Reader Comments

Pips Wizard Pro

by Sumaiya Afiz (2019-03-02)


Collective2 features the most in-depth Pips Wizard Pro Review statistics of any service we've reviewed. Basic and advanced stats, customizable graphs, a dynamic portfolio builder, and live trade histories are available. You can read reviews of trading systems from real traders and track their performance.More than just forex, Collective2 has trading systems for stocks, futures and options as well. Many systems require a recurring fee to use, but most forex systems allow free autotrading through a participating broker. Currently the only brokers available for free trading are FXCM and Forex.com.While there are some very good forex systems available for free, as of this writing there are less than 50 profitable forex systems. But Collective2 has raised the bar for automated trading services, and is definitely a site you should check out. Registration is free.FX-Auto This broker-supported online automated trading service is marketed as FXDD Auto and FXCM Forex System Selector. Both require a separate account with the broker. The interface acts as your trading terminal, and you can easily place manual trades as well as control automated ones.The trading systems on FX-Auto are hand-picked for profitability, so there are fewer poor-quality trading systems than on other services. Trading systems are sortable by currency, which is helpful in diversifying your portfolio.The system statistics are basic, but sufficient. FX-Auto does not offer historical trade data for its trading systems though, and the equity curve can only be viewed after a system has been added to your portfolio. Unlike the other services reviewed, FX-Auto does not allow you to place trades from an external trading terminal.Minimum deposit requirements are higher than for a typical mini account: $500 for FXDD and $2000 for FXCM. Despite its disadvantages, the trading sytems offered by FX-Auto perform well, and live support is available directly from the broker. A free 30 day demo is available.There are some things you should know before you start trading Forex. Even though there is a lot of money to be made, there are winners and losers. Recently I heard of a family friend who had been a Forex day trader for years. And doing quite nicely out of it. However that all changed almost overnight with the recent turmoil in the currency markets. He didn't just lose his shirt but his house and the family farm too! He is surprisingly philosophical about it all and taking it all well or perhaps it simply hasn't sunk in yet. Of course it didn't need to turn out like this. If he hadn't over leveraged himself and been trading with the right tools, not only would he have been able to protect his account from losing so much. He should have done extremely nicely as are result of the massive market turmoil. It is during times of high volatility that money is made by the smart traders. The markets are totally unforgiving and it is not a place where you'd want to make any errors. The right tools and trading system for the circumstances is what separates the winners from the losers.

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