Forex Trading Strategy For Beginner Forex Traders I

Forex trading strategy for beginner forex traders shall be different from amateur forex traders! In general, there are 2 types of forex traders: the fundamental traders and the technical traders. Fundamental FX traders monitor the news and updates about economics and currency market very closely because their reaction against the market sentimental is their winning factors. However, how would a new beginner forex trader know what is good news or what is bad?!

The second group is called technical traders. Technical forex traders will not look at the news to decide their forex trading, but they depend on numbers, figures and various analysis on the forex market. Some foreign currency traders even use various forex indicators or forex signals to help them decide their trading in forex market. However, can a beginner forex trader learn everything necessary before entering into the volatile forex market?

Most financial schools or forex training courses will teach new forex traders template strategies. Due to the large foreign exchange currency market, more than 3.5 trillion US dollar in a single day, the forex market has a trending nature. The forex secret for beginner traders is just follow the trend…

The currency market tends to be overbought or oversold conditions for a long time. Therefore, just follow the previous trend, if the new forex trader does not how to measure the trend.

The next forex secret is that a beginner forex trader shall not be greedy or aim to profit too much. For many foreign exchange currency traders, especially those new in forex trading, to buy at the lowest and to sell at the highest in the currency market or vice verse is their aims. However, these foreign currency traders have forgotten that they are not GOD! Only GOD can know the lowest and the highest all times… So, a daily 20 pips to 50 pips profits for new forex traders is considered a good part time extra income, isn’t it?

As a human trader in forex market, we can lower our risk in trading forex by taking small profits (PIPs) within a small time frame (short period of time). Shorter time frame like 15-minute (M15), 30-minute trade (M30) or even hourly trade (H1, H4) have less risks, compared to longer time frame like daily trade, weekly trade or monthly trade. Rather than aiming 200 pips to 500 pips in longer period, which sometimes may not happen in weeks or months before it hits target profits of a forex trader, just consider to target 30 pips a day. If the profit trades are consistent, in 20 days trading in forex market (a month period), the forex trader would have accumulated 600 pips profits already!

The most important successful factor for new beginner FX trader is to learn trading of foreign exchange currency online before anxiously entering into the volatile FX market. Best to is get a coach or mentor who can literally hold the new trader’s hand and show step by step method to trade for living!

New Automated Forex Software – Key Buying Features For Forex Traders

Any new automated forex software to the market will come as a breath of fresh air to Forex traders particularly if there hasn’t been a new release on the market for a while. Traders will be well aware that the launching of a new automated Forex software package will often mean new, innovative and creative time tested formula’s for selecting even more profitable trades.

Without a doubt Forex traders expectations will be that a new product introduced to the market will be able to assist them increase their ability to achieve still higher returns on their investments in the Forex markets whether they be experienced or novice Fx traders.

Working Smarter

Given that Forex traders live in a world dominated and constrained by time, working smarter, faster and more efficiently is the generally accepted catch phrase of successful traders and has been for some-time now. They say that information is power and in the forex markets that is certainly applicable and is the key to trading profitably. That being said it would be perfectly logical to assume that those that have access to information first will be the first to capitalize.

Smart traders will already have a working plan and strategies in place to ensure profitable trades, however the smart trader also recognizes that one never stops learning and there is always something new to learn. The day a trader stops learning is the day he/she needs to seriously look at giving the game away because there is only one direction from that position and that is backwards.

For the serious and smarter players however they are always on the lookout for tools that can give them an edge over millions of other players in the Forex markets. New automated Forex systems are definitely one way to go. There have been a number of good automated systems on the market, however some are now a little dated and will need to be modified to include some of the latest information technologies.

Check out the Developers

Developers usually come from backgrounds in the Forex markets or program development fields. They will either have both the skills and backgrounds to enable them to create an automated forex software package themselves or they will collaborate with others that have complimentary skills to undertake such a project.

This is important to Forex traders when assessing or evaluating a new product on the market. Credibility of newly introduced software to the market is vitally important. The more experience and knowledge the developers have of the Forex markets and program development the more credibility they will have.

Developers will always undertake rigorous research before embarking on a project such as this, including long periods of back testing and a thorough analysis of other leading automotive Forex software on the market. The goal being, to bring something new and exciting to the market, something a little more advanced and more profitable than their nearest rival or competitor. Having that competitive edge over rivals is ultimately what forex traders are looking for.

What traders are seeking

Traders are looking for ways to make their job easier. They are constantly on the lookout for automated Forex software systems that will not only have all the features that existing products provide but also something new and innovative that can improve their existing positions finacially. The whole idea of introducing a new product to the market from a developers point of view is that they have recognized a gap in the market that is not being serviced or provided for. If the product can produce this it will have a competitive edge and will have a major point of difference over its competitors.

Additional to these points traders want automated forex software that is relatively easy to use, affordable and will add value to a traders existing position. Having these benefits in place for traders will undoubtedly have potential users reviewing the developers product with meticulous care in anticipation of what this could mean to their future online business success.

It will be the very reason that Forex traders will be interested in purchasing any new automated Forex software product to the market. If the new product cannot meet these requirements the undertaking would have been a waste of time.

Positive Features To Look For

• The automated Forex software package no matter how sophisticated should be relatively simple to use, easy to understand and uncomplicated. Software designed to take away tasks that would normally have to be done manually by the novice or experienced trader. This is a major benefit for any Forex trader.

• The automated Forex software will be programmed to generate above average returns making it even more appealing. The software theoretically, should be the answer to anyone having money problems as was recently stated by one promoter.

• The automated Forex software will be programmed to inform a Forex trader exactly what to trade and when to trade with mathematical precision taking the risk out of any trades that a trader in the past may have been unsure of.

• This automated Forex software will be programmed to not only determine the best time to buy but is able to predict that when a purchase is made, the price will go up and the Forex trader will profit from the trade.

• The automated Forex software will be programmed in such a way that even Forex traders with no previous experience can get involved in the $4+ trillion a day huge Forex market. Having access to automated Forex software that can do all the hard analysis work for traders makes it a must have tool. This has got to be one of its biggest features.

The big question in most Forex traders minds will be, what’s this software’s point of difference? Is it any different from similar products on the market and if so how? Will it add value to their present situation, is it easy to use, cost effective? etc. The answers to these questions will ultimately determine whether Forex traders will add this new automated Forex software to their existing armor of Forex trading tools.

Conclusion

There will always be a demand for products or services that can help Forex traders achieve their business goals much faster. A new automated Forex software should be programmed to provide Forex traders with the opportunity to turn a few dollars into hundreds and hundreds into thousands with a few clicks on the mouse.

Obviously the trader will need to be shown how to use the new software including features like how it interpret insider, buying and selling signals. Providing easily understood cutting-edge training manuals and video’s is essential for to get a new system up and running so that traders can generate cash returns in quick time.

Before making a buying decision Forex Traders should be prepared to look at the top three products on the market and after a thorough review eliminate two based on some basic criteria and go with the option left.