Forex Trading System: Choosing the Right System
by Harold Hsu
There are many Forex trading systems available for purchase online, and many traders are confused about which one is the best. In this article, allow me to explain how to choose the best trading system for you.
3 Things To Know
When looking for a good trading system to follow, it's important that:
1) You understand the logic behind how the system works
2) The system has an actual, consistent positive trading record
3) You're comfortable with the system / You like the system
These 3 criteria are generally in order of importance. Notice how the most important factor is that you understand how the system works. Many traders purchase trading system after trading system without understanding the reasons behind how they work.
These traders are looking for a magic pill that doesn't exist in reality. The moment one trading system starts to lose in a few consecutive trades, these traders will move on to the "next big thing" and buy another different system.
The truth is that if you understand the logic behind a good system, you'll understand that there will be times when such a system will occasionally fail. The important thing is to remember that on the overall, many systems will give you a positive profit at the end of the month. It is not these systems that fail: it is the undisciplined traders who don't understand their systems (and thus give up) that fail themselves.
As the saying goes, "A good trader will take an average system and make money with it. A bad trader will take a great system and still lose money with it". The key is in understanding how a system works, and having the discipline to stick with it when the going gets tough.
Once you understand how a system works, it's also important that you agree (and like) the logic behind it. If you don't like it, chances are it'll be even harder for you to be disciplined when following it.
One more thing that many traders overlook when purchasing a trading system, is the ACTUAL track record. Many scam sites out there use hypothetical (or back-tested) results to lure ignorant traders into buying their "trading systems". Always ask for an actual track record (i.e. traded with real money) and don't fall for those "in August, this system would have made $XXX!"-type of claims. You shouldn't care about how much the system "would have" made, you should care about how much it DID make!
แสดงบทความที่มีป้ายกำกับ Forex Training Courses แสดงบทความทั้งหมด
แสดงบทความที่มีป้ายกำกับ Forex Training Courses แสดงบทความทั้งหมด
วันเสาร์ที่ 26 มกราคม พ.ศ. 2551
วันพฤหัสบดีที่ 24 มกราคม พ.ศ. 2551
Forex Trading Logs: 4 Important Details To Include
Forex Trading Logs: 4 Important Details To Include
by Harold Hsu
Many traders know it's a good idea to keep a trading log but what exactly does a trader keep in his log?
While different people keep records of different details, here are 4 important points that you absolutely must include in your own log
Detail #1: Entry/Exit setup (entry criteria)
The entry setup criteria is basically the market conditions which are required to trigger a buy or sell signal, according to your trading system (you DO have a trading system, right?)
This log serves as a reminder to yourself not to trade against the rules of your own system. Every time you're tempted to enter into a trade that doesn't follow your system rules, this step will hopefully remind you not to make that trade. Also, past entry setup logs help you to decide if a losing trade could have been avoided. If your log shows that you completely obeyed the rules of your system, then don't beat yourself over a loss you did the right thing.
Detail #2: Entry price & Lot Size
The lot size log serves to help you stick to your money management rules (you DO have a money management system, right?), and the entry/exit price helps you to calculate your pip gain or loss.
Detail #3: Time & Date
This log enables you to go back and analyze any specific trade you wish to examine. Without the time and date, you won't know which portion of the trading charts you should be looking at.
Detail #4: Your Feelings
This is perhaps one of the most important logs to make. You'll need to keep a record about how you feel about the trades that you took. Were you hesitant? Or were you confident? Keeping a record of your feelings helps you become aware of your psychological state when trading, and can be very helpful with identifying patterns in your trading behaviour.
by Harold Hsu
Many traders know it's a good idea to keep a trading log but what exactly does a trader keep in his log?
While different people keep records of different details, here are 4 important points that you absolutely must include in your own log
Detail #1: Entry/Exit setup (entry criteria)
The entry setup criteria is basically the market conditions which are required to trigger a buy or sell signal, according to your trading system (you DO have a trading system, right?)
This log serves as a reminder to yourself not to trade against the rules of your own system. Every time you're tempted to enter into a trade that doesn't follow your system rules, this step will hopefully remind you not to make that trade. Also, past entry setup logs help you to decide if a losing trade could have been avoided. If your log shows that you completely obeyed the rules of your system, then don't beat yourself over a loss you did the right thing.
Detail #2: Entry price & Lot Size
The lot size log serves to help you stick to your money management rules (you DO have a money management system, right?), and the entry/exit price helps you to calculate your pip gain or loss.
Detail #3: Time & Date
This log enables you to go back and analyze any specific trade you wish to examine. Without the time and date, you won't know which portion of the trading charts you should be looking at.
Detail #4: Your Feelings
This is perhaps one of the most important logs to make. You'll need to keep a record about how you feel about the trades that you took. Were you hesitant? Or were you confident? Keeping a record of your feelings helps you become aware of your psychological state when trading, and can be very helpful with identifying patterns in your trading behaviour.
วันพุธที่ 16 มกราคม พ.ศ. 2551
Why do Forex Trading?
Why do Forex Trading?
by Don Spanish
Why do Forex Trading?
