The RSI Indicator is often overlooked and really more people need to appreciate how useful this tool can be. The RSI Indicator compares the magnitude of recent gains to recent losses in an attempt to determine overbought and oversold conditions of the market. The market is deemed to be ‘overbought’ once the RSI approaches the 70 level, meaning that it may be getting overvalued and there is a good chance of a pullback. Likewise, if the RSI approaches 30, it is an indication that the market may be getting oversold and therefore likely to become undervalued. See below how to install the RSI on the same chart we installed the two EMAs on in the previous video giving us extra confirmation of the signal to sell.

Forex trading is a passionate enterprise and many people don’t realise that you can actually be a good currency trader on the Forex Market with surprisingly little tools. All you really need is a brokers trading station. 99% of these are free and one of the most popular ones is Metatrader 4 (soon to become Metatrader 5). Metatrader comes with lots of indicators already included and these can be modified and the parameters changed to suit your particular trading style. Lots of people actually become too involved with a myriad of indicators and to be honest their screens become so clogged up it makes it actually harder to see what the market is likely to do next.

Basically a couple of EMAs (Exponential Moving Averages) and possibly the RSI (relative strength) indicator would provide most people with a satisfactory trading signal. It can be over complicated and ‘over-confirmed’ at times.. I do sometimes use Bollanger Bands as well which give a good indication of whether the market is coming into a range or going to break into a trend.

Use just a couple of good indicators and some common sense and money can be made in the forex market. What some people don’t seem to grasp is that a little instinct is needed as well.. Watch the video below showing you how to configure 2 exponential EMAs to get a simple overview of how the market’s moving.

I bought a system a while back which includes a couple of indicators which tells you exactly when to get in and exactly when to get out. It’s based on the London Session Opening which as most people in this business know can be the most volatile period of the 24 hour trading day.

It’s not an Expert Advisor or Forex Robot because no trades are placed on your behalf. You have to make the trades which a lot of people prefer because it gives them control of the trading.

I have made quite a lot of money with these indicators and I must say they are extremely reliable. You won’t make a trade every day by any means but a single trade can easily accrue 100 or more pips so to be honest I run it every day in conjunction with my manual trading and also a couple of Expert Advisors.

Recommended - very effective.

Watch the Video below for exact details:

What I tend to do is look to the indicators to see what’s available. If there are any then in Metatrader you can set up Audio Alerts so I set up an alert for each potential opportunity even though if more than one potential trade becomes possible you should only take ONE (to protect your bank). So if there are 3 potential trades I set up 3 audio alerts to trigger when the price gets just below (in a buy situation) or above (sell) and then simply get on with whatever else I have to do.  I even have a unique sound file I use for this system. It’s a bugle call (or call to action) and if you like you can download it here. (All you have to do is download it to your “sounds” folder within your Metatrader folder in Program Files.)

By setting up these audio alerts you can simply turn your speakers up and get on with manual trading like I do or even go and have breakfast. It’s a nice twist or addition to the London Forex Rush System and saves  just looking at that screen all morning.

And there’s another EA  on the market. This EA has to have the best most consistent results I have ever seen on a webpage. If you don’t believe all these web page graphics then don’t worry.. They have a full video of a backtest they did.. You can’t falsify these so we can be fairly sure that this is a pretty startling Forex Robot.

This EA resides on a sales page that bears resemblance to many other Websites selling Forex Trading Robots and I must admit you do have to wonder how many of these robots are produced by the same people….?

Anyway it looks interesting and I urge you to have a looksee and then decide what you think. Theres a video testimonial below from a lady (in Australia I believe..)

Tell me what you think Guys - I’d love some different opinions on it.

Thanks. (Click the image or Magic Money Machine)

IF YOU REALLY ARE INTERESTED IN BUYING THIS ROBOT THEN DON’T - CLICK ON THE X AT THE TOP AS THOUGH YOU ARE CLOSING THE WINDOW -

YOU WILL GET $10 OFF THE PURCHASE PRICE! - Say Thanks..

Why sit there all day watching the Forex?

As regards the two EAs I mentioned in previous posts I am no longer recommending either as the best option for trading.. Some results seemed ok but then a disaster trade took all the profit in one case and that seemed pointless. I didn’t get much joy out of Megadroid but I have heard of other people doing better than I did so if you want to go there and have a look the links are still there for you - enjoy.

I have joined a new underground forum where we all work together developing EAs together. There are several programmers in the forum and we are testeting and improving these EAs on a regular basis.

As another little bonus we also have custom indicators unique to us. These tell you EXACTLY when to get into a trade and when not to.

I’ll be posting my experiencies here with the forum and also the EAs and indicators and if I think it’s for the best then I’ll release details of the group to those who might be interested. It’s not free but nothing worthwhile ever is..