When Is a System Suitable for Automation?While the average trader can make money using any given toolkit, there are some cases that are not well-suited for complete automation.
Making Mistakes When trading in the ForEx market it is best to come to grips with the cold hard fact that only 5% of all traders achieve their ultimate goal of being consistent with their profits. The difference between that 5% and everyone else is that they learn from their mistakes and recognize them as learning experiences, not personal failures to be ignored and swept under the rug.
Successful and Unsuccessful Traders Unsuccessful traders don't want to learn the charts, the signals, and other intricacies of the forex market, become prideful, believing that they deserve more profit, are therefore take unwise risks.Successful traders painstakingly build outwardly simple systems that have taken years to perfect, wait for predictable signals that are obeyed without question, want to know everything about their broker and their broker's practices.
Currency Value The value of a currency is always given in terms of another currency.
For example, the value of a US dollar in terms of British pounds is the £/$ exchange rate, and the value of the Japanese yen in terms of dollar is the $/¥ exchange rate. Understanding this procedure is particularly useful when dealing with unusual currencies.
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