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Pips Leader – Brilliant Forex EA – But Be Careful!

Forextrader — Mon, 16 Feb 2009 00:53:19 +0000

Pips Leader – Brilliant Forex EA – But ONLY if You Use it Correctly

Recently I purchased and installed a new EA (Expert Advisor) to work on my MetaTrader 4 forex platform, called Pips Leader. Before I did so, I did a search in Google to see if there were any “real” reviews of this software.

I glanced past a number of so-called “reviews” of the software, which from my experience are more often than not, simply hidden sales pitches. I was looking for a forex trading forum, because that’s where you often get the most honest opinions – and from people who are actually using it.

Unfortunately, at the time of writing this, there isn’t much out there. I read one forum post from someone who called it “a dangerous piece of software” and claimed it cleaned out his $500 account. Well, I was curious and, relying on the unconditional 60 day money back guarantee, decided to purchase and give it a try.

I started with a demo account and ran it for a few days, just to see what happened. Let me say up front that I believe it is excellent software, but ONLY if you use it correctly – otherwise you can lose your entire bank. The rules are not complicated, but they must be followed, believe me.

My first mistake in testing this EA, was to try and run it on too many currencies at one time. This is because Pips Leader uses a “basket trading” strategy. The beauty of this system is that it doesn’t rely on price direction. It buys a basket of positions – for example, if it believes the price will rise, it may purchase say, 7 “buy” positions. If the price does rise, it simply takes a nice profit. However, if the price begins to fall instead, it will then take a number (or basket) of new “sell” (opposite) positions in order to “hedge” the original positions from loss. Once a disparity between the “buy” and “sell” positions occurs, which is favourable, it will then close all positions and take a profit. It does all the calculations for you.

The thing is however, in order to achieve the above strategy, when the price goes against expectations in the short term, the program may, at some stage, need to use more of your capital in order to “do it’s thing”. This is a VERY IMPORTANT reason why you should ONLY use it on one currency pair at a time – you don’t want to be greedy and overuse your resources. Running too many positions at once, on wrong currency pairs and trading lots of 0.10 it could easily wipe out a $500 trading bank. If you only have say, $500 to start with, then you would want to adjust the trading lots (you can do this) to about 0.02 until you build your capital to $1,000 then bring it up to 0.05. Once you reach $2,000 then you can safely start with 0.10 lots.

I have backtested Pips Leader on a few currency pairs and have found that the one it works best on, is the EURUSD for a one hour chart. Shorter timeframes tend to be more volatile and can result in losses. The EURUSD has a nice tight spread, which really helps.

I started running the software “live” on a bank of $2,500 last week and as of now, have achieved over $1,000 profit. If you backtest, you’ll observe that it doesn’t do this all the time (there will be some losses) but over a period of 12 months testing from January to December 2008, trading lots of 0.10 it made $21,492.61 profit. All this, with absolutely no input of your own – in other words, a passive income stream.

Well worth the US$77 price tag of the software, I think.

If you’d like to try the Pips Leader expert advisor for forex MetaTrader 4 platform, visit

www.pipsleader.com

Pips Leader

Easy Guide to Forex Trading

Forextrader — Fri, 06 Feb 2009 17:11:00 +0000

The internet is an excellent source of real time information about the Forex market that can be vital to making important decisions. It will also provide you a wealth of information needed to predict the impact of the market fluctuations on a long term basis. Using charts and other data, it is easy to find any kind of data on any currency in a matter of seconds. The internet contains numerous research papers and articles on the Forex market and trading, that will be a very useful to beginners as well as experts who want to have an in depth knowledge of the market.

And it is good practice to work with currency pairs. Although it is possible to trade numerous currency pairs, the choices will be difficult for you to keep everything in your radar. You need to be able to watch the market carefully and keep track of all your currencies to make the right decisions and for this reason, it is best to limit the number of currencies that you are trading at a time. Trading currencies in pairs will give you the best results. You can start with two or three pairs and after you gain some knowledge about how the pairs work and have a “feel” for the patterns of their fluctuations, you can always increase the number to pairs.

Of course, if you don’t want to have to worry about making the decisions yourself, the MetaTrader 4 trading platform (free to download) has a number of “Expert Advisors” - which is a name given to programs which can be easily loaded into the platform that will make trades automatically for you. When you buy a good one, it effectively makes you a passive income.

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Do you Make These mistakes in Forex?

Forextrader — Thu, 05 Feb 2009 14:46:00 +0000

Many of us who lead an average life are most often not prepared to face any potential disasters and when they come, they are often crushed by it. Preparing yourself to face any impending disasters before you start on any venture can help you to avoid trouble. The best way to avoid a disaster is to learn from the mistakes made by others. A little effort on your part to make the right research can help you save money, time, a lot of unnecessary hassles and also to make profits faster.

One of the crucial mistakes that can be made is not opting for a stop loss order. This tool helps to set a minimum cut off for the currency you are holding, such that, once the rate moves to a particular level it will automatically arrange a sale or a buy-back of that currency. This will help to avoid unexpected losses and you don’t even have to keep a direct watch on the market. It is very important to have a stop loss order due to the unpredictable fluctuations in the market.

Another common mistake is the amount of your overall capital you risk on any one trade. Risking too much not only is dangerous, but it also puts you at a psychological disadvantage when it comes to making decisions. It is vital to take the emotion out of trading decisions.

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Choosing the Right Forex Software – Useful Tips

Forextrader — Wed, 04 Feb 2009 16:38:00 +0000

Advances in technology has provided many sophisticated financial tools which can be a blessing for trading in the Forex market. On the other hand, if you do not choose the right software for your needs, it can also be a tool that can ruin you financially. Finding the correct software to meet your requirements can be quite a tedious job if you do not know what you are looking for.

You will end up wasting a lot of your money and time by trying out lots of useless tools. Though some products have reviews, they are most often biased and will not provide you with enough details of the software. Following are some useful tips that will help you in choosing the right software for trading in Forex market.

The first and foremost thing that you should do before selecting a software is to decide what your requirements are and what kind of software you are looking for. There are numerous softwares with countless features to meet the needs of different investors. These features can be quite confusing to a beginner. But it is very important to know what features are necessary for your needs if you want to succeed.

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Succeeding in Forex

Forextrader — Tue, 03 Feb 2009 02:27:00 +0000

It is very important to realize, that to succeed your every move should be made with great care. There are numerous charts, books, websites and other informations that you should first study and prepare yourself to face the twists and turns of the market. Learning to read the market fluctuation charts is very crucial to predict and make the right decisions.

If you are able to understand how dangerous your decisions can turn, you will surely take the necessary steps to avoid the pitfalls. Many beginners are not aware of the importance of the rates of different currencies. A particular currency, say the US dollar can hit an all time low, if everyone having this currency decides to dump it at the same time. On the other hand when everyone tries to buy a particular currency, then the rate of that particular currency can change drastically.

If you really want to succeed and make a profit, it is absolutely crucial to spend time and effort to learn the workings of the Forex market before you start making any investments or transactions.

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Can Forex be Dangerous?

Forextrader — Mon, 02 Feb 2009 16:17:00 +0000

Financial tools can be powerful in helping to change your finances for better or worse, depending on how you use them. For that matter, any tool can dangerous unless you have the knowledge of what to do with them. The same holds good for a novice in the Forex market. The Forex market has so many land mines that just one misstep on your part can blow up your finances. But with just a little time and effort on you part, you can use the same tool to build up a fortune.

But unfortunately, most consumers do not take the time to study the system. They make a gross mistake in assuming that they can get rich quickly in the Forex market. Though it is possible to get rich with Forex, it can be done only when you have an in depth knowledge of how the market works. It is extremely crucial to analyze your decision for each and every transaction that you make. Jumping in at the first opportunity, as most beginners tend to do, can only spell disaster.

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How to Select the Right Forex System

Forextrader — Sun, 25 Jan 2009 19:30:00 +0000

If you’re thinking about buying a forex trading system, here are a few tips which might help.

Try to survey through some forex systems meeting your criteria. It is best if they offer a money back guarantee. Do a search for the person who has created the system or the name of the forex system in forums. If you find something controversial you may want to investigate further, bearing in mind that there will always be whingers on forums who may have mis-used the system and be blaming someone else.

Trust the system only if you find enough credibility in it. Then begin with a demo account. Invest very little money with the account to see how it works. Actually with a demo account you can use play money. No real money is involved, so you are not taking any financial risk. But it can give you a good idea about the potential profits in the system.

Select the right forex systems for you that can meet all your requirements. Then make the investments from the demo account. Work from the demo account till the date before the money back guarantee is over and then evaluate the complete procedure.

