Forex Automoney Review | Is It a Scam?

Forex, the shortcut to Foreign Exchange Market, is a market that moves billions of dollars each day. While the Forex market comes with many advantages there are also risks that you’ll have to take when you trade on the Forex market. Always remember not to spend money that you can’t afford to lose.

First thing to know if you want to start Forex trading is that Forex is not simple. You’ll have to learn as much as you can before risking your money on the market.

Now you have to find a reputable Broker to handle the transactions. The Broker should be registered as a Futures Commission Merchant (FCM) with Commodity Futures Trading Commission (CFTC). After that you open a Forex account, which is usually filling a form.  Then you can fund your account and begin trading.

There are different account types starting from $250 to $2000 that mostly depend on the broker. Also the amount of money you can borrow from the broker (leverage) depends on the account type. Don’t worry about the commission because the trades have no commission as brokers earn from the difference between bid and ask prices.

Many brokers give demo accounts where you can make “paper trades” for a limited period of time. These are trades that don’t use real money and can help you get a feeling on how the system works. If you are just beginning try this until you can make profit constantly.

On most Forex Broker website you will find a lot of tools like: real-time quotes, technical analyses, charts, news, profit/loss analyses. To do Forex trading you need a good computer and a fast connection to Internet.

Hope this information will help you start your Forex experience and remember there are a lot of resources you can find on the Internet.

You probably already know that Forex trading is a very profitable business but also it implies a very high risk. What you don’t know is that 90% of the traders lose their money in the market. More and more traders trade their money on Forex without proper knowledge and strategy, take big risks and end up losing considerable amounts of money.

One of the most important things I learned in life is that when you want to do something the most important part is to learn its fundamentals. The basic principles and workings of the Forex market will help you create a good strategy, better manage risk and be profitable.

When you are looking to learn about Forex trading you should look for these key aspects:

-          Look for information about how to implement technical charting into your trades. Also how to determine the right time to enter/exit the market using indicators

-          A good trading system, you should have good trading tools and automated charting

-          Money management should help you control risk and increase profit potential.

-          Strategy is probably the most important. Manage risk and never take unnecessary risks with your money. Learn how to set trade objectives, profit expectations, when to enter/exit the market, affordable risk and stop-loss order execution

-          Learn how to be disciplined and consistent. Systematically apply your knowledge and don’t let emotions and greed overcome reasoning.

These things are essential if you want to be successful in Forex trading.

Looking over the internet you can find a lot of praises for Forex Automoney Signals, are this true, is there more behind the scenes? I’ll try to show you some pros and cons for this interesting Forex signals service that can make nice profits.

Forex Automoney Pros

1. Best thing about Forex Automoney signals is that you just have to enter the trade: buy/sell, take-profit target, set stop-loss and then forget about it. You don’t have to analyze anything, just enter the trades and go spend your time how you like.
2. Each of the 18 currency pair has a Risk/Reward ratio. If it is not on your taste just skip to the next pair, and don’t take unwanted risks.
3. You can see the most popular trades executed by eToro’s top 100 traders. You don’t know what to do in a particular day, just go with the big boys.
4. Once you join Forex Automoney you can watch video tutorials that walk you through the members’ are and how to use the Forex signals.

Forex Automoney Cons

1. 18 currency pairs? That may be too much to comprehend for some and you can get indecisive.
2. Choosing from Daily, Intra-day or Weekly signals can also be confusing, as you may want to trade all the signals and this won’t get you far. You’ll have to be consistent and have a strategy if you want to win.
3. While you don’t have to make any analyzing of the market as the signals are auto generated this is a blade with two sides as you can do everything automatically but you won’t learn much about the market.

In my opinion if you have some knowledge with the Forex market and you want to learn some new things you can make good profits with Forex Automoney signals even if the service is not 100% accurate. With a good strategy, money management and calculated risk taking you can increase your account substantially.