Print
Pinterest
Gmail
Email App
Log in or register to download unlimited Forex robots!
How To Be A Foreign Exchange Trader
Being a forex or foreign exchange trader no longer means you have to work for a bank in one of the world's financial centers. These days you can trade on your own behalf, from anywhere.
Since the rise of the internet many people are doing this from their own homes, making money in their spare time or even making a full time income. But what is forex trading and how does it work?
A foreign exchange trader deals in currencies. He or she will sell one currency that seems to be falling in value, to buy another that seems to be rising. There are always two currencies involved in a trade (a currency pair) because when you want to buy dollars you have to have another currency to exchange for them.
In the beginning it is best to be involved with just one currency pair. Most people start out trading in the EUR/USD market, that is the euro against the US dollar. This is the biggest forex market. There is plenty of information available for this market and it tends to have lower costs and be relatively stable.
Nevertheless forex is a very volatile market. This means that the prices can rise and fall steeply and quickly. The risk is high. It is easy to lose money. In fact, some losses are inevitable, so you should manage your account so that you never risk too much on one trade. You can use stop losses so that your broker will automatically sell if the price goes a certain way against you. The aim is not to have no losses, but to make sure that your profits are higher than your losses so that you end up with a net gain.
You will need access to a computer with a high speed internet connection any time that you want to trade. Unless you use a robot to control your currency trading, you will also need time where you can concentrate on learning a profitable system and then on trading itself. You pretty much need to be able to lock yourself away in a room to do this, at least for a couple hours a day. It is no good trying to trade from your desk at your day job with your boss interrupting you, or using a computer in the family den with kids climbing on your knees wanting to play games. You must be fully concentrated on the movements in the market or you could miss the right moment to either open or close a trade.
If you are a cautious person who likes a solid investment with predictable low returns, you should not become a currency trader. Forex traders are people who enjoy risk and love the challenge of trying to turn a profit in a fast moving market.
It helps if you are strongly focused on your goals and not easily swayed by emotion. It is important not to let fears of losses or dreams of huge wealth divert you from your strategy. You also need to stay aware of financial news, not only in your own country but in all of the major world powers, because this will affect the forex markets. With these characteristics and a good trading system in place, a foreign exchange trader can reap substantial gains from his or her investment.
Profit posts by forum members!
Why don't many people post their daily winning results?
MT4talk PRO members can Turn off MT4talk daily winning result post requirements for $49.99 / month. More info...
Latest profit posts from the Trade Executor EA users.
By using the MT4talk website, you automatically agree to the Forum Rules & Terms of Use, as well as the terms below.
Everything you see on the MT4talk website is created by its users, mainly the members of the MT4talk forum.
What is MT4talk?
MT4talk is an online Forex forum with over 5000 Forex robots and over 3000 Forex indicators uploaded by forum members in the last 10 years, available to download from forum posts. The Uploaded file does not come with support.
The website doesn't sell Forex robots and doesn't provide support for the ones you download. MT4talk offers a PRO membership, allowing you to download unlimited files from forum posts. Even though the site usually doesn't provide support for downloaded Forex robots, if you're new to Forex and need help, you can buy the MT4talk dedicated support membership from the MT4talk forum. The MT4talk Dedicated support subscription is only available for purchase for MT4talk PRO members.
The MT4talk Team also provides an Artificial Intelligence Forex robot called "MT4talk Forex AI Signal - Trade Executor EA" to PRO members. However, this Forex robot is only a bonus and is not included in the original PRO membership.
Updates for the Forex robots may be limited or nonexistent, depending on the creator. If you choose to download any Forex robot or setting file from the forum, you acknowledge that you are using it at your own risk. MT4talk PRO membership is a digital product. Therefore, after you complete the PRO membership purchase, there is no refund available!
We are conducting real-life tests on Forex robots to assess their performance. For certain robots, we may use a demo account to conduct tests, and for other Forex robots, we may use a real Forex account. It's essential to recognize that we are not financial advisors and cannot provide investment guidance. Our objective is to discover effective market analysis solutions through testing various strategies, which could be beneficial to our community.
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS, IN GENERAL, ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
Disclaimer - No representation is being made that any Forex account will or is likely to achieve profits or losses similar to those shown on backtests in this forum. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. All information on this forum is for educational purposes only and is not intended to provide financial advice. Any statements posted by forum members or the MT4talk EA Tester Team about profits or income expressed or implied, do not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold the MT4talk team and forum members of this information harmless in any and all ways.
Affiliates Disclaimer - The website may have links to partner websites, and if you sign up and trade through these links, we will receive a commission. Our affiliate partners are FXOpen, FBS, LQDFX, and MyForexVPS.
Copyright MT4talk.com Forum Rules - Privacy Policy.