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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 2981
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Discuss GBP
Texus, United States
Posts: 0
28 days ago
Feb 25, 2017 16:22
>>>>How to Develop the Best Forex Trading System for You<<<<

The best Forex trading system is a combination of currency trading strategies that fit your style, temperament, and risk management. There is no one "best" Forex trading strategy in making profits in the currency markets. However, there are many excellent systems that have been developed and are being used every trading day. Each one was custom tailored by the person who is enjoying the profitable results it produces.

Take the Time

To make money in the Forex markets, you need to develop your own Forex trading system. This means taking the time to get Forex training available throughout the Internet, as well as through brokers and other educational sources. There's a gold mine of Forex courses available. But as the old saying goes "no pain, no gain." You have to take the time to study all the technical and fundamental factors that affect Forex trading in order to develop the currency trading strategies that will make you money.

Forex Trading Essentials

Limiting your losses, allowing your profits to run, and properly identifying your entry and exit points, are essential to any system. A proper forex education will allow you to develop a system that takes your emotions out of your trading, minimizing your mistakes. A proper background in chart analysis, moving averages, and other indicators, is what is needed to produce successful results. You must have the discipline to use these tools to become a successful trader.

Valuable Information

Information is king in Forex trading. The uninformed always lose. You have to have a good trading platform together with the proper software to obtain the information that will help you make your decisions with speed and accuracy. Your success will entirely be dependent on how effectively you recognize and exploit trading signals. One must be able to expect and determine what will happen in the future. Through your analysis of the available information, you'll be able to calculate the probabilities of profit and loss on any individual trade. With proper risk management, currency trading strategies can be developed to produce wonderful results.

Managing your Forex Trading Risk

All trading entails risk, and as such, risk management is essential. Developing a Forex trading system and standing by your strategy will yield greater results; decisions based on fear rather than a predetermined Forex trading strategy will always result in failure. Keeping your emotions out, will help minimize your Forex trading risks. You should always limit the major risks, and never risk more than a few percent of the money you have available on any single trade. If you risk too much money on your trades, you will quickly lose your capital and be unable to trade. You must have funds to participate in the market to generate profits, and thus, preservation is as important as profit. Always have the intention to trade for a long period of time with consistently limited risks.
Texus, United States
Posts: 0
29 days ago
Feb 24, 2017 8:25
Most of the people who engage in Forex trading lose. Indeed, the industry estimates that more traders lose than profit. And they lose for a reason. They have not properly prepared themselves with a Forex education and the proper mindset to be a successful trader. In the cold cruel world of Forex trading, you are on your own. It's you against the market. All over the Internet, you can find so called experts touting Forex trading systems with extraordinary sure win claims. If it was so easy, everyone would be a millionaire. The true winners are the ones who have taken the time and effort to carefully devise currency trading strategies that have been thoroughly tested beforehand to produce positive successful results.

Listen to Yourself

You are the only one that can make yourself successful. Everyone is trying to sell some kind of system to fools, who think they're going to get rich instantaneously. It just doesn't happen that way. You can use systems and trading tools to have successful results, but there is no such thing as a free lunch. Only through hard work on your part will you be able to develop Forex trading strategies that produce the results that you desire. You should begin your forex education and training with Forex experts, while building your skill set to ultimately create your own Forex trading system. Forex trading is like any other business. To be a successful forex trader, you need to educate yourself. Great forex traders become better and better because they continue learning. This gives them the edge they need to stay on top of their game so they can go on and become even better traders.

Make Your Forex Trading System Rules

Everyone lives in a society based on rules that must be followed. In the Forex trading markets, except for some simple market procedures and practices, there are basically no rules or structures that govern your operation. You have to take the responsibility for all your actions. If you win, it's because of you. If you lose, it's not because of the broker, a market, or the government. It's because of you. You have to develop the rules and structure to successfully exploit the possibilities that are available in Forex trading.

If you are an individual who has a deep confidence in his or her personal abilities, with the discipline to be able to work hard to develop the currency trading strategies necessary for a Forex trading system, then Forex trading is for you. If you have the mindset to be an individual away from the crowd, with no one telling you the rules or laws that need to be obeyed, then you should be part of the minority that enjoys spectacular Forex trading success. Your profit as a successful forex trader can be extraordinary and if you know what you're doing and have the discipline to follow your rules of trading, there's no limit to your profit potential.
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Ashraf Laidi
London, UK
Posts: 0
57 days ago
Jan 27, 2017 15:04
Welcome back DaveO & Quiman

N.Cornwall, UK
Posts: 5733
60 days ago
Jan 24, 2017 19:14
I sincerely hope our dear prime minister Teresa May will not get groped when she visits new president Donald Trump. Perish the thought, whatever made me think that.
United States
Posts: 237
4 months ago
Nov 7, 2016 19:17
The problem I always encountered with using correlations over the years is that one never knows when they will come to a screeching halt, due to other energetic vectors coming into the equation.

As just one example today the US stocks are up huge, and the Pound down. This strong correlation that was develping with the Pound and US stocks for awhile has had to deal with various UK domestic headlines that can pull it in all kinds of directions.
United States
Posts: 237
5 months ago
Oct 12, 2016 15:16
I found Ashraf's post on Cable's increased correlation with US stocks over this last month to be one of the more important insights in awhile on this currency pair. Planning to watch this more carefully myself and hopefully put it to great use. Thanks Ashraf!
Ali Sharifazadeh
Tehran, Iran, Islamic Republic of
Posts: 0
1 year ago
Mar 4, 2016 17:42
It is a bit strange that Cable has been able to go this higher when the Brexit fears have not been gone completely and all of the PMI reports this week disappointed.

Where do you think the bears return?
Frank Junior
haala, Bahrain
Posts: 0
1 year ago
Jan 25, 2016 9:59
I learnt trading by watching videos and learnt all strategies very efficiently!!Doing quite well now!!
New York, United States
Posts: 305
1 year ago
Jan 19, 2016 4:30
GBP/NZD daily chart - looks like a 3rd gravestone doji formed AND the death cross 50DMA below the 200DMA is confirmed. Look what happened after the last two gravestone dojis... Perhaps they're not perfect "gravestone dojis", but looking close and good. I prefer GBP/NZD short over GBP/AUD short due to less involvement with China and most likely, less interest rate risk involvement. A short to consider! Thoughts???
New York, United States
Posts: 305
1 year ago
Jan 14, 2016 14:06
GBP/NZD 50DMA about to cross under the 200DMA...