Keys for A Successful Forex System

Provided By Ultimate Trading Systems

Test & Try A New Forex System To Increase Your Profits

The forex market is unique and requires a decent forex system. It doesn’t sleep, so there are no opening or closing gaps. It’s highly liquid, and difficult to influence. There are no commissions and few, if any, regulations. It’s the largest market out there, and it’s more than a little intimidating. But with a good forex 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 run.

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 don’t 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 forex system.

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, it’s 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 direction.

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 it’s 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 aren’t there. Don’t spend all your time looking for them, there simply aren’t 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 you’ve missed.

And finally, don't keep count of your profits in your a forex 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, you’ll be ready to finetune your forex system, and start realizing substantial profits.

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