Category Archives: Forex

Update on my adventures with FXDD Auto

Well folks here is what happened. I got greedy and overloaded my account with too many signal providers and the inevitable happened – one signal provider had a rough day and pounded my account into the ground with negative pips. I started with $490 USD and now I am down to $246. I did a few manual trades and gained roughly +70 pips on the GBP/JPY pair, but still the losses were greater than my gains. I’ve learned my lesson the hard way and from now on I’ll stick to just a few profitable (as far as my research can tell) signal providers.

I’ll keep you all updated as my adventures continue. Wish me luck :)

Take care everyone!

FXDD Auto: Review

Greetings readers. Today I am going to review another venture I’m involved with. As you can see by the title, it’s called “FXDD Auto”. Basically, FXDD Auto is an automated forex trading platform. The spiel used by FXDD is this:

The FXDDAuto Trading Platform embraces the latest technology in automatic signal execution on individual clients’ accounts held at FXDD. Prospective Clients setup their account to receive trading signals from a range of system designers and strategy developers, whose trade signal history has been verified by a 3rd Party Firm over the last 12 months. The signals are executed automatically on the clients account to their predefined money management settings. All signal management is controlled by the platform, including Stop Losses, Target point and Trade modification.

Whether you want to trade one pair or forty pairs, the platform can handle multiple strategies on the same account. This flexibility enables the trader to diversify their risk whilst maintaining complete trading control of their account at all times. This enables the user access to the Worlds largest and most liquid market with low cost execution and the highest level of service available in the retail FX marketplace.”

Whew! That was a heavy paste. Ok, well as you can read FXDD Auto gives you the opportunity to get in on the forex market and earn HUGE returns (and potential losses lol, but let’s not be negative here..think happy money related thoughts). Seriously though, humour aside, you should be aware that FOREX trading does carry higher risks than say stock investing and the rest. This is mainly due to the wonderful concept of leverage, which means with a small amount of money in your forex trading account you can trade HUGE amount of money. If you have no clue about forex trading then FXDD Auto’s system is a bit safer for you because you are trading forex signals provided by third parties which have a record of high performance (some of them – I’ll get into this later on).

Two of the most often asked questions about the FXDD platform are the following:

Do I require the platform to be connected to the Internet permanently?
No, all trade signals are executed on Remote servers, therefore is not a requirement to keep your PC running for trade execution on your account. You are required to connect to the internet to set your Money Management settings initially.
How can I view my trades?
You can view your trading signals via 3 methods;
(i) A web-based viewer where you can access your account from any PC connected to the internet, without the requirement to download any software, means you can view your trades anytime, anywhere on any PC.
(ii) Via the Auto-trading Client Software, that can be downloaded to any PC and installed.
(iii) On the FXDD MT3 platform.

I must admit I love the “not having to leave your PC on” bit. It really makes it convenient to manage my portfolio from anywhere in the world.

Ok, so my journey begins with – believe it or not – roughly $500 ! The sign-up process was relatively painless. You can deposit money into your account by cheque, bank wire transfer, and paypal! (love the paypal option).

Next came the tough part, choosing which signal providers I was going to use. You have to be VERY CAREFUL here. You can have up to a maximum of 20 signal providers in your portfolio. DO NOT overload your account!! When you load up your FXDD Auto Trading Platform Windows Client Software it will tell you when you are building your portfolio just how heavily leveraged your portfolio is. How many signal providers you use depends on a number of variables. First, just how many trades the signal provider initiates at once, and secondly, how much money you have to work with.

If you don’t have a large starting capital, I would strongly recommend you do the following:

1) Choose a signal provider that has a high win ration (above 60% is good)
2) Choose a signal provider that has a high “pips per trade” number. This means the amount of pips (price interests poits)
3) Most important of all, only select 2 to 3 signal providers that meet the above criteria.

I won’t mention how my portfolio is structured as I don’t want to appear as if I’m endorsing any of the signal providers. Suffice it to say that I chose the signal providers that best met the first two of the above criteria.

There isn’t much more to discuss, but I’ll be sure to keep you all up-to-date on how things work out.

I strongly – I MEAN IT! – recommend you test the system for 30 days (or more if you have to) before you open up a live account. Play around with different signal providers and get a feel for how much of a drawdown you can expect with the various signal providers (a drawdown is how much in the minus you’re going to be before the market turns and you end up in a profit).

To sign-up for a 30 day demo or a live account visit this page:

http://www.fxddauto.com/index.html

Review of Marketiva FOREX trading platform

Guess what anxious readers :)…I’m back with a review of a popular FOREX trading platform. Forex? you say. Yes FOREX, or the foreign currency exchange market. If you absolutely do not know what I am talking about then I STRONGLY suggest you visit http://www.babypips.com
and familiarize yourself with the basics of the FOREX market. Now, if you’ve read that site you should have by now the most basic knowledge necessary to become a FOREX trader, so I am dedicating this review to you; the beginning trader.

Ok, so first of all I must confess that I’ve only been using the Marketiva platform for about 3 days now. I’ve heard a lot of talking about it in various online investment and forex forums, and being the curious creature that I am, I decided to give it a try to see what all the fuss is about. Normally I trade using InterbankFX’s MT3 platform for my grid-trading and I use StrategyBuilder FX’s MT4 platform for a demo account where I test all my strategies, and I execute all my trades on InterbankFX’s MT4 platform. However, like I’ve said, I was curious to checkout the Marketiva platform.

The first time I ran the platform I was pleasantly surprised by its simplicity. It is by far less complicated than MT4, but it has all the tools a normal trader needs. Pretty much all the indicators you could possibly use are to be found readily accessible in this platform. Charting is at an acceptable level, but not as good as on the MT4 platform. Another feature lacking is a scripting language so you can run automated trading systems such as on Mt3/MT4, but realistically not every trader will use this feature; especially the beginners. Its simple and elegant interface is perfect for a beginning trader.

Another cool feature of Marketiva is that you can fund your account via e-gold and e-bullion!! Yes, I would say that feature is pretty cool mainly because it is so convenient and you avoid high wire-transfer fees. Of course you can still fund your account via wire-transfer, and I would advise you to do so if you plan on transferring astronomical sums into your trading account.

Some commonly asked questions:

1) How much money do I need to start?

They have no requirements for initial deposit. When you open an account you get real $5 reward and virtual $10000 for training (woohoo!). If you want to open an account please go to http://www.marketiva.com and fill out the form there.

2) Can I open two accounts?

NO! Marketiva is pretty strict about this. Besides, if you need to test a strategy, use the virtual account to demo your strategy, and when you’re sure it works simply use it on your live account.

3) Does funding via e-gold and e-bullion occur instantly?

Oh you betcha! That’s primarily the reason why I decided to use this platform. It is so convenient to just log into my e-gold account and blast some $ into my trading account, and off I
go!

4) How can I withdraw my money?

Via wire-transfer, e-gold and e-bullion. Note that withdrawals are NOT automated like deposite via e-gold and e-bullion are!

5) Are there any fees to withdraw?

Yes, and they are the following:

Wire-transfer – $14

E-gold – $7 (once only!)

E-bullion – $7 (once only!)

6) Can I take a tour of the trading platform?

Absolutely yes, and I did and that’s how I decided to actually go through the process of opening an account. All you have to do is go to the main Marketiva homepage and click on the “Take a tour” link

7) How long does it take to open an account?

It took me 5 minutes. They don’t ask you for any proof of ID or anything like that. But, please provide real info when asked for you address. Overall the sign-up process is easy and painless. In 5 minutes I was up and running and placing trades!
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Another really cool feature that I like a lot is the built in chat rooms. I can chat with my fellow traders and share strategies and information all within the trading platform, so I am never away from both my friends and the trading platform. There are numerous chat rooms, including one for just about every country out there. I usually hang around in the Romanian one with the nick “allinvain”, so if you’re there give me a shout :)

I think this should be the end of the review as I don’t want to rant on and on. Just give the platform a try and if you like it, good, if you don’t you still have nothing to lose – plus you’ll get $5 free to start.


To give
Marketiva a try go to: http://www.marketiva.com and click on “Open account”