Even with the last month of the year in a nosedive for the EURUSD, it closes out 2009 still nicely up.

Although the currency pair closed up from the lows of late last year it still could not surpass last years high. The current close leaves the EURUSD squarely in the middle of last year’s range.

Good trading to you in the upcoming New Year!

After a gigantic sell off in January 2009 the EURUSD settled in and made its lows in March. From there it moved upward making new yearly highs last month. As you can see from the chart below we are trading right near the yearly highs and it’s very early in the month yet.

Daily EURUSD

To create an exhaustive list of all Forex software would be a monumental task. What I have compiled here is a list of all Forex software that is the most popular. I make this list available only as a reference.

Forex IvyBot

Official Forex IvyBot Website!

FAP Turbo

Official FAP Turbo Website!

Forex MegaDroid

Official Forex MegaDroid Website!

Forex Ambush

Official Forex Ambush Website!

L.M.T Forex Formula

Official L.M.T. Forex Formula Website!

Forex Monster

Official Forex Monster Website!

10 Minute Forex Wealth Builder!

Official 10 Minute Forex Wealth Builder Website!

Forex Autopilot

Official Forex Autopilot Website!

Forex AutoMoney

Official Forex AutoMoney Website!

Forex Killer

Official Forex Killer Website!

FAP Turbo Expert Guide

Official FAP Turbo Expert GuideWebsite!

That's it. That's a list of all Forex software that is deemed to be the most popular.

OK, it's no secret that Forex robots have become very popular. In the state of our current economy it doesn't surprise me one bit that there are many people looking for a way to make some extra part-time income.

As much as I absolutely love Forex trading myself I would have to honestly tell you that I think it is a bad idea. Entering into a speculative market with little to no working capital and little to no experience is a recipe for disaster.

I know, I know, some of you are going to say, "Robert you are no fun at all" I'm not going to disagree that it's not fun to talk about the downside of untrained Forex trading, but if I don't talk about it who is? Forex robot vendors, yeah right! Forex brokers, I don't think so. The people who run the many Forex review site that want you to buy one product or another. Nah, not going to happen.

So as unfun as I may seem by talking about this it needs to be said. Now, I'm not doing this because I'm having a tough time in the markets….quite the contrary! I haven't seen profits like this in year! I'm talking about this because I would like for you to join me in trading Forex profitably one day…and that day just may not be today…or tomorrow or even this month. I wnat you to join me in the joys and profits of Forex trading if and only if you have come prepared to succeed.

So..

If you have to scrape together the money to trade Forex - Don't Do it!
If you don't know how to profitably trade Forex - Don't Do it!
If Forex trading makes you nervous - Don't Do it!

We will chat about this more later…..

A Forex mini account is a smaller version of the standard Forex account. A standard Forex account requires approximately $2000 as the minimum opening requirement.  A mini account can be opened with as little as $$400.

Mini accounts trade what are known as "mini lots".  The pip value for a standard Forex account is $10, so if the market moves 100 pips in your favor your profit would be $1000.  Your pip value for a mini account, however, is $1  and if the market moves 100 pips in your favor your profit would be $100.

If you'd like to open up an account with even less money than any mini account there is also a "micro account". A micro account can be opened for as little as $25. if the market moves 100 pips in your favor in this type of account your profit would be $10.

The smaller Forex accounts such as the Forex mini account are extremely handy for those getting started in Forex trading.  Although there are demo accounts available which require no real money to trade, a mini account can serve a unique purpose.  That purpose is that you will be trading with real money.  Trading with real money will help your trading more closely match what it will be like when you move up to trading a standard account.

You see, with a Forex demo account you really have nothing at risk. Truthfully, people will tend to "play" with "play money". This is the reason so many beginning Forex traders do amazing things in there Forex demo account but then do terribly when trading with real money in a standard account.

Your objective while trading your Forex mini account is to closely simulate what you will do when you step up to a standard account. You will have an opportunity to put your trading systems to the test while at the same time having a smaller amount of money on the table.

Make certain that you treat your mini account with the same level of respect and risk control that you will use with your standard Forex account. This will help you develop the necessary level of discipline to trade Forex successfully. When you are successfully able to trade your Forex mini account you can then step into a standard account with confidence.

First let's start off with the definition of a Forex trading system.  A trading system may also be referred to as a "trading method" or a "trading strategy". The simplest way to put it would be to say that a Forex system is a set of rules to be followed in order to effectively trade Forex.

Forex trading systems usually come in the form of a cause and effect statement. Basically the system works in an, "if — then" manner.  Here's an example below:

If the EURUSD reaches a price higher than the highest price yesterday, then buy the EURUSD today.

Trading system developers may start off with a simple idea such as the if then statement above.  They will then run tests on the idea using historical Forex data.  Their objective is to see how the idea would have performed in the past.  If it performs well the next step is to refine the system through further testing.

A Forex trading system may also be referred to as a "mechanical trading system".  It's call mechanical because it performs its duties in a machine-like fashion and gives the trader Forex signals. It does this without fear or emotion and that's one of the key advantages to using trading systems. Forex trading systems have become popular with both individual traders as well it's large financial institutions because of their "mechanical" nature.