The cash/spot FOREX markets have certain unique attributes that offer an unmatched potential for profitable trading in any market condition or any stage of the business cycle. It leaves one to wonder why bother in the first place? The answer to that is very simple. Forex trading offers people who trade:
A 24-hour market: A trader has the chance to take advantage of all of the profitable market conditions at any time; which means that there is no waiting for the start like the New York Stock exchange.
Highest liquidity Possible: The FOREX market is the most liquid market in the world. That means that a trader can enter or exit the market whenever they want during almost any market condition minimal execution barriers or risk and no daily trading limit.
High leverage: It has a leverage ratio of up to 400 is normal when compared to a leverage ratio of 2 in the equity markets. Of course, this makes trading in the cash/spot forex market awkward a swell because it makes the risk of the down side loss much higher in the same way that it makes the profit potential on the upside much prettier.
Low cost per transaction: The retail transaction cost is actually less than 0.1% under the normal market conditions. At larger dealers, the spread could be less than 5 pips, and may expand a great deal in fast moving markets.
Always a good market: A trade in the FOREX market means selling or buying one currency against another. In essence, a bull market or a bear market for a currency is defined in terms of the outlook for value against other currencies. If the outlook is positive, you get a bull market where a trader profits by buying the currency against other currencies.
Inter-bank market: The foundation of the FOREX market consists of a global network of dealers that communicate and trade with their clients through electronic networks and telephones. There are no organized exchanges like in futures that are there to serve as a central location to facilitate transactions the way the New York Stock Exchange serves the equity markets.
No one can corner the market: The FOREX market is so large and has so many participants that no single trader, even a central bank, can control the market price for an extended period of time.
It is not completely Unregulated: The FOREX market is seen as an unregulated market although the operations of major dealers like commercial banks in money centers are regulated under the banking laws.
For the average person who is willing to get into forex trading, this market is just a better bet. With it being so wide open like it is, you have a higher gross potential than with any other trade type.
by Don Spanish
Why do Forex Trading?
The cash/spot FOREX markets have certain unique attributes that offer an unmatched potential for profitable trading in any market condition or any stage of the business cycle. It leaves one to wonder why bother in the first place? The answer to that is very simple. Forex trading offers people who trade:
A 24-hour market: A trader has the chance to take advantage of all of the profitable market conditions at any time; which means that there is no waiting for the start like the New York Stock exchange.
Highest liquidity Possible: The FOREX market is the most liquid market in the world. That means that a trader can enter or exit the market whenever they want during almost any market condition minimal execution barriers or risk and no daily trading limit.
High leverage: It has a leverage ratio of up to 400 is normal when compared to a leverage ratio of 2 in the equity markets. Of course, this makes trading in the cash/spot forex market awkward a swell because it makes the risk of the down side loss much higher in the same way that it makes the profit potential on the upside much prettier.
Low cost per transaction: The retail transaction cost is actually less than 0.1% under the normal market conditions. At larger dealers, the spread could be less than 5 pips, and may expand a great deal in fast moving markets.
Always a good market: A trade in the FOREX market means selling or buying one currency against another. In essence, a bull market or a bear market for a currency is defined in terms of the outlook for value against other currencies. If the outlook is positive, you get a bull market where a trader profits by buying the currency against other currencies.
Inter-bank market: The foundation of the FOREX market consists of a global network of dealers that communicate and trade with their clients through electronic networks and telephones. There are no organized exchanges like in futures that are there to serve as a central location to facilitate transactions the way the New York Stock Exchange serves the equity markets.
No one can corner the market: The FOREX market is so large and has so many participants that no single trader, even a central bank, can control the market price for an extended period of time.
It is not completely Unregulated: The FOREX market is seen as an unregulated market although the operations of major dealers like commercial banks in money centers are regulated under the banking laws.
For the average person who is willing to get into forex trading, this market is just a better bet. With it being so wide open like it is, you have a higher gross potential than with any other trade type.
วันจันทร์ที่ 14 มกราคม พ.ศ. 2551
Why Forex Training Courses Yield Better Profits
Why Forex Training Courses Yield Better Profits
by Maria Sanchez
Are you interested in becoming an active trader in the world's largest financial market? If you are, you will be looking to trade the foreign exchange market, also commonly referred to as the forex. In recent years, since the late 1990's, brokerage firms have made it possible for "everyday" individuals, just like you, to make money with the exchange or the trading of foreign currencies. Although brokerage firms do provide you with needed assistance, it is advised that you know the ins and outs of the forex yourself. That is why it is advised that you take a forex training course. In fact, the successful completion of a forex training course is likely to yield better profits.
When it comes to forex training courses, there are a large number of wannabe forex traders who wonder if it is really necessary to undergo training. Yes, you could start trading the forex market right away, but, when doing so, you will be taking a large risk. Although the foreign exchange market has been profitable to many traders, there are also those who have lost their hard earned money. To help ensure that you profit from the forex market, not suffer a loss, you are advised to closely examine forex training courses to reap their benefits.
By taking a forex training course, you may not only learn how to successfully trade the forex market, but you may also learn more about it. While you might not assume that the history of the foreign exchange market is important, it is. Familiarizing yourself with the history of the foreign exchange market will not only better help you understand how the forex came about, but it will also give you a better appreciation for the market and the ability to exchange foreign currencies. After all, the ability to exchange foreign currencies is what enables you to yield a profit.
Forex training course come in a number of different formats. When examining available courses, you will see that there are forex training courses that are designed for beginners. Beginners are those who are essentially completely unfamiliar with the forex market and forex trading. If you have a small amount of experience with the forex market or knowledge of how to start trading, an intermediate forex training course may be your best option. There are also several advanced courses to help experienced traders refine their skills. Whatever level of knowledge or experience you have, you should be able to find a forex training course that can help you increase your knowledge and wealth
One of the many aspects of a forex training course that may help to yield better profits is live market lessons. Live market lessons are, perhaps, the most essential phase of an effective forex training course. Live market lessons involve studying the foreign exchange market in real-time. This real-time learning is ideal because is allows you to examine situations on the forex that may arise, should you later decide to trade it. Being able to examine the forex market in real-time is training at its best. You can read a forex training course book or watch a video a hundred times, but never walk away with the knowledge or firsthand experience that comes along with live market lessons. Participating in a forex training course that includes a live market lesson is the surest way to yield better profits.
Currently, there are hundreds, if not thousands, of forex training courses available for you to choose from. What you may not know is that many of these training courses are offered by brokerage firms; brokerage firms that are looking to acquire you as a client. While it is true that any forex training course is better than no forex training course, why not get yourself the best? When searching for a forex training course, you are advised to examine Fxcenter.com. Fxcenter.com takes pride in being pure educators, not brokers. For you, this means better training. You will receive the highest level of forex training possible, as the goal is to educate you on the forex market, not acquire you as a client.
In short, to yield better profits, you are urged to examine forex training courses, particular the courses offered by Fxcenter.com. Why start trading the forex without the proper training and experience, especially when it is so easy to find a forex training course that can not only prepare you for trading, but help you yield better profits.
by Maria Sanchez
Are you interested in becoming an active trader in the world's largest financial market? If you are, you will be looking to trade the foreign exchange market, also commonly referred to as the forex. In recent years, since the late 1990's, brokerage firms have made it possible for "everyday" individuals, just like you, to make money with the exchange or the trading of foreign currencies. Although brokerage firms do provide you with needed assistance, it is advised that you know the ins and outs of the forex yourself. That is why it is advised that you take a forex training course. In fact, the successful completion of a forex training course is likely to yield better profits.
When it comes to forex training courses, there are a large number of wannabe forex traders who wonder if it is really necessary to undergo training. Yes, you could start trading the forex market right away, but, when doing so, you will be taking a large risk. Although the foreign exchange market has been profitable to many traders, there are also those who have lost their hard earned money. To help ensure that you profit from the forex market, not suffer a loss, you are advised to closely examine forex training courses to reap their benefits.
By taking a forex training course, you may not only learn how to successfully trade the forex market, but you may also learn more about it. While you might not assume that the history of the foreign exchange market is important, it is. Familiarizing yourself with the history of the foreign exchange market will not only better help you understand how the forex came about, but it will also give you a better appreciation for the market and the ability to exchange foreign currencies. After all, the ability to exchange foreign currencies is what enables you to yield a profit.
Forex training course come in a number of different formats. When examining available courses, you will see that there are forex training courses that are designed for beginners. Beginners are those who are essentially completely unfamiliar with the forex market and forex trading. If you have a small amount of experience with the forex market or knowledge of how to start trading, an intermediate forex training course may be your best option. There are also several advanced courses to help experienced traders refine their skills. Whatever level of knowledge or experience you have, you should be able to find a forex training course that can help you increase your knowledge and wealth
One of the many aspects of a forex training course that may help to yield better profits is live market lessons. Live market lessons are, perhaps, the most essential phase of an effective forex training course. Live market lessons involve studying the foreign exchange market in real-time. This real-time learning is ideal because is allows you to examine situations on the forex that may arise, should you later decide to trade it. Being able to examine the forex market in real-time is training at its best. You can read a forex training course book or watch a video a hundred times, but never walk away with the knowledge or firsthand experience that comes along with live market lessons. Participating in a forex training course that includes a live market lesson is the surest way to yield better profits.
Currently, there are hundreds, if not thousands, of forex training courses available for you to choose from. What you may not know is that many of these training courses are offered by brokerage firms; brokerage firms that are looking to acquire you as a client. While it is true that any forex training course is better than no forex training course, why not get yourself the best? When searching for a forex training course, you are advised to examine Fxcenter.com. Fxcenter.com takes pride in being pure educators, not brokers. For you, this means better training. You will receive the highest level of forex training possible, as the goal is to educate you on the forex market, not acquire you as a client.
In short, to yield better profits, you are urged to examine forex training courses, particular the courses offered by Fxcenter.com. Why start trading the forex without the proper training and experience, especially when it is so easy to find a forex training course that can not only prepare you for trading, but help you yield better profits.
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