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.

I just wanted to post a quick note to remind us all to make absolutely certain that we control our risk. There have been many exciting trading opportunities this year and I'm certain there will be many, many more. The level of volatility and the strength of the moves of many of the current pairs has truly been inspiring.

During all this Forex trading excitement I've had to remind myself of many of the exact same things I advocate like a broken record. Risk control is one of those things. You see, I've been onboard some of these incredible trends and it seemed like I could do no wrong. Along the way I became too full of myself and the market quickly reminded me who was in charge.

You can't win the game of Forex trading if you don't control your risk because if you don't control your risk you won't be in the game. Obviously, if you are not in the game you cannot win.

Here are a few risk control tips to keep in mind during your trading:

1) When a trade is moving against you and your stop loss is about to be hit do not move your stop to give the trade more room. The market has spoken and is trying to tell you that this trade is over and to prepare for the next one.

2) Risk only a small percentage of your capital per trade. If you risk 50% of your working capital per trade what do you think will happen? Well, you don't have to be a rocket scientist to figure that one out.

It's OK to even have have a piece of paper on your desk that says, "I will control my risk on the next trade and every trade". As simplistic as it may sound, having small reminders like this can go a long way towards keeping you disciplined and profitable.

Are you ready to make your Forex trading profitable in 2009? Have you vowed to stop making the same old mistakes and stop chasing the same old false promises? I certainly hope so because 2008 was a great year for profiting through Forex trading and I see no reason why 2009 should be any different. In fact, I believe hat 2009 will be an even better year.

I am going to be making some tools available to you in 2009 to help you profit. I would really like to help and make 2009, "your year" to profit from Forex trading. To start you off in the right direction I will share with you a three-word secret of every successful trader who has ever lived:

"Control Your Risk"

I know, those of you who know me say that I sound like a broken record, but I'd rather be a profitable trader sounding like a broken record than a losing trader with the "next great thing".

The simple fact of the matter is that if you do not control your risk nothing else will matter. If you do not control your risk you can have tons of brains, tons of money, and tons of time…and still lose your shirt as well as the shirts of those close to you.

If you are the type of hard-headed trader that refuses to control your risk might I suggest that you simply give the money in your trading account to charity so at least some good will come of it!

Ok, with that said, what are we going to do to make our trading wildly profitable? I think you already know the answer to that question.

Trade Well,

Robert

I wanted to tell you about one of the newest Forex products on the market and that's Forex Avenger.

Like many others it claims to have some "secret" that makes it better than every other product out here. Forex Avenger claims to have 82.69% accuracy. I'm not sure why they put it that way as no trading system will have the same level of accuracy all the time.

It is stated to have taken 8 years to develop yet the "Proof" that is provided shows an account with less than 2 months worth of trading.

I am personally less than thrilled with any Forex trading system that claims to be the answer to all of our financial prayers yet can't even show us a track record longer than 2 months. Let's think logically for a moment. If you were selling a trading system that was great wouldn't you want to show your potential customers as much "proof" as possible? Of course you would.

I can't help but think that Forex systems which show you short track records have something to hide and that might be the fact that they simply will not survive over the long term.

As I typically state, Forex Avenger may be the greatest trading system known to mankind and I could be way off base about this product. In that case, I would encourage anyone to give it a try on a demo Forex account because the product does come with a 100% money back guarantee.

For more information about Forex Avenger Forex Avenger

Official Forex Avenger Website

Forex AutoCash Robot makes one of the boldest claims I've ever seen with any Forex trading software and that is that it had zero losing trades in the last 8years and 8 months.

No losing trades! That really got me interested. Forex AutoCash Robot says it is 100% autopilot… that it works 100% hands-free with absolutely no human intervention.

Forex AutoCash Robot claims that you can trade starting today without any experience and without any risk. Okay, this Forex trading software was really sounding interesting until I watched the demo video and saw the words "Without Any Risk". I'm not certain how the creators of this Forex software define risk, but apparently it must be vastly different than my and most everyone else's definition of risk. Let's get one thing straight here before we continue. There is no such thing as trading in a real account with real money and no risk. There is risk involved in Forex trading and every other type of trading…there always has been and there always will be risk.

The only possible way that Forex AutoCash Robot can trade without risk is when you are using a demo Forex account using imaginary capital.

Forex AutoCash Robot does show a track record of trades from January 3, 2000 until September 19, 2008 in it's track record does indeed show no losing trades. The sales literature then goes on to state, "Want to trade the most accurate Forex robot in the world — 100% winners".

I don't want you to think that I am picking on Forex AutoCash Robot, but there is no such thing as a trading system that has 100% winners. The only place a trading system with 100% winners can exist is deep when a trader's imagination.

Please understand me when I say to you that I am not saying that Forex AutoCash Robot is not the greatest discovery since the wheel. What I am clearly saying is that it is highly unlikely that you will trade with Forex AutoCash Robot in real time with real money and not have a losing trade. With that being said that doesn't mean that it cannot be a profitable trading system in the long run, simply that you will not have 100% winners.

Forex AutoCash Robot can actually be easily tested out at absolutely no risk to you. This Forex software does come with a full 60 day 100% moneyback guarantee. This means that you can open up a free demo account which most all Forex brokers offer and test the Forex AutoCash Robot as much as you like.

More information on Forex AutoCash Robot can be found when you click here

I'm currently looking over the literature for the Forex trading system 10 Minute Forex Wealth Builder.

It claims that you can make shocking amounts of money trading Forex only 10 minutes a day.  It also speaks about making thousands a week as I look around I don't see a mention of how much capital is required to make thousands week.  In fact upon further investigation there is absolutely no mention of how much capital is necessary to get started.  At this point yet — yourself what kind successful business can you start without knowing how much working capital you will be?

The creator of the system then goes on yet another all-too-familiar indicator bash.  What I mean by this is that he states that indicators are useless and that they do nothing but lag.  Quite obviously he is trying to appeal to people who have been unsuccessful trading using indicators.  Or perhaps the creator has also himself been unsuccessful using indicators to trade Forex.  This does not mean that indicators do not work, but that does who have used them have most likely done so incorrectly.

As usual I am very interested in any type of proof or performance related information to substantiate the bold claims laid out by 10 Minute Forex Wealth Builder.  I do see one live trade example actually to live trade examples and an additional two charts each showing a profit.  Upon further study I see that there are actually three live trade examples.  There is no performance report or track record of any kind.  In my humble opinion this makes it difficult to evaluate the validity of the system.

10 Minute Forex Wealth Builder claims that the trading methods have been rigorously tested and proven to work.  As stated above if this were the case it would be very nice to see the results of these tests in order to make an informed decision.

There are testimonials available but they appear to be mostly from other people who are selling Forex trading systems as well.

I'm not going to say that the 10 Minute Forex Wealth Builder is not the greatest Forex trading system known to man.  In fact it may very well be just that.  It is just as I cannot make that assessment based upon the information that they give me.

Fortunately for those who absolutely positively must give 10 Minute Forex Wealth Builder a try there is a day to week 100% moneyback guarantee.  This would allow you to test the system and see how it performs without risking a dime.  This of course, is assuming that you would be testing the system out using a demo Forex trading account without real money.

For more 10 Minute Forex Wealth Builder information click here