I’ve not traded Forex before, so this is going to be a steep learning curve. I have traded UK penny stocks and UK traded options, so though not the same as trading currencies familiar with trading.
Why Forex Trading?
Why trade Forex, because I have plenty of spare cash and have heard good things about online Forex trading. My plan is to learn a lot about Forex trading and then start trading currencies.
I like the idea of trading currencies since they are generally short term investments, high risk/high rewards and unlike when I was at University (when I traded penny stocks and traded options) I can afford to loose some money.
Will probably start with a couple of thousand pounds and see how it goes.
I believe strongly in the saying “you have to speculate to accumulate” so will be buying various Forex trading systems to learn from and will be reviewing them here and maybe posting my trading results.
Forex Automoney 100% Automatic Forex Trading Signals Review
They have a three day cheap trial for $5, so when I’m ready to trade will try the Forex Auto Money trial at least, unless I find a problem with the product through research.
They give away a Free PDF Forex Report that gives a brief overview of Forex currency trading with their Forex system. It’s not very detailed/useful to be honest.
Update on Forex Automoney Review
Found a BIG problem with the Forex Auto Money software system, looks like a Forex SCAM.
I signed up for free Forex Automoney email updates, every day I’ve got an email telling me how much money I could have made had I used the automated software system to trade currencies the previous day:
Subject: David: 13/09/2008 – DAILY EARNINGS REPORT
Yesterday you could earn even $2062.16
Subject: David: 14/09/2008 – DAILY EARNINGS REPORT
Yesterday you could earn even $1321.47
Subject: David: 15/09/2008 – DAILY EARNINGS REPORT
Yesterday you could earn even $1335.10
Only one TINY problem with this, 13th was a Saturday, 14th was a Sunday and 15th was a Monday. “So what” I hear some of you say who have never traded shares or traded money on the Forex before :)
Well unless things have changed this month the various money markets are CLOSED over the weekend. Yes, you could maybe get a Saturday report (covering Friday currency deals) if they were tracking different time zones or something, but there’s no way you could have Forex trading Friday, Saturday, Sunday and Monday in the real world, it’s not possible.
If I get 7 reports a week it will confirm a problem (update: yep reports 7 days a week).
Since these Forex emails are obviously BS SCAM stuff I have to come to the conclusion the entire marketing of this Forex trading system is BS/SCAM as well and must be taken with a LARGE pinch of skepticism. Looks like I stumbled on a Forex SCAM or at best a Forex trading company willing to BS on their marketing and reporting information!
Hmm, after a little research on Google I find others have noticed the Forex trading on days the currency exchange was closed!
I will no longer be signing up for the Forex Automoney 3 day trial.
Forex Automoney Forex SCAM
As I suspect I’ve been receiving the Forex Automoney “DAILY EARNINGS REPORT” every day (7 days a week). Since there’s no way to trade currencies 7 days a week there’s something not right about this system, so I won’t be using it!
Save your money and stay away from this obvious Forex SCAM!!
2014 update: the website that Forex Automoney ran from now has an adult site on it. If this were a legit Forex course making users loads of money it would still be live and making money.
Forex Mentor Video Training Review
Forexmentor The Coach’s Guide to Building a Successful Trading Plan
This is a Forex trading training series of videos (8+ hours) that covers-
SECTION 1: INTRODUCTION
SECTION 2: RISK MANAGEMENT
SECTION 3: STARTING THE TRADING DAY
SECTION 4: TOOLS OF THE TRADE
SECTION 5: PUTTING IT ALL TOGETHER
SECTION 6: TRADING PSYCHOLOGY
SECTION 7: BONUS PATTERN #1 “THE GARTLEY”
SECTION 8: BONUS PATTERN #2 “OVERLAPPING FIBONACCIS”
SECTION 9: THE PLAN OF ACTION
Plus… hours of actual trading examples.
It’s not cheap, so going to have to do some research on this course before purchasing.
Update on Forex Mentor Video Training Review
After weeks of research I’d read mostly good stuff about this Forex training product, so tried a trial. I’ve had the Forex training course about a week and am no where near through it all, so far it appears to be a well thought out Forex training course.
I’m not ready to trade currencies yet, the course has so far introduced me to important concepts in Forex trading and I now understand why those automated Forex signal software systems are generally not a good idea, they mainly go on historic data, not what is happening today in the markets/politics etc…
For example, take what has happened with the credit crunch and banks on the verge of going under (some actually going under!). There is no way automated software could predict a practically worldwide interest rate cut of a 1/2 point, this makes the Forex automated signals at best an educated guess!
I can make an educated guess for free :)
Still a lot of training to go, but so far I’m happy with the course. The real test will come when I’ve learnt enough to feel confident enough to trade, eek!!! I’m very busy with my SEO company right now (so many online businesses struggling!), so don’t think I’ll find the time to trade until after Christmas now.
If you know little about Forex trading (like I was when I started to write this article) I can recommend the Forex Trading Plan, seems a good intro into Forex trading.
Update: Life and work got in the way and lost my interest in trading Forex, so though I learnt a fair amount about trading currencies I don’t have the time to proceed right now. Maybe another time.