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Latest Automated Forex Software -
A Review By A Novice Investor
Ben Needles
Currency Forex Exchange Information
Latest Automated Forex Software -
A Review By A Novice Investor
I had recently read about new way to make money buying and selling currency. It's called Forex Tracer. It is an automated Forex Signaling and Trading Software. The ad states the system works unbelievably well and is 100% legal! It sure got my interest when they said I could make money even while sleeping. Sleeping is something I do well!
This review is based on the fact that I started out 100% green and knowing very little about the Forex market. Like most folks I have
read about possible profits in buying and selling different nations currency.
First, lets learn a little about Forex.
WHAT IS FOREX
The Foreign Exchange, called Forex market, is the largest financial market in the world, with over $1.2 trillion changing hands every single day. It is many times larger than the New York Stock Exchange.
What is traded on the Foreign Exchange? The easy answer is money. Forex trading is where the currency of one nation is traded for that of another.
Therefore, Forex trading is always traded in pairs. The most commonly traded currency pairs are traded against the US Dollar (USD).
The major currency pairs are the Euro Dollar (EUR/USD); the British Pound (GBP/USD); the Japanese Yen (USD/JPY); and the Swiss Franc (USD/CHF).
Because there is no central exchange for the Forex market, these pairs are traded over the telephone and online through a global network of banks, multinational corporations, brokers and currency traders.
BENEFITS
OF FOREX TRADING LEVERAGE:
When you trade in the Forex market, a small margin deposit can allow you to control a much larger total contract value. Leverage gives the trader the ability to make very nice profits and at the same time keep the risk of losing your cash to a minimum.
LIQUIDITY:
Because the Forex Market is so very large, it is also very easy to sell and turn your trade to cash. This means that by clicking your mouse you can quickly buy and sell.
PROFIT IN BOTH RISING
AND FALLING MARKETS:
One of the most exciting advantages of the Forex market is the ability to generate profits whether a currency pair rising or falling.
Trading Opportunities Review From January 2012
EUR/USD...1.3156...Weak Downtrend
Mixed Reactions in the US Dollar to the Non-Farm Payroll
GBP/USD: Testing 1.5800, bearish below 1.5740
EUR/USD Continues to Range Ahead of the Non-Farm Payroll
AUD/USD: Steady around 1.0700 ahead of Payrolls
Daily Technical Crosses: EUR/CHF, AUD/USD, USD/CAD, NZD/USD, EUR/GBP
GBPUSD: Biased To The Upside Medium Term Despite Price Hesitation
EURUSD ? Buy at the 7am open with a stop of 1.3086
Brent Crude Oil futures are holding steady above $110 per barrel
After forming Point C on the Japan 225 (JP225) index CFD 30-minute chart
CAD/JPY continues to decline inside the Rising Wedge chart pattern
Daily Technical Majors: EUR/USD, USD/JPY, GBP/USD, USD/CHF
Asian markets steady ahead of today's US non-farm payrolls
Index Recommended Levels
EUR/USD
GBP/USD
Spot Gold
EURUSD consolidates below 1.3200
CAD/JPY Shows Respect of Rising Trendline; Watch USD/JPY and Oil
AUD/JPY Testing Resolve of Broken Double Bottom
EUR/GBP Confirming Bearish Continuation From Wedge Breakout
EUR/CHF Breaks Above Channel with SNB Intervention Watch On
EURUSD: Biased To The Upside Nearer Term But Continues To Consolidate
GBP/USD: biased higher, corrections below 1.5810
Video Analysis: Expectactions For The Next 24 hours
Long-term bottom would be posted in the USD
Daily Technical Crosses: EUR/CHF, AUD/USD, USD/CAD, NZD/USD, EUR/GBP
USDJPY - Buy at the 7am open with a stop of 76.02
Daily Technical Majors: EUR/USD, USD/JPY, GBP/USD, USD/CHF
Asia extends risk rally after Aus trade data beats forecasts
Natural Gas futures slipped further underwater in Wednesday
EUR/USD
Index Recommended Levels
AUD/HKD has recently completed the high Quality Inverse Head
GBP/USD
GBPUSD pushes into 1.5880 resistance
USD/JPY Going Into "Paint-Dry" Mode As it Trades at the 76.00 Handle C Correction
EUR/USD: not yet ready to break higher
GBP/USD Surges on After ABC Correction
24HRS:
From Sunday evening to Friday Afternoon EST the Forex market is open for business.
DEMO ACCOUNTS:
These are available so you can practice without the chance of losing any capital.
One of the potential benefits of using Forex Tracer was that it would be up and running in a very short time. This is really true. It was easy to download and install on my computer. I have a DSL but bet it would work as well with a dial up connection.
They go on to state that this software will
handle currency buys and sells on Autopilot. I must admit I am tempted to invest some of my hard earned money but for now I am content to test it using a Demo account.
People like me with no experience will find it very easy to understand and use. This software will even place the trades for you.
I had a chance to look at program and also use it. I read through it in 2 hrs and very next day I placed a demo trade.
In the demo mode I have placed a total of three trades for USD/CHF (Swiss
Francs). All three would have made me money had I been doing it for real.
It even closed me out automatically in one trade. No wonder they say you can make money while you sleep.
The Forex Tracer software is easy to understand and is reasonably priced.
Ray Caran has been writing about money making opportunities for many years. He has owned and operated various businesses for most of his adult life: Disco-Floor-Hire.info
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And again, thank you to those contributing daily to our Currency Forex Exchange website.
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Top Transaction Types In Forex Trading
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Good 'Til Cancelled Order (GTC) - An order to buy or sell at a specified price. This order remains open until filled or until the client cancels.
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