Places To Get a Great Forex Trading System
September 7, 2008 by Trader Rich
It’s very important that if you’re exploring forex trading or already trading that you have a trading system. One aspect of that trading system are the actual setup rules which usually contain entry and exit techniques. Traders put a lot of time and effort in developing these setup rules too often neglecting other aspects such as position sizing or relative size of your profits compared to losses. Therefore it’s important to find a comprehensive forex trading system.
Where can you find a comprehensive forex trading system? Throughout the last three years, I’ve been through many trading systems obtained mostly from books, forums, or other websites. I’ve found that almost every time, I’ll mold that system into something totally different than the original incarnation, something that fits my personality and style of trading. Many times, the original system will also need to be expanded to include things that were neglected or forgotten. Those of you searching for the perfect system may find this method of modifying existing forex trading systems desirable. There are places where you can find the whole package without any need for modification.
This brings me to the question, "where did you get your forex trading system?" I think there are four main ways of getting a trading system.
- Buy it. There are tons for sale out there on the net but heed caution. Many were just copied from forums, books, or other websites. Sometimes when you buy forex education, part of the package will include a trading system. For instance, Rob Booker provides his Arizona rules as part of his mentoring program.
- Get a free one. There are many free systems that can be found in books, forums, or other websites. I guess one can question whether a system found is a book is free since you paid for the book.
- Create an original system yourself. My main trading system is an original creation. There may be other systems out there that are similar to it since it’s a culmination of years of exposure to other systems and experiences.
- Modify someone else’s system and make it your own. As I stated above, I have done this many times.
I’ve created a poll that asks you this question here. http://www.forexproject.com/forex-polls/
Popularity: 74%
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Nice post. When given an existing system, I’ve alway had a perverse arrogance to think I can improve on the rules, even with zero experience. I don’t feel this is necessarily a bad thing, its how any idea evolves. Every trader is an accumulation of what they’ve been exposed to.
There is just too much scam out there, don’t you think? The promise of a “real deal” and ” tons of easy money”. Be aware that not all of them are sincere… I say, 90% is fake.
At the end of the day it usually comes down to money management even with a slight positive expectation you can make money in the long run. Maybe stop jumping from one system to another and come back to a simple Trend following system with proper money management. I am sure you have heard the saying “On the shoulders of giants”. Why re-invent the wheel?
Thank you for the info, will gladly use it, just begun trading on a demo account and broadcasting the action.
Great post! I like your blog.
Danielle, iI say 99,99% its fake. About the main question, i believe that the only way to be succesful in trading is to do it your way with your so called system and the only way to get a system is by trading with real money and learn from your mistakes. I`m trading for 7 years out of 29 and in my entire life i never saw so many scam in a single place, they all present all sort of systems and ways to get rich and a lot of stupid people (forgive me but im so tired about all this) play their game. This industry is the biggest joke of the century and it has catched a lot of people.
Correlated Hedge Trading System
I have spent countless hours of Trading Forex, spend a heck amount of time reading all kinds of materials, saving and testing all kinds of Indicators. I have loss quite a lot of money before, and have throughout time, learned and unlearned, have the patient, to go through all the difficult time and good time.
I have developed and distributed freely my profitable trading system in some forex forums.
Later, when I am capable to develop an EA, my analysis of the whole Forex Trading system has changed, especially when it involves BackTesting and ForwardTesting.
Later, and currently, there is one EA that works, consistently, and with minimal drawdown, it is truely a winner. And, it uses Correlated Hedge as its main principal in its calculated algorithm to take profit and control drawdown.
It is stress free, it is automated and with proper configuration, you are set to your financial freedom, finally.
Please log on to http://www.caireono.com to see what I am talking about.
Good stuff, this helped me out.
I have found that getting the system isn’t the hard part. Most of the educators teach similar techniques, pivots, S/R, moving averages. You can get most of them for free. The key is to find strategies that work for YOU! I would also recommend a mentor. Then test, test, test. It is much easier to have confidence in your system if you have already taken 2-3k trades with it.
Great news! Thanks for sharing with us. Please post more articles and share lots of forex stuff
Currency Trading Systems such as automated expert advisors are good on different levels for different types of traders.
For one, automated trading systems are awesome for those who cannot put an educated decision to make trades to save their lives.
Secondly, the trader who just doesn’t know how to manage trades, can learn more about trading from an expert advisor. They can actually improve their trading style.
Finally, get something that works!
I chance upon this 10 minutes Forex trading methods and wonder if it was copied from the many area that was listed above.
Anyone care to comments?
I like the automated systems. They really helped when I started out. They act almost like a software portion of a mentor that you just sort of watch and learn with. I do think it is important to have some sort of learning material with them too, so you grow as a trader, rather than relying on the software.
