Whenever I hear the term “Forex Trading Machine", my mind will conjure up an image of a formidable metal robot, fashioned out in the style of a huge gigantic monster of a machine, capable of transforming into any other shape at will, stomping its way into the huge arena called the Trading Floor and smashing anything that happens to stand in its way.
Perhaps a Forex Trading Machine would be capable of smashing any hurdles to successful trading in its way, and if there is such a machine that can almost guarantee profits to one and sundry who uses it to good effect, then I would want to own one immediately!
But what will constitute a Forex Trading Machine in the field of forex trading?
I find many traders, especially newer traders and beginners to be looking for the holy grail of trading, and to them, a forex trading machine would be the next best thing to the holy grail.
Now, let's look at some aspects of a forex trading machine- the topic of our discussion today:
1. It has to be a trading technique capable of identifying without emotion forex trading signals, so that there is no room for ambiguity. Clear signals have to be generated and the trading signals taken without emotion.
2. It has to be based on a trading algorithm that is robust, does not optimise and change its trading signals based on future data in order to optimise to maximum profits. A trading system that changes a trading signal from a buy to a sell, for example, in the light of the forward date that has occurred as historical data would not qualify.
3. Ease of use - The Forex Trading Machine must be easy to use for all traders, and not based on complex indicators that take a long time to interpret and add on to the confusion during trading.
4. High Profit Rate - The Forex Trading Machine must be tested and shown to generate a good return or profit. By “good" it must be shown to produce a high Winning-Losing ratio for trading signals generated at least during simulation tests.
5. High Reward-Risk Ratios - The Forex Trading Machine must return high reward-risk ratios at least during simulated tests, so that the signals generated will produce big rewards or profits at small risks.
Is there such a trading machine for forex traders?
Whenever you are presented with what is seemingly a fascinating method or technique to trade the forex that promises you results, do NOT just take things as gospel truth, and neither should you look at it with disdain or outright rejection.
Use the 5 point test above to prove its viability and to determine the truth about the claims presented.
Why should we do this? This is because there are many successful traders in forex who have “gone thru the mill", fashioning their own special and successful “forex trading machines" in the process. Many forex traders have their very own “forex trading machines" to help them earn a living off forex trading, some becoming very wealthy in the process.
Prove every claim and you will discover your own forex trading machine which will serve you well in your quest to multiply and create massive personal wealth.
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