abdulla1 Posted June 11, 2011 Share Posted June 11, 2011 Anyone who is serious about trading needs to have a Forex Trading System that is tailored to them, but there is no reason to start constructing your Forex trading system from scratch. Why try and reinvent the wheel when you can benefit from other traders years of experience and borrow your trading system's ideas and concepts? It's easy to do, and there are some pretty good Forex trading systems out there for you to work with. Some of them are free and some are very expensive, but the price tags don't always reflect the actual value of the Forex trading systems. But, many of these systems won't work for you, and I am not talking about out-right dishonesty here, which can be a big problem when trading. What I am talking about is your ability to effectively trade with the system that you may be considering using or buying. You need to use a system that matches your life style and personality. If you have a day job (not trading), a Forex Trading System that requires you to stare at a screen all day wouldn't be appropriate. You would be distracted at work and miss the opportunities to make money, or even worse, you will not close a trade effectively and could lose money. Some Forex trading systems have a potential to lose 20, 30 or 40% of your money before they are profitable. Can you handle a system that can drop your trading capital to half before making money? Or, are you prepared to have a string of 8 to 10 loses in a row before you have a winning trade? Some of the best traders in the world lose money on more than 50% of their trades. These are all important points to consider when you are creating your Forex Trading System. Choose aspects of the different systems that are out there that fit your trading style best, and then build your Forex trading system. An excellent trading method, which was made famous by Richard Dennis and William Eckhardt and is sometimes referred to as Turtle Trading, is one of the best Forex trading systems that I know of. They get returns in excess of 20 to 100% per year using this system. But, could most traders trade their system? Not a chance! Dennis and Eckhardt also loose on over 60% of their trades. Once you know what sort of Forex Trading System will work best for you, look at the components that make it work. Face it; if you are a new, or even a fairly serious, trader how likely are you to come up with a totally new concept? There are some very smart and wealthy traders out there. Why not use their ideas. Consider Dennis and Eckhardt's turtle trading, their system is based on a "breakout" method. I know most traders could not trade using their exact method, but they could take parts of it, such as the breakouts, to confirm a trend. You can also use other Forex trading systems to give you an outline of what parts a system has to have for it to make money. All great Forex trading systems have these three basics: 1. Entry Rules, 2. Money Management Rules and 3. Exit Rules. Study and learn from the Forex trading systems out there, borrow their concepts, and steal their ideas. It will put you on the track to the system that will make you a successful trader. Quote Link to comment Share on other sites More sharing options...
shoaybkhan Posted July 29, 2013 Share Posted July 29, 2013 May be the great business management and time consuming can replace the "Stealing" ? Quote Link to comment Share on other sites More sharing options...
Thayungsta Posted October 4, 2013 Share Posted October 4, 2013 Can i create mine Quote Link to comment Share on other sites More sharing options...
euro Posted October 15, 2013 Share Posted October 15, 2013 You should be smart enough to create your own and if you're not smart enough then you should not do forex in the mean time. Forex requires you to think independently most of the time so you could lose if you ain't got a sure plan of your own. I prefer to formulate my own. So forex in a way is very good if you could come up with your own plans. I think in forex you can learn how to do things on your own and trust yourself. Quote Link to comment Share on other sites More sharing options...
Bagus Posted October 26, 2013 Share Posted October 26, 2013 stratgy there are some which are distributed for free in the trade and we can then use the trade was in the way we learn and continue to learn the trade so that we are able to explore the learning strategy tersebebut otherwise it will never be successful You should be smart enough to create your own and if you're not smart enough then you should not do forex in the mean time. Forex requires you to think independently most of the time so you could lose if you ain't got a sure plan of your own. I prefer to formulate my own. So forex in a way is very good if you could come up with your own plans. I think in forex you can learn how to do things on your own and trust yourself. Quote Link to comment Share on other sites More sharing options...
surya77 Posted February 8, 2014 Share Posted February 8, 2014 in forex trading we can't use senaky way to do! becasue we are small trader/investor. with the exception of you are big investor like bigboy Warren Buffet or George Soros. may senaky way can help you. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.