With a trading system you essentially have a roadmap to follow as you journey toward successful Forex trading.  A good trading system eliminates guesswork and thusly uncertainty. The fact that Forex trading system has been shown to be profitable through testing gives traders a tremendous amount of confidence.  It is confidence which allows the successful trader to push aside any potentially limiting negative emotions to trade Forex profitably.

A good Forex trading system will provide you with the following information:

What to trade — Your system will tell you which currency pair to trade be at the EURUSD, GBPUSD, EURJPY, etc.

When to get in — A good system will tell you at which price or time to enter a trade

When to get out — Your trading system will tell you when to exit a trade

How much to risk — Never enter a trade without knowing how much capital you have at risk.  A good Forex trading system will have it's risk defined ahead of time.

When to do nothing — In trading doing nothing is actually doing something.  Being selective and keeping out of potentially bad trades is as important as making profitable trades. Being impatient has been the downfall of many a trader. To profit consistently you must wait for he right opportunities.

As you can see a good Forex trading system can help you be a more profitable, organized, and confident trader. As you may already suspect, however, not all trading systems are created equal.  If you do decide to buy or lease a commercially available trading system make certain that you investigate it thoroughly. Test it using a Forex demo account before using any real money to trade the system.

Forex robots are designed to automate the process of Forex trading. They are also called Forex expert advisors, EA, as well as mechanical trading systems, MTS.

A Forex robot is software that has a trading system programmed into it. These robots have grown in popularity for a number of reasons. One big reasons is that the robot itself performs it's duties exactly as it was programmed to. It basically follows the instructions it is given to the letter which can make it very reliable. Another reason trading robots have grown in popularity is that individuals want to be able to trade profitably without learning how to develop their own trading system. As a result many are searching for the best Forex expert advisor possible.

So, should you use Forex robots to trade successfully? In reality only you can answer that question as you best understand your trading goals. You should understand, however, that all Forex robots are not created equal. In fact, there are huge differences between them and it will be important that you evaluate any trading robot very closely before risking money.

Something important for you to remember is that just because someone is selling a trading system has nothing whatsoever to do with how effective or profitable trading system will be for you. There is a lot of software available today which will allow any of us to build a trading system. The reality is that while much of this software is helpful most software of this type lack the necessary components for designing a successful trading system. What this means is that many trading systems vendors will build trading strategies that are automatically flawed. It would be safe to speculate that a great many of the Forex robots on the market today don't have what it takes to help you become successful.

What all this means to you as a person who wants to succeed in Forex is that you need to closely evaluate any expert advisor, robot, or trading system you are interested in.

Forex trading myths are everywhere these days.  Due to the incredibly increased popularity of Forex trading it seems that everybody and their brother is jumping on the Web to give you Forex advice.  There's something that you may or may not know especially if you're a new Forex trader.  You simply cannot trust all the information about the currency markets that you see through searching on the web.   

You see, all Forex information is not created equal.  Although there are some people that actually know what they're talking about,  the internet seems clogged with many people that don't have a clue about what real-world trading is all about.  Therefore it is up to you to take much of what you read with a grain of salt and exercise caution when taking free daily Forex advice from anyone.

One of the many things that you'll see spoken of again and again is the incredible liquidity of the Forex market usually with some mention of how many trillions of dollars per day are being traded.  Along with statements of how liquid the Forex market is you will typically hear that the advantage of this liquidity over trading other markets such as stock and futures, is that you are able to get into and out of a trade with virtually no slippage. Slippage is basically the difference between the price you placed your order at and where you were filled (not counting the spread).

In a "no slippage" transaction your trade would be filled at your order price (not counting the spread). Something very important for you understand is that this simply is not the case in each and every transaction. Let me give you a recent real-world example.

An associate of mine was recently short the EURUSD and using the Forex broker FXCM.  A news report came out while they were in the trade and their protective stop was "run" by over 140 pips as the EURUSD bolted upward.  This is a simple example that there absolutely, positively is slippage in the Forex market and you will not always get filled at your price.  In fact, the reality of Forex trading is bad there may be times when you don't get filled anywhere near your price.  In just that one trade in the example above that 140 pips of slippage is the equivalent of 46 trades each with the spread of 3 pips.

These days you're going to see more Forex robot reviews than ever before.

It seems every single hour of every day someone that you've never heard of has created a Forex trading system which will save the world, put a chicken in every pot, and improve the quality of life as we know it.

I decided to write about this today because I do notice that I get comments submitted to the site either asking questions or requesting me to "read this". Before I go further please don't get me wrong I'd love to have meaningful, constructive comments from readers here on the site. Unfortunately most of the comments that I receive are from marketers with other Forex robot review sites.

I would welcome comments from those who have something intelligent to say, but have yet to receive any such information. The intelligent comments that I have received have been sent in by you, the reader.

I would caution anyone who reads this that most of the Forex product review sites and Forex robot reviews are created by people who don't have the foggiest idea what Forex trading is about. To me, this makes it difficult if not impossible to trust what they have to say. Let me also say that I mean no disrespect to those who may fall into this category, but truthfully how can you help someone to make money in Forex trading if you have never done it yourself?

My objective is and has always been to look out for you, the reader and not for the many people out to separate you from your hard-earned cash. Just make sure that you do your due diligence before you enter into the wonderful world of Forex trading.