Aug 06
Many fledgling forex traders believe that in order to be successful in forex trading that they need specialized systems for trading currency.? They may be drawn to websites that hype an automated forex trading system whereby all they need to do in input their parameters and let the system do the rest, with a promise that at the end of the day they will be automatically emailed a statement telling them how much they made.? Naturally, the website doesn?t (at least not in bold print) tell them that they?ll also be notified of how much they lost.
Or perhaps a beginning trader might be attracted to the novelty, simplicity and immediate gratification of the day trading system, where you don?t need to consider historical data, facts or trends to plan your trade, but only consider what has been happening over the past hour or so.? They are not told, however, that a system such as this is rarely consistently profitable, due primarily to the volatility of the markets during such a small window of time.
A quick internet search will yield literally dozens of systems for trading currency on the market but, the truth is, you don?t need any of them.
What you need to do is to create your own ?system.?? The best system for trading currency is one that allows you to be profitable regularly and consistently.? That system may be made up of small actions, but they must be resolute, such as clearly defined points of entry and, even more importantly, exit, so that regardless of your position you are disciplined enough to not move beyond your target.
The best system for you provides you with the methodology by which you will operate day in and day out, regardless of external factors that are pressuring you to deviate from your plan.? Another small action might be your perusal of the daily forex news, which you might find on the website page of your forex trading portal, or any of the internet news sources.? The more current news you have about events and things that might affect a currency you plan to trade will provide you with information to chart your course.? It?s important that you not ignore this critical small step ? without it you might make a trading decision that is entirely against the trend and will result in a loss.
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Source: http://www.utcap.org/systems-trading-currency.html
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