Forex Software

Forex Software is supposed to predict the way the markets go. There are many good systems available, but they can not replace the human factor. Forex trading software can be helpful in quickly charting trends and in graphically showing what the numbers are doing, but finally it's up to the individual forex trader to make sense out the numbers and images.

What is great, when you use the eToro platform is that you can train without losing your shirt and it costs you absolutely nothing to become a true Forex crack: Opening a forex training account will allow you to simulate FX trading with real time market data. Obvioulsy, you will neither earn nor lose money, but you will gain the necessary experience to be able to handle the pressure once you are putting your own money on the table.

The Forex challenge held last December in the UK has shown, that the training base that is offered by eToro is a great way to gain experience. This is what The Times published about this event:

Forex Training - The British Trading Challenge

Virtual trading makes champion money men!

Novice traders were transformed into market savvy prize winners by the British Trading Challenge, writes Peter Archer

No money changed hands but competition was real. Virtual trading begann on November 16 and by December 1 the winners had crossed the finishing line. The first eToro British Trading Challenge saw the overall winner amass a profit of USD26'000  (UKP 15'600) in just  two weeks. With trade results based on real-time market data. Top trader in a field of more than 1'000 the winner used eToro's trading simulation software to familiarize himself with the markets.

Chief executive Jonathan Assia says his company's online financial trading platform supports a growing interest in foreign exchange dealing.

"Where forex trading was once largely confined to financial sector experts, we are now seeing a steady increase in clients from all walks of life, taking control of their finances." The development represents the "democratisation" of online trading by creating an easy to use trading platform he says. "Trading is not gambling but is a skill based on research and experience. For the short term you can ride the trends, but for long term trades, do the fundamental analysis and researchthe economic indicators. Diversify and don't rely on too few investments. When a trade goes bad, get out. Don't be stubborn and hold on."

AND THE WINNERS ARE ... TRADERS FROM ALL WALKS OF LIFE

Sajith Valiyaveetil is the 2009 eToro British Trading Challenge champion. Aged 22, from Forest Gate East London, Sajith achieved the biggest virtual profit of USD 26'000 (UKP 15'600) on the forex market. He began the competition by exploring trading across all currency pairs but later focused on the Euro and US Dollar, the most traded forex pair. He successfully identified selling opportunities at recent highs and ultimately reached first place by concentrating on the quality, rather than quantity of his winning trades. An MBA student who works parttime in a souvenir shop, he describes himself as a "novice" trader. "I just started one-and-a-half months ago and have learned by myself," he says. "I opened a demo account and the competition was my first trading experience. I discovered forex while browsing the internet. I was searching for ways to increase my earnings online which wouldn't get in the way of my studies. I really knew nothing about forex but, after I started trading, I learned a bit each day. I think I'll be able to earn some extra money for my future. I'm amazed to have won the trading challenge on my first try and I really think it shows that anyone can start trading forex"

Andrew Omara s the runner-up with a profit of USD 10'500 (UKP 6'300). A professional poker player and former car wash owner, Andrew, 43, from Morecombe, Lancashire, traded the silver market with nerves of steel. He rode the market as a "silver surfer" but a so tried his hand at forex. Profiting not only from buying silver in a clear bull market he also showed great timing by managing to gain from every correction. He exhibited intuition and quickness-of-mind to know when to sell in a skyrocketing commodity market. Andrew says he is a "beginner", despite having traded real funds before the competition. "I don't believe my background as a professional poker player helped, but maybe I'm just a gambler at heart" he says. "Initially I lost but I learned where I went wrong. At the beginning, I left money in too long. I also took high risks, using high leverage which was costly. My trading strategy basically entaileded watching the markets prior to opening a trade. I entered the five and 15-minute intervall graphs, and watched how currencies changed." But it was silver that cought his eye. "I was dravm to commodities as it was a lot faster paced. And I enjoyed the challenge," he says.

Tamas Kalanyos came third making USD 9'616 (UKP 5'800). From Hungary, where he trained as a computer programmer, Tamas, 35, now lives in Dewsbury, West Yorkshire. And is currently a factory worker. He started the challenge on the wrong foot, trading mostly Euros against the Pound. He also focused on short-term trades on the Pound against the US Dollar without much success. But his fortunes turned around in the second week of the competition as he continued to trade on the forex market, adding the Euro against the Dollar to his strategy and allowing the trades to flow a little longer, giving them a chance to maximise gain. He says: "I started about six weeks ago. I have been searching for a way to make money or work from home. I have not traded for real yet. I am thinking about it. If I could make even UKP 100 a week, that would be good. I was constantly checking the dollar. I checked the pairs gong up or down - the trends - and after this I got some information from the internet on the Dollar, Euro and Pound, and calculated whether the Euro would go up and then would buy it "

Leslie Wilson, in fourth place, finished the challenge with a profit of USD 8'643 (UKP 5'197). The 45-year-old property developer from Coventry in the West Midlands, mainly traded the Pound against the Japanese Yen. Leslie displayed discipline and self-control , employing a two-part strategy. First he let losing trades close automatically by using a "stop loss" feature on the trading platform. Then he started trading in small quantities and gradually  increased the size of his trade as profits built up. He followed this pattern throughout the competition, proving the importance of formulating a plan and sticking to it. "I started forex trading very recently, in the past few months," he says. "I still consder myself a beginner, although I would say that I do understand the fundamentals of Forex trading. I started trading for real money in the recent past, as opposed to using virtual funds. In fact, I'm considering embarking on real trading again in the near future. I initially thought that trading would require a lot of knowledge about the financial markets. But, after doing some initial research, I perceived that forex trading is basically open to anybody."

(published by Raconteur Media in The Times on 9th December 2009)

Forex Software