PRIMEMONEY.US

In my experience trading financial markets (since 1983), preservation of capital and a robust money management plan are the number one priority, and of equal importance to picking correct market direction. Unfortunately, forex robots are unable to program a money management plan that is able to provide the level of intuition that only us humans possess. Hence, robots may perform well for a period of time, but can crash and burn quite dramatically just when everything seems to be going well.

There is no such thing as 100% robot trading in my opinion. A robot, or expert advisor, can be of assistance to the trader in the form of providing trade alerts, but the final decision must be a human one, and backed with good money management practices.

If you intend to trade forex I would suggest you read all you can about money management, learn to apply a system like the IKH Chart Trading System using a demo account, and go live only when your demo account is consistently showing profitability.

Here’s the truth: If you want to become a successful forex trader, you must…

1) Always stay humble – Realize that at any given moment, you have the capacity to do serious and permanent damage to your forex account. In the blink of an eye, you can and will have your account wiped out if you are an undisciplined trader.

2) Limit your risk – Proper money management is the key to the long term survival of your account. Only risk a tiny percent of your account on any given trade( I usually risk 1-2% on any one trade). I recommend stop losses at all times.

3) Never be greedy – Always take small gains and small losses. With discipline and training, you can easily learn to be profitable with a 50/50, or even lower, win/ loss ratio.

4) Invest in your forex education – Learn to be a good technical trader. Study pivot points, support, resistance, and trend lines. Through my own forex training, I’ve learned that all of the “get rich quick” systems and strategies will work one day, and not the next. Some are designed for trending markets while others work when the currencies are trading in a range. I’ve seen many accounts blown up from using a system that was touted as the ‘latest and greatest’.

There are quite a few forex training courses on the market. I’ve studied and reviewed many of them. As a matter of fact, I just finished studying a course called “Forex Commander” , which cost me $ 2000. There was a lot of great information in that course, but I still felt $ 2,000 was a little pricey.

I’ve reviewed a couple of my favorite forex training courses at my site listed below. I also talk about how I lost $ 10,000 one time in less than 24 hours. It was a learning experience for sure.

Hope this information helps,

Dennis