E-Global Trade & Finance — Forex Broker with Liberty Reserve
Today I’ve added another Forex broker to the site — E-Global Forex. It’s not a new broker (they’ve been on-line since 2007) and they also have a rather popular IB company working for them — Forex4you (which has some additional features compared to E-Global). Apart from the standard Forex trading accounts that start from $100, E-Global offers cent accounts that have only $20 minimum and allow trading with positions as small as 10 base currency units (0.0001 lots). It’s a broker with MetaTrader 4 platform. Other highlights of this broker include:
- Sharia-compliant accounts on request
- Leverage from 1:10 to 1:500
- Small yearly interest on account balance (applied monthly)
- Regulated on BVI but offices based in Cyprus
- Deposit via Liberty Reserve, credit card and wire transfer
- Forex, CFD, gold and oil trading
Do You Use Paid Forex Software?
I stated my point of view on the paid Forex robots and other software in my previous post (Paid Forex Robots — Why I Avoid Them?). But I know that the Forex robots advertised throughout the Internet are very popular nowadays. So, I’d like to know what’s the opinion and experience of my dear readers and site visitors on this matter. I’d also like to ask those traders, that reply positively below, to write in the comments what specific paid expert advisors they have used. Of course, I also want to ask not to spam the affiliate links here as they will be deleted.
Loading ...Symmetrical Triangle Chart Pattern on CHF/JPY
Almost a month has passed since the last time I’ve posted the chart pattern analysis here. Today I offer a rather clear symmetrical triangle pattern on CHF/JPY chart at a weekly timeframe. The apex of the triangle is still quite far in time and the early breakouts could probably be false, but a full breakout after 3–4 weeks may signal a good bullish or bearish trading opportunity. The bullish breakout is more probable since the symmetrical triangle is a continuation pattern. Click the image below to see the full-size chart:
Paid Forex Robots — Why I Avoid Them?
Why to avoid paid Forex robots or expert advisors? There are several reasons but most obvious one is quite simple — they don’t work as advertised. First, let’s get straight with the definitions — Forex robots are the same as the automated expert advisors, they are some trading strategies (sometimes advanced, sometimes not) embedded into a program code, which is most often intended for the MetaTrader 4 platform. There are many free expert advisors available on the popular Forex sites and forums and there are also many paid ones that are sold on-line. The price of such paid Forex robots may vary from as low as $20 for CaspianEA to as high as $499 for Dragonpips, while the average price seems to be near $100.When it comes to the free expert advisors they are usually quite raw, require some optimization and tuning from time to time and work with minimal profit (even the best of them). As for the paid Forex software, it’s usually advertised as something complete — a ready-to-use product that will get updates for free from the author; it’s also advertised with an unbelievable level of profitability with more than 100% gain per month. So, what’s the problem with the paid Forex trading robots?
- The most obvious question that arises when you see a Forex robot advertisement that promises huge returns in small time is why doesn’t the author of this robot use it for his own Forex account? Really, why rely on some on-line sales at $100 per piece with all the troubles connected with setting up a site for selling, an affiliate program, user support, etc. If you can just turn on this “money-making machine”? And if you are using it for trading and earn huge amounts of money from it daily, why bother selling the software? Want to share your success? Just let the traders download it for free! When I find a good EA that’s, in my opinion, capable of being profitable I share it for free on EarnForex.com; other honest traders I know do the same. So, if you are using a robot and it’s profitable, you already earn enough not to worry about selling it, and if you are selling a robot as a money-maker and not using it yourself, then that looks like a hypocrisy.
- Verifying the profitability and the possible drawdowns of the paid expert advisors is very difficult, almost impossible. The advertisements display nice charts with the exponential curves of balance, suggesting a lot of potential profit from using the robot. But the problem is that all these test reports and statistics can be easily forged to showed any desired result. Some Forex robot-sellers use sites similar to mt4stats.com to demonstrate the profitability of their EAs. And while this is really a good tool, it has some disadvantages, including soft demo account conditions with almost no requotes or serious slippage, fast quote changes, “market blackouts”, etc. At least many of the advertised Forex robots have some sort of money back guarantee declared, but I am not sure if these claims have something to do with the reality, anyway, it’s almost impossible to rightly estimate the usefulness of the EA in a 30-day period.
- The whole Forex software industry is getting quite ugly lately. Quite a few paid Forex robots are advertised aggressively via rather generous affiliate schemes, which results in tons of spam over the forums, YouTube, e-mail and other parts of the Internet. Of course, it’s not the creators of the software who spam the web, but the affiliate marketers (and probably not the best of them) but that’s still a problem for the whole Forex industry. The ads often contain semi-false claims, wishful thinking and even outright lies, which is very dangerous for all the potential Forex traders. New traders may fall for such ads easily, resulting in a future disappointment in the currency market. People that don’t know about Forex might think that it’s some kind of get-rich-quick scheme (which, of course, it’s not) or some other scam. So, in my opinion, the paid Forex robot market is currently set up in such a way that it hurts the reputation of the whole Forex trading industry greatly.
That’s what I think about the paid Forex robots. That’s why you don’t see any ads for them on EarnForex.com. Of course, I might be wrong in my judging and you are free to believe otherwise. But the above should be a warning to the newbie traders, while I am quite confident that the experienced Forex traders are already wise enough to see what’s good or bad for them.
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