Forex or the currency market is the largest financial market in the world, with a volume of more than $ 2 trillion ($ 2000 billion) per day. That huge amount compares to a tiny $ 25 billion a day volume that New York stocks are trading, so you can see just how big Forex really is. By the way, Forex can be called, “Retail Forex” “FX” “4X”, “Spot FX” or just “Spot”. Forex actually equates to more than three times the global trading of stocks and futures markets combined. It is so big that it is impressive!
So what tools do you need to start forex trading?
Well, it all depends on how you intend to operate. If you like adrenaline like professional Wall Street traders, then you can do it manually. However, let me warn you that this is not for the faint-hearted. You need to spend money on a good business education and not start trading for at least 2 years. It’s no secret that more than 95% of traders don’t last because they get greedy and don’t abide by the rules of the trade.
What other options are there then? Well there are two other options, follow the signs or let a robot do the work for you. Following the signals involves subscribing to a forex trading report from a professional trader and following their instructions on when to trade and when not to. This is fine as long as you are happy to stay up all night and get the signals, because the forex market operates 24 hours a day, 5 days a week. It can also be expensive to subscribe and you need to be able to trust the guy who tells you to ‘Sell, sell, sell’.
The other option is to trade with a robot. No, not R2D2 from starwars, but software that will go in and out of commerce for you. So which are the pros? First of all, he never deviates from business rules and is not susceptible to emotions and never seeks revenge. You can also download it in one go and never have to pay a monthly “subscription” fee. And you don’t need the two years of training to run it successfully.
So how does it really work?
Well, it is actually quite simple. However, the first thing you need is pretty obvious: a computer with an Internet connection. Obviously, I know, but some people have not understood it before. What else? Well, you have to sign up for an account with a broker and they will provide you with a free trading program called Metatrader 4. This is the real machine behind the trade and it allows you to observe market trends and perform manual trades.
The last thing you need is the ‘brain’ of the operation. You must buy the robot from an independent dealer (for example, FAPTurbo). Just download it to your computer and it will be saved in your ‘expert advisor’ folder in metatrader. An Expert Advisor is an automated robotic script written in MQ4 language that can run on the Metatrader4 platform and trade for you! To have it trade for you, all you have to do is drag the advisor from the folder and dump it on the appropriate chart to trade from. Then, click on the smiley face on the graph and adjust the parameters as specified by the robot supplier.
Don’t worry, robot vendors often provide a comprehensive manual and “follow the mouse pointer” videos so you can follow every step of the way.