So if you go to the free trading systems section in this forum you get to see 132 pages with 20 threads on each page each with a different system.
This is the same with forex factory.
The most politically correct answer would be to test out every system posted here and on forexfactory but our time is limited there is no way to do that or rather our patience is limited.
Might i ask how would you guys go about this seeing that the free fx trading systems section is so overwhelming and i doubt you would try out every system offered from page 1 to 132 do you randomly select the system and also randomly selecting the page?
I agree with you entirely. Maybe the best thing to do would be to look for systems that claim they have had a profitable edge over at least the last year. Hopefully if they are posted here, and are free, there is no reason to disbelieve the claims. I am about to see if any fit the bill. Could take some time!
Please keep us posted how you get on…
Choose the one that you can understand and Are able to execute according to your time schedule.
Dun waste too much time learning system that are overly complicated. Explore idea and strategy over span of 2 to 3 years.
Fine tune your selected strategy. Practice a whole lot. Dont stop learning… explore new technology and strategy.
Categorize your follow trend strategy, counter trend strategy and breakout strategy. Have a few system for each one.
If u think market is trending use your follow trend strategy. If u think market is ranging use your counter trend strategy. If market is volatile use breakout strategy.
End of the day… every system more or less the same… then it boils down to trade management and decision making.
Targets projection, stoploss, average your position or not, hedge or not, drawdown or not. Define your personal criteria for each action.
Think about Lots sizing… for example, If you drawdown, will you have enough margin.
Think about money management, projected ROI per mth. How much do u cash out per mth. How many sets of reserve bankroll do u have for trading . Is cashflow for your livelihood tight or not.
Think about average daily/weekly range for a pair. How much room for targets projection available for the day or week…
You should choose a forex trading system based on some important principles to ensure you actually benefit from trading, rather than causing frustration and lost time. Carefully select a trading system that’s worth the time and effort. Each forex system is different in several important ways, so you want to make sure that it is one that you want to trade, before investing time and money (and effort!) into learning the system.
I don’t want to discourage you on your idea about trading systems, but I would never trade with someones system no matter if it’s free or not. It is proven that most of the trading systems will fail in long term trading.
Just ask your self: Why will someone give you a profitable trading system.
That is a tough question. Unfortunately you have to keep testing on a demo account the different systems until you find a good one for your personal needs. After you did find one, it is still probable that you have to make some tweeks it to personalize it. It is a long process, but you trade with your own money so it worth the time.