Anyone who is serious about trading needs to have a Forex Trading System
that is tailored to them, but there is no reason to start constructing
your Forex trading system from scratch.
Why try and reinvent the wheel when you can benefit from other traders
years of experience and borrow your trading system.s ideas and concepts?
It.s easy to do, and there are some pretty good Forex trading systems out
there for you to work with. Some of them are free and some are very
expensive, but the price tags don.t always reflect the actual value of the
Forex trading systems. But, many of these systems won.t work for you, and
I am not talking about out-right dishonesty here, which can be a big
problem when trading. What I am talking about is your ability to
effectively trade with the system that you may be considering using or
buying.
You need to use a system that matches your life style and personality. If
you have a day job (not trading), a Forex Trading System that requires you
to stare at a screen all day wouldn.t be appropriate. You would be
distracted at work and miss the opportunities to make money, or even
worse, you will not close a trade effectively and could lose money.
Some Forex trading systems have a potential to lose 20, 30 or 40% of your
money before they are profitable. Can you handle a system that can drop
your trading capital to half before making money? Or, are you prepared to
have a string of 8 to 10 loses in a row before you have a winning trade?
Some of the best traders in the world lose money on more than 50% of their
trades. These are all important points to consider when you are creating
your Forex Trading System. Choose aspects of the different systems that
are out there that fit your trading style best, and then build your Forex
trading system.
An excellent trading method, which was made famous by Richard Dennis and
William Eckhardt and is sometimes referred to as Turtle Trading, is one of
the best Forex trading systems that I know of. They get returns in excess
of 20 to 100% per year using this system. But, could most traders trade
their system? Not a chance! Dennis and Eckhardt also loose on over 60% of
their trades.
Once you know what sort of Forex Trading System will work best for you,
look at the components that make it work. Face it; if you are a new, or
even a fairly serious, trader how likely are you to come up with a totally
new concept? There are some very smart and wealthy traders out there. Why
not use their ideas. Consider Dennis and Eckhardt.s turtle trading, their
system is based on a .breakout. method. I know most traders could not
trade using their exact method, but they could take parts of it, such as
the breakouts, to confirm a trend.
You can also use other Forex trading systems to give you an outline of
what parts a system has to have for it to make money. All great Forex
trading systems have these three basics:
1. Entry Rules,
2. Money Management Rules and
3. Exit Rules.
Study and learn from the Forex trading systems out there, borrow their
concepts, and steal their ideas. It will put you on the track to the
system that will make you a successful trader.
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