Forex is a very popular trading market over stocks and futures due to the ability to leverage your money. Before the FIFO rules and lower Forex leverage came to the USA, some brokers offered 400 to 1 leverage. This was a little overkill and you can quickly get into a situation where you blow your account with that type of leverage, since the draw-down can happen much quicker. In the USA the Forex leverage is still 50 to 1 and that is much more than you will see with the stocks or futures markets. This makes the Forex market more attractive to the majority of the general public fitting their budget. The Master Money Bot mt4 Forex indicator gives you the options in the inputs to decide how much you are willing to risk. This way you not only know what you are risking, going into a trade, but if you are risking say 3% of your starting capitol, you spread the risk out over many trades increasing your chances of success.
FAQ Forex Penney Accounts
In Forex there are brokers who offer Penney accounts where you can open a Forex account with sometimes as little as $5. These Forex Penney accounts can be a nice alternative to trading DEMO accounts since you are trading with real money. This helps to give traders a better initiative to take their trades with a sincere attitude since real money is at risk. I personally think if a person were to use a tool like the Master Money Bot, and trade a DEMO account, with the same amount they would be willing to open a live account with, they could have just as much success in this manner trading the DEMO account as with a live penny account. They would need to keep records of their trades, why they took them, and learn what caused the profit/loss for the strategy are using, along with other factors involved with the reason they took the trade. There are some Forex Brokers who will allow you to trade Penney accounts with as much as $3,000 in them. The reason this can be an advantage is with the Penney account you can adjust your lot size right down to the Penney. 🙂
How Forex Trading Hours can make a Good Part Time Job
Forex can be traded 24 hour from Sunday afternoon until Friday afternoon making it a nice part time job for many people. At different times of the day there are different markets openings. Forex sessions in the USA, Asian, European, and London market openings are the most widely recognized. Each of these markets trade differently along with the Forex currency pairs trading differently in these markets. It is good to decide the nuances of the market you wish to trade in, how it fits your schedule, and the different volumes and strategies. You can do a Google search for the times of the different markets for your time zone. I would also suggest doing a search for trading methods that fit the market time you are going to trade. For example: when the Asian session opens the Japanese Yen may have more volume than the Euro and when the European session opens the Euro may have more volume then the Japanese Yen. If you wish to do this as a part time job, deciding what time you are going to trade will help you to discover which Forex pairs you are going to trade. Along with finding out which pairs you should trade, you can do a Google search for strategies that will help you to trade that specific pair and what time frames that helps that strategy to work best. We discuss here a nice way to use the Master Money Bot Account Copier system for helping to add success to your trading.
The Master Money Bot MT4 Forex indicator should be placed on all of your charts. If you are using the Master Trade Panel it is not necessary to have the Master Money Bot on your charts since the trade panel displays the next lot size. The Master Money Bot will display the next lot size in the top left corner of your chart. The risk amount is also displayed in the top left corner. This is the amount the Master Money Bot calculated to be risked on the next trade according to your default stop loss and risk settings in the Master Money Bot indicator inputs. Click the picture to the right to get a better view of how the Master Money Bot settings are displayed at the top of your charts. The positioning of the display on your chart is adjustable in the input settings. If you have not seen the Master Money Bot mt4 Forex risk management video please click here to view it.
Can I use my MT4 indicator in more than one broker at the same time?
In the event you trade more than one broker additional licenses are available at a discounted price in the Master Money Bot member’s area. We also offer the Master Trade Panel and Master Account copier which are automated trading tools. Anytime you wish to switch brokers this is easily done by logging in to the member’s area and clicking on the license tab to change the broker account number.
If you have questions or need additional help, please don’t hesitate to contact us. We have a video on how you can use the Master Money Bot to become a better trader. If you have not seen the Master Money Bot, please click the following link and find out how Master Money Bot can help you to become a better Forex trader today!