Good information, but automated signals are definitely the way to go.
finding and using available strategies from the internet is a good way to start. i have also written about ways to find out which are the really working strategies on the internet here:
http://optionstrader.joymastery.com/2008/05/02/free-forex-strategies-anyone/
Ja der Forexhandel bzw. Devisenhandel wird auch hierzulande immer beliebter. Die ganzen Forexplattformen, welche zuvor nur im englischsprachigen Räumen anzutreffen waren sprießen nun auch in der BRD wie Pilze aus dem Boden. Bin mal gespannt in wie weit das auch von den privaten Anlegern angenommen wird. Bin da eher skeptisch obwohl ich auch eine kleine Seite zu diesem Thema ins Netz gestellt habe.
Forex trading is extremely difficult to master, it takes years to start making real profits. Forex systems may cut the learning curve a bit if a trader still is studying the market and developing own trading ideas.
I have to agree with the above, there have been some great automated programs available this year.
Good article.. I think Oanda is great trading platform and had great analyzes tools.. which I am using more than 5 years
i really get a good info from your blog, thank so much
Ausführliche Infos zum Thema Devisenmarkt wie Forex Trading, Forex Broker, Forex Software und mehr gibt es im Blog:
http://www.forex-direkt.de/
BEST FOREX EA – Consistent and Profitable Automated Trading System
The Failure of Most EAs
Most EAs, 95% of them, fail.
It is a fact that can never be argued. Why? Because most EAs execute trades based on indicators and indicators are lagging – all of them. I have developed more than 30 EAs that are based on indicators and all fail in RANGING time. It can be very profitable during TRENDING time because most indicators work well during that time, but most INDICATORS fail during ranging time, so do the EAs that are based on the Indicators.
The ROOT CAUSE of the EAs’ Failure ?
The answer relies on the ROOT CAUSE of the problem. For every problem in this world, if we can identify the root cause, and do something to the root cause, the effect will change almost instantly. We cannot run away from this Universal Cause and Effect scenario.
So, what is the ROOT CAUSE of the Failure of EAs ? Simple – the Indicators!
The Solution – so how to find the Profitable EA then ?
Now, the answer is ‘almost’ clear. One must find the EA that is developed NOT USING ANY INDICATORS. That’s it. That is the SOLUTION.
So, have we solved the problem yet ? Not quite yet. How on earth would we know that the EA is not based on any INDICATORS ??
Is there any CLUE ?
The CLUE to find EA that is not based on any Indicators is to search for the word – Correlated Hedge EA or Correlation Triangle EA and read the small description of the EA of how the ‘formula’ used by the EA. This info is available even in a short description of the EA’s trading principal.
For more information of THE BEST FOREX EA available, visit http://www.caireono.com
Caireono
caireono2008@yahoo.com
Es ist schon erstaunlich wie weit Forex sich verbreitet hat. Nun springen immer mehr Leute auf den Forex-Zug auf und lernen wie lukrativ dieser tole Markt ist. Auch in Deutschland gewinnt der Devisenhandell immer mehr an Beliebtheit.
I found a website that is willing to teach all of you free forex trading. Not only teach you and give you a video exatly how to trade the forex not in past time, but what it should be now. Check it out http://www.myforexdna.blogspot.com/. You can also send e-mail with your question and what type of video you like to see in the future for Free.
check out the new video http://www.myforexdna.blogspot.com/
Automated trading systems are good, but definitely there will be big drawdowns someday. In forex trading, there is no free lunch.
I agree that reading about other people’s systems is a great place to start and expand your thinking but ultimately the system must suit your personality.
Well creating a successful trading system is not easy task, even when using mt4 u need some coding experience… do you have one shelf forex system to recommend?
do somebody knows what the best forex broker ist - also for germany. i search an partner programm for my forex blog. thank you for your answer.
Hast Du zufällig ein richtig geniales System auf PDF oder so welches man den Lesern im eigenen Blog zur Verfügung stellen kann? Das wäre super.
Is true there are many EA out there in the market. You have to research and do testing to make sure the EA is working. And customised it to suit your expected result. I have collected and modified some EA and have put it together and run using VPS server. visit http://www.winning-secrets.com for more details.
I’m thinking about trying it out….
I still think the best way is to use breakouts, not indicators. Indy’s lag. I tackle some of this on my blog
blog.tipster.ca
Trader Rich, I think that your advice should be very helpful, especially to beginning traders. Too many times have I seen beginners run around without a real sense of direction, often throwing cash into a hole as a result. After quite some time, I finally managed to find something pretty useful: http://www.forexautopilotreviews.net