If you believe it has the potential to make a good profit, give it a trial run and if it disappoints, close it and ask for your money back. Buying a system with money back guarantee is always a safe one. If the system does not work no problem. You have your money back. Look for other forex systems with the money and try your luck once again.

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Forex Day Trading the Easy Way

Forextrader — Sat, 24 Jan 2009 19:19:00 +0000

Forex Day Trading makes forex trading all the more easy, comfortable and convenient. There are many advantages of day trading that allow you better flexibility along with more profitability. Traders prefer them to stock and future trading for more than one reason.

The biggest advantage of forex day trading is that allows you to trade without working round the clock. You can trade for five days a week from Monday to Friday. This gives you enough time to pursue this trade with other engagements that you have. In this way, you can use forex trading as a source of extra earning. Another great advantage of forex day trading is that it requires lesser capital investment thereby taxing your wallet lesser.

Initially you can start with a smaller base capital and then add on as you move ahead and your business progresses. If you can calculate well in advance and move steadily with forex day trading then there are chances that you make lots of money. Day trading has room for more buying power. So, the more you deal with forex the more you need to be cautious to make the most of it and earn handful.

Click these links to find out more about forex trading system software and forex trading signal software. I am personally using the Pips Leader software on the (free to download) MetaTrader platform and so far, results are just brilliant.

Dangers Of Forex Trading

Forextrader — Fri, 23 Jan 2009 19:11:00 +0000

If you are in a mood for making money within a very short period of time, forex trading is for you. This can be a good alternative to earn some extra money apart from doing your regular job. Initially, let it be your second option. Once you master the art, it can be your basic job to earn your livelihood. But as they say all that glitters is not gold, here you will also face some dangers as well.

A little mistake in calculation and you will loose all your hard earned money. The forex market is so big an affair with all the branches and several trades that you may not get the clear idea of the complete market.

There is no easy way to avoid the dangers of forex trading. You may not be aware of all the changes that are coming in the markets every now and then. Along with all other hidden and internal dangers, there are external problems as well like exchange rate fluctuations, political influences, and economic factors.

These factors are so crucial and so unpredictable at times that it may fool an experienced forex trader or the bankers. You have to be alert all the time so that you don’t miss a point that can affect your business. There are no mantras as such as the market is huge and the influences on it are unpredictable.

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Some Hidden Dangers Of Forex Trading

Forextrader — Fri, 23 Jan 2009 15:17:00 +0000

There’s no denying the fact that forex trading enables you to earn money faster, because the market is usually moving, trading around the clock and very dynamic. But that is precisely the reason why forex day trading involves so many risks at the same time. For some it can be as addictive as gambling and they can bet anything to win here in the race of making money. Do not let forex trading engulf you. Create your own trading pattern, don’t trade through desperation as it will open all through out the year and treat it as a business. Make your own platform to operate your business.

Forex trading can be risky for another reason, as it deals with the currencies of different countries. You are not alone in the business. You need to deal with several parties from different countries. It is all about buying and selling currencies of different countries. You should follow a strategy to be updated about all the changes occurring among all factors that will affect currency price movements.

Be alert and organized. The market is changing so fast that a miss and you are on the edge. Until the progress of the internet, only large banks could trade forex. Now with globalization and some flexibility in the market it has become easy to penetrate for all the people all over the world. Be a bit cautious. The profitability of the business definitely deserves some special attention from you.

The best way to trade is to find a way to take emotion out of the equation. Fear and greed are common human emotions associated with forex and can easily cause you to make panic decisions, or sometimes through inattention, miss a critical entry point. This is where “forex robots” come into play. There are some very good ones out there at the moment, including Pips Leader and Fapturbo. These are little programs which are added to the MetaTrader 4 charting and trading platform, which place trades for you automatically according to predetermined formulas. In the jargon of MetaTrader, they are called “expert advisors” and if effective, can provide you with what is effectively a passive income stream.

The above expert advisors each take a different approach to placing trades. The Pips Leader uses a “basket trading” approach, i.e. it buys or sells combinations of positions until a disparity appears between the “buy” or “sell” positions, thus creating a profit. The Fapturbo on the other hand, uses a “scalping” strategy. It places very short term trades on 4 currency pairs during the Asian session of the market, which is notably quiet. By taking many small profits, it all adds up to a sizeable income stream.

I use both and both work extremely well. Be careful with Pips Leader though – it is only designed to be used on one currency pair at a time. If you’re greedy and mis-use it and your trading bank is not large, this could clean out your account.

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