Is GBPBot a Useful Tool for Professional Traders Forex Trading? An Actual, Unbiased Review of This Automated Forex Robot

GBPBot is a new Forex trading robot that has already received great reviews from seasoned investors and new traders alike.  The developers behind GBPBot made this program specifically to emphasize trading the GPB/JPY currency pair.   The GPY refers to the British pound sterling; the JPY refers to the Japanese yen.  Unlike most Forex robots that focus on all different types of currency, this robot advocates that pair, though it does allow for other currencies as well.

A quick overview of Forex trading robots:  These are software programs created for the sole purpose of keeping an effective trading plan in action regardless of the market situation.  EA robots monitor the market, place trades under specific strategies, and avoid the fear, inconsistency, emotional reactions, impatience, and worry of most Forex traders.  Even experienced, professional traders have to deal with these feelings.  GBPBot and other such programs do not.

Compared to, say, Fapturbo, this program is more limited.  It does not have the wide range of options given by Fapturbo and does not let you include as many different types of currencies in your trades.  However, it takes into account collective data and market trends that Fapturbo does not.  This means that over time, the robot starts making smarter trades as it gathers data about the market and what types of trades you want to make.  It also includes forex trading for beginners that Fapturbo doesn't - so even if you are just starting out, you can make money with GBPBot.

One thing to note about this program is that it is very new, having been released on just March 9, 2010.  It is still undergoing a lot of testing and tweaking, though it is very usable in its current form.  The developers include lifetime updates with the $97 package, so you do get that, and also a 60 day money back guarantee.  I do think their customer support is more reliable, probably because the product is so new.  Hard to say if it will stay that way.

Like most other forex automated robots, GBPBot comes with step by step video instructions.  You can get started with a very small initial investment of $5000 in your forex account.  There is also a reliable stop loss strategy included with this robot so if you start losing money, you won't just keep losing it - the robot will stop making trades until you tell it what to do next.

Read more about GBPBot Forex Trading Software.

How Can I Learn to Invest Safely in the Forex Market: A Beginner's Guide to Safe Investing in Forex

The Foreign Exchange Market (forex) is one of the most active and huge markets in the world. Forex trades international currencies, and averaged over $1.9 trillion per day in 2006. Because of its extreme volatility, it can be extremely difficult for small traders to get into forex. However, with the right broker, tools, and knowledge of the forex market's workings, one can make a profit with forex trading.

Wondering "How can I learn to invest safely in the Forex market?" Here are a few basic tips to get started.

1. Learn to read a forex quote. Forex quotes are the ratio of one currency to another - for example the USD/EUR is the price of a US dollar when converted to Euros. The first listed currency is the base currency (which is often the stronger currency at the time of the quote) and is expressed in a value of 1. The second currency, known as the counter currency, gets its value from the base currency. So if the USD/EUR quote is 1.21, 1 USD has the same value as 1.21 Euros.

2. Know the definitions of pip and spread, and realize the importance of both. The prices of currency in forex are expressed in pips (percentage in point). Pips are the fourth place from the decimal point or 1/100 of one percent. If the USD/EUR is 1.1300/1.1304, there is a 4-pip spread between these two currencies. And get this: a fluctuation of just .0001 equals $10 USD. So if the value of the USD/EUR changes by 1 pip, $10 USD can be made or lost.

3. Learn the bid and ask terms. Bid is the selling price for base currency; ask is the price to by the base currency. Both of these transactions are done at the same time.

4. Understand leverage and margin. Leverage is trading without putting up the entire amount of the transaction - blanket money, essentially. Margin is the minimum amount needed just to make the trade, and averages about 1-2%. Because major currencies are less volatile than stocks, the forex market allows for more leverage, but also means greater profits and losses. This is why forex trading can be extremely difficult to get into and make a profit from.

One key to remember: For any USD counter currency pair, one pip = $10 per 100,000 trades.

Learning how you can invest safely in the forex market is vital to anyone who wants to succeed in forex and build residual income through this extremely liquid market. An easy-to-understand crash course on the basics of forex trading - especially when using the Fapturbo software - is highly recommended. Click here to read about the best guide available to teach you how to trade forex, even if you don't know anything about it right now.

Buy/Download Fapturbo here

Made up your mind to get FAP Turbo? Buy and or Download Fapturbo robot software at this link for a discounted price. 

Currency Options: Trading on the Forex

The Forex market has boomed as a new source of income for investors and traders all around the world.  What are the basic ways trades are made on the forex market?  Before actually making transactions, a smart trader needs to understand the basics, or losing money will be more probable than making any.

What types of currency options are available for trading on the forex? 

Currency pairs are the types of trades made on the forex.  A currency pair is the trade of one currency pair to another.  The most frequent currency pairs are

• EUR/USD: Euro
• GPD/USD: Pound
• USD/CAD: Canadian dollar
• USD/JPY: Yen
• USD/CHF: Swiss franc
• AUD/USD: Aussie

An example of how these trades work would be that a trader buys the euro, and at the same time, he or she is selling the USD.  Or if a trader goes short and sells the Aussie, that trader is buying the USD at the same time.  The first currency in each pair is called the base currency; the second is called the counter or quote currency. 

One last important buzz word: a Pip

While trading on the forex, you will undoubtedly come across the term 'pip'.  A pip or percentage in point iis the minimum incremental move that can be made with a currency pair.  For example, a move in EUR/USD from 1.2545 to 1.2560 = 15 pips.  

As you can see, currency options for trading on the forex are quite varied, so it helps to know what types of currency you want to trade. 

Automated Currency Trading: Forex Robots, and How They Work

Trading the forex used to be a difficult and risky matter.  Make a bad trade, you'd lose money.  Now, however, there's actually a way to create your own automated currency trading system with forex 'robot' software.

What are forex robots? 

Robot software works fairly simply.  You set up an account (either a demo or a real-time account), plug in the same trading parameters that you'd normally use when doing forex trades, and then let the software go to work.  It basically simplifies the trading process by doing the trades for you once you've established what patterns you want to use.  

Hard to use? 

The best forex robots have simple, user-friendly interfaces that aren't hard to learn; the hard part is coming up with a winning trade system.  Even an automated currency trading system will require a lot of back and forward testing.  No piece of software is a guaranteed income generator, and anything that promises that is scammy and should be avoided.

Worth it for me? 

Most autopilot forex software runs between $100-200 for a one-time purchase, and may have upgradeable features.  If you have managed to come up with a trading plan that's working for you and you're seeing consistent results, forex robot software can make your life a lot easier.  You can even start multiple trading accounts and double or triple your profits.  However, if you aren't successfully trading forex already, robot software isn't going to fix that problem.  Instead, you should research the basic trading concepts essential to anyone who wants to make money using forex. 

How do I pick one? 

The best way to figure out what forex robot will suit your needs is to try them.  All the good autopilot forex programs have demo account options that let you plug in actual trading parameters and then test the results risk-free, without any actual investing going on.  Trying 2 or 3 different robots with demo accounts like this is a good way to determine if they'll work with your current setup.  Most good robots come with 30-60 day moneyback guarantees, so you can test with the peace of mind that you'll be able to get your money back if they don't work for you. 

Click here to read about the best forex robot with real, consistent, proven results.

How to Find a Forex Broker That Won't Rip You Off

Before you start trading Forex, you're going to need one thing.  Surprisingly, it isn't knowledge of the market itself, foreign currencies, stock market experience, or anything like that.  It's a broker.  This is the guy or the company that is going to buy and sell your orders depending on how you dictate them; essentially, the middle-man.

What is a forex broker? 

Simply put, a broker is an individual or service that buys/sells orders as determined by the trader.  Brokers earn money by charging service fees.  Picking a good one requires a little research, but this is important so you don't choose a disreputable or too-expensive broker.

Things to think about when picking a broker

1. Is it regulated? 

Find out what regulatory agencies your prospective forex broker is registered with.  Because the forex market is "unregulated", regulation is often reactive - which means there's no security for you money until after it's all been sucked away. 

In the U.S., brokers should be registered with the CFTC (Commodity Futures Trading Commission) and be a member of the NFA.  These companies exist to protect the public against all kinds of scammy stuff like manipulation and abusive trade policies - and of course, fraud.  Use them to protect yourself.

2. Does the broker use an online platform?

Trading software is very important because ordering systems make up the backbone of trading platforms.  Being able to trade over the internet makes Forex very easy, so it's not a bad idea to try a demo account at different online brokers.  Their layouts should include: 

• options to view real-time currency exchange rates
• account balance summary with unrealized/realized profit and loss, margin locked, and margin available
• client or web-based programs to let you trade on the broker's website or on your own computer

An important note: Don't even bother forex trading if you don't have a high speed internet connection.  Forex moves fast, and you need information to travel in split seconds.  Dial-up doesn't work for forex, period.

3. Good customer service?

This is probably the most important factor in choosing a broker.  Brokers should offer 24/7 support, as forex is a 24-hour market.  If you can't contact the firm or individual by phone, email, chat or other methods, don't bother.  A good way to test customer support is to pick several online brokers and contact the help desks, so you can gauge the intelligence and experience of the reps.  If you don't get speedy replies and solid answers to your questions, don't trust them with your business.