very inexpensive ($198) piece of
stand-alone software. This is what will generate the trade
signals for you.

Step 2 - you feed it the latest data from the market you
want to trade. All you need to do is take data from your
online trading platform (and it doesn't matter which one
you use) and feed it into the software.

Step 3 - if it brings back a trade signal, you trade it (or
'paper trade' it if you want to test it first)

Step 4 - your profit-taking limit is hit, and you bank the
profits!

Does this sound a bit too good to be true? Well, let me
give you a bit of background.

First off, the guy behind this incredible trade signal
generator is a very successful trader in his own right, who
used to work for a major international bank, and who now
makes thousands of dollars a day using this self-same
software. A behavioural psychologist and a mathematics
professor helped him in developing this trading tool.

Second, last year he took $100,000 and turned it into
$641,147 in just two months, using his forex trade signal
generator! Now, that was surely an incredibly good run, but
it does demonstrate just how consistently good these trade
signals are.

Happily, you don't need $100,000 to get started! You can
open a forex trading account with as little as $500 but,
realistically, you'd want to start with between $2,000 and
$5,000 of trading capital.

You also don't need experience. The software is easy to use
for anyone from a complete novice to a seasoned trader. It
comes with full support, an accompanying manual, plus a
lifetime of free upgrades, as and when they happen.


So there you have it - three ways to significantly increase
your profits from forex trading. Paid-for trade signals are
very variable in quality, depending on the source. If you
get a good management team in place, they should be looking
to deliver around 5% per MONTH on your money (though you
must understand the accompanying risks, too).

Using the software in Option 3 - well, you've seen the
results the creator had over a 2-month period. There's no
guarantee you'll see the same, of course, but it's an
extremely fine track record in any event! If you were able
to get results that are even half as good, wouldn't you be
delighted?


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To access this amazing forex trade signal generator, and to
start using your own killer forex strategy this week,
simply go to http://www.maverick-investor.com/forex_killer

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