The forex trading industry it seems has been taken over by forex robots. You can't seem to be get by 2 weeks without a new one being released. However, this type of software is often catered to the new traders who want to get into forex as fast as they can without having to learn anything. This offers a way for them to start trading immediately without having to know anything about forex. However, those who have been burned once or twice by a failing robot and seasoned traders will tell you that forex robots are not the answer for long term trading success. This is why many veteran traders prefer to use a signals software like the Forex Invincible Software.
What are the Advantages of using a Signals Software?
The first advantage of using a signals software is money management. With forex robots you have the same option to change your money management risk. However, what you don't have is the ability to change it on the fly. You see, with robots, you can set it and it will apply to all future trades. However, with a signals software, you can change your risk on a trade by trade basis depending on your comfort level of the trade. Since the software does not trade automatically for you, when you place the trade, you can determine if you want to risk 1% if your not so confident, 2% if your somewhat confident, or even 3% if your feeling real confident about a particular trade.
The second advantage is the control you have over what trades are place. With your traditional forex robots, you have no say in whether the robot actually places the trade or not, as it automatically places the trade for you without warning. The only way to stop it from making a trade is to shut down the robot entirely. However, with a signals software like the Forex Invincible, you are provided with the trade signals, but its up to you to place the trade or not. So you will have the final decision if you even want to place the trade or not. If you aren't comfortable with a trade, you can choose to pass and wait for the next signal. This is the type of control most traders like to have in regards to their daily trading.
The last advantage is not as obvious for most new forex traders, but will become more obvious to them as their trading career progresses. Most new forex traders choose to use a forex trading robot because of its simplicity and the user does not have to learn or know anything about forex. However, this is also the fatal flaw in trading with these robots as well. The users do not know how to control them and never really learn anything about trading forex. Once a user has been burnt by a forex robot once or twice, they will realize the importance of learning how to trade for themselves.
With signals software, a user can learn as they go and learn from bad trades they have placed in the past to realize not to replicate those trades in the future. They can improve over time and use the signals to their advantage by placing the trades they know to be winners and passing on the lower confident signals.
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