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: