Is it really possible to get a trading system that can guarantee and entry and exit with Profit?
No, nothing is guaranteed 100%. But if you go long in an uptrend and short in a downtrend you have probability on your side. Where you exit is important but it should be rational - so, not just because you have made $xxx, or because its the xth winning trade this week. If your entry is based on TA, your exit should be based on TA also.
Hello there,
My recommendation for newbies is ‘keep it simple’. For that I can actually recommend a system being run on Babypips here by Robopip, it is the ‘SMA Crossover Pullback system’ (sorry, I can’t put links here yet). The reason I personally like it is that it makes use of the two basic analysis. One is trend following (moving averages) and the other is trend change or counter trend (stochastic) and combines them well. It is also simple and uses simple indicators. Another good point is that it is regularly tested here and the results are positive.
If this style does not suit your tastes there are other systems that are equally deserving of a look. They are also actively updated on this site and can be found in the “trading / trading systems” part of this website in the menu above (again, tried to put a link but can’t yet). I personally investigated these systems and used a very similar one to the SMA pullback which I found very workable, easy to follow and profitable. A great newbie system!
Good luck!
I prefer to trade manually. Though it is sometimes beneficial to use it, but we cannot earn as per the potential as we can through the manual trading. Thus the money not earned, is the money that we lose.
When choosing a trading system I feel that one of the most important considerations is “Does the system match my lifestyle and personality?”
My lifestyle, I have a regular job. I can only put in a few hours a day trading, roughly 7:00-8:30 AM EST, and an hour or so in the evening before bed. I am unable to monitor my trades during the day. So I need a system where I enter one trade a day in the morning that I can “fire and forget.”
My personality, I don’t need INSTANT gratification, but I do need positive reassurance. So I like making one trade each morning that I can be reasonably sure will either reach my target price or get stopped out by lunchtime. I make the trade on my computer, and then I can check its progress via an app on my smartphone.
So I trade a version of the London Open Breakout strategy modified for the New York session, with price targets built around the average daily range of the last 20 days.
Spend more time for analysis and never rush with placing a trade. Better to miss some entries if you are unsure about the outcome and trade some significant events like todays Draghi comments and Yellen speech ahead.
Guarantee? No. Absolutely and unequivocally not.
Also, ANY trading system will fail if the trader doesn’t adhere to it.
I believe that the newbies first need a good amount of knowledge, which they could acquire from the learning section of this forum, trust me they got a detailed overview of each and every topic related to the Forex Trading, in depth.