photo by Torley*

Entering the world of Forex or what we call Foreign Exchange is not new to most of us. Especially, if you have already made a visit to a bank or currency exchange booth and simply conducted a transaction of changing your currency into another one. This is a common practice when traveling to another country for vacations or business.

So what’s the buzz with these Forex Robots about? As the name implies, they are robots that are mainly concerned in trading currencies in the Foreign Exchange Market. Even though they are called robots, they are actually software that you install into your computer as a program running scripts that helps a person trade.

You might be thinking now, why would people want to install robot software to trade for them? It’s quite simple, since the Forex is open 24 hours a day, 5 days a week, trades are made during the day and night around the world. And for most traders, missing a significant trade means a lot to them, most especially if the trade should have been conducted in a certain time, however, they were asleep.

Thus, they found a way in solving these problems, by creating a script that they could run with their trading software, and then the robots were born. These robots are very useful as you don’t need to be in front of your computer all day to monitor the market. They could be programmed to make a trade for you night and day. And this makes traders happy as they could spend more time with their family and friends, knowing that their trade is not affected.

Now, you might be thinking, that is so great but I need to leave my computer turned on 24 hours a day. Yes, that’s right, you need to turn it on for the whole day and night 5 days a week. But also, traders are really smart and they have also found another solution to that problem – VPS. What does VPS stand for? Well, VPS simply means Virtual Private Server, it is a server provided by a hosting company. You pay for their services, and in return, you get to have your robot on a server working for you.

And that’s what I call a Perfect Automation System (PAS), you don’t need to worry about the power supply, your trades are done for you and all that you do now is just check it once in a while and see how your accounts are doing. But wait, all of these will be running smoothly if you have a really functional forex robot running your trades. And because the market is always changing and unpredictable, systems like these don’t work 100%.

But the good news is, most of them do provide a high percentage of wins over losses. So if you are thinking about setting up this system. I’ll be talking more about this on my coming posts, so stay tuned. In the mean time, if you are a beginner, intermediate or advanced trader, what do you think about Forex Robots? Have you heard of them before? Have you tried them before? And if you’re going to choose, would you rather trade the forex the traditional way (manually), or with a Forex Robot, or having both?

photo by e-diot

I was always interested in seeing people go to a currency exchange booth and notice that they trade their money freely into the currency that they needed at that moment. They freely accepted the current trade amount without thinking that they lost or won a few more bucks during that time. Since then, the Forex has become one of my dream investments.

If you are like me and would want to know the different ways on how to start an investment, you could pick a choice or try to read a book guide on investing. One of the books I’ve read so far is from Robert Kiyosaki entitled “Rich Dad’s Guide to Investing”. And also, you could find a good review on this book from Roger at The Amateur Financier. He has a detailed outline on what you’ll expect to learn and would also help you decide if this book’s worth your buy.

I’m glad to say that I have finally started out my venture into the forex market. Now I know that it would usually take a lot of money to invest in getting started, but I have finally found a great tool or I think that you would call it as a trading platform. You get to create your own account and it automatically comes with a demo or virtual account. What’s good about this is you get to have a feel on how it is to start trading in real time without risking real money.

For a beginner like me, this provides a great way to test out the waters by getting my feet wet and not drowning. An additional plus to this is I get a $5 real money bonus just for signing up and I could already use it as well to trade.

I know that it’s not a lot of money to get started with but hey, I’m just a beginner and starting out. So if you are interested in getting this tool, you register at Marketiva.com and download the software. Once you have signed up successfully, you’ll receive your free virtual account and your $5 bonus as well. I do hope that you register with the link that I have provided as they would give me credit for sharing you this information.

Now, having that tool is not enough. You also need to have a good knowledge of the forex market, and that’s why I also recommend going to babypips.com. In my opinion, this is a good site for starting to learn the basics until the advanced skills that you will need to become a successful trader.

So what do you think? Is Forex an interesting investment option for you? Have you ever tried going into this kind of investment? Was my article a good step in introducing you this type market?

I appreciate your comments and suggestions, feel free to write them here.