Forex Trading System
Forex trading systems are only as good as the traders who use them. Mental fitness and objectivity are key to your success as a trader, and most back-tested systems I’ve used are actually quite good for emotion-free trading. But they work only as long as traders don’t let their impulses interfere with the profit potential of their trades. You win some, you lose some. Don’t let emotions control the outcome of your trade.
DThe headline and name “Forex Made Easy” is a gimmick to get new customers. I would say the company is legitimate, but the name is simply an advertising ploy to draw new customers. They’ve tried to make the “process” of setting up a Forex account “easy,” but you have to go through the same process anywhere you open an account.
The gimmick here is that it implies that “trading the Forex” is “easy.” It seems to imply that all trading is “Easy” as long as you sign up with them. If that were true, we would all be rich.
Here are a couple of systems I’ve tried lately:
Peter Bains – Forex Mentor
This is a very good course and very comprehensive. You get strategies and lots of info and also email talks with Peter Bain himself. Downside is that it costs at least $500. Otherwise a very good system.
Hector Trading – 3SMA System
This is an incredible system and I’ve used it for over 6 moths already. Has tons of material and a system that is easy to follow. It’s based on trading the London open. Seriously it has everything you need to make profits. The guy who created the system also has his own popular blog. You can read a full review here:http://forextradingwinners.com/forex-signal-reviews/3sma-forex-system-hector-trader-review (Youtube video included). It costs around $200, but is well worth it.
Forex Confidante
Another great course. It’s developed by Thomas Strigano who has more than 20 years experience in trading. He used to be the CTO of a majro bank. It’s a very good system, but the learning curve can seem a little steep. Still, I think it’s excellent value at less than $100. See review here: http://forextradingwinners.com/forex-signal-reviews/forex-confidante-review
Check them all out and form your own opinion, you really can’t go wrong with these.
Hello For the past 6 months I have been hearing a lot of talk about some forex signal system super code, the commercial traders are using and that there would be a retail version available and now I hear! It is available but the only site I found says I have to be a certified trader with NFA certification like a series 3 or 7 license. Is it only for money managers? Or can retail traders use this automated trading signals bot as well. If you know someone who is using it or if you have access please tell me how and where to get a copy of Forex Android.
The Forex Android system works very well. I’m sure one day they will start charging for this, and even if they ever did it would be worth every penny.
I have been using it for about 7 months. I first heard about it on http://www.tradingsocial.com when a guy in the video chat room was showing it off and making live calls in the room with it. I have been using it ever since. I have since deleted all of my metatrader indicators and EA’s because they don’t compare to the simplicity and accuracy of the android.
You can get a download of it here:
http://www.traderchatforum.com/
I’m looking for a unique (even experimental) system for forex and currency fx trading that works seamlessly with Metatrader 4. Interested in your own recommendations and tools that work at the beginner / intermediate level.
I use Forex Tracer for currency fx trading. It works with Metatrader 4 and is pretty good for someone who understands the basics of how forex markets work.
It’s excellent at mining forex markets in real time and bringing back profitable spreads on currency exchanges. For an automated forex cash system, it’s a goldmine for traders at the beginner to intermediate level. The ease of use is legendary.
I trade forex on marketiva platform, and I am looking for a good trading manual system I could use to get more pips trading on marketiva mini forex account.
First of all, you must have good trading discipline. Without it you are destined to fail. And you’re right in thinking that you need a good trading plan. Many successful traders have a very basic signalling system and with forex you get trade it either by fundamentals or by technical.
A Trading plan using fundamentals would be using news and economic releases.
A trading plan using technicals would use a charts. Start of using EMA’s. Try a MACD or RSI. But remember to keep it simple.
I guess as against a manual system
Nothing is automated in forex really as far as I know. There always is a dealer at the other end. What you are talking about is probably the platform. Some of the forex trading platforms (usually web based) are easy to use since you have everything neatly set up. Buying or selling is literally done with a click of the mouse.
With so many claims of best FOREX trading systems, which is the current best automated software on market? Which offers best free trial and training?
Through my trading, I found that a really good forex trading system is Forex Automoney. It is not 100% automated forex trading but I think it is better than one that is fully automated.
As a member you have access to a lot of training materials plus of course the software to use and there is a lot of support. I feel it is very good for anyone serious about forex trading and looking for the best forex trading system.
No free trial but you only need to pay $4.95 to try out.
Price action in forex is basically governed by supply and demand theory – if there is demand for the currency it goes up. If there isn’t price goes down. If there is too much supply, currency goes down and if there isn’t enough, currency goes up. That’s the simplest explanation – you might want to search around for supply and demand theory.
Most forex systems are based on price action because most traders use charts – technical analysis which depends on price action.
I was looking at two things, one seems to be a trading system on autopilot, the other a robot. I still don’t know the difference… sorry newbie here
One is
http://warrenforren.org/2009/01/17/forex-ambush/
the other is:
http://warrenforren.org/2009/01/17/3/
I am nervous about a robot doing anything with my money. Thoughts?
tommyfourth, A great forex system means you need to constantly have high probability trades. You also need to be aware of all the currency pairs in real time. Maybe this blog can help. http://www.whatisforextrading.com/blog/ Remember, no trading will be fool proof, so be cautios about the claims some trading systems make.
I am interested in trading currency. I attended a Premiere Trade work shop and know that there are much better, less expensive, systems out there. I also know that there is no such thing as “get rich quick” and I understand that you have to spend money to make money. Please give me a realistic answer.
I’m not sure what you mean by “better.” I’ve seen quite a few with more indicators and others with better trading platforms, but there are many things the outsider doesn’t see.
They give you direct access to their traders, via phone, via the Message Board, and via a Live Commentary. They not only keep you well informed of what’s going on and what’s moving the markets and which pairs are doing what, they have 6 hrs a day of classes, help shops, commentaries, and a slew of worksheets, data sheets, trading systems, etc., it’s endless.
The Green Light, Red Light thing is fairly simplified so almost anyone can trade it, but they are adding stuff all the time, and you can almost get as complex as other systems now. But I’m a nuts and bolts kinda guy, and I like to use lots of technical stuff, so I have a backup system to trade currency futures, and a very powerful charting package and trading platform called RealTick, from TerraNovaOnline. I can trade Forex spot or futures through them. It’s always a good idea to have a backup datafeed and trade desk anyway.
I’ve been trading stock index futures for 17 years, and I write my own systems and indicators, but I’m real surprised how well the signals work in PT. Green Light/Red Light, yeah it’s simple, but it works.
Forex market or Foreign Currency Exchange market is one of the biggest 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 actually 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 plan 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 bad information on this system from anybody that has actually used it. I have found many skeptics and bashers but nothing from those that have actually tried at least the free trial they offer.