Hi everyone.

I have a news announcement to share with you. One of my long time profitable forex robots (EA) has finally hit the market – ie it’s now available for purchase. The name of this EA is Forex Demolition. I’ve been using this EA for a very long time. A good friend of mine is the main coder behind it so I’ve been lucky enough to be able to test it out on a LIVE account.  This is the only EA that I’m  using on a real money account for now. It is not a super frequent trader but when it trades it’s very accurate. My live account performance can be accessed here:

http://www.myfxbook.com/statements/76744/statement.html

This is a MB Trading account. I activated the EA on the account right after that big dip in the account balance. Previously I had some other EA that nearly crashed my account so I manually traded my way back up to the initial account opening balance and placed Forex Demolition on it, and have been happy with it ever since.

I should mention that Forex Demolition is a scalper EA so the broker you use and the spread matters A LOT! If you notice that you don’t get many trades or no trades with a particular broker try another. Some brokers increase the spread during the time when this EA trades and since this EA has a spread protection mechanism it will NOT trade. ECN and STP brokers work best. The lower the spread the better.

So in conclusion I think you definitely want to look into getting your own copy as this is the real deal folks – an EA that makes pips not empty promises and lofty claims.

To find out more or to get a copy you can simply visit the Forex Demolition Homepage.

I would also encourage you to share your experience and performance over at my forex nirvana forum. There is a thread dedicated to this EA over here.

Happy trading!

Cheers,

Alan

Hello forex traders!

It has been quite some time since I last blogged about the Fapturbo forex robot,  but I guess now is as good a time as any since the fapturbo team have released a new update which they claim will dramatically increase performance. We shall see about that. I must confess that I stopped using fapturbo a while back mainly because  with the stock settings it was not profitable. I ran all the scalper pairs and also the long term strategy, but from what I heard on a few forums the stock settings are basically junk so I never got far with my fapturbo test account.

Now that this update 56 is supposed to bring on a huge performance increase I intend to resume testing fapturbo again. The fapturbo team’s sales pitch is that we should expect “a HUGE PERFORMANCE INCREASE in just about every aspect.. our programmers have spent months to finetune those settings and add new algorithms.. so prepare yourself for HUGE gains!” Well now, they are just begging to be put to the test. All I can say is – Game on!

I do have some bad news though. Apparently not everyone will have access _initially_ to the improved fapturbo 56 settings. They want you to become a “premier member” to gain access to these settings. What this means is they want you to sign-up for an account with their recommended broker through their IB link. I guess selling just forex robots is not as lucrative as it once was. Anyways,  let me clear it up for you:

FAPTURBO 56 is optimized for their broker called “MyFXChoice”

For now I’m going to stick with a DEMO myfxchoice account and if all goes well I’ll be nice and open a live account through their IB link.

So now it’s time to install it and see how it goes.  I’ll make another post with a link to a myfxbook page once I get everything setup. From there on you can monitor my performance via the myfxbook page.

For those of you who have never heard about fapturbo you can find out more on the Fapturbo homepage.

Happy trading everyone!

Alan out.

The latest injection of 530 billion euros takes the total invested to over 1 trillion euros, a huge investment and a measure the bank is not keen to have to repeat. Experts believe that the size of the offer means that the bloc should be able to get out of trouble, regardless of what happens with stricken nations such as Greece.

However, while the extra cash will help to loosen up debt buying policies from the banks and should add impetus to ailing economies, there will undoubtedly be an impact on foreign exchange rates.

Easing the Currency

By providing such a huge amount of extra stimulus into the system, the euro has effectively been diluted, with many viewing the move as a form of quantitative easing. This can be expected to hold the euro rate at a low level with the cash being used to purchase assets with a higher yield, including those from South America. With the mood in the forex market far more buoyant, for the first time in a while investors are looking for higher risk assets that offer the possibility of a greater return.

Several Latin American countries have experienced a surge in demand for their country’s currency since the ECB released the extra cash. Brazil took the controversial step of intervening in its currency rate to prevent it from following suit and appreciating too quickly. However, the recent surge has only amplified the ongoing trend seen in recent times. Forex investors have been fleeing from developed economies to try to find currencies more likely to provide a yield while the global outlook remains so weak.

Even though the ECB funds will undoubtedly help to steady the ship, in reality it has done nothing more than help to ensure the survival of the currency. Doubts are likely to remain around the debt crisis in Europe for many months to come, especially as the package offered to Greece has many critics.

A Greek Tragedy

Some experts have suggested that the debt-struck country has no chance of meeting the challenging targets set out in the agreement, especially given its track record in failing to implement adequate austerity measures. This means the Eurozone could well find itself back in the same position before too long with Greece needing further funds in order to prevent a default.

