How do I choose a forex trading system?
Sunday, April 4th, 2010 at
6:12 pm
I am new to the forex market and am looking for a excellent trading system that really works. Can someone point me in the right direction please?
Tagged with: Choose • forex • System • trading
Filed under:
Forex EA
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Really nobody can provide you with perfect for you trading system because everyone of us are different people we have different viewpoints, different characters and different trading ballances, therefore system which is very profitable for others may not suit to you.
Only you can and must make your own trading system.
Some books will help you. Of course you should have study others’ trading systems too. But finally you should make it yourself.
If you have any question please don’t hesitate and apply to my via e-mail or pm.
Excellent luck!
Check this forum, there’s lot of info.
http://www.forexfactory.com/forum.php
Forex has a fantastic system to trade currencies on, go to our website to signup for a free demo. http://www.phantomtrading.com
The demo is excellent for 30 days, I reckon you will like it.
There are a couple of other variables that determine if a Forex trading system will work or not. They are Dread and Greed.
It is my experence that the most vital element in successfully trading in the Forex marketplace is to get to know your own inner emotions. You can best accomplish this through trading demo accounts and not using any of your own money until you know your own tolerance to risk and experience the personal emotions involved when the market turns against you. Do you stay with your plot or do you bail out early because of dread? Do you stay with your plot or do you take profits too early because of greed?
I strongly suggest to all my clients to take advantage of the free demo accounts provided by most Forex brokers. Test out different tactics. Experience trend trading, experiment with seeing how news releases impact your demo account balances, test out a conservative hedging strategy and see how Forex can be used as a part of a long term investment strategy.
You can have fun and learn alot by trading with demo accounts. You will know when it is time for you to place a few dollars on the line. But take your time. The Forex market is not going anywhere it will be waiting for you when you are ready.
I have a couple of artices that you may find fascinating. Just drop me an email.
Paul
I have heard pretty excellent testimonies for Forex Mentor. It uses what Peter Bain calls a Pivot point system that uses “commercial support and resistance” lines plus a combination of candle sticks, trendlines, MACD, stochastics. Sounds like the basic stuffs, but the “cooking” the ingredient is the magic. Anyway you can check it out for yourself here @ http://www.geocities.com/lcming/ForexForex
Forex market or Foreign Currency Exchange market is one of the largest trading market in the world with over USD 1.3 Trillion traded in a day. It is drawing attention ever since it is open to Online trading. Forex trading can be very profitable if you take your time to do a proper research, understanding various options and choose a system that works for you. The most used Forex trading system may not be the most suitable for your needs.
There are many different kinds of Forex Trading Systems and you need to know a few facts as mentioned below, before choosing and funding a system.
1. Testimonials: Is there anyone out there who is trying to sell a system and show you testimonials from the people who really didn’t like the system? Highly unlikely. You should do proper research before indulging into a system that is completely new to you.
2. Impression: Do not be over impressed from high percentage of winning forex trades because a 90-95% winning trades with with average value $10 gets you $900. If you have 10% losing trade and unfortunately average losing trade is $200, then your account is reduced by $2000. This is an explanation that people often tend to ignore while doing Forex Trading or any trading in general.
3. Profit: Do you want to work with a Forex Trading system that breaks even? Why? If you keep the money in your home, you will still break even, then why take all the hassles of setting up an Forex Trading account and do all the work. Really speaking, you should always do some research on how profitable a particular trading system is?
4. Drawdown: The maximum drawdown of trading system is defined as the greatest peak-to-valley drawdown in a trading system’s equity. Maximum drawdown gives us a measure of the survivability of the trading system.
5. Time to profit: The actual time it takes to achieve the results with a particular trading system. You should plot to have a long and profitable relationship with your trading system.
Try to use a trading system that let you open a Demo account so that you can practice and learn about Forex Trading without risking any money.
I have tried many of these systems in my quest to simplify my trading experience. I personally have found FreedomRocks to be the system that has worked for me. I have found no terrible information on this system from anyone that has really used it. I have found many skeptics and bashers but nothing from those that have really tried at least the free trial they offer.
Below are a couple of links that may that I have found in my travels around the web:
http://www.yourforexinvestor.com
http://www.babypips.com
To your success,
Brandon Wells
bjwells@yourforexinvestor.com
877-773-5345
If you want a safe and simple trading system, I would suggest looking at http://www.myfxsecrets.com. The system offered there is very simple to use and pretty inexpensive. I’ve been using it for a few months and have a gained a steady return. It’s worth taking a look.