Keys for A Successful Forex System
By Ultimate Trading
Test & Try A New Forex System To Increase Your Profits
The forex market is unique and requires a decent forex system. It
doesnt sleep, so there are no opening or closing gaps. Its highly
liquid, and difficult to influence. There are no commissions and
few, if any, regulations. Its the largest market out there, and
its more than a little intimidating. But with a good
system, a disciplined approach, and a willingness to learn, the
forex market can become a very lucrative place to trade. Here are a
few pointers to get you started in the right direction.
I recommend that traders with small accounts ($25,000 and under)
develop a forex system. Many beginners look for trades that flow in
any direction, which can be somewhat unreliable. While forex trading
easily permits bi-directional trades, trading in the direction of
the trend will improve the odds of your forex system over the long
Another way to improve your odds is to have at least two accounts
for your forex system, including at least one real account and one
demo account. You dont stop learning when you start trading real
dollars. Use your demo account to test any alternative trades you
might be considering. For example, you can shadow your real trades
with identical ones in your demo account, but you can widen your
stops in the demo to see if you're being too conservative for your
If you have the right amount of money, try trading two lots rather
than one. Or even three lots. This is safer than only trading one.
When everything in your forex system is riding on one trade, its
hard to make good decisions. Having a few positions going is a good
way to take the intensity out of a trade. Conversely, you may also
want to steer your forex system towards extreme trading, which can
be the most conservative trading, when you think about it. Trading
at the extremes increases the odds that you have chosen the right
Ensure your forex system leaves you with time to examine the daily
charts, the four-hour charts and one-hour charts. These exist to
help you time your trades. When you are trading at 30- and 15-minute
time increments, it can take a great deal of dexterity, and its
good to have this knowledge at your fingertips.
But don't trade the time frame that is offered. Trade the pattern
instead. Reversal patterns, hesitation patterns and breakout
patterns show up a lot. Learn to look for these patterns and apply
them to your forex system. While the patterns are always there if
you look for them, leading indicators arent there. Dont spend all
your time looking for them, there simply arent any. Some firms make
a lot of money selling software that predicts the future, but the
reality is that if those products really worked, they wouldn't be
telling you about it. Also, try and follow the Upside Down Rule in
your forex system. If you can turn a chart upside down and it still
looks the same, avoid it all together.
You should fully check the Big Five: the dollar/yen, euro/dollar,
Swiss franc/dollar, euro/yen and pound/dollar before you decide to
take a position in any one of them. There might be something obvious
that youve missed.
And finally, don't keep count of your profits in your a
system before your first 20 trades. Keep track of the percentage
of wins instead. Once you know you can pick directions, your profits
can be increased with multi-plot trading and by using variations in
your stops. Then, youll be ready to finetune your forex system, and
start realizing substantial profits.
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