Forex Trading by Steven M Schultz

Archive for December, 2009

There are different types of orders that a trader can use to trade in the market.

We begin by explaining that the Market Order: This is the most basic type of order and commonly used. A market order is an order to buy or sell a currency pair at the existing price of purchase or sale. When you want to enter a position in the market quickly, with the best price available at that moment, you should always place a market order. The disadvantage of a market order is that if the markets move quickly, sometimes it can enter your order with a different price to that you wanted or was initially set up to. But to explain more extensively see below for a list of various types of orders.

The types of commands you can use when trading are:

• Market Order (Market order): It is an order placed to enter or exit the market at current market price, may be the “Ask” the “Bid” or the quoted price at the time of execution. May be the sales price or purchase price.
• Limit Order (Order to ensure profit) is an order placed to enter or exit the market at an exact price or a better price without scrolling. It is when an traders sets the price at which you want to close your position and ensuring the resulting profit.
• Stop Loss Order (Order Stop to stop the loss) An order placed to enter or exit the market at an exact price which, once reaching that price and market order is executed. This is used in the event that the market is not in the expected direction. The trader sets the maximum amount (in terms of pips) that is willing to lose in a given operation.
• To gain (Take Profit): This is another command you can close your position for you automatically and is called take profit (Take Profit, sometimes abbreviated TP). A take profit order ensures that your position is closed if its price target is reached while you are away, or a fast-moving market where price can reach the target price too quickly to react.

We recommend having both a stop and a target price, when you open a new position in The Forex Market. A target price is set above the current price if you are in a long position, and below the current price if you are on a short position. For long positions, take profit order will be executed when the price (bid) equal to the amount you set, and the price for short positions (ask) must equal the amount of the take profit order.

For a better understanding of the subject see the following example: a position opened at a price of 1.1502 (Purchase Order). Under the stop loss order, the position is closed if the price drops to 1.1491. The position will be closed if the price reaches 1, according to the order of limits.1507. All that you set when you start the trading and can leave the computer while it has already established its limits, and so on.

Suppose you think the USD/CAD are trading at 1, in another example.2696/1.2699. Then you believe that the USD / CAD, which is currently trading at 1.2696/1.2699, will continue its upward trend. So, he believes the pair could break above 1.2707, which would generate at least 50 pips. So you should place an entry order with a stop at 1.2707.

In other words we can say the following:

Yes you put a sell order above the market is called the stop order to lock in profits. If it was reversed and you place an order below the market, also called a stop order to lock in profits or limit order. If you place a sell order below the market’s stop is called stop-loss or stop order. Traders place orders above and below market, with orders to stop losses and lock in profits.

All entrances to the market must have three orders:

• Order Entry
• Order Out to stop potential losses
• Order start to ensure potential earnings.

If you want to enter the market by buying, you need two orders of sale. One for losses is called stop-loss order and a stop order to lock in profits or limit order. Yes, for some reason you decide to enter the market by buying you will want to place a protective stop-loss order or stop loss order, just in case it is not desired. But if the market is in your favor you’ll want to get away with what will be an order to sell for profit or limit order.

The execution procedures are really simple:

1.    One Cancels Other (OCO / One cancels the other): After entering the market place a stop order to lock in profits (Stop Limit) and a protective stop order or Stop loss. When executed, either the first or second cancels the other order, you can set it and forget about being in front of your computer for a while. In other words, OCO orders are a combination of both types of orders, with the price and the limit stop. When one order has been executed, the other is automatically canceled. OCO orders can be used in open positions or to open a new position

2.    Orders cancellation / replacement (Cancel / replace order): Any order that you cancel and replace with a new order.

3.    Order stop / reversal (Stop / reverse order), a stop / reversal is an order has been placed for execution at a certain price. When the price arrives the original position is liquidated and a new entry is generated in the opposite direction, so as to relocate the trading in the opposite direction and price of the stop order.

Remember that getting an education and steady, enjoying being a successful trader. To view other articles see the following link:

http://forexandpips.com/forex-articles/

The Forex marketplace can be quite lucrative for those who understand how the game works.  However, it can be a lot simpler if you makes up one’s mind to use forex trading software.  What is forex trading software?  It is trading software that lets you perform all different types of Forex transactions.  This inculdes Forex trades that are done for practice and those that are done for real.  Forex trading software may also help an individual properly track economic trends associated with a currency that a Forex trader might be interested in.

