If you have problems with choosing a forex system right for you, here’s some tips.
Or, if you change systems often, here is the answer:
- Ask yourself: is trading really for you? Forex trading is a profession, not suitable for every personality. Just like any other job it simply does not have to be your thing. And that is ok.
- Think which assets (forex, stocks, crypto, commodities…) & which trading style suits you the best. Make some research. Where do you feel “right”?
- Find a good system & a mentor.
- Build discipline, mental toughness, ability to relax, friendly environment (do your family accept waht you do?)
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Practice, practice and… practice
Cheers!
This is where a good demo account comes in, most times it is more practical to define whatever strategy you are working on in a demo trade. Trade with it there for a long time till you master it, then transfer to a live account. This prevents you from possible loses, as I have learned the hard way. Reason I don’t joke with the unlimited demo account from Forexchief, I never make the mistake of trying something new on live account unless I do it on demo.
True, the result might not be entirely the same, but it gives you that closure you need.
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Yes!! - demo account until you’ve gained enough knlowledge and experience. No demo trading- and you’ll
just be a goldfish swimming against sharks. i.e - it will not be pretty !!
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sometimes i feel there is no best trading system in Forex , all is just for temporary session , nothing without it.
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when you have most powerful money management , trading life will be more easy and profitable , if not you will suffer.
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what money management since you have been following ?
You’re right. Systems works when they works An indispensable element of any system is the right time and place for trading. By time I mean the time of day (which often depends on the session of the currency pair in question, different for a London exchange and different for a New York one, etc. as they work at different hours). By place I mean the appropriate instrument (trading system won’t work the same with every currency pair).
When learning someone else’s system, ask the author under what conditions and on what currency pairs this system works best. When creating your own system remember to test it in different times and currency pairs (lots of tests! even hundreds of transactions to gather a valuable statistical sample), and focus on perfecting it in the best working combination.
Yes, MM is one of the key elements of trading.