I had recently read about new way to make money buying and selling currency. Its called Forex Tracer. It is an automated Forex Signaling and Trading Software. The ad states the system works unbelievably well and is 100% legal! It sure got my interest when they said I could make money even while sleeping. Sleeping is something I do well!
This review is based on the fact that I started out 100% green and knowing very little about the Forex market. Like most folks I have read about possible profits in buying and selling different nations currency.
First, lets learn a little about Forex.
WHAT IS FOREX ?
The Foreign Exchange, called Forex market, is the largest financial market in the world, with over $1.2 trillion changing hands every single day. It is many times larger than the New York Stock Exchange.
What is traded on the Foreign Exchange? The easy answer is money. Forex trading is where the currency of one nation is traded for that of another. Therefore, Forex trading is always traded in pairs. The most commonly traded currency pairs are traded against the US Dollar (USD).
The major currency pairs are the Euro Dollar (EUR/USD); the British Pound (GBP/USD); the Japanese Yen (USD/JPY); and the Swiss Franc (USD/CHF).
Because there is no central exchange for the Forex market, these pairs are traded over the telephone and online through a global network of banks, multinational corporations, brokers and currency traders.
BENEFITS OF FOREX TRADING
LEVERAGE: When you trade in the Forex market, a small margin deposit can allow you to control a much larger total contract value. Leverage gives the trader the ability to make very nice profits and at the same time keep the risk of losing your cash to a minimum.
LIQUIDITY: Because the Forex Market is so very large, it is also very easy to sell and turn your trade to cash. This means that by clicking your mouse you can quickly buy and sell.
PROFIT IN BOTH RISING AND FALLING MARKETS: One of the most exciting advantages of the Forex market is the ability to generate profits whether a currency pair rising or falling.
24HRS: From Sunday evening to Friday Afternoon EST the Forex market is open for business.
DEMO ACCOUNTS: These are available so you can practice without the chance of losing any capital.
One of the potential benefits of using Forex Tracer was that it would be up and running in a very short time. This is really true. It was easy to download and install on my computer. I have a DSL but bet it would work as well with a dial up connection.
They go on to state that this software will handle currency buys and sells on Autopilot. I must admit I am tempted to invest some of my hard earned money but for now I am content to test it using a Demo account.
People like me with no experience will find it very easy to understand and use. This software will even place the trades for you.
I had a chance to look at program and also use it. I read through it in 2 hrs and very next day I placed a demo trade.
In the demo mode I have placed a total of three trades for USD/CHF (Swiss Francs). All three would have made me money had I been doing it for real.
It even closed me out automatically in one trade. No wonder they say you can make money while you sleep.
The Forex Tracer software is easy to understand and is reasonably priced.