How to create & improve any Forex trading system?
Forex Trading Systems: too many systems, yet too little value!Let's face it, how many trading systems have you already tried? How many systems have you studies, tested and traded this year?
Many of you would say "A LOT, but I haven't found the best one yet!"
At this point, many traders are on the brink of quitting after a fruitless search and failure. But we don't want you to be among them! Allow us to give you some practical tips to put you back on track!
Expert tips for traders in search for a Profitable Trading System
I. The truth is that you need only One trading system in order to be profitable.
Availability of thousands of opinions & setups could put you off the road for a long time. If you try to absorb all available information about Forex, you'll rather become a "Forex sponge" than a Forex trader. You'll be able to talk about Forex, more than actually trade it.
The information flow with never stop, so if you've been constantly changing trading systems for the last few months, consider shutting the doors off to the new information inflow temporarily, take what you've learned so far and focus on trading your way — the more time you spend watching charts and trying to figure out for yourself how market trends, reverses and breaks out of support and resistance, the better you'll trade later.
Limit the number of systems you test at one time to the minimum. Try to keep consistency and don't jump from one trading setup to another.
Nevertheless, if a trading system was profitable for its creator is doesn't guarantee same success for you.
Our unique personalities and mind sets will always influence the way we trade: enter, exit & coop with losses.
Don't force yourself to learn a specific Forex trading system just because its creator claims it's profitable. Give it a shot, why not; but after few tries, if you can't fully understand the logic behind the trading system and/or and you can't find additional educational material to study in order to apply the system properly, don't get stuck with it, don't set yourself back for many days trying to copy the inventor: Besides, a system might not be profitable at all, then you've wasted your time for nothing!
Stop relying on market analysis done by others, it is time to make your own analysis — this important step takes you closer to the winning top.
A trading system which is overloaded with indicators and trading rules stands little chance to become a winner.
Watching to many charts and indicators makes a mess on the working table, while trading signals begin contradict each other...
Did you know that many Forex EAs (Expert Advisors) are based on formulas from simple well known indicators: MACD, Stochastic, CCI, Bollinger bands, Moving averages etc.
So, keep it simple. If doing it right, Simpler can be smarter!
IV. Never Losing system vs Profitable trading system
To your trading success!
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Forex trading is a high risk investment. All materials are published for educational purposes only.