If Forex software sounds interesting, it could be beneficial to first invest in a demo account before you expend more money on the real thing.  When Forex trading software is offered as a demo, you can try all of it without gambling too much money upfront.  These Forex trades are done as practice so you can get a feel for the software and Forex trading in general.  If the Forex trading software you are testing is working for you, it is easy to upgrade to an account so you can start making real trades. 

Forex trading software can come in two forms: desktop format or online.  When Forex trading software is distributed in a desktop format, a person must install it on their computer just like any other program.  An advantage of using desktop Forex trading software is that it can still be used when you are not logged on the Internet.  This is in contrast to online versions of Forex trading software, where a person has to be on the Internet to do anything.

But on the upside they don’t have to take up pc hard drive space installing extra software.  Online editions of Forex trading software usually are more secure than desktop versions as they use the same kinds of encrypted servers credit card companies and banks use.  And, there’s also the advantage of being able to check one’s Forex trading stats any time whether or not they are on their own computer.  With desktop Forex trading software, a person must use their own computer to do trading activities.

Since many Forex trading software offers a demo mode where you can practice with virtual money, it can help take the mystery out of Forex trading.  Another way you can practice Forex trading is with a game, however it does not provide all the benefits of using the actual software.  Using Forex trading software you ge an actual idea of how trading would happen in real time, not the simulation you get with a game.

When it comes to the forex market, the sizes of the trades that are going on can basically be quite confusing.  Not only is there a little bit of lingo you need to learn, but you’re also going to be dealing with figures that you could be unfamiliar with. 

To start familiarizing yourself with the sizes of trades within the foreign exchange market, the first type of figure that you need to be conscious of is the exchange rate.  Where you might be used to exchange rates that are only two decimal places long, i.e.  1.42, you will find that when it comes to foreign exchange, they’re four decimal places long, i.e.  1.4267. 

The tiniest decimal place, i.e.  $0.0001, is commonly known as a pip or point.  Both are truly short for ‘Price Interest Points’. 

So if you’ve heard people talking about how a currency increased by ‘10 pips’, that just means that it increased by $0.0010.  Of course, in the foreign exchange market plenty of the trades that go on are pretty big in size, and so for an investment of $100,000, a single pip’s worth of change is worth $10.  Therefore an increase of 10 pips would be a profit of $100! 

Mind you, this pip worth that we have been debating does vary from currency to currency.  In the examples above, we’ve been talking about how it applies to the US greenback, except for other currencies it may differ depending on how the currency is traded. 

Candidly, you are not going to be ready to remember the pip value for every world currency ( unless you really are enormously experienced, or have an incredible memory ).  In all honesty, you really do not need to though. 

Knowing the lingo and appreciating forex trade sizes is helpful, just because it will permit you to wrap your head round the trades that are going on, and that you are undertaking for yourself. 

For the common currencies, you may even find that as you familiarize yourself with the forex market, you necessarily finish up recollecting their pip values. 

On the other hand, for other currencies you might just look them up on an as-needed basis. 

What you want to appreciate most though is that the pip price of diverse currencies will perform a part in the ‘lots’ that you can purchase.  As an example, a currency pair with $ as the second currency ( i.e.  The one being traded into ) always has a pip cost of $10 per lot, or $1 per mini lot. 

in essence, this suggests that you’d be trading in heaps of $100,000 or $10,000. 

Identifying rules like that will help you to figure out what you can invest and where you can invest it.  After that, it’s all just a question of picking what you’re feeling will be profit-making, based mostly on the options that you have available.

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1.    Only print what is necessary.
Before laser printing any specific selection of a file, appraise it is worth and need so that you expend zero time laser printing stuff that may perhaps be of no of use.  To the point, merely print what is absolutely needed to conserve the quantity of inkjet printer ink cartridges and recycled paper being used.  The less color ink which is used for each laser print activity, the better the laser printer cartridges go on.
Besides, stuff which might be downloaded on external drives, instead of laser printing, needs to be saved.  Make use of CDs or peripheral hard drives to download the spreadsheets and records instead of laser printing them out. Spreadsheets and e-mails generally should not be printed unless you truly need them. There should never be a reason to print out jokes or funny things.  Laser printing these items wastes dollars in color ink, printers cartridges and recycled paper.

2. You should laser print text instead of graphics.
Printing emails or spreadsheets for review later on might be of use, however you should only print the necessary words and all additional items that are necessary.  Steer clear of printing pictures, images, graphs, or multi-colored charts if having a recycled paper copy isn’t crucial.

3. Use the Print Preview function.
Print Preview is a very beneficial function that shows a snap shot of how the finished text should look when laser printed.  “Print Preview” can assist you maneuver text, characters, and spaces and decide what pages or selections need to be printed.  You might try disabling your color ink laser printer cartridges, selecting only the pages you’ll want hard copies of, and the text which is certainly required – in particular the final sheet with the footer that you receive with every laser print job.  This significantly will reduce the amount of color ink utilized, in addition to the quantity of paper utilized.

4. Print words only with the black ink laser printer cartridges (turn off the color cartridge).
Laser print text documents that are just white and black and no color ink with just the black ink printer cartridges.  Always chose white and black laser printing instead of color printing when feasible.  It probably may depend on the class of laser printer you have however there may perhaps be the capacity to pick grayscale printing by utilizing just the black ink cartridge.  Grayscale is a lower quality, however once more, you can modify it for your final document.  If you want to laser print black words with color ink printer cartridges, numerous colors are mixed and manipulated to make black ink.  This might run down the color ink cartridge much more quickly than it might use up the black ink cartridge.  When you are not printing high quality documents for a presentation or if you are printing text only, there is always a good probability you should not want or need the different colors.

5. When possible, laser print in draft mode.
Make use of the draft print resolution function when possible. There are a number of options available. You may see several options under the tab “Paper/Quality” that will allow you chose the draft option resolution printing. The document will not print at the higher quality, but that will not matter if you are just going to reference material that you won’t want at a later time. All you have to do is switch to the higher resolution if you want a better copy of a document. 
If you can utilize this advice, you will quickly experience considerable savings in laser laser printercartridges and the expense linked with them.

Anyone would find it exceptionally hard to ignore all of the hype over foreign exchange trading currently.  There are lots of different sites and articles, across the web, all pretending to swear you the absolute earth. 

Of course , who doesn’t want to earn money at home?  But folks are frequently dubious over the fact that making a living thru foreign currency trading just appears to be too good to be true.  It’s not…many of us are doing it everyday! 

Folk are likely to go into foreign fx trading and make serious cash, but if they do not follow rather significant, basic precautionary beliefs, they may finish up losing at lot of cash.  As with anything else in life, where earning is concerned common sense should be made at every point. 

Many folks are making huge profits in foreign exchange trading!  There are foreign exchange dealing platforms that are so well organized and beginners friendly, you might make a comprehensive slaughtering immediately.  However, your chance of stumbling across such a system on your first attempt are remote to say the least.  This is where I will help you. 

So, let’s be serious about this approach and research the best practices to use in learning the way to earn a living through forex trading. 

Firstly , you need to choose whether or not you have sufficient awareness of how and when the currency markets fluctuate.  I can help you I’ve been currency trading for ten years.  To be honest, most people will have almost no real appreciation of this basic consideration.  By this, you should know which economical factors are going to dictate a rise or fall in a particular currency.  For instance, if a country says some particularly devastating stories referring to their economy, this is when you are likely to see other currencies performing much better against them. 

If you do not feel that your abilities and awareness of worldwide economics reaches to a satisfactory level to try this, you need to consider using a forex robot, which will actively work for you, scrupulously assessing which currencies to invest your own cash in.  This is a very smart way of introducing yourself to the art of currency trading and is most certainly a feature that is commended to people who are new to this industry. 

Secondly, you need to be certain that you do not invest a vast sum of money to begin with.  Set yourself an amount that you can comfortably afford and don’t place your eggs in one basket.  Budgeting and control is vital. 

Most significantly, do some extensive research of forex trading system reviews before you get into the foreign exchange trading market.  There are some fantastic foreign exchange trading platforms out there.  There are some terribly bad websites, so take care that you look at these less positive reviews and avoid them.  You’ve been warned!!! 

When you have found aforeign exchange currency} trading website that you are feeling the most ok with, open a demo account.  Use your demo account to closely judge which of your currency exchange strategies appear to work, or how well the currency exchange trading robot handles your account. 

When you are ready to open an account, you can do so for as little as around $50.00 or less.  Don’t go into this with your eyes shut and ‘all guns blazing’!  Instead, exercise caution, learn from your mistakes and ensure you watch your account. 

If you persevere with a positive and comparatively frugal mindset, you may build up your foreign exchange trading skills and experience.  There is no question that there’s definitely a lot of money to be made in foreign fx trading, but expecting this to happen overnite is not a pragmatic.

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If there is one thing that is important for you to do if you want to be profitable for the long term trading on the Forex market, it is that you need to automate some of your efforts in some way or another.  This is typically done by using some form of FX trading software and there are dozens of different options that are available to you.  Let’s take a look at the three most popular types of FX trading software in order to determine which ones might work well for you.

The number one and most popular type of FX software that is available helps you identify trends that are taking place within the market. The way they do this is by looking at various trading signals, and specific software packages may use different sets of signals to compile its data. When you find software that you are comfortable with, you may run it a couple of times during the day to identify where the market may be running. This information may then be used to place your trades or you may use it as a general guide for your trading practices.

Another type of FX trading software is an automated program that you can turn loose on the Forex market and make money for yourself, even while you’re not sitting at the computer.  Now that I have that statement out of the way, I need to let you know that it does not always work exactly that way.  Yes, there are some automated programs that are available for you to use, but I would never recommend that you simply let them run without any interaction on your part. Utilize them as the tools they were meant to be, however never abandon your own common sense where this is concerned.

Lastly, often there is some form of Forex trading software that will be available within the Forex platform you are presently using. Many of the programs are universal and just about anyone can use it in their trading practices, while other software may be more specific to particular trading styles.  Take a look at some of the software that is available in your own platform, you might find that it is exactly what you need in order to increase your productivity and profitability in the Forex market. Alternatively, you may look to other sources for any software they have available.

Learn more at Forex Trading Reviews Guide where you can see several different forex trading software reviews.

One area of foreign exchange that’s infrequently discussed, despite how crucial it is, is the capital that any financier needs if they need to enter the market.  Without capital, you have nothing to invest and so it is unthinkable to expedition into the forex market. 

Even once you do have capital though, there is more concerned with handling capital than most folks ever think about.  For one thing, regardless of how much capital you have, you must understand how to make that capital work for you else it will just be wasted. 

End of the day, this boils down to an issue of knowledge : How much do you really know about the currency exchange market?  Did you know the different types of trades that may be accomplished?  Do you know how to place limits and stop orders?  Did you know what sorts of trades are most profitable? 

And most significantly : Do you know how to cut your losses when you should? 

All these questions must be answered affirmatively before you can actually delve into the foreign exchange market with your capital.  Without the necessary understanding of the ins and outs of the market, you are going to be essentially going into it blind, and that is a certain recipe for disaster. 

Mind you, even when you have adequate data to go into the currency market, there’s more that you need to think about.  For starters, all of the data in the world can’t save you from unaccountable fluctuations that often take place. 

Naturally, the forex market is partially predicted.  But at the same time, it is also partly unpredictable and regardless of how savvy an investor you are , ultimately you’re going to come up against a situation that you actually could not foretell at all . 

When that happens, knowing that you should cut your losses is the key, but just as significantly, managing your capital from the get go so a single freak incident does not cripple your investments is equally as important. 

Imagine if you were to invest all your capital into a single trade that went bad.  Even if you managed to sell before things really hit the all-time low, you’d find that you’ve lost a large share of your capital. 

Whereas if you would managed your capital effectively and only invested a tiny portion of it, you’d have lost a ton less. 

Naturally the common argument against this is that by investing less you’re reducing your potential for money.  Actually, this is true, but at the same time putting all your eggs into one basket, no matter how attractive-sounding it might be, is never a smart idea. 

Remember : Your capital is your lifeline, and you must strive to manage it as effectively as possible.  Split it into little groups and invest meticulously.  When you get the hang of it, you can start investing larger groups. 

By smartly handling your capital in the forex market, you stand to gain a lot, with significantly reduced risk.

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As you probably well know, the tangible exchange rates that form the foundations of the currency market are calculated thru simple supply vs.  Demand.  In actuality, it’s not ’simple’ at all, seeing as there are various factors that influence demand and supply, and accounting for them and trying to envision the fluctuations that could occur can be enormously tough. 

But if you do really want to trade foreign exchange on any heavy level, you’re going to have to start being more aware of the things that are going on around you because a lot of them will end up playing some role in the fluctuations of the exchange rate. 

That is’s right : you’re going to have to start gaining foreign exchange insights from the news. 

Generally, the tips that you can gain from the news come from anything to do with the cheap or political situation of a country whose currency you’re trading in.  Naturally this would alter from trader to trader, and so you are going to need to keep an eye open for what is related to you, personally. 

Remember this : A powerful economy, both vis policies and trade, as well as a strong and stable political situation are the keys to a high exchange rate.  Other factors perform a part too, but these are the ones you’re going to be ready to get a firm handle on by observing the news. 

for instance, if there had been an election lately and the government of a certain country was replaced by one that has planned business reforms and a robust commercial agenda, then possibilities are there’ll begin to be aneed demand} for that state’s currency. 

On the flipside, if a country melts into political instability, the economy will be one of the 1st things that’s adversely influenced and therefore you’ll find that the demand for that currency reduces dramatically. 

End of the day, predicting exchange rate fluctuations with lethal accuracy is still close to impossible, but by paying attention to what’s occurring in numerous countries, you could be in a position to spot a currency that is getting ready to rise in worth, or identify one that is about to drop steeply. 

Once you have made out something like this, you can milk the fluctuation and interpret it straight into a profit. 

Armed as you are with the Net right at your fingertips, maintaining a tally of the world news truly isn’t something that is too tough.  Gone are the times when folk had to wait for newspapers now everything is just a click of the button away. 

So as you can well expect, you should be able to know about something as it is actually happening, and exploit it right away, instead of have a delayed reaction that is perhaps going to be too late. 

Pay attention to the news it may help you are making a murdering on the foreign exchange, and could also help you to avoid big losses at the same time too if you’re careful!

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What are moving averages?

Moving averages are indicators of technical analysis used in Forex, which will help to identify trends to take the market over a period of time determined by the trader with the currency of their choice, taking as reference the average price currency. (Also known as MA). It’s called “moving” because it always indicates which will be the average price of the current pair. Thus, the average is in constant motion, this will keep prices of the currencies in the market.

There are four types of moving averages:

• The simple moving average (SMA: Simple Moving Average): This is the average mentioned above, this has the characteristic that each day that passes, it eliminates the first day of the series in the calculation and adds the last day.

• The exponential moving average (EMA: Exponential Moving Average): Includes all historical data, applying a weighting exponential (the exponential average of the first day is the closing of that day). This average places priority on closing prices (current data) and less priority to older data. It is determined by the following formula:

Today’s Average = yesterday + (Today’s Close – Yesterday´s Average) x (2 / n +1)

• The weighted moving average (WMA: Weighted Moving Average). It gives priority to the most recent prices, so that recent prices have more influence than the former ones.

• The smoothed moving average: Assigns the same weight on past prices, but not to recent prices.

The big difference between the simple moving average and the last two indicators is that the moving average uses the same weight for each period and the EMA and WMA assign more value to the periods that are closer.

Using the moving average indicator in Forex

It is important to first establish the time period you want to trade; you can take long periods of years or months or you may take periods of days and hours. But it is important to note that like any technical indicator, the time frame in which you trade is very important because it determines the probability of the success of a trade.In theory, in major timeframes, more exact the signals to trade. In this case, while the shorter the time period moving average is it will be more sensitive to price changes but less robust. If, however, it provides long periods of time it will be less sensitive to price changes but also more solid.

For example, for you can determine the simple moving average of the USD/EUR over a period of 20 days. In that period the data collected of prices that has had this pair during this time and then it will divide it by the same number the period you set (in this case 20). When you get to determine the average, you will identify trends in the market.

The common formula for calculating the moving average is:

The moving average is the result of the sum of the last N values of the price or price in the market, divided by N

Formula: ?=?xi/n

• ? should be read as mu and it is the moving average we want to calculate.
• N is the period for which we calculate the moving average.
• Xi (where i takes different values from 1 to n) are n values of the share price in the N days considered.

The Moving average indicator are also used to establish significant levels of support and resistance. The periods of moving average that are more used to establish support and resistance levels are: SMA (50), SMA (100), SMA (200), EMA (144), EMA (89) and EMA (34).

How to read moving averages signals?

If the price is located above the moving average it is considered that the market is in an uptrend. If the price is set below the moving average it is considered that the market has a downward trend. At the same time you can determine the strength of the market trend by observing the pending of the moving average. When there is no pending this means that the market has no trend.

When there are crossings between short periods of moving averages with long periods in the direction of the trend, you can observe buy and sell signals. So also when there is disruption of the moving average. This you can see it with more detail in the following graphic.

Moving averages give you signals:

• When 2 moving averages cross
• When there are breakouts in the moving averages

Now let’s see it in the graphic:

1. To see the trend

For example, here we are using the moving average to identify the market trend. In this case we are using the rule’s position in the market price in relation to the moving average indicator.

• We see a 20 in yellow
• 100 in red
• 200 in blue

Here is an upward trend since the price is above the moving average.

The rule is: When price is above the moving average it will show an upward trend and on the other hand, when the market is below the moving average then it will follow a downtrend.

The following chart shows a downtrend, since the market is below the moving average.

2. When the averages are growing:

Other methods are for example when crossing moving averages may be an indication to buy or sell in the market

• We see yellow at 20
• In 100 red
• In 200 blue

When the yellow line crosses (short period to 20) with the line with the long-period moving average (200) it indicates that it activates the signal to sell.

When a short-period moving average (yellow line) goes down and crosses a long-period moving average (blue line) it activates the signal to sell.

When a short-period moving average (yellow line) goes up and crosses a long-period moving average (blue line) it activates the signal to buy.

3. When used as support or resistance

The moving average indicator can be used as support or resistance, on the graph the level of support we see rejects the growing market that is approaching.

Remember that no investment is risk free and the moving average indicator in Forex will help you most effectively when used in conjunction with other tools.

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There is nothing as wonderful as making money trading the currency markets on automatic. Thousands of forex traders wish they could turn on their computer, press a few buttons and just lie back in their while letting their trading software do all the work.

The Advantages of Trading Forex On Automatic

Many forex traders have waited a long time for automated forex system trading. It is literally a dream come true. No more emotions crippling traders when it comes to executing a trader, a forex trading robot will enter and exit orders automatically based on preset parameters with no fear or hesitation. Taking profits or losses also becomes a simple matter for these trading robots. As a trader, you just sit back and let the robot do all the work.

Speed of trade execution is one area that automated forex trading systems beat human traders at. And because of this speed of execution, this makes scalping very much a forex trading robots game. Getting in when an opportunity comes up takes only a second or less for these robots, while human traders may still have to struggle with emotions and analysis before they enter their orders. With forex trading robots, human traders can make money scalping without having to do all the work.

You can also trade 24 hours around the clock with these systems. You just need to leave your computer running over night with the trading robot enabled, and you can just let it do its work.

The Cons of Automated Forex Trading Systems

While using automatic forex trading systems has its benefits, there are also some disadvantages. You still have to understand how forex markets work, as well as how to tweak or adjust the settings within these trading robots. This is crucial if you want to make profits not only in the short run, but also in the long term. Newbies who assume they can just buy a robot and make money without knowing anything will be on the losing side in the long term.

A problem with automated trading systems is the possible loss of power or internet connection when a trade is open. If this happens, your account could potentially lose a lot of money without the proper precautions taken. Fortunately, there are commercially run solutions for traders who use these trading robots. Known as Virtual Private Servers (VPS), these commercial solutions give you all the tools you need while providing backup power generators and web connections on their end if something should go wrong.

If you are truly interested in automated forex trading systems, there are a couple which have been well received by many traders. Check out this fapturbo and megadroid review for two of the better performing expert advisors. You get the facts, profile and customer feedback on these systems that will help give you a better picture of trading robots.

Just remember, automated forex trading systems are tools that still require the human trader to exercise some discretion.