There are many Forex Robots on the market that will trade for you. Some claim to have great results. There are also many Manual trading methods available. These require more discipline and experience. I am going to look at the advantages/disadvantages of each. You do not need any experience to use robots and dont need to watch the charts all day. Those are the mian advantages. But with a manual system you can control what orders you make it close them when you want. Robots are limited to do this to an extent, but many do have settings that can be modified to control risks, time and other factors you have control over when trading manually.

I cannot stress enough how dangerous this is. Most my losing days come from overtrading. When I manually trade some days I have taken two trades and won both. I have then met my daily target. Now before I would have continued to trade and I can safely say I would most likely cancel out those original trades. So, one of the most important aspects of trading imo is to have a target and quit when the target is achieved. “Quit while you are ahead” as they say.

For many individuals out there who are looking for new streams of income, investing has always been quite a draw. The markets are naturally and inherently volatile, and because of that they provide a lot of opportunity for people who are smart.

Before delving into the challenging world of trading, it is well worth your time to pay some attention to trading psychology. Although this may have nothing to do with the all important technical terms and skills necessary in investing, your mental processes and behavior when you trade often determine success or failure.

Two factors relevant for traders are described in relation to the Forex market: daytrading possibilities and risk control

Before you decide to become a professional day trader, consider that only around 11% of daytraders are actually profitable. This, along with the statistic that 70% of people lose money day trading, was revealed by The North American Securities Administrators Association.

Very few spot forex traders conduct any form of parallel and inverse analysis of the major currency pairs an exotic currency pairs to determine the best way to trade the forex market on a day-to-day basis. Forex traders do this in spite of the fact that it would be nearly impossible to trade the forex successfully not knowing where the overall strength and weakness was in the spot forex across multiple pairs or the entire forex market.

The Forex Heatmap ™ is now available to all spot forex traders. The Forex Heatmap ™ gives any spot forex trader an easy to in interpret data visualization tool that organizes the data from 25 currency pairs into a visual map of the spot forex for fast and accurate spot forex trade entry decisions.

Multiple time frame analysis is the inspection of forex trend indicators, starting with the largest trends and timeframes, and working backwards down through successively smaller timeframes to see how the smaller timeframes and trends feed the larger ones. When the smaller timeframes are in agreement with the larger forex trends you can enter a spot forex trade. If no forex trends exist the smaller timeframes and trends will, at some point, build a larger trend.

The spot forex is a support and resistance market. Whatever forex tools and forex indicators you are using to trade the spot forex market, the experience can be greatly enhanced by understanding near term forex support and resistance along with longer term forex support and resistance numbers for the currency pairs of interest.