>For this reason, sentiment around the euro remains low and the general consensus of opinion is that it will remain unchanged for the rest of 2012. The dollar will experience a corresponding rise in price and any countries whose economies are dependent on either the US or China are tipped as being likely to see a rise in their currency. Oil-related currencies such as the Canadian dollar and Mexican peso are also likely to climb, primarily funded by the euro.

While the outlook for the global economy remains cautiously optimistic, growth is expected to continue to stagnate and the ECB cash injection is not expected to dramatically change this. Therefore, despite the lift the markets have enjoyed since the news was announced, the euro is not expected to stage a dramatic recovery any time soon.

Hi everyone. I am very excited to announce that the proposed forex VPS platform I discussed a while back (here, here and here) is finally ready and open for business!!

I would like to apologize to all of you who expressed interest for making you wait so long. I learned a valuable lesson about overestimating development time.

The name I chose for the site/business is Forex VPS Nirvana in honor of the forum where I first announced the idea.

The price for an account is still the same $45/month that I promised everyone at the very beginning.

For more info or to sign-up please visit the Forex VPS Nirvana homepage at:

http://www.forexvpsnirvana.com

Cheers,

Alan

The Euro Zone will experience refinancing problems in February, reported Ewald Nowotny, Governing Council member of the ECB. Refinancing eliminating deficit financing will reach about EUR1.3 trillion next year coupled with EUR1 trillion for refinancing of banking industry. It is crucial to work out short-and long-term measures to solve financial difficulties and further fine-tuning in the policies is necessary, he stressed.

In November US consumer price level was flat, mainly due to dropping energy costs, said the Labor Department on Friday. Core prices excluding energy and food costs added 0.2%. The real readings mostly match with analysts’ expectations. Inflation adjusted hourly salary declined 0.1%. Unadjusted Consumer prices rose 3.4% on yearly basis.

EU leaders may abandon UK derivative legislation after PM Cameron’s attempt to protect country’s financial sector almost ruined EU summit, said 4 officials familiar with matter. Analysts suggest that possible crumbling of UK’s derivatives could be a notice from EU officials that British veto alone cannot strengthen its financial system.

Switzerland’s economic expansion is likely to halt in 2012 as franc is appreciating and diminishing global demand harms exports, said KOF Economic Institute. Researchers expect economy to grow 0.2% in 2012 and 1.9% in 2013. Yesterday Swiss National Bank maintained the boundary at 1.20 francs per one euro to avoid deflation and support exporters.

Citigroup Inc. was forced to cease its financial product retail sales in Japan for 30 days for not providing adequate disclosure about risks in one of the retail units. The suspension will come in force since January 10, according to FSA. Citigroup Inc. also needs to submit plan of business enhancement till January.

Daily maximum: 1.3084
Daily minimum: 1.3004
The daily forecast mean at 1.3009 has been touched, though the pair recovered its intraday losses after Mario Draghi, the ECB chairman, stated the euro zone is on the right track.
Daily Resistance: 1.3057; 1.3099; 1.31500.
Daily Support: 1.2963; 1.2913; 1.2871.
Daily Bias: Strongly bearish.

Daily maximum: 101.79
Daily minimum: 101.35
The single European currency is trading within 101.-102 price range on further uncertainty with EZ, though level 101.32 – the daily forecast consensus – was not tested today after the Euro pared intraday losses on the ECB chief statement.
Daily Resistance: 101.60; 101.89; 102.17.
Daily Support: 101.03; 100.75; 100.46.
Daily Bias: Bearish.

Daily maximum: 1.5557
Daily minimum: 1.5494
The British pound continued trading in a flat trend today on uncertainty over the UK economy and the prospects of the Eurozone, causing the market mean at 1.5496 to breach.
Daily Resistance: 1.5548; 1.5587; 1.5644.
Daily Support: 1.5452; 1.5395; 1.5356.
Daily Bias: Strongly bearish.

Daily maximum: 77.96
Daily minimum: 77.77
The American dollar inched today as investors were selling yens against USD after the US economy posted 0.2 Core CPI versus expected 0.1%. As a result, the daily target at 77.80 has been crossed.
Daily Resistance: 78.08; 78.32; 78.49.
Daily Support: 77.67; 77.50; 77.26.
Daily Bias: Neutral.

Daily maximum: 0.9414
Daily minimum: 0.9352
USD/CHF is showing a bullish bias after the US economy posted 0.2% Core CPI, indicating the US economy is gaining strength, though the daily target at 0.9432 has not been reached yet.
Daily Resistance: 0.9502; 0.9604; 0.9661.
Daily Support: 0.9343; 0.9286; 0.9184.
Daily Bias: Bullish.

Ties That Bound Europe Now Fraying
A common currency drove investors to Europe’s outer reaches, then scared them away.

Consumer Prices in U.S. Stagnate as Gasoline Costs Decrease
The cost of living in the U.S. stagnated in November as gasoline prices dropped, supporting the Federal Reserve’s view that inflation remains in check.

Yuan Jumps on Signs of Central Bank Intervention
The Yuan jumped to a record high on Friday against the dollar on suspected intervention orchestrated by the central bank, its most explicit action in three months to deter speculators from betting on a fall in the currency.

“Spain is considered a far more attractive credit than Italy”
- Michael Leister, rate strategist at WestLB
Spain sold €6.03 billion of debt on Thursday, more than initially expected and at a lower rate compared to Italy, easing concerns the country may lose access to financial markets next year.

“We’re seeing improvement in labor-market conditions”
- Julia Coronado, chief economist at BNP Paribas
The number of Americans claiming for unemployment benefits tumbled to 366 thousand last week from 385 thousand the week before, said the Department of Labor on Thursday. Economists expected the reading to increase to 389 thousand.

“All in all, the picture for U.K. household consumption is not very encouraging”
- Annalisa Piazza, an economist at Newedge Group in London
U.K. month on month retail sales dropped in November, said the Office for National Statistics on Thursday. Sales fell 0.4 per cent the previous month after increasing 0.6 per cent in October. Economists expected the reading to decline 0.3 per cent.

CHF
“The improvement in sentiment in the industry is to be seen as positive”
- Viola Stork, an analyst at Helaba Landesbank Hessen-Thueringen
Swiss stocks edged higher on Thursday after better-than-expected reports on U.S. initial jobless claims and manuf acturing.

JPY
“The data are the latest showcase of Japanese companies getting hammered by the strong yen and weakening overseas economic growth”
- Norio Miyagawa, a senior economist at Mizuho Research and Consulting
Japan’s largest manufacturers became less optimistic on the outlook of the country’s economy amid crisis in Europe and after foreign investment in China slid for the first time since 2009.

“I do not anticipate further efforts by the Fed to address the potential spillover effects of Europe on the US, we will continue to monitor the situation closely”
- William C. Dudley (based on Bloomberg)
Currency pair’s bearish movement seems to be decelerating while approaching 1.2860. Test of this support might result in a near-term rally, although the longer-term study suggests continuation of a downtrend, down to 1.2089.

“S&P’s negative credit watch continues to hang over the euro zone bond market and negotiations on the Greek PSI are far from reaching a positive conclusion”
- BNP Paribas (based on CNBC)
While being capped by resistances at 102.49, 103.53 and 104.76 EUR/JPY is heading toward 100.77. In case the latter level does not hold the bearish pressure, current dip might extend down to 100.00. The initial support, however, is presently at 101.10.

“The weaker export performance reflects ongoing instability in the euro area, our [UK] biggest export market”
- CBI (based on WSJ)
Since a support located at 1.5415 has managed to repel GBP/USD’s attack, the pair is likely to recover for now. To maintain its upward direction the price will have to overcome resistance at 1.5746. Dips are not expected to wander far below 1.5415.

“It looks like we [US] have just hit a clear patch on the road to recovery, where things are going to speed up a little bit”
- Wells Fargo Securities (based on Reuters)
While being supported by a number of closely situated lines, at 77.29, 77.26/12 and 76.22, the currency pair is unlikely to show any weakness for the time being. It is anticipated to focus on resistances instead. The immediate one is at 78.27/29, while subsequent levels may be found at 78.18, 78.66 and 79.10.

“Even at the current rate, the Swiss franc is still high and should continue to weaken over time”
- Philipp Hildebrand (based on Bloomberg)
USD/CHF has rebounded from 0.9550 and now is likely to contract down to 0.9280 which should be able to reignite bullish momentum, while additional support will be provided by 0.9176. The long-term goal lies at 0.9776/84, ahead of 0.9950.

Monti Faces Confidence Vote to Approve Emergency Budget
Prime Minister Mario Monti will face a confidence vote in Parliament to speed passage of a 30 billion-euro ($39 billion) emergency budget plan aimed at spurring growth and convincing investors he can cut Europe’s second-biggest debt.

Deal reached to avert government shutdown
Lawmakers on Thursday reached a tentative deal to fund an array of government agencies through September 30 and avert shutting down many of Washington’s operations starting this weekend.

China likely to set 10% export-growth goal: report
China is likely to set its export growth target at 10% for next year, the 21st Century Business Herald reported Friday, citing a person familiar with the matter.

Is the bank really the safest place to keep your money? Robert Prechter joins the Mind of Money host Douglass Lodmell to discuss what backs bank deposits and how you can keep your hard-earned money safe.

We invite you to watch the interview below. Then read Robert Prechter’s free report, Discover the Top 100 Safest U.S. Banks.

What is the best course of action to safeguard your money? Read our free 10-page report, Discover the Top 100 Safest U.S. Banks, to learn: The 5 major conditions at many banks that pose a danger to your money. The top two safest banks in your state. Bob Prechter’s recommendations for finding a safe bank. And more! Download your free report, Discover the Top 100 Safest U.S. Banks, now.

The reason why I chose this kind of a headline and decided to write this article is NOT putting people off Forex trading. The major point is to keep the awareness of those aspiring traders who are willing to enter the Forex industry. Think of any job for which two people apply, for instance. Then one of them might be more suitable for it, than the other. Alternatively, even both are not. My point is that you CAN build up a great financial career with Forex and make the profits you want from home.

Well, this article is my receipt and if you want so, my-own-experience-born warning for you as well. Last years I managed to sufficiently increase my income, but I want to show you – the way to consistent profits is thorny. Ok, so here are my truths and my “story.”

1. Forex Trading is not a Lottery

Do not be mistaken to think that the riches will shortly fall on your head with Forex, like those with multimillion national lotteries. Furthermore, trading is far from a casino gambling. Las Vegas scheme of “50%-win chance vs. 50%-lose” should not suit a person who is willing to earn stable profits and do that for living. Of course, you may have heard of a high leverage and its use (you can trade hundreds of thousands of dollars with small capital). However, be more realistic do not hasten to get fortune in a day, but build it point by point.

2. Forex Robots are not 100% Way to Riches

Just Google “Forex robots.” Saw the offers..? “Star Wars” robotic world does not already seem to be so broad, does it? The fact is that Forex robots are everywhere nowadays. They offer you the non-worries trading strategy with constant profits whatever the market conditions are. The truth is that these virtual “cannikins” are mostly not reliable. They may boast with impressive back-testing results, but give you cardinally different ones when you actually start trading them.

3. Most Online Forex Products are Useless

That is more than right for those people who often see any Forex web-stuff, which is offered on a costly basis. Don’t get too disappointed – it’s generally useless. This is why now I am very careful with promoting different products because of the doubtful decency. Here, I want to paraphrase the famous proverb – verify and only then trust (and promote). Having “Business” with unworthy stuff steals your time and your money.

4. 95% of Currency Traders Fail in the Long Run.

Yes, successful Forex traders are rare species, and you must do everything in your powers to get into those 5% who actually make money. No matter, the exact success-failure figures brokers present, most Forex traders fail in the long run. However,… don’t be discouraged! The total number of traders across the globe is huge, and you may be the one to become a part of the “profitable .”

5. Lack of Discipline to Succeed

As not every football-player is sure to become next Pele, not every Forex trader will be profitable. Here success comes as a reward for great deal of discipline. And some claimants for financial happiness just don’t have the level of discipline needed.

6. Working Hard Does Not Mean Success

Yeah, succeeding in Forex and, for instance, getting your body trained with power lifting are two different things. Working hard in trading (“lifting” the charts) gives no guarantee of success. Oh, it may be frustrating. Imagine: your friend reaches profitability in a week or so, and your monthly chart-digging turns useless. That happens.

7. The Intelligence is Not an Advantage

You should not be Marylin Vos Savant with unbeatable IQ of 228 (world Guinness record) to succeed in Forex. Trading currency requires normal person abilities and not immense brain power. Of course, little math knowledge will be of use when you place a trade. However, a “standard” human mind has all the chances to be successful in trading currencies.

8. Forex Trader is a Loner

Not like Sting’s “Englishman in New-York” (he sang “an alien,” I think), but you will be alone when trading. Sitting at home and staring into your computer all day is not a super-agents life. Sometimes loneliness becomes your faithful friend. If your social life is poor, then you are on the right way to closing madness. Although it is fair to admit – working home will never make you late at work because of traffic-jams or snowstorm.

9. There is no Forever Profitable System

Forex is a constantly fluctuating market. And if you think that you finally developed the best system to make profits you should remember: there are no 100% ideal and beneficial systems in Forex. As market conditions have a stubborn ability to drastically change, your system may not be profiting in the following weeks or months. Be adaptable and prepare to adjust your systems according to changes.

10. Hard Times Even For Good Traders

Even a successful trader’s life reminds of a zebra. Its coat-pattern white and black stripes are very symbolic for trading in the currency. The main difference between a pro and newbie is that a successful trader is be able to limit the quantity of black stripes (losses) to minimum, but still he can’t postpone them at all. Therefore, you don’t have to worry if your system is still making money for you.

Article has been created by Alexander Collins, who likes auto Forex trading and makes it profitable for many Forex traders. Also please visit new Alexander Collins’ Forex trading blog, there you definitely find really great articles about Forex trading.