The main point of any currency trading tutorial is to help you make money with forex trading. You do need some understanding of the currency foreign exchange (forex) market and the risks involved in speculative trading even if you want to use a hands off method of trading.

Hands off methods of forex trading include forex robots or automated trading systems, also known as expert advisors. These are programs that you download and install on your computer. They will communicate with a forex broker platform to trade for you automatically any time that your computer is switched on.

The second easy way to get into forex trading is through signing up for a forex alerts or signals service. These guys will watch the market for you and tell you when to trade. Messages will come in by email and/or SMS signalling the moment to open a trade, close a trade, and sometimes they will advise on the stop loss position to manage your risk.

Thirdly you can opt for a managed account. Here somebody else will manage your funds for you. Many of the best forex managers will only deal with large accounts, so this option may not be ideal if you only have a small amount of capital. Also, you should do your due diligence very carefully and check whether the management company is a member of any regulatory bodies that might protect you against loss or fraud.

You should be aware of course that forex trading is risky, like all speculative investment. Even if you are paying for one of these services there is no guarantee that it will be profitable at any particular time. All you can say is that it probably has a better chance of being profitable than you would if you went in as a beginner and tried to trade for yourself.

It is true that there are advantages in learning to trade for yourself through a currency trading tutorial or other training program. It does take time and you will need to use a demo account probably for several months, so you will not have any chance of making real money for a long time, but it has the advantage that you are not reliant on anybody else’s service or system. Once you have mastered the art of trading for yourself, you should be able to adapt your skills and always be able to manage your own account.

Many beginners start out with a forex robot or expert advisor and if you can pick up one of the best ones and set it up right, this can be a good option. However, you do need to be familiar with the basics of forex trading just to understand the settings and manage your risk. Risk management is one of the most important aspects of currency trading – get this wrong and you can go broke even with a profitable system, because you will not make enough allowance for the inevitable losing runs. So when you are looking for a currency trading tutorial, make sure you get one that covers risk management in detail.

Filed under: Forex Basics

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