The sad fact is most traders actually lose money trading the forex. Trading a 24 hour market can be difficult. The 24 hour market is often advertised as one of the advantages of the forex but I think it can be more of a disadvantage. The problem is you can’t watch the markets 24 hours a day and it can be hard to sleep at night when you are worried about what your trades might be doing. This is especially true for those of us in the western time zones where a lot of the market activity happens at night while we are asleep.

Aside form that one of the biggest challenges that traders face is overcoming their own emotions. The key to sucessful trading is to consistently trade a proven system combined with good money management. But for most traders their emotions tend to affect their trading decisions and usually not in a good way. This is what causes most traders to fail. You can be using the world’s most profitable trading system but if you can’t trade it consistently and keep your emotions out of our trading system then you are not really trading a system.

So what’s the solution? Many traders have started using automated trading programs, sometimes called robots, to trade for them. A robot will watch the markets 24 hours a day and trade a system for you. It will enter and exit your trades when the market gives it the proper signals. After the robot is set up it will trade day after day for you 24 hours a day and they trade with 100% consistency and without emotion.

Robots have had mixed results in the past but some are are producing some amazing results with their built in systems. After using a robot I wouldn’t want to go back to watching charts and trading manually. I have posted a link to the one I use below. It’s doesn’t cost much and you can try it out on a demo account and prove to yourself that it works before you ever use real money.

If you want to learn how to forex trade without the easy and stress free way and still make a nice profit I suggest you try a trading robot.

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TradeStation, developed by TradeStation Securities, provides both research and trading. The support system allows the small investor to have the same advantages as large scale technical traders. Using the EasyLanguage programming language, TradeStation enables the use of both pre-defined and custom-made indicators that meet the user’s investment criteria. Version 8.4 is the current version of TradeStation. It provides real time data only for the US markets and the German DAX exchange. The pros of the software include the ability to monitor multiple markets and automatically execute trading ideas. Cons include the lack of real time data on European and Asian markets. Hardware requirements include minimum RAM of 128mb and minimum hard drive space of 75mb. TradeStation costs $59.95 a month for RadarScreen real-time scanning and $99.95 a month for the base platform.

VectorVest, developed by VectorVest Inc, provides stock ratings, market timing analysis, sector analysis and investment education. A well written program, VectorVest is simple to use, with good customer service and a user friendly site. VectorVest, however, lacks sophistication compared to TradeStation. Overcrowded with promotions for the company’s investor education seminars, the site becomes frustrating to use. Also, the program focuses too much on high turnover trading, making it hard to use without being a day trader. VectorVest’s pros are in its simplicity, while its cons are in the glut of promotion and lack of sophistication. Requiring 7-14mb of disk space, VectorVest US costs $59 per month or $645 a year, while VectorVest real-time costs $129 a month or $1395 a year.

MetaStock, developed by Thomson-Reuters’ Equis division, has won the Stocks and Commodities Reader’s Choice Award 16 times. A powerful, effective program that is easy to use, MetaStock analyzes stocks, FOREX, futures and options, as well as e-minis. The software includes over 100 standard programs, as well as the option to create your own custom programs. With informative advice from Expert Advisor and an RMO trading system, MetaStock offers both Real Time and End of Day data feeds. MetaStock pros include its wide array of options and user friendliness. MetaStock cons are primarily its subscription costs. MetaStock charges extra to get data on Europe and Asia, making it costlier than other market analysis software programs. With dozens of pricing options, MetaStock’s End of Day basic program, MetaStock 10, costs $499 a year. It requires 256mb of RAM and 300MB of disk space.

TradeStation, VectorVest and MetaStock each offer suburb market analysis, user-friendly platforms and quality, reliable service. Leveling the playing field for the individual trader, these programs allow their respective users to seek the numerous market opportunities that can be found via technical trading analysis.

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