Selecting The Best MetaTrader EA

By James Smith

MetaTrader EA automated forex systems have become more and more prevalent in the last year or so, as peopl have moved their trading activities away from the stock market, and into the world of forex. These so called 'expert advisors' run off the MetaTrader trading platform. This world renowned forex trading plaform is a free of charge online platform. The MQL4 software programming is used in the usage and development of automated forex systems. Metatrader EA is a program that can be installed into MetaTrader and enables you to program your very own automated forex system. It is written in the MetaQuotes programming language version 4.

Many average forex traders using metatrader EA lose money because of poor management. They don't follow simple money management steps provided which is to quickly take your profits then cut your losses short. Although its sounds easy, people find this hard to do because they are fearful and inconsistent. After a few rounds of trading they will most likely lose all the money.

A successful trader will consistently take profits as soon as possible and cut losses are all losing positions. You also need to find currency pairs that will indicate a possible win. All these strategies are incorporated in the metatrader EA and that is why it is essential to have robust automated forex systems in place.

A metatrader EA should have the following features in order to be consistently profitable - ensure that in backtesting, the EA has a low drawdown. This means that it will easily detect many winning trades compared to losing trades. In order to reduce the size of any losses with automated forex systems, the expert advisor should have a strict stop loss policy.

The Metatrader EA that you choose must meet the following strict requirements. You need to find one that runs both day and night, in order to capture trades in Asia, New York and Europe. It should always look for winning trades and cut losses to a minimum. It should be consistent with no greed or fear for all currency pairs at the same time.

Basically, a Metatrader can save you a lot of miserable heartache if you are an emotional trader you might want try trading an automated forex system yourself by the use of multiple monitors for a day - this will require monitoring the market 24/7, which is not feasible in the long term. It is clear that automated forex systems are the way of the future with regard to forex trading.

If you are using the metatrader EA together with automated software you will need to use multiple screens and customize your view. You will need interest rates table of all currencies used in trading. While away from your computer, sms alerts and live updates from all currencies will be useful.

If you consider the above factors and issues whilst using your metatrader EA, this will provide a solid platform which will let you trade successfully and emotion free. This will also eliminate all subjective fear and ensure that you become a profitable trader using automated forex systems. - 23222

About the Author:

James Smith is a professional trader and a developer of MetaTrader EA's and automated forex systems. He operates a foreign currency trading advice website called The Forex Village which gives free help and assistance on selecting a suitable MetaTrader EA and on a host of other forex trading related subjects.

The 10 most profitable candlestick patterns

By Mark Deaton

There are literally hundreds of candlestick patterns that traders use to increase their trading performance. Best used with other technical analysis tools, here are the top 10 patterns that provide the most consistent results.

* The dark cloud cover: This 2 candlestick high probability formation is bearish. Generally the first candlestick is continuing the bull trend and the next candlestick will gap up and open appearing to continue the trend, but fail to make any bullish headway and close well below the open and well into the real body of the first candlestick.

* Doji: When the opening and closing price are essentially the same, the candlestick formed resembles a plus sign, cross, or inverted cross and is referred to as Doji. It represents indecision on the part of the market, and is interpreted by traders that a turning point is imminent.

* The engulfing candlestick pattern: This formation consists of just two candlesticks. The first of the two will open and close within the real body of the second candlestick, and as such the second one will have an open and close outside the first candlesticks real body. This can be a bearish or bullish engulfing pattern depending upon the full or empty bodied candlesticks in the pattern.

* Evening star pattern: The evening star is a 3 bar candlestick pattern. Initially the first candlestick is long and bullish resuming the bull trend. Second is a small candlestick that gaps up and fails after that to make much headway. The next day or session is a gap down and a bearish candlestick who's close reaches well into that of the first candlestick in the pattern.

* The Hammer: This is a single candlestick. The hammer is always bullish It will indicate a continuation in a bull trend and a reversal in a bearish one. It just a small body and a long tail. The tail is imply the bears trying their best to push price down and failing by end of day to keep it there.

* Hanging Man: Identical to the Hammer, this candlestick pattern occurs during an uptrend, and signals a continuation of the price movement.

* Harami: This is a simple two day candlestick pattern that has a relatively small body on the second day that is completely surpassed on both sides by the previous day's candlestick and is always of the opposite color. It usually occurs during a minor correction in a bear or bull market and signals that this temporary uptrend or downtrend is reaching an end, and the underlying trend will continue. It is especially considered a strong indicator when it appears together with low trading volume.

* Morning star pattern: A bullish 3 bar pattern. The morning star pattern will start out bearish continuing the prevailing trend. Then it will gap down and turn up ever slowly closing above but near the open. The next day BAM, it will gap up and close much higher than the open.

* Piercing line pattern: This pattern is a bullish reversal pattern with two candlestick in the formation. The first will continue the downtrend. The second candlestick will gap down appearing to continue the trend but will ultimately close higher than the open and well within the real body of candlestick #1.

* Shooting Star: The opposite of the Hammer, this is a one-day formation and occurs in an uptrend. Trading opens higher and trades much higher but prices end near the low. This pattern is viewed as a bearish reversal. - 23222

About the Author:

Reading a candlestick chart is an absolute necessity if you plan to become a successful trader. It doesn't matter if you're just learning to trade or a seasoned pro getting out of a rut , candlestick patterns are the end all for accurately assessing price action. Download our candlestick chart mastery manual at http://www.candlestickgenius.com

Stock Trading and the Importance of Following Rules

By Jim Fredrickson

Lets face it, many investors in the commodity markets hardly know anything about it and so they cant function effectively. Being a smart and successful investor requires time and dedication.

To be able to function well in the stock market, you must acquire strategies that can fulfill all your desires and needs. In attaining success, you also need to consider other people or investors. In this article, you will learn more about stock trading and fundamental analysis.

In the stock market, you will meet a lot of investors. Basic needs are fulfilled by depending on one another but when it comes to stock investing, you need to be independent. Youre on your own, just like in a battlefield.

You cant control or manipulate the stock market. In a natural environment, like your home, you need to control it (at some point) so that you can fulfill all your desires and needs. If you want to attain the same success in stocks trading, you must be able to control the market at some degree. Even if you can control the social environment, the techniques youve learned cant be applied in the stock market. The only way to effectively manipulate and control the stock market in some way is to be a wise and large trader.

One way to be successful in stock trading is to control your behavior and the market information youre dealing with. Since it would be impossible to control the stock market fully, you need to control or manipulate yourself. All the information you have should be viewed objectively and you need to ensure that you behave accordingly; thereby promoting your best interests. You must learn to create rules in how to trade wisely and you must strictly follow such rules.

Many traders will often find themselves moving away from their rules for one reason or another. Don't be that trader. It is a human condition of ours at times to want to do so. Sometimes the freedoms you enjoy from being a stock trader are the exact thing that can cause your downward spiral. Remember again to set certain boundaries ahead of time, before the trade, and to stick to them.

Do you know anyone who has had some serious success from the stock market? If you do, you probably are aware of the type of person they are: steady and strict with every rule they have in place. They would never waiver. They make the kind of money others would only dream of. Follow their plans and you will surely follow their success.

People who resist rules all their lives will surely find it hard to follow trading rules and guidelines. They are those who often fail and lose huge money in stock trading. Take your time and know more about stock trading.

If you are new to the game make sure you learn the basics first. Their are endless annals wherever you go that will teach you various technical trading strategies and other things pertaining to the stock market. If one man can do it, so can another. Start now by learning these things, and remember to always follow your rules. - 23222

About the Author:

Jim Fredrickson writes articles that teach people how to buy stocks and about no load mutual funds

Forex Australia- Robots or Scams

By CFDREPORT

Forex Trading Australia Today the Forex Market has become very saturated and confusing with all the choices and options, both online and offline to begin your research on trading and making money. Where do you start and unless you have several free hours I couldn't list all of them here. In the market place today we can find seminars, articles, workshops, video tutorials, and books on the topic of how to make money currency trading. Everything from honest forex trading ideas, forex reports to Forex Scams. So if we are new to the market how do we not get ripped off?

If you decide to go with a broker, it's wise to consider all the various brokers' systems available to you before making your choice. If you are looking for the best Forex Broker have a look at the CFD FX Report they have recently reviewed all the Forex brokers in the market and come with who they believe to be the best you can view here The CFD FX REPORT

A well designed trading system will reduce your work dramatically. This in turn gives you time to focus on studying the market and plotting your strategy.

If you're like me however, there never seems to be enough time in the day between my family obligations and work to put in the serious study it takes to master the Forex market.

It is a pretty steep learning curve, and it can be pretty daunting at first for someone just learning how to trade. There is one more way to make money currency trading. It's probably the best bet for beginners and those of us who are pressed for time. The process is an auto-trading system, generally called a Forex Robot.

There are many of these Forex Robots out there, but they aren't all created equal. Many of these so called automated systems are nothing more than scams.

In other words, all Forex Robots are not created equal. I recently had a friend call me who had been trading on the currency market for some time, and was making some pretty good money trading Forex the traditional way. He excitedly told me that he had recently found a Forex Robot that was recommended by a fellow trader.

He went on to tell me that although he was skeptical of these automated Forex Robot systems, and believed like I did that most of them were scams, he decided to give it a try. The results were nothing short of brilliant.

However you need to find a product that you feel comfortable with. Feel free to visit the CFD FX REPORT as they may some good systems to look at.

Before you invest in any of theses products however, make sure you find out what the risk/reward profile is with the trading software you are looking at.

As an example, some of these software products come with risk/reward ratios of 2:1, while some even have a risk/reward ratio as high as 35:1.These ratios are not acceptable, and you need to look elsewhere, otherwise you'll lose all your trading funds pretty quickly.

Any automated trading software that comes with more than a 1:1 risk should be avoided like the plague. I want to emphasize that there are great Forex expert advisors and trading Robots that can make you good money, but you need to know how to recognize them, I have suggested a couple of places to start your search, but please do your own research.

It has been conclusively proven that automated products which adopt strict and professionally set guidelines and that will never allow you more than a 1:1 run, reduce the risk of destroying your trading account.

Did you know that there are average people out there making between $3500.00 to $4000.00 per mont trading the Forex market? How are they doing it? Find out how a powerful and "smart" Forex Robot is creating life-changing incomes for many people who have never traded the Currency market before.

Enjoy the Forex Market and all that it has to offer and have fun trading.

Happy Trading - 23222

About the Author:

s a real time trading tool that offers clients free trading reports, with trading ideas, stock market and forex market education as well helping them with. Also if you are looking for a Forex Broker, then feel free to visit our broker section as we recently reviewed all the forex brokers and have found the best on the market.

Forex Trading - What is The Big Deal?

By Jean Dirlin

Whether you are simply curious after hearing the term or you want to carve out your own area of investing you will want to find out as much as possible about Forex trading . When you are first starting out, it can sound a bit complicated. However, you will discover that the biggest reason that so many individuals enjoy Forex trading is because it is straightforward in its approach.

The most essential aspect of understanding Forex trading is gaining knowledge of what happens while currencies are traveling between businesses. In example, let us assume there is someone with goods they wish to sell in a foreign country. Upon arrival into that particular country the will have to exchange the currency of their own country for that of local currencies. They cannot spend their local currency in a foreign country.

When you are looking at Forex trading it is first important to understand what happens to currencies when it needs to travel between companies. For instance, say that you are someone who has goods that they would like to sell in a foreign country. When you get to that country, you will find that trading your own currency into the local currency is something that you have to do. You wouldn't be able to use your local money in a foreign country.

On the other hand, you may deal in the forwards and futures markets where transactions of contracts provide a future date for completion of the particular currencies with particular price per units. Both of these are speculative markets. There are gains and losses of great amounts of money.

When dealing in the forwards market, both traders figure their own terms between themselves. When dealing in the futures market both traders will exchange future contract that have a basis in the information of each public commodities market.

The Forex market is a liquid financial market; it involves transactions in transferring currencies from one country with that of another. When you consider that there is more than 2000 billion USD in trading daily, the foreign exchange market is even bigger than the stock market. Since there is no real central location for dealing.

One of the reasons why Forex trading is so popular is that there is no central location for it. You won't need to be in Tokyo or New York; the vast majority of Forex trading happens OTC, also known as over the counter, and this can take place from any computer with a connection to the Internet.

You may be interested in Forex trading since the market is an unpredictable, liquid market that offers both great losses and great rewards. It is essential that you know where you stand. Consider you real options and then consider where these types of exchanges may benefit you as a Forex trader. - 23222

About the Author:

About The Author: Jean Dirlin - A Forex Active Trader Live Forex Trading Strategies & Signals Learn and trade currency like a Pro - Leading Live Online Forex Trading